Slide 1: 3Q 2022 Presentation
3Q 2022 Presentation w/ Lars Peder Solstad, CEO and Kjetil Ramstad, CFO 18.11.2022 1
Slide 2: Disclaimer
3Q 2022 PRESENTATION Disclaimer Important information Cautionary note regarding forward-looking statements This presentation, prepared by Solstad Offshore ASA (the "Company"), may include forward-looking statements relating to the business, financial performance and results of the Solstad Offshore G
Slide 3: Financial highlights
3Q 2022 PRESENTATION Financial highlights 1 Revenue MNOK 1,861 MNOK 7,600 backlog (MNOK 1,500) (MNOK 5,000) 2 EBITDA adj. MNOK 721 39% EBITDA margin (MNOK 500) (33%) 3 EBIT MNOK 801 43% EBIT margin (MNOK 152) (10%) 4 Assets MNOK 21,538 fixed assets MNOK 2,158 cash (MNOK 21,360) (MNOK 2,343) 5 Equity
Slide 4: Business update: Record high revenue and EBITDA
3Q 2022 PRESENTATION Business update: Record high revenue and EBITDA Strong quarter with high utilization and improved commercial terms across all geographical regions 1 and vessel segments. Highest quarterly EBITDA adjusted (MNOK 721) result in the company’s history. Driven by 2 improved day rates
Slide 5: Market update: Positive market outlook for offshore energy
3Q 2022 PRESENTATION Market update: Positive market outlook for offshore energy 1 High energy prices, energy security and energy transition drives the demand for offshore services. Within Oil & Gas and Offshore Wind. Tender activity remains at a high level in all main geographical regions, and there
Slide 6: New orders in 3Q: Some examples
3Q 2022 PRESENTATION New orders in 3Q: Some examples Update Updatepic pic Update pic New contract for CSVs Contract awards for PSVs AHTS contracts • The client has exercised all options under the • PSV Normand Swan has been awarded a • Equinor has extended the Normand Ferking existing contract for C
Slide 7: Backlog: ~x1.2 Book-to-Bill in 3Q 2022
3Q 2022 PRESENTATION Backlog: ~x1.2 Book-to-Bill in 3Q 2022 Backlog per year per Firm- & Firm- & option option backlog backlog Backlog, Backlog, Order Order Intake intake & B2B & 6 000 segment 64000 500 Book-to-bill development development 4 000 88000 000 2,2 3 5 000 5 000 2,0 3 500 77000 000 2,5 1,
Slide 8: Considerable earnings potential on top of present backlog
3Q 2022 PRESENTATION Considerable earnings potential on top of present backlog Firm-/option days per year Firm-/option days per year per segment - 2023 35 000 35 000 30 000 30 000 25 000 25 000 20 000 Days 20 000 Days 15 000 15 000 10 000 10 000 5 000 5 000 0 2022** 2023 2024 2025 0 AHTS PSV CSV Tot
Slide 9: Income statement
3Q 2022 PRESENTATION Income statement 2022 2021 2022 2021 2021 adj* MNOK 1.7-30.09 1.7-30.09 1.1-30.09 1.1-30.09 1.1-30.09 Operating income 1,861 1,500 4,857 4,101 3,723 Vessel operating expenses (1,060) (928) (3,050) (2,629) (2,629) EBITDA adjusted Administrative expenses (112) (97) (341) (313) (31
Slide 10: Balance sheet
3Q 2022 PRESENTATION Balance sheet 2022 2021 2021 2022 2021 2021 MNOK 30.09 30.09 31.12 MNOK 30.09 30.09 31.12 ASSETS EQUITY AND LIABILITIES Fixed Assets Equity Intangible assets 14 6 14 Paid-in equity 258 252 253 Tangible fixed assets 18,240 18,693 18,090 Other equity 706 3,133 2,836 Right-of-use a
Slide 11: Equity & liabilities development
3Q 2022 PRESENTATION Equity & liabilities development ▪ Balance sheet is sensitive to currency movements, particularly reporting currency NOK to USD. Unrealized currency effects 18.11.2022 11
Slide 12: Debt structure
3Q 2022 PRESENTATION Debt structure ▪ Fleet loan: o Maturity in 1Q24 financing 73 vessels per 3Q22 with instalments commencing in 1Q23. o BNOK ~14 backlog (incl. options) per 3Q22. ▪ Normand Maximus: Commenced 5 years firm bareboat agreement with 5+5 years options with American Shipping Company (AMS
Slide 13: Summary
3Q 2022 PRESENTATION Summary • Strong quarter with high utilization and improved commercial terms across all geographical regions and vessel segments. • Continue to build backlog for the sixth consecutive quarter with B2B >1. • Effect from the new backlog start to materialize in terms of improved ma
Slide 14: Q&A
Q&A 18.11.2022 14