Solstad Maritime Asa · OSL:SOMA
Solstad Maritime Asa — Investor Presentation (May 2025)
50 slides from Solstad Maritime Asa's investor presentation, May 2025
Slide 1: Investor Presentation – Solstad Maritime
Investor Presentation – Solstad Maritime May 2025 1
Slide 2: Disclaimer and important information
Disclaimer and important information THIS DOCUMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES OF AMERICA, ITS TERRITORIES, DEPENDENCIES OR POSSESSIONS, INCLUDING ANY STATE OF THE UNITED STATES AND THE DISTRICT OF
Slide 3: Disclaimer and important information
Disclaimer and important information This Presentation contains several forward-looking statements relating to the business, future financial performance and results of the Company and/or the industry in which it operates. In particular, this Presentation contains certain forward-looking statements
Slide 4: Listing summary
Listing summary Company Solstad Maritime ASA (Reg. No.: 932 482 185), Ticker: “SOMA” Share capital NOK 93,071,711, divided on 465,358,555 Shares, each having a nominal value of NOK 0.20 Listing venue Euronext Oslo Børs First day of listing On or about 16 May 2025 subject to satisfaction of certain l
Slide 5: Presenters
Presenters Lars Peder Solstad Kjetil Ramstad Solstad Maritime, CEO Solstad Maritime, CFO 5
Slide 6: Agenda
Agenda 1. Introduction to Solstad Maritime 2. Key investment highlights 3. Financial summary and guidance 4. Appendix 6
Slide 7: Our vision
Our vision is to deliver industry-leading sustainable operations to the global offshore energy markets 7
Slide 8: Key investment highlights
Key investment highlights 1 A leading global offshore energy services provider operating a highly capable fleet 2 Robust market fundamentals with strong subsea momentum, particularly in Brazil 5e 3 USD 814m Q1 2025 backlog with Tier 1 clients in attractive regions 4 Experienced management team suppo
Slide 9: Solstad Maritime at a glance
1 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 US
Slide 10: One of the largest owners of premium subsea vessels
1 One of the largest owners of premium subsea vessels Overview of high-spec AHTS vessel owners Overview of high-spec CSV owners % Market share # AHTS vessels of +20,000 BHP % Market share # CSVs of +250t crane 19% 13% 8% 6% 5% 14% 14% 6% 6% 6% 15 10 10 10 6 5 4 4 4 4 (1) (2) 10 Note: As of March 202
Slide 11: Strategically positioned for time charter business and support services
1 Strategically positioned to reap benefits from both time charter business and support services Selected peer space overview Field development ”enablers” Sophistication of assets http://www.nortrade.com/profile_images/770878_DeepOcean_Logo_colour_2012%20rgb.jpg Survey / ROV / OSV vessels Day-rate I
Slide 12: Over 60 years of operational track-record
1 Over 60 years of operational track-record 1964 1982 1999 2020 Q4 2023 Q2 2025 Solstad established with Became a pure-play Enters the subsea Comprehensive financial Refinancing agreement Intention to list Solstad purchase of 11 dry- offshore supply company market with the vessel restructuring compl
Slide 13: Solstad streamlined as a high-end subsea services provider
1 Solstad streamlined as a high-end subsea services provider USDm Merger with Deep 4,000 NIBD / adj.EBITDA(4) Sea Supply and Farstad Shipping 45x NIBD SOMA adj. NIBD NOK3.0bn(3) (~USD280m) of 3,500 SOFF adj. NIBD 40x new equity raised and NOK9.7bn (~USD900m) of debt refinanced 35x 3,000 NOK10.9bn (~
Slide 14: Operating model: Seamless customer interface
1 Operating model: Seamless customer interface ▪ Solstad(4) operates as a fully integrated vessel owner with one management team Solstad Maritime Solstad Offshore and a single client interface (to be listed) (listed) ▪ Vessels and services delivered across the structure based on industry standard ar
Slide 15: Leading provider of offshore services
1 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 p
Slide 16: Value add service offering to exploit day-rate business model
