Slide 1: Presentation 3rd Quarter 2021
Presentation 3rd Quarter 2021 November 17, 2021
Slide 2: Disclaimer
Disclaimer This presentation has been produced by Eidesvik Offshore ASA (the "Company") based on information which is publicly available. This presentation is for information purposes only. Further to the aforementioned, this presentation is the result of an effort of the Company to present certain
Slide 3: Highlights in 3rd Quarter 2021
Highlights in 3rd Quarter 2021 Eidesvik was awarded a contract with Havfram AS for the CSV Viking Neptun. The contract will commence early January 2022 with a firm period towards the end of 3rd Quarter 2022. In addition, Havfram AS has been granted options for further extension. 3
Slide 4: Highlights in 3rd Quarter 2021
Highlights in 3rd Quarter 2021 Eidesvik was awarded a 3-year time charter contract with Aker BP for the PSV Viking Lady. The contract was awarded in direct continuation of the current charter under the companies’ frame agreement. The contract will commence in January 2022, and Aker BP was granted op
Slide 5: Highlights in 3rd Quarter 2021 - Financing
Highlights in 3rd Quarter 2021 - FINANCING On August 27, 2021, Eidesvik announced that it had agreed on a term sheet with its financial institutions for refinancing of its debt. With a combination of extension of debt maturities and reduced amortization payments, the agreed terms significantly stren
Slide 6: Subsequent events
Subsequent events Wintershall Dea declared options to extend the contract for the supply vessel Viking Princess from January 2022 in direct continuation of the current contract, extending the firm period to January 2023. 6
Slide 7: Subsequent events
Subsequent events - Eidesvik and the technology group Wärtsilä signed a landmark cooperation agreement aimed at converting an offshore supply vessel (“OSV”) to operate with an ammonia- fuelled combustion engine with required fuel supply and safety system. The “Apollo” project will be the first of it
Slide 8: Result Summary
Result Summary (in million NOK) Q3 2021 Q3 2020 Revenues 174,8 142,7 EBITDA 81,5 59,8 Operating result 1,0 11,2 Pre-tax result -34,7 28,1 8
Slide 9: Cash Flow
Cash Flow (in million NOK) 1.1- 1.1- Q3 2021 Q3 2020 30.9.2021 30.9.2020 2020 Net cash flow from operating activities 84,2 62,7 66,1 163,6 254,4 Net cash flow from investment activities (1,2) (7,2) 277,2 (34,2) (77,5) Net cash flow from finance activities (335,3) (29,9) (488,6) (137,6) (156,1) Net c
Slide 10: Balance
Balance (in million NOK) 3 500 Short-term liabilities 3 000 Current assets 2 500 Short-term liabilities Current assets 2 000 Long-term liabilities 1 500 Long-term liabilities Fixed assets 1 000 Fixed assets 500 Equity Equity 0 Assets 30.9.2021 Equity and Liabilities Assets 30.9.2020 Equity and Liabi
Slide 11: Debt maturity profile 30.9.2021
Debt maturity profile 30.9.2021 1 800 1 608 1 600 1 400 1 200 1 000 Millions 800 600 400 171 200 112 80 0 Rest 2021 2022 2023 After 2023 Instalments Balloons 11
Slide 12: Contract Backlog 30.9.2021
Contract Backlog 30.9.2021 600 500 Consolidated total 400 48 117 contract backlog Q3 2021 is MNOK 1,021 Millions 300 (incl. all new contracts per November 16, 2021) 200 381 48 344 12 100 177 119 0 Rest 2021 2022 2023 From 2024 Consolidated Share of JV's 12
Slide 13: Contract coverage incl. JV's 30.9.2021
Contract coverage incl. JV's 30.9.2021 80% 70% 67% 60% 57% 57% 57% 50% 50% 40% 36% 36% 36% 36% 36% 36% 36% 36% 36% 65% 31% 29% 29% 30% 52% 50% 49% 20% 42% 29% 29% 29% 29% 29% 29% 29% 29% 24% 10% 16% 14% 14% 0% Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2021 2022 2022 2022 2022 2023 2023 2023
Slide 14: Contract Status
S Contract Status Seven Viking Viking Neptun Subsea Viking Acergy Viking Viking Queen Viking Lady Viking Princess viking Prince Viking Athene SOLD Q2-21 Viking Enerey Viking Vanquish} LayuP Viking Vision} LayuP Veritas Viking Cc Vantage }| LAYUP 01.01.2021 01.01.2022 01.01.2023 01.01.2024 l= Firm co
Slide 15: Market
Market PSV • Fewer fixtures in the North Sea market compared to the same quarter last year, but the contract durations were approx. 40% longer. • The North Sea fleet utilization increased compared to the same period last year (above 70% for large PSV’s), and rate levels improved during the quarter w
Slide 16: Appendices
APPENDICES 16
Slide 17: Results 3rd Quarter 2021
Results 3rd Quarter 2021 (in million NOK) EBITDA Q3 2021 vs. Q3 2020 (MNOK 21.7): Operating revenue Q3 Seismic: Increase of freight income of MNOK 9.5, decrease in the total operating expenses of MNOK 0.5. Net increase in EBITDA of MNOK 10.1. 200 Subsea: Increase of freight income of MNOK 18.0, incr
Slide 18: Results per 30.9.2021
Results per 30.9.2021 (in million NOK) EBITDA YTD 2021 vs. YTD 2020 (MNOK 27.3): Operating revenue YTD Seismic: Decrease of freight income of MNOK 17.4, decrease in the total 600 operating expenses of MNOK 21.5. Net increase in EBITDA of MNOK 4.1. 49 Subsea: Increase of freight income of MNOK 44.6,
Slide 19: Segments
Segments Incl. Share of Joint Ventures (in million NOK) 3rd Quarter 2021 Seismic Subsea Supply Other Revenue Q3 Revenue 12.3 103.7 68.0 4.9 2021 EBITDA 9.5 53.8 24.3 -0.9 EBIT 0.6 -1.4 4.5 -2.3 EBITDA margin 77% 52% 36% N/A EBIT margin 5% -1% 7% N/A 3rd Quarter 2020 Seismic Subsea Supply Other Reven