olivLaw · European equity research
Sea1 Offshore Inc. SEA1.OL
Norway · Euronext Oslo Børs · Vertical: Listed companies from Norway
Sea1 Offshore Inc. is an offshore support vessel provider serving oil and gas and offshore wind clients, with operations in the North Sea, Brazil, Australia and West Africa. After selling nine vessels to its former major shareholder Siem and refinancing in 2024, the company reported operating revenue of USD 340.8 million, and it remains in focus for investors because of its contract backlog and new vessels ordered for 2027.
At the close of 06 Nov 2026, Sea1 Offshore Inc. (SEA1.OL) stock was 24.55 NOK (−6.65% on the day), with beta 0.40, 52-week range 20.55–36.00 NOK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 30.9
- weak (30–45)
- Bollinger (20, 2)
- 24.85 – 29.31
- below the lower band · %B -0.07 · band width 16.5%
- SMA 50 / 200
- 28.14 / 27.65
- mixed trend
- MACD (12, 26, 9)
- -0.74 / -0.58
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −11.5% | −0.6% | −10.9 pp | — |
| 3 months | −10.2% | −4.2% | −6.1 pp | — |
| 6 months | −9.7% | +4.3% | −14.1 pp | — |
| Year to date | +7.7% | +7.5% | +0.2 pp | — |
| 1 year | +18.3% | +9.9% | +8.4 pp | −4.7% |
| 3 years | −0.6% | +49.8% | −50.5 pp | +12.7% |
| 5 years | +747.1% | +42.8% | +704.3 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 |
|---|---|---|
| Revenue | 336.0 m | 340.8 m |
| Revenue YoY | unavailable | +1.4% |
| Net income | 174.5 m | 172.8 m |
| Net income YoY | unavailable | −1.0% |
| Diluted EPS | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable |
| net % | 51.9% | 50.7% |
| Free cash flow | 104.1 m | 78.2 m |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 68.3 m USD
- Financial debt
- 273.3 m USD
- Net debt
- 205.0 m USD
- Equity
- 406.0 m USD
- Total assets
- 818.5 m USD
- Debt / equity
- 0.67x
- Current ratio
- unavailable
- ROE
- 36.9%
- ROA
- 18.1%
- FCF margin
- 22.9%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2023 | 2024 | Source (latest year) |
|---|---|---|---|
| Revenue | 336.0 m | 340.8 m | esef· 08 May 2025verified |
| Cost of revenue | 171.5 m | 175.1 m | esef· 08 May 2025verified |
| Gross profit | 164.5 m | 165.7 m | esef· 08 May 2025verified |
| Operating income | 163.3 m | 241.4 m | esef· 08 May 2025verified |
| Depreciation & amortisation | 68.0 m | 57.8 m | esef· 08 May 2025verified |
| EBITDA | 231.3 m ≈ | 299.2 m ≈ | esef· 08 May 2025derived |
| Interest expense | 29.7 m | 28.1 m | esef· 08 May 2025verified |
| Pre-tax income | 154.1 m | 204.3 m | esef· 08 May 2025verified |
| Income tax | -19.0 m | 1.4 m | esef· 08 May 2025verified |
| Net income | 174.5 m | 172.8 m | esef· 08 May 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2023 | 2024 | Source (latest year) |
|---|---|---|---|
| Cash | 97.3 m | 68.3 m | esef· 08 May 2025verified |
| Receivables | 41.6 m | 40.7 m | esef· 08 May 2025verified |
| Inventories | 5.3 m | 5.3 m | esef· 08 May 2025verified |
| Total assets | 1.1 bn | 818.5 m | esef· 08 May 2025verified |
| Accounts payable | 17.0 m | 4.4 m | esef· 08 May 2025verified |
| Long-term debt | 249.9 m | 273.3 m | esef· 08 May 2025verified |
| Current liabilities | 256.4 m | 100.4 m | esef· 08 May 2025verified |
| Total liabilities | 557.8 m | 412.5 m | esef· 08 May 2025verified |
| Equity | 529.2 m | 406.0 m | esef· 08 May 2025verified |
Cash flow · USD
| Line | 2023 | 2024 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | 137.6 m | 131.1 m | esef· 08 May 2025verified |