1 Value add service offering to exploit day-rate business model Solstad Services ✓ Solstad Maritime leases ROVs while maintaining a flexible OPEX base Tooling and Project manning ROV services Survey services equipment delivery Limited capital tie-up and need to invest in its own service ✓ organizati
Slide 17: Solstad Maritime's key markets
2 Solstad Maritime’s key markets Picture ✓ Global offshore spending stabilizing to support demand of around 100m barrels per day ✓ Offshore wind capacity is expected to grow and will require significant ✓ Several long-term opportunities, particularly in Brazil, as Petrobras vessel capacity Strategic
Slide 18: Strong development in dayrates and utilization for CSVs
2 Strong development in dayrates and utilization for CSVs North Sea CSV dayrates(1) CSV – Global utilisation (trailing twelve months) GBPk % 150t 2xWROV 250t 2xWROV <250t crane +250t crane 125 100% 90% 100 80% 70% 75 60% 50% 50 40% 30% 25 20% 10% 0 0% 2015 2016 2017 2018 2019 2020 2021 2022 2023 202
Slide 19: c.40 potential FPSO awards expected between 2025-2027
2 c.40 Potential FPSO awards expected between 2025-2027 driving CSV and AHTS demand Typical AHTS vessel scope on FPSOs installations ▪ Solstad Maritime normally works for one of the subsea contractors ▪ Provide Services, such as ROVs, survey, tools and project crew 2 ▪ Solstad Maritime’s AHTS vessel
Slide 20: Solstad Maritime continues to grow its business in Brazil
3 Solstad Maritime continue to grow its business in Brazil Market position ▪ Strong market position having worked with Petrobras since Normand Sagaris Normand Maximus(1) 1996, and is well positioned to take on more work in the buoyant Brazilian offshore market Normand Ferking Normand Pioneer ▪ Recen
Slide 21: Solstad Maritime operates in Brazil under Solstad Offshore's license
3 Solstad Maritime operates in Brazil under Solstad Offshore’s license Illustrative example of a Solstad Maritime bareboat contract with Petrobras as end client ▪ Solstad Maritime operates in Brazil through Solstad Offshore, which has a Brazilian legal entity that holds the license to operate ▪ Sols
Slide 22: Solid backlog and high tendering activity
3 Solid backlog and high tendering activity Backlog per vessel type Firm-/option days per year Backlog, order intake and book-to-bill USDm Days USDm CSV AHTS Firm-/option days Available days Backlog Orderintake Book to bill (x) AHTS spot/project fleet 300 12 000 1.000 1.8x 2.8x 0.4x 1.6x 0.8x 269 84
Slide 23: Experienced management team
4 Experienced management team Lars Peder Solstad Kjetil Ramstad +30 +6 Chief Executive Officer Chief Financial Officer ▪ Prior to being CEO, worked 13 years in the Solstad system, ▪ Extensive experience in offshore oil & gas and finance, including offshore on vessels and in administrative roles work
Slide 24: Q1 2025 Financial Highlights
5 Solstad Maritime | Q1 2025 Financial Highlights NIBD overview as per 31.03.2025, USDm 752 20 (195) 600 576 24 Q1: 80% USD 814m Utilization Backlog (87%) (USD 593m) Q1: USD 145m USD 802m, 47% Revenue Book equity (USD 120m) (USD 545m, 34%) Fleet loan Accrued interest Cash Adjusted NIBD Leases NIBD A
Slide 25: Current debt profile
5 Current debt profile Remaining debt & amortization overview Key debt terms USDm ▪ Debt outstanding: USD 752m per 31.03.2025 ▪ Revolving Credit Facility (RCF): NOK 600m 752 ▪ Tenor: 3 years from drawdown in January 2024 + extension options of 1 + 1 year at lenders sole discretion 131 ▪ Furthermore,
Slide 26: Capex mainly relates to maintenance of existing fleet
5 Capex mainly relates to maintenance of existing fleet Capex ▪ Annual capex varies significantly between USDm years as vessels are due for main class renewal every fifth year, hence the timing is dependent on build year 125 o In addition, vessels undergo intermediate class renewals and other mainte
Slide 27: Guiding
