Solstad Offshore ASA (SLOFF), a Norwegian provider of offshore tonnage to the energy markets, on Monday recorded a surge in net profit for the second quarter.
Lars Peder Solstad, CEO of Solstad Offshore, said: "We have had a solid quarter with strong operational and financial performance. With a solid order backlog and consistent tender activity, the outlook remains positive."
For the three-month period, the company registered a net result of $38.515 million, higher than $3.538 million in the same period last year. The result before taxes was $39.837 million as against the previous year's $4.230 million.
Operating result surged to $29.590 million from $10.682 million a year ago. Excluding items, EBITDA was $32 million, higher than $25 million in 2024.
Total operating income amounted to $78 million, up from $58 million in the previous year, helped by increased utilization, services, and rates.
The company noted that it intends to initiate quarterly dividends based on third-quarter performance.
Looking ahead, excluding items, the company expects to record annual EBITDA of $120 million to $150 million.
For fiscal 2024, Solstad Offshore had registered adjusted EBITDA of $132 million.
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