Sea1 Offshore beats Q2 2026 EPS forecast as shares dip

Sea1 Offshore reported second-quarter 2026 earnings per share that exceeded analyst forecasts, even as its shares slipped in thin trading on Tuesday.

The Norwegian offshore wind developer posted adjusted EPS of 1.42 Norwegian crowns, topping the consensus estimate of 1.25 crowns compiled by Refinitiv. Revenue for the period reached 1.8 billion crowns, up 12% year-over-year, driven by higher contract activity in its European wind farm projects.

Despite the earnings beat, Sea1 Offshore’s stock declined 1.3% to 42.50 crowns by midday in Oslo, underperforming the broader Norwegian energy sector. Trading volume was 30% below the 30-day average, suggesting limited investor interest in the move.

Chief Executive Lars Petter Lode highlighted the company’s progress in securing new long-term service agreements, which he said would support margins through 2027. However, he noted ongoing cost pressures from supply chain delays and higher steel prices, which offset some of the revenue gains.

Sea1 Offshore maintained its full-year 2026 guidance for adjusted EPS of 5.10-5.40 crowns, reaffirming its outlook despite macroeconomic headwinds. The company’s order backlog stands at 14.2 billion crowns, providing visibility into future cash flows.

Analysts at DNB Markets reiterated a hold rating on the stock, citing valuation concerns, while SEB upgraded its price target to 50 crowns from 45 crowns, citing improved project visibility.