# SEA1 Q2 2026 Report

- Press release: SEA1: Results for the second quarter 2026 (2026-08-14)
- Original: https://storage.mfn.se/c/aHR0cHM6Ly9hcGkzLm9zbG8ub3Nsb2JvcnMubm8vdjEvbmV3c3JlYWRlci9hdHRhY2htZW50P21lc3NhZ2VJZD02Nzk3NzMmYXR0YWNobWVudElkPTMzMTEwOA/sea1-q2-2026-report.pdf?news-id=8a80c8a5-d149-5305-ad18-d1bef15ce9c5
- Local copy: discarded after extraction (re-fetchable from Original)

**TL;DR —** SEA1 Offshore Inc. reported a strong Q2 2026 with increased operating revenues and EBITDA, driven by higher charter rates and strategic fleet management, despite a lower net profit compared to the previous year due to a one-off gain in 2025.

## Takeaways
- **Operating Revenues:** Increased to $80.1 million in Q2 2026 from $71.3 million in Q2 2025, and to $152.1 million in 1H 2026 from $139.9 million in 1H 2025.
- **EBITDA:** Rose to $41.5 million in Q2 2026 from $39.6 million in Q2 2025, maintaining a 52% margin.
- **Net Profit:** Decreased to $22.7 million in Q2 2026 from $64.9 million in Q2 2025, primarily due to a $41 million gain from a vessel sale in Q2 2025.
- **Contract Backlog:** Firm contract backlog stood at $625 million as of June 30, 2026, with an additional $504 million in options.
- **AHTS Spot Rates:** Average AHTS spot rates were around $175,000 per day, a 45% increase over Q1 2026 and 130% higher than Q2 2025, with the highest recorded daily rate exceeding $400,000.
- **Fleet & Utilization:** The owned fleet totaled 15 vessels plus 4 under construction, with an overall fleet utilization of 83% in Q2 2026 (down from 92% in Q2 2025).

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