Full-year adjusted EBITDA for 2025 was $126 million, down from $132 million in 2024. The company initially provided guidance of $120 million to $150 million before updating the figure to approximately $115 million in October 2025.
Regarding financial guidance for 2026, Solstad Offshore indicated that the operational adjusted EBITDA is expected to reach between $50 million and $70 million. It added that the final result is expected to fall towards the lower end of that range if a ten-year class renewal for the Norman Maximus occurs in 2026.
The company noted it is preserving cash for the Norman Maximus purchase option. Solstad Offshore’s share of dividends from parent Solstad Maritime for the fourth quarter amounted to approximately $4 million.
The joint venture company Normand Installer, which is 50 per cent owned alongside SBM Offshore, saw the Norman Installer complete its 20-year class renewal in 2025. This vessel is booked on projects for the majority of 2026, the Group reported.