| Capex | 33.5 m | 52.9 m | esef· 08 May 2025verified |
| Free cash flow | 104.1 m ≈ | 78.2 m ≈ | esef· 08 May 2025derived |
| Investing cash flow | -24.9 m | 62.4 m | esef· 08 May 2025verified |
| Financing cash flow | -110.9 m | -222.3 m | esef· 08 May 2025verified |
| Dividends paid | 0 | -72.8 m | esef· 08 May 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 43.8% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
44% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · input data missing
- Dividend discount (DDM)unavailable · input data missing
no valuation method could be computed
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 43.8% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 37.1% | 91 (vs peers) | 24% |
| Net margin · Quality | 50.7% | 97 (vs peers) | 14% |
| FCF conversion · Quality | 45.3% | 22 (on a fixed band) | 14% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 0.7x | 60 (vs peers) | 24% |
| Interest coverage · Balance sheet | 8.6x | 100 (on a fixed band) | 14% |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | 93.1% | 38 (on a fixed band) | 10% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet75/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality74/100 · 3/3 factors with a value
- Returns· partial38/100 · 1/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Sea1 Offshore Inc. (SEA1.OL). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 340.8 m USD in 2024; YoY growth 1.4%; net margin 50.7%; ROE 36.7%; net debt/EBITDA 0.7x.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (score weight coverage: 43.8% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 37.1%
- Net margin: 50.7%
- Interest coverage: 8.6x
What contradicts it
- FCF conversion: 45.3%
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Current ratio, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions).
Versus the vertical median
Listed companies from Norway · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AKER.OLAker Asa | 79.8 bn | 20.3 | 7.9% | 21.4% | +42.5% | +36% / +59% |
| AFG.OLAf Gruppen Asa | 21.5 bn | 19.8 | 39.7% | 3.4% | +4.4% | +8% / +69% |
| ELK.OLElkem Asa | 19.2 bn | 39.3 | 1.9% | 2.7% | −15.7% | +10% / +73% |
| ATEA.OLAtea Asa | 18.5 bn | 21.4 | 19.7% | 2.3% | +8.1% | +11% / +36% |
| AKSO.OLAker Solutions Asa | 17.4 bn | 6.8 | 22.5% | 4.1% | +19.2% | +18% / −12% |
| AUSS.OLAustevoll Seafood Asa | 16.6 bn | 37.1 | 1.6% | 1.1% | +11.1% | −7% / +10% |
| BRG.OLBorregaard Asa | 15.6 bn | 25.1 | 11.4% | 8.0% | +1.3% | −18% / −9% |
| BONHR.OLBonheur ASA | 11.2 bn | 7.8 | 17.1% | 11.4% | −10.8% | +17% / +44% |
| AFK.OLArendals Fossekompani Asa | 10.3 bn | — | -2.3% | -3.1% | −14.9% | +39% / +31% |
| B2I.OLB2 Impact Asa | 8.8 bn | 14.3 | 11.0% | 16.4% | +2.6% | +40% / +238% |
| AKVA.OLAkva Group Asa | 5.7 bn | 31.2 | 13.7% | 4.2% | +24.4% | +74% / +152% |
| ELMRA.OLElmera Group Asa | 5.1 bn | 32.0 | 10.5% | 1.3% | −0.9% | +32% / +98% |
| BOUV.OLBouvet Asa | 5.0 bn | 14.2 | 80.7% | 9.2% | −0.2% | −19% / −16% |
| CLOUD.OLCloudberry Clean Energy Asa | 4.0 bn | 61.9 | 1.3% | 13.1% | +34.0% | −5% / +29% |
| ABG.OLAbg Sundal Collier Holding Asa | 3.6 bn | 10.7 | 34.9% | 16.8% | +12.4% | −13% / +20% |
| ANDF.OLAndfjord Salmon Group As | 2.2 bn | — | -5.7% | -12,770.4% | +328.9% | −18% / −11% |
| BMA.OLByggma Asa | 1.6 bn | — | -25.3% | -11.9% | −2.5% | +61% / +15% |
| APR.OLAppear Asa | 1.4 bn | 10.5 | 30.1% | 16.1% | +32.3% | −53% / unavailable |
