Solstad Farstad Asa Stock Earnings Reports

Solstad Offshore reported a solid Q2 with improved earnings, stronger backlog and continued capital returns. Key operational points: fleet utilization was 85% in Q2 (82% H1) with most idle time tied to two vessels (Normand Topazio mobilizing to a 4‑year Petrobras contract and Normand Tonjer being idle until a new contract); operating income rose to $105m in Q2 ($191m H1). Adjusted operational EBITDA was $22m in Q2 ($34m H1) and total adjusted EBITDA was $41m in Q2. Share of results from JVs/associates increased to $19m. Balance sheet and liquidity: book equity rose to $478m (44% equity ratio), cash $83m, adjusted net interest‑bearing debt effectively $28m after lease adjustments. Positive one‑offs: arbitration win with ~$14.5m cash effect (P&L $7m booked in Q2) and an MoA to sell Normand Tonjer expected to generate ~$19m cash for SOFF. Backlog increased to ~ $1bn total, with $432m firm backlog for SOFF‑owned vessels (up ~82% YoY), driven by Normand Maximus and Brazilian anchor handlers. Strategic moves: new JV with SBM Offshore and order of a specialized mooring & installation CSV (delivery 2029) on a 14‑year contract, giving long‑term contracted exposure with limited equity outlay. Guidance and returns: operational adjusted EBITDA guidance narrowed to $60m–$70m for the year (ex‑JVs) and quarterly dividend increased to $0.15 per share (~$12m), reflecting strong cash generation and visibility.