Slide 1: Q1 2025 Presentation
Q1 2025 Presentation 5 May 2025
Slide 2: Disclaimer
Disclaimer Important information Cautionary note regarding forward-looking statements. This presentation, prepared by Solstad Maritime ASA (the "Company"), may include forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which i
Slide 3: 1Q 2025 Highlights | Business update
1Q 2025 Highlights | Business update Solstad Maritime ASA has applied for listing of its shares on Euronext Oslo Børs with expected first day of trading mid-May 2025 Business update The Company has changed its presentation currency from NOK to USD from 1 January 2025 ▪ Utilization of 80% in the quar
Slide 4: Solstad Maritime at a glance
Solstad Maritime at a glance GLOBAL PRESENCE Office locations Office locations Solstad Offshore supporting offices Historical Adjusted EBITDA(1) USDm 4 6 297 249 133 4 4 2022 2023 2024 3 Adjusted EBITDA split by segment, 2024(1) 2 Services AHTS 9 6% 12% KPIs per Q1’25 USD 297m Norway c.1,700 32 USD
Slide 5: Leading provider of offshore services
Leading provider of offshore services Solstad Maritime’s business model enhances pureplay vessel time chartering with value adding service offering Vessel owner Add-on services Solstad Maritime 32 wholly owned offshore vessels ROV, survey, tooling, project support Integrated service offering and per
Slide 6: Solstad Maritime | Q1 Financial Highlights
Solstad Maritime | Q1 25 Financial Highlights NIBD overview as per 31.03.2025, USDm 900 800 20 700 (195) 600 24 Q1: 80% USD 814m Utilization Backlog 500 (87%) (USD 593m) 400 752 300 576 600 200 Q1: USD 145m Book USD 802m, 47% 100 Revenue equity (USD 120m) (USD 545m, 34%) 0 Fleet Loan Accrued interes
Slide 7: Solid backlog and high tendering activity
Solid backlog and high tendering activity Backlog per vessel type Firm-/option days per year Backlog, order intake and book-to-bill USDm CSV AHTS Firm-/option days AHTS spot/project fleet Available days Backlog Order intake Book to bill USDm 300 1,000 1.8x 2.8x 0.4x 1.6x 0.8x Days 900 848 843 250 33
Slide 8: Guiding
Guiding • Intention to distribute quarterly dividends corresponding to majority of annual free cash flow to equity (FCFE) • Amended loan covenants allows for dividend distributions above FCFE in 2025 • The existing fleet loan agreement is amended to an RCF of NOK 600 million, with a dividend clause
Slide 9: Update on the contemplated listing of Solstad Maritime
Update on the contemplated listing of Solstad Maritime Listing venue Euronext Oslo Børs Expected FDOT1 Around mid-May 2025 Investor Invitation to global group call will be announced on the Company’s ticker “SOMA” on NewsWeb presentation ▪ There is no offering of shares in connection with the listing
Slide 10: Dividend key dates
Dividend key dates ▪ Distributes cash dividend for Q1 2025 of USD 0.075/share, totaling USD ~35 million. The dividend will be paid in NOK and the amount in NOK will be announced prior to dividend payment ▪ Key dates regarding Q1 2025 dividend: o Last day incl. right to dividend: 19 May 2025 o Ex-dat
Slide 11: Appendix
| RESCUE ZONE | Appendix ==
Slide 12: Solstad Maritime | Income Statement & Adjusted EBITDA
Solstad Maritime | Income Statement & Adjusted EBITDA Unaudited 2025 2024 2024 Unaudited 2025 2024 2024 USDm 0 1 .0 1 -3 1 .0 3 0 1 .0 1 -3 1 .0 3 1 .1 -3 1 .1 2 USDm 0 1 .0 1 -3 1 .0 3 0 1 .0 1 -3 1 .0 3 1 .1 -3 1 .1 2 Op erating incom e 145 120 556 T otal op erating incom e 145 120 556 Vessel oper
Slide 13: Solstad Maritime | Balance sheet
Solstad Maritime | Balance sheet Unaudited 2025 2024 2024 Unaudited 2025 2024 2024 USDm 3 1 .0 3 3 1 .0 3 3 1 .1 2 USDm 3 1 .0 3 3 1 .0 3 3 1 .1 2 A SSET S EQUIT Y A ND LIA B ILIT IES Non-current as s ets Eq uity Deferred tax assets 52 (3) 52 Paid-in equity 538 512 560 Tangible fixed assets 1,092 1,
Slide 14: Solstad Maritime | Cash Flow Statement
Solstad Maritime | Cash Flow Statement Unaudited 2025 2024 2024 USDm 3 1 .0 3 3 1 .0 3 3 1 .1 2 C A SH FLOW FR OM OPER A T IONS Result before tax 50 59 204 Taxes payable (2) 1 1 Depreciations, impairments and reversal of impairments 20 16 21 Gain (-)/loss non-current assets (0) (7) (8) Interest inco
Slide 15: Alternative Performance Measures (APM)
Alternative Performance Measures (APM) Solstad Maritime ASA refers to alternative performance measures with regards to its financial results as a supplement to the financial statements prepared in accordance with IFRS. Such performance measures are frequently used by securities analysts, investors a