# SEA1 Q1 2026 Report.pdf

- Press release: Results for the first quarter 2026 (2026-04-30)
- Original: https://api3.oslo.oslobors.no/v1/newsreader/attachment?messageId=671948&attachmentId=324565
- Local copy: discarded after extraction (re-fetchable from Original)

**TL;DR —** Sea1 Offshore Inc. reported a Q1 2026 net profit of $28.3 million on revenues of $72.0 million, driven by higher charter rates and utilization across segments, despite a slight EBITDA dip and a decrease in firm contract backlog.

## Takeaways
- **Net Profit:** $28.3 million in Q1 2026, up from $22.2 million in Q1 2025.
- **Operating Revenues:** $72.0 million in Q1 2026, an increase from $68.5 million in Q1 2025.
- **EBITDA:** $37.5 million in Q1 2026, down from $40.3 million in Q1 2025, with an EBITDA margin of 52%.
- **Firm Contract Backlog:** Decreased to $665.4 million as of March 31, 2026, from $700.9 million at year-end 2025.
- **Dividend:** Board authorized a dividend payment of NOK 4 per share, paid on April 16, 2026.
- **Fleet Utilization:** Overall fleet utilization was 90% in Q1 2026, up from 88% in Q1 2025.

*Generated 2026-09-25 via google/gemini-2.5-flash*