EL7.AI
StocksMedium•4 November 2026•
4 min read

Solstad Maritime Posts Record EBITDA of $117 Million, Raises 2026 Guidance Floor

Key Facts

1Adjusted EBITDA was $117 million in the third quarter, compared with $69 million a year earlier.
2Updated annual adjusted EBITDA guidance was $375–390 million, compared with $360–390 million in July.
3Operating revenue reached $198 million and net profit reached $79 million in the third quarter.
4New orders totaled $235 million, and the order intake-to-billing ratio was 1.2 times.
5The company approved a distribution of $0.12 per share, totaling about $56 million.

Solstad Maritime said on November 4, 2026, that it posted adjusted earnings before interest, taxes, depreciation and amortization of $117 million in the third quarter, a quarterly record for the company. In its results presentation, the company said the figure compared with $69 million in the same period a year earlier. The operating jump coincided with higher operating revenue and net profit, and the company also raised the floor of its full-year adjusted earnings guidance. It set the new range at $375 million to $390 million, up from the July range of $360 million to $390 million. The company attributed the higher floor to improved earnings year to date.

Operating revenue reached $198 million during the quarter, compared with $145 million in the third quarter of 2025, according to the results presentation. Net profit rose to $79 million from $32 million in the corresponding period. The figures reflect a broad improvement in the company’s results during the quarter, with adjusted EBITDA increasing from $69 million to $117 million. For the first nine months, adjusted EBITDA reached $308 million through the end of September, compared with $229 million in the same period of 2025. Operating earnings growth thus extended beyond the quarter, forming the basis for the company’s decision to raise the floor of its annual guidance.

Fleet indicators showed utilization in the platform supply vessel segment rising from 76% to 89% between the third quarter of 2025 and the third quarter of 2026. Utilization of construction and offshore support vessels also increased, from 81% to 88% over the same period. The company said improved utilization and day rates in the platform supply vessel segment contributed to higher earnings, alongside increased utilization in the construction and offshore support segment. It linked part of the latter segment’s utilization increase to lower maintenance activity. The chief executive said the quarter delivered record adjusted EBITDA, supported by improved utilization and day rates.

New orders exceeded $235 million in the third quarter, and the order intake-to-billing ratio was 1.2 times, according to the company’s announcement. This gives an indication of the volume of work added to the order book during the period, alongside the improvement in revenue and earnings. The company also approved a cash distribution of $0.12 per share for the quarter. The total distribution is about $56 million and is due on or around November 17, 2026. The chief executive said the company had a strong financial position and a healthy order book, and was well positioned for 2027.

The results follow adjusted EBITDA of $88 million in the second quarter, compared with $78 million in the second quarter of 2025. Adjusted earnings for the first half reached $191 million, versus $159 million in the first half of 2025. In July, the company raised its 2026 adjusted EBITDA guidance to a range of $360 million to $390 million, before raising the floor again in its third-quarter results announcement. It also said at the time that market conditions remained healthy and that improved utilization in the platform supply vessel segment supported first-half performance. Comparing the two guidance ranges shows that the latest revision narrowed the annual range by raising the floor, while leaving the ceiling at $390 million.

On its market outlook, the company said the North Sea platform supply vessel market was strong. However, it expects activity in Australia to decline over the coming quarters, and noted that an increase in vessel supply in the market could affect utilization and day rates. This places the regional market outlook alongside the improvement in utilization indicators recorded in the third quarter, without changing the company’s explanation for raising the earnings guidance floor, which it tied to improved year-to-date performance. The chief executive said the company’s strong financial position and healthy order book supported its readiness for 2027. Solstad Maritime is scheduled to report fourth-quarter 2026 results on February 11, 2027.