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SEA1: Brazil Contract Will Drive Future Upside As Listing Shift Nears

SEA1: Lower Discount Rate And New Brazil Contract Will Drive Future Upside

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SEA1
AnalystConsensusTarget
Not Invested
Published 11 Feb 2025

Update shared on 18 Dec 2025

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AnalystConsensusTarget's Fair Value
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1Y
-7.9%
7D
-2.4%

Analysts have modestly lowered their price target on Sea1 Offshore to reflect a slightly reduced future valuation multiple, trimming the fair value estimate by approximately $0.00 to about $30.35 per share while maintaining largely unchanged assumptions for revenue growth and profit margins.

What's in the News

  • Shareholders at an Extraordinary General Meeting on 12 December 2025 approved amendments to Sea1 Offshore Inc.'s articles of association, formalizing previously proposed changes to the company bylaws (Key Developments).
  • Sea1 Offshore Inc. convened a Special and Extraordinary Shareholders Meeting on 12 December 2025 in London to vote on adding a new Article 162 with mandatory bid provisions linked to a contemplated listing on Euronext Growth Oslo and to ratify related board actions (Key Developments).
  • The company previously proposed amendments to its articles of association ahead of the December 2025 Extraordinary General Meeting, signaling governance changes to support its strategic plans (Key Developments).
  • Sea1 Offshore secured a new 3 year contract, plus 6 month options, for the Platform Supply Vessel Sea1 Atlas in Brazil starting in the first quarter of 2026, lifting firm contract backlog to USD 743 million and options to USD 599 million (Key Developments).

Valuation Changes

  • Fair Value Estimate remains unchanged at approximately 30.35 NOK per share, indicating no material revision to the core valuation output.
  • The discount rate edged down slightly from about 6.69 percent to around 6.68 percent, implying a marginally lower required return.
  • Revenue growth is effectively unchanged at roughly negative 0.44 percent, suggesting stable expectations for the top-line trajectory.
  • The net profit margin is essentially steady around 15.62 percent, reflecting minimal adjustment to long-term profitability assumptions.
  • Future P/E was reduced modestly from about 13.37 times to roughly 13.17 times, indicating a slightly lower valuation multiple applied to forward earnings.

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