Slide 1: Presentation Q2 2023
Presentation Q2 2023 August 30, 2023
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 / Q2 2023
Financial highlights / Q2 2023 P&L key figures Q2 2023 vs. Q2 2022 Balance sheet key figures Q2 2023 vs. FY2022 MNOK MNOK MNOK MNOK 240.5 (185.1) 1 977 (1 384) 2 623 (2 339) 339.4 (655.6) in revenue this quarter in consolidated backlog in assets in cash MNOK MNOK 128.7 (75.1) 54% (41%) 561.4 (541.7)
Slide 4: Business update / Q2 2023
Business update / Q2 2023 • We entered into agreements to sell our three remaining seismic vessels, Veritas Viking, Vantage and Viking Vision to two separate buyers. • Sales were executed in Q2 and Q3 with a total gain of ~ NOK 63 million. 4
Slide 5: Operational update / Q2 2023
Operational update / Q2 2023 • Fleet utilisation in the period was 96%. • Overall fleet operations delivered according to set targets with 99% technical uptime. • Zero LTIs during the quarter. • Viking Energy celebrated 20 years on charter to Equinor. • Planned maintenance and class renewal program
Slide 6: Contract backlog / Q2 2023
Contract backlog / Q2 2023 MNOK Renewable backlog as share of total 1 977 backlog Consolidated total contract backlog Fixed backlog from renewable projects as share of total backlog 700 600 64 Other 500 64% 57 400 mNOK 26 652 300 560 200 426 339 Renewable backlog 36% 100 0 2023 2024 2025 From 2026 T
Slide 7: Contract coverage incl. JV / Q2 2023
Contract coverage incl. JV / Q2 2023 7
Slide 8: Market update – positive outlook in all segments
Market update – positive outlook in all segments 1 We maintain a very positive market outlook in all our operating segments 2 PSV: Robust activity drivers with a significant tightening on the supply side 3 Subsea: High asset demand with premium rates going forward 4 Offshore wind: High mid–term tend
Slide 9: Q2 2023 financial result
Q2 2023 financial result Financial result (NOK million) Q2 2023 Q2 2022 YTD 2023 YTD 2022 FY2022 Total revenue Freight revenue 184.4 2% 181.1 313.2 287.6 634.7 Gain on sale 15.5 0.0 16.4 0.0 269.7 240.5 Other income 40.6 4.0 44.4 6.6 14.1 Total Revenue 240.5 185.1 374.0 294.2 918.5 185.1 30 % EBITDA
Slide 10: Segment allocation
Segment allocation Revenue & EBITDA margin • Increased revenue of NOK 17.2 million due to (incl. share of JV) improved day rates 120 60% • EBITDA improvement of MNOK 9.5, where the margin increased from 38% to 41% Supply • Utilization was 96% compared to 99% same period 100 50% last year 80 40% • De
Slide 11: Balance sheet
Balance sheet Balance Sheet (NOK million) 30.06.2023 31.12.2022 Comments to 2nd Quarter • Non-current assets increased from year end 2022 due to the addition of Total non-current assets 1 938.5 1 348.1 the vessel Viking Reach and the reversal of impairment Current assets 613.5 910.3 Assets held for
Slide 12: Cash flow
Cash flow 339.4 Operating NOK 99.3 million Investing NOK -256.2 million Financing NOK -159.4 million Positive operating cash flow and working CAPEX increased due to investment in the A combination of capital raise, prepayment capital reflects improved operational entity Eidesvik Reach and docking ca
Slide 13: Highlights summary
Highlights summary Delivering on strategy: Growth in supply and subsea/offshore 1 wind, exit from seismic 2 Delivering operational excellence across the fleet 3 Fully booked backlog securing profitable cash flow years ahead 4 Strong balance sheet with low debt and healthy multiples 5 Positive market
Slide 14: Investor relations
Investor relations Please contact: CFO - Helga Cotgrove VP IR - Sindre Stovner +47 90 73 52 46 +47 91 78 64 31 investor.relations@eidesvik.no 14
Slide 15: Appendix
Appendix 15
Slide 16: Company overview
Company overview THE COMPANY CONTRACT BACKLOG SUSTAINABILITY MNOK 26.5% Reduction in CO2 emissions per 1 977 operational day 13 428 Consolidated Q2 2023 92% share of fleet with battery hybrid systems VESSELS EMPLOYEES* * Number of employees end of FY2022 * Sustainability figures for period 01.01.202
Slide 17: Contract status
Contract status Vessel Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Seven Viking Viking Reach Subsea Viking Viking Wind Power Viking Queen Viking Lady Viking Princess Viking Prince Viking Energy Viking Avant 17
Slide 18: Debt maturity profile June 30, 2023
Debt maturity profile June 30, 2023 500 411 400 300 Million NOK 200 111 111 100 75 56 26 26 32 0 Remaining 2023 2024 2025 2026 After 2026 Instalments Liabilities related to assets held for sale Balloons * Liabilities related to Assets held for sale will become due and payable at the time of completi
Slide 19: The fleet of Eidesvik
The fleet of Eidesvik Supply Subsea / Offshore wind Viking Energy Viking Lady NS Frayja (management) Viking Wind Power Seven Viking Viking Prince Viking Avant NS Orla (management) Subsea Viking Viking Neptun (management) LNG Dual Fuel Battery Hybrid Viking Princess Viking Queen Viking Reach 19
Slide 20: We aim to be the market leader within green offshore vessels.
We aim to be the market leader within green offshore vessels.