# SEA1 Q1 2026 Report

- Press release: SEA1: Results for the first quarter 2026 (2026-04-30)
- Original: https://storage.mfn.se/c/aHR0cHM6Ly9hcGkzLm9zbG8ub3Nsb2JvcnMubm8vdjEvbmV3c3JlYWRlci9hdHRhY2htZW50P21lc3NhZ2VJZD02NzE5NDgmYXR0YWNobWVudElkPTMyNDU2NQ/sea1-q1-2026-report.pdf?news-id=4422ea19-9a11-5956-a195-bdedc4e1297b
- Local copy: discarded after extraction (re-fetchable from Original)

**TL;DR —** SEA1 reported a strong Q1 2026 with increased operating revenues and net profit, driven by higher charter rates and utilization across segments, despite a slight dip in EBITDA and a softening short-term market outlook in South America.

## Takeaways
- Operating revenues increased to $72.0 million in Q1 2026 from $68.5 million in Q1 2025.
- Net profit rose to $28.3 million ($0.18/share) in Q1 2026 from $22.2 million ($0.14/share) in Q1 2025.
- EBITDA decreased slightly to $37.5 million (52% margin) in Q1 2026 from $40.3 million (59% margin) in Q1 2025.
- Firm contract backlog stood at $665.4 million as of March 31, 2026, down from $700.9 million at year-end 2025.
- The company paid a dividend of NOK 4 per share in April 2026 and maintained a strong equity ratio of 48.7%.
- Overall fleet utilization improved to 90% in Q1 2026 from 88% in Q1 2025, with AHTS vessels seeing a significant increase in average fixture rates to $120,000/day.

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