Solstad Offshore revenue up 48% on North Sea rate gains

Solstad Offshore reported a 48% year-on-year increase in revenue for its latest quarter, driven by higher day rates in the North Sea, the company said on Monday.

The Norwegian offshore services provider generated NOK 1.8 billion ($168 million) in revenue, up from NOK 1.2 billion in the same period last year. The company attributed the growth to improved pricing in the North Sea, where demand for its vessels and services remained robust despite broader market challenges.

Solstad Offshore operates a fleet of platform supply vessels, subsea intervention vessels and other specialized marine assets, primarily serving the oil and gas sector. The company’s North Sea operations have benefited from sustained higher day rates, which have offset softer demand in other regions.

Chief Executive Officer Lars Peder Solstad said the company’s financial performance reflected the resilience of its core markets. "The North Sea continues to provide strong day rates, supporting our revenue growth despite a mixed demand environment globally," he stated.

The company did not provide a full-year outlook but noted that its order book remains stable, with contracts extending into 2025. Solstad Offshore’s stock, listed on the Oslo Børs, has gained approximately 12% over the past three months, outperforming the broader Norwegian energy services sector.

Analysts said the revenue growth underscored the company’s ability to capitalize on favorable market conditions in the North Sea, even as global offshore activity faces headwinds from energy transition pressures and geopolitical uncertainties.