Norway's Solstad Maritime Q3 adjusted EBITDA rises, cuts full-year forecast

Overview

• Norway offshore vessel operator's Q3 adjusted EBITDA rose to record high, driven by fleet utilization

• Company reported Q3 order intake of $235 mln, book-to-bill ratio at 1.2x

• Company declared Q3 dividend of $0.12/share, totaling about $56 mln

Outlook

• Company narrows full-year 2026 adjusted EBITDA guidance to $375–390 mln

Result Drivers

• FLEET UTILIZATION AND DAY RATES - Co said improved fleet utilization and higher day rates supported record-high adjusted EBITDA

• AHTS NORTH SEA FLEET - Co said earnings improvements were driven by its AHTS North Sea spot/project fleet, with CSV fleet also improving

• ORDER INTAKE - Co reported total order intake of $235 mln in the quarter, resulting in a book-to-bill ratio of 1.2x

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the marine freight & logistics peer group is "buy"

• Wall Street's median 12-month price target for Solstad Maritime ASA is NOK30.00, about 7.7% above its November 3 closing price of NOK27.85

• The stock recently traded at 7 times the next 12-month earnings vs. a P/E of 6 three months ago

Reuters Recommended Reads

• Nov 3 - Norway's Odfjell Technology Q3 results boosted by well services unit

• Nov 2 - Valaris Ltd Q3 revenue rises 10% on drillship contracts

• Nov 3 - Seadrill posts Q3 net loss on legal provision impact

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)