Solstad Offshore delivers ‘solid’ Q2 and H1, as outlook continues to improve

Describing the company’s second quarter, Mr Solstad said increased activity across the company’s fleet of construction support vessels (CSVs) and anchor-handling tug/supply (AHTS) vessels, and strong order intake during the quarter, strengthened its backlog and support a positive outlook going forward. Total adjusted EBITDA of US$41M in the quarter compared to US$32M in the same quarter in 2025. 

As the company’s 1H and 2Q report was issued, Mr Solstad said the company’s performance in its first full year as a listed company had been positively received by the market, supported by solid operational results, increased earnings and continued cash distributions to shareholders.

“We continue to operate in a world marked by geopolitical uncertainty and shifting dynamics,” Mr Solstad said. “Despite this, demand for offshore energy services has remained stable.

“During the first half of 2026, we secured multiple new contracts and extensions, contributing to an increasing backlog and improved revenue visibility. 

“Offshore activity remains at a high level across the regions in which we operate, and we have signed contracts in, for us, new areas such as Surinam and the Black Sea.”

In the H1 Q2 report, the company said offshore infrastructure activity is increasing, with offshore cable work in particular experiencing robust forecast driven by expanding energy transmission needs.

Solstad Offshore noted that backlog levels among the main subsea contractors are currently at historically high levels, reflecting strong project pipelines and demand for offshore installation and subsea services in the short term.

“Over the coming years, several offshore installations are planned in key regions. These developments may support demand for vessel owners involved in mooring, pipelaying, and other offshore installation activities, although timing and project execution remain important variables,” the company said. “Floating production system activity is also expected to increase towards 2030, but the pace of growth may vary across regions.

“Installation of wind turbines and cables will also continue to utilize vessels, particularly in Europe and Asia. In addition, decommissioning of existing installations might be a growing market, supporting vessel demand.”

In the CSV segment, vessels with 100-250-tonne cranes, the number of vessels currently under construction represent approximately 10% of the existing global fleet, with deliveries scheduled for 2026 to 2028, with the majority scheduled for 2027. “Market growth will be required to absorb this incoming capacity,” it said.

The company also noted that – as also highlighted on a number of occasions by OSJ – in the North Sea spot market, rates for AHTS vessels have improved due to limited vessel availability and ongoing project demand. “With virtually no new vessels under construction, the supply-demand balance is set,” the company concluded.