Eidesvik Offshore Asa · OSL:EIOF
Eidesvik Offshore Asa — Q3 2022 Earnings Presentation
18 slides from Eidesvik Offshore Asa's earnings presentation, Nov 16, 2022
Slide 1: Presentation Q3 2022
PRESENTATION Q3 2022 NOVEMBER 16, 2022
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: Financial highlights for Q3 2022
Financial highlights for Q3 2022 (million NOK) Q3 2022 Q3 2021 Revenue 190,4 174,8 EBITDA 91,0 81,5 48 % 47 % Operating result 262,9 1,0 30.09.2022 31.12.2021 Assets 2 948,1 2 750,6 Equity 573,5 521,1 19 % 19 % 3
Slide 4: Business update
Business update • Secured backlog of MNOK 690 during Q3. • Strong operational performance across the fleet with above 99 % technical uptime in all segments combined. • The fleet utilization in the period was 95 %, excluding vessels in lay-up. • Our industry collaboration projects: Apollo, ShipFC and
Slide 5: Contract highlights in Q3 2022
Contract highlights in Q3 2022 • Eidesvik was awarded a 3-year contract with Aker BP ASA for the PSV Viking Prince. The contract will commence after completion of the vessel’s ongoing contract with Equinor. • Eidesvik was awarded a 5-year contract with Van Oord Offshore Wind B.V. for Subsea Viking.
Slide 6: Market update - improvement across our key segments
Market update - improvement across our key segments • Good activity throughout this quarter with high utilization levels. PSV • The spot market was volatile with high day rates seen the first months of the quarter, before softening in Norwegian sector in September. • We expect continued tightening o
Slide 7: Subsequent highlights
Subsequent highlights Eidesvik has been awarded a 3-year contract with Equinor Energy AS for the PSV Viking Avant. The contract will commence in direct continuation of the current charter and will commence in December 2022. In addition, Equinor has been granted options for further extensions. Winter
Slide 8: Contract coverage incl. JV 30.09.2022
Contract coverage incl. JV 30.09.2022 80% (including vessels in lay up) 70% 67% 62% 62% 62% 62% 62% 62% 62% 62% 62% 60% 56% 54% 54% 50% 42% 38% 38% 40% 65% 30% 62% 62% 54% 54% 54% 54% 54% 54% 46% 20% 41% 38% 35% 10% 19% 15% 15% 0% Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2022 2023 2023 2023 2
Slide 9: Contract Backlog 30.09.2022
Contract Backlog 30.09.2022 600 52 500 49 59 Consolidated total 400 contract backlog Q3 Millions 2022 is MNOK 1,486 300 (incl. all new contracts 561 per November 15, 200 399 387 2022). 12 100 139 0 Rest 2022 2023 2024 From 2025 Consolidated Share of JV's 9
Slide 10: Finance
FINANCE 10
Slide 11: Q3 2022 results
Q3 2022 results Q3 2022 Q3 2021 YTD YTD 2021 Revenue 190,4 9% 174,8 484,6 10 % 442,1 EBITDA 91,0 81,5 171,5 148,4 48 % 47 % 35 % 34 % Operating result 262,9 1,0 272,3 -74,4 Pre-tax result 162,9 -34,7 52,4 -153,4 • Improvment on all levels • Reversal of previous impairments on vessels and less deprec
Slide 12: Revenue (MNOK) by segment
Segments Revenue & EBITDA margin EBITDA Q3 2022 vs. Q3 2021: (Including share of JV) 120 90% Supply: Increase of revenue of MNOK 13.8, 100 80% increase of total operating expenses of MNOK 70% Revenue (MNOK) 7.7. EBITDA increase of MNOK 6.1. EBITDA margin 80 60% 50% 60 Subsea/Wind: Increase of revenu
Slide 13: Balance sheet and cash flow
Balance sheet and cash flow (in million NOK) BALANCE SHEET 30.09.2022 31.12.2022 CASH FLOW YTD 1.1- 1.1- 30.9.2022 30.9.2021 Fixed assets 1 420,1 1 196,9 Current Assets 521,3 531,2 Net cash flow from operating activities 101,7 66,1 Assets held for sale 1 006,7 1 022,5 Net cash flow from investment a
Slide 14: Summary
Summary • Strong quarter with revenue of MNOK 190.4 and EBITDA of MNOK 91.0 • During the quarter, we secured additional backlog of MNOK 690 • We continued to deliver strong operational performance across our fleet, with above 99% technical uptime and 0 LTIs • Fleet utilization in the period was 95%
Slide 15: p = <= B
p 2 7 = <= B 15
Slide 16: Appendices
APPENDICES 16
Slide 17: Contract Status
Contract Status Seven Viking Viking Neptun SOLD Subsea Viking Viking Wind Power Viking Queen Viking Lady Viking Princess Viking Prince Viking Energy Viking Avant Viking Vanquish LAY UP Viking Vision LAY UP Veritas Viking LAY UP Vantage LAY UP 01.01.2022 01.01.2023 01.01.2024 31.12.2024 Firm contract
Slide 18: Debt maturity profile 30.09.2022
Debt maturity profile 30.09.2022 2 000 1 793 1 800 1 600 1 400 1 200 Million NOK 1 000 800 600 400 201 200 86 33 0 Rest 2022 2023 After 2023 Instalments Balloons *Liabilities related to Assets held for sale will become due and payable at the time of completion of the sale. 18