| AZT.OLArcticzymes Technologies Asa | 1.1 bn | 108.9 | 2.9% | 8.6% | +7.9% | −8% / −48% |
| CAPSL.OLCapsol Technologies Asa | 884.6 m | — | -89.4% | -114.8% | −25.0% | −33% / −66% |
| BOR.OLBorgestad Asa | 553.2 m | 36.1 | 2.1% | 1.4% | −3.0% | −7% / +41% |
| ARR.OLArribatec Group Asa | 234.6 m | 4.8 | 22.1% | 9.3% | +15.7% | −33% / −55% |
| DELIA.OLDellia Group Asa | 73.5 m | 1.5 | 22.6% | 7.7% | +140.0% | −62% / unavailable |
| ABTEC.OLAqua Bio Technology Asa | 11.1 m | 0.1 | — | 7,297.7% | −87.2% | −82% / −97% |
| AGLX.OLAgilyx Asa | — | — | -182.4% | -12,189.3% | +20.3% | −40% / −41% |
1- and 3-year price returns: for SEA1.OL from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Sea1 Offshore Inc. is an offshore support vessel provider serving oil and gas and offshore wind clients, with operations in the North Sea, Brazil, Australia and West Africa. After selling nine vessels to its former major shareholder Siem and refinancing in 2024, the company reported operating revenue of USD 340.8 million 1, and it remains in focus for investors because of its contract backlog and new vessels ordered for 2027 1.
SWOT
Strengths
- The company reported a high EBITDA margin and a strengthened balance sheet after refinancing, and long-term contracts give visibility on future revenue 1.
- The Subsea and AHTS fleets had high utilization in 2024, suggesting the assets are well placed in the market 1.
- The company has long experience in building and operating vessels, which allows it to serve several geographic regions 1.
Weaknesses
- Net interest-bearing debt remains significant, and a large part carries floating rates, exposing the company to rate increases 1.
- Net profit in 2024 was influenced by impairment reversals that may not recur each year, so underlying profit could be lower 1.
- Equity and the owned fleet were reduced after the sale of vessels to Siem, which narrows the scale of direct operations 1.
Opportunities
- Growing activity in Brazil and West Africa could generate additional demand for the company's vessels 1.
- FPSO projects and floating offshore wind could support the AHTS segment, although delays are possible 1.
- Optional contracts in the backlog could convert into additional revenue if clients exercise them 1.
Risks
- Exposure to floating interest rateshigh
A large part of the debt is in USD at floating rates linked to SOFR, and rising rates could affect financial results 1.
- Liquidity riskmedium
If the company fails to repay or refinance its credit facilities, additional equity financing could be required 1.
- Currency riskmedium
Revenues and costs are denominated in several currencies, and the book value of some assets could be affected by exchange rate movements 1.
- Cost inflation riskmedium
Revenues might not rise enough to offset higher operating costs, particularly for spare parts and personnel 1.
- Climate and regulatory risklow
The company identifies the possibility of taxes on the CO2 emissions of its fleet, as well as reputational risks linked to oil and gas operations 1.
Investment thesis
What would need to be true (bull case)
- If offshore activity grows as the company expects, its contract backlog and options could support more stable revenue 1.
- The 2024 refinancing removed restrictions from the 2021 restructuring, which could allow more flexible investment and distributions to shareholders 1.
- The Cosco orders for new OSCVs could expand capacity after 2027 if rates remain favorable 1.
