Solstad's Strong Outlook
Solstad Maritime Raises 2026 Guidance on Robust Q2 Performance, Driven by Strong AHTS Fleet Earnings
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Key Points
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The Q2 2026 quarter included an $8 million gain from the sale of the vessel Normand Clipper, which was excluded from adjusted EBITDA.
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North Sea day rates reached all-time highs in the second quarter, contributing to stronger AHTS utilization and earnings.
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Solstad declared a Q2 2026 cash dividend of USD 0.15 per share, totaling about USD 12.4 million, with defined ex-date and payout timing (ex-date July 17, 2026; record date July 20, 2026; distribution around July 29, 2026).
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Solstad indicated ongoing fleet optimization efforts beyond cargoes, including investments in AI and remote operations to support future efficiency and visibility.
Solstad Maritime raised its full-year 2026 EBITDA guidance to $360–390 million, up from $340–380 million, after posting a strong second quarter driven by record North Sea day rates for its anchor handling tug supply (AHTS) fleet, according to Investing.com. The company reported Q2 adjusted EBITDA of $88 million, a 12.8% jump year-over-year, with operating income of $176 million and net income of $59 million.
The quarter also carried personal weight. Solstad's founder, Johannes Solstad, died in May 2026 — the same period the company marked its first full year listed on Euronext Oslo Børs.
North Sea Day Rates Hit All-Time Highs
The AHTS fleet was the star of the quarter. North Sea day rates reached all-time highs in Q2 2026, pushing fleet utilization to 82%, according to Investing.com. AHTS vessels are large tugboats used to anchor oil rigs and move them between locations — a high-demand service in active offshore energy markets.
The strong results spanned multiple regions. Solstad cited favorable market conditions across key areas as the basis for lifting guidance. The raised outlook signals confidence that the first half's momentum will carry through the rest of the year.
Stronger Balance Sheet and Dividend Approved
Solstad's finances look notably healthier. The company's equity ratio stands at 55%, and adjusted net interest-bearing debt fell to $512 million. Cash at the end of the period was $154 million. The first-half backlog — confirmed future revenue — reached $1,049 million, showing continued demand in offshore energy.
The board approved a Q2 cash dividend of $0.15 per share, totaling about $12.4 million, according to Solstad Offshore. The ex-date is July 17, 2026, with a record date of July 20 and payment expected around July 29, 2026.
New Orders, Fleet Sales, and a Big Contract Win
Solstad booked $216 million in new orders during the quarter. A standout deal: a two-year letter of intent for the Normand Maximus vessel, starting in 2027. The company also sold the Normand Tonjer as part of fleet optimization, while a newbuild is set for delivery in 2029.
The Q2 results included an $8 million gain from the earlier sale of the vessel Normand Clipper. That gain was excluded from the adjusted EBITDA figure to give a cleaner picture of ongoing operations, according to Investing.com.
AI and Remote Operations Signal Future Strategy
Solstad is looking beyond day-to-day vessel management. The company said it is investing in artificial intelligence and remote operations technology. The goal is to improve efficiency and give clients better visibility into fleet performance — a push that reflects broader trends in offshore energy digitization.
With full-year guidance now set at $360–390 million and shares trading near the mid-to-upper end of their range, according to Investing.com, Solstad appears to be building a case that its post-listing growth story still has room to run.
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