Sea1 Offshore might be fully in the hands of Christen Sveaas now, but old rival Kristian Siem still lurks in the company’s earnings.
When Sveaas took over the former Siem Offshore earlier this year, he agreed to sell Siem nine ships in a deal that closed in July.
Part of that agreement included revenue from those ships being transferred to Siem, backdated to April.
Those figures totalled $534,000, according to Sea1 Offshore’s third-quarter results.
Overall for the quarter, the company reported a $27.6m profit, up from $12.3m for the same period last year, even if the North Sea spot market was weaker than expected in the quarter.
Revenue came in at $81.6m down from $85.6m in part to the smaller fleet.
“The North Sea spot market was volatile and below expectations for utilisation based on less drilling activity and fewer installation campaigns than expected, which penalises AHTS and PSVs that rely on the spot market,” it said.
The strength of its fleet of six owned AHTS vessels came from South America and Australia, where charterers require long-term contracts given the lack of a spot market in those regions.
Those ships brought in $28.3m in revenue as utilisation climbed to 86%, up from $12.9m and 66% last year.
Its construction vessels are sold out thanks to competition between oil and gas work and renewable energy projects, it said.
Those ships earned $37.8m, up from $35m in the third quarter of 2023.
“For almost all OSV segments, there is an increase in numbers of multi-year contracts hitting the market, which is a strong signal that charterers are positioning themselves strategically to reduce the risk of not having control over capable assets to carry out already booked projects,” the company said.
Its two platform supply vessels earned $5.6m in revenue at 97% utilisation, up from $3.9m and 100% utilisation year over year.
Its four fast crew and oil spill recovery vessels reported $2.1m in revenue and 83% utilisation, up from $3.8m and 100% utilisation of active vessels for the same period last year.
