Shares of Sea1 Offshore Inc. (SEA1.OL) are down 8 percent on Friday's trading after the company said that its second quarter profit declined from last year. Operating revenues for the quarter also fell, impacted by the sales of nine vessels.
On the Oslo Exchange, the stock is trading down 8 percent on Friday at 27.40 Norwegian Kroner.
The Norwegian operator of high-end offshore support vessels posted net profit of $64.86 million or $0.42 per share in the second quarter, down from $131.91 million or $0.55 per share in the same period last year.
During the three-month period, pre-tax profit declined to $65.27 million from $160.97 million in the year-ago quarter.
According to Sea1 Offshore, operating revenues fell to $71.33 million from $107.56 million in the second quarter of 2024, impacted by the sale of nine vessels in July 2024. EBITDA for the same period declined to $39.6 million from $52.2 million in the previous-year period.
The company's operating profit was $68.6 million during the second quarter, down from $179.2 million, after deduction of depreciation and amortization expenses.
Looking ahead, Sea1 Offshore said that the overall expectations for the North Sea market will continue to remain low for the remainder of the year and the region will be affected by low activity. The semi-sub rig activity in Australia is expected to see a temporary decrease in 2025, the company added.
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