What would break the thesis
What to watch
- Evolution of the EBITDA margin and utilization of the Subsea and AHTS fleetsQ1 2027
- Execution of the multi-well project in Australia starting in 20252025
- Delivery of the two OSCVs ordered from Cosco2027
- Level of net interest-bearing debt and average cost of debt compared with 2024next 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The company is headquartered in Kristiansand, Norway, is registered in the Cayman Islands and is listed on the Oslo Stock Exchange under the symbol SEA1 1. Its primary activity is owning and operating offshore support vessels (OSVs) for the offshore energy service industry, covering both oil and gas and offshore wind 1. At year-end 2024 the owned fleet numbered 17 vessels, including one in lay-up, and the company also managed additional vessels for third parties 1. The company changed its name from Siem Offshore Inc. to Sea1 Offshore Inc. following the July 2024 transaction with Siem 1.
The business model has four segments: vessel management onshore, vessel operations offshore, newbuilding and financing 1. The company says its strategy is to grow within the offshore support vessel market and provide cost efficient solutions in close cooperation with customers 1. At end-2024 no newbuilds were under active construction apart from the two OSCVs ordered from Cosco, with delivery in 2027 1.
The financial structure changed significantly in 2024: total equity fell to USD 406 million from USD 529 million in 2023, and the company recorded a net reversal of impairments of USD 159.1 million 1. The company also paid a dividend of NOK 5 per share in September 2024, after the board authorized it in August 1.
Segments
Market context
The annual report describes the OSV market as improving through 2024 across all segments, with the Offshore Construction and Subsea segments tight throughout the year 1. The company expects global activity to increase significantly, with Brazil and West Africa as the main drivers, while Canada and Australia could see a slower 2025 1. The North Sea spot market was volatile, and the last quarter was typically slow 1.
In parallel, about 70 OSVs were reactivated from lay-up worldwide in 2024, mostly in smaller AHTS segments, while the remaining cold-stacked fleet is old and unlikely to return in significant numbers 1. The company also notes rising uncertainty around tariffs and the geopolitical situation 1.
Trends
- Growing activity in Brazil and West Africatailwind
The company expects Brazil and West Africa to lead a significant rise in offshore activity in the coming years 1. If these forecasts hold, demand for support vessels could increase 1.
- Rising rates in the AHTS segmenttailwind
Average AHTS rates in the North Sea rose in 2024, and global term rates increased in several regions 1. The company expects more prolonged AHTS peaks as more projects enter the market 1.
- AHTS volatility and geopolitical uncertaintyheadwind
The company notes the AHTS market will stay volatile and that tariffs and the geopolitical situation could affect the global offshore market 1. The war in Ukraine could affect market balance and raise the cost of spare parts and services 1.
- Fleet and business model changesmixed
The sale of vessels to Siem and the transfer of management of some vessels to new operators change the revenue profile, while long-term contracts and backlog options affect future revenue visibility 1. The long-term effect depends on how these options are exercised 1.
Competitive position
The provided sources do not explicitly name the company's direct competitors. The annual report refers to customers, suppliers and banks but does not list rivals by name 1. It does describe the OSV market as tight in the Subsea and Offshore Construction segments, suggesting that availability of high-quality vessels is an important competitive factor 1.
In the AHTS and PSV markets, the return of vessels from lay-up could add supply and press rates if many vessels come back 1. The company notes, however, that the remaining lay-up fleet is old and unlikely to return in large numbers 1.
- Norwegian and other international OSV operators
The sources do not name specific competitors; the annual report refers only generally to OSV operators reactivating vessels from lay-up 1.
- Asian shipbuilders and operators
The company has signed construction contracts with Cosco Shipping, showing Asian yards are part of its ecosystem, but the sources do not present them as direct rivals 1.
- Other Subsea service providers
The report describes the Subsea segment as tight without naming competing firms 1.
- Well intervention fleet operators
The company mentions well intervention as a service, but the sources do not identify operators offering the same services 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Sea1 Offshore Inc. · 31 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.