Q3 2024 Siem Offshore Inc Earnings Call Transcript
Key Points
- Sea1 Offshore Inc (STU:S5H0) achieved a strong EBITDA margin of 55% in the third quarter, higher than the same quarter last year.
- The company successfully extended the contract for Siem Dorado by another 2 years and 4 months, indicating strong client relationships.
- A dividend payment of NOK 5 per share was made in September, reflecting the company's commitment to returning value to shareholders.
- The refinancing of certain debts removed restrictions, enhancing the company's financial flexibility for future investments and distributions.
- Sea1 Offshore Inc (STU:S5H0) secured a multi-well contract for 3 anchor handlers in Australia, ensuring future revenue streams.
- Revenue for the third quarter was $81.6 million, a decrease from $85.6 million in the same quarter last year, partly due to a reduced fleet size.
- The North Sea market was volatile and below expectations, impacting the spot market for anchor handlers and PSVs.
- The company's research vessel is currently in layup, indicating potential underutilization of assets.
- Interest rate expenses were significant at $6.9 million, impacting net financial results.
- The offshore construction vessel segment faced competition from renewable projects, affecting utilization and day rates.
Welcome to the review and presentation of our results for the third quarter. My name is Bernt Omdal, and I'm the CEO of the company. Together with me, I have our CFO, Vidar Jerstad, and we will take you through this presentation.
Sea1 Offshore's report for the third quarter 2024 was released prior to the market opening today. In this presentation, we will cover the main highlights of the report, and we will refer to the presentation issued together with the financial report.
At the end of the presentation, we will open up for questions. Please type your questions below the slide window.
Looking at the highlights for the quarter, we operated 34 vessels, 17 of these are fully owned by Sea1 Offshore. And all of our fully owned vessels delivered a positive EBITDA margin. We had close to $82 million in revenue, and we delivered USD 45 million in EBITDA, which is equal to an EBITDA margin of 55%. The margins are higher than the same quarter last year, even though we have less vessels in our fleet.
Some operational
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