Sea1 Offshore - Initiation of coverage - Visibility on long-term cash flow
Around one-third of our 2025–2026e EBITDA is covered by two well-intervention vessels (WIVs) contracted to at least 2030. The remainder is levered to Sea1 Offshore’s AHTS fleet, where visibility is more limited, but the company has shown an ability to find longer-term work outside the volatile North Sea market. The run-rate dividend yield of 18% is among the highest in the sector. We initiate coverage with a BUY and NOK42 target price.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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