5 Guiding • Intention to distribute quarterly dividends corresponding to majority of annual free cash flow to equity (FCFE) • Dividends are expected to remain at, or exceed, Q1 2025 distribution • Amended loan covenants enables dividend distributions above FCFE in 2025 • The existing fleet loan agre
Slide 28: Dividend key dates
5 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-d
Slide 29: Appendix
Appendix A1 Additional company information A2 Fleet overview A3 Additional market information A4 Organization 29
Slide 30: Renewable Energy offering – Partnering with Prysmian
A1 Renewable Energy offering – Partnering with Prysmian ▪ Firm contract from H1 2027 to 2032 with an additional two-year ✓ Charterers are securing capacity well in advance option for CSV Normand Ocean with Prysmian ✓ Client ensures operational visibility until end of 2030 ▪ Normand Ocean joins CSV N
Slide 31: The Windstaller Alliance
A1 The Windstaller Alliance | A cost-efficient and comprehensive service within offshore renewables ▪ Windstaller Alliance has successfully completed the installation of DemoSATH floating offshore wind turbine offshore Spain ▪ The demonstration wind turbine DemoSATH, developed and built by Saitec En
Slide 32: Remota | Offshore excellence with onshore expertise
A1 Remota | Offshore excellence with onshore expertise Pioneering the development of USV technology Remote operations center to increase profitability Remota develops and offers remote operations and semi- autonomous maritime services to existing vessels and Remota have taken delivery of its first U
Slide 33: Zeroing in on zero emissions, incidents, tolerance
A1 Zeroing in on Zero emissions Zero incidents Zero tolerance 2009 Today 2030 → Implementation of 21% increased fuel Net zero goal by efficiency 2050 1.1m tonnes CO2 saved 233k SGO’s conducted(1) 33 Note: (1) One SGO saves a minimum of 500 liters of fuel in one day. If a vessel executes at least one
Slide 34: Example of revenue streams for a time charter including services
A1 Example of revenue streams for a time charter including services Illustrative figures End customer Omega Subsea(1) delivers ROVs, tools Vessel owning entity and personnel to vessels operated by Annual revenue: USD c.50m Solstad companies(2) Time Charter Solstad Services Annual EBITDA: USD c.23m A
Slide 35: Diversified top-tier clients
A1 Diversified top-tier clients Oil & Gas Renewables Example customers Example customers 35
Slide 36: Board of Directors
A1 Board of Directors Frank Reite Pål Magnussen Chairman of the Board Board member ▪ CFO in Aker ASA from 2015 to 2019 and current deputy ▪ Has 10 years of experience as CEO in AMSC ASA after 12 chairman having joined Aker in 1995. Former President & years of shipping and offshore related banking ex
Slide 37: Contract coverage
A1 Contract coverage Contracts entered after 31.03.2025 are not included in this overview Vessel name Type Built Region Contract type Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Q4'26 Q1'27 Q2'27 Q3'27 Q4'27 Normand Sigma AHTS 2014 Europe Spot Normand Prosper AHTS 2010 Europe Spot Normand Sapphire AHTS 2007
Slide 38: Selected contracts & projects won and YTD 2025
A1 Selected contracts & projects won and YTD 2025 High order intake ▪ NOK c.10.5bn of order intake at healthy margins in 2024 ▪ Book to bill at 1.8x for the year 2024 Not disclosed Not disclosed Normand Flower Location: Brazil Location: Brazil Location: Brazil Contract: 4 years Contract: 4 years Con
Slide 39: Improving financial performance through contract renewals
A1 Improving financial performance through contract renewals in a strengthening market Revenue Adj.EBITDA USDm USDm 556 297 482 249 363 133 2022 2023 2024 2022 2023 2024 ▪ Increasing revenues from 2022 and onwards driven by strong market recovery ▪ Growth in revenue contributes to improved EBITDA ma
Slide 40: Fleet fit for Oil & Gas and the energy transition
A1 Fleet fit for Oil & Gas and the energy transition ▪ Highly capable fleet serving the largest and most complex projects globally 22 CSV ▪ Fleet well suited for offshore energy projects ▪ Integrated solutions with services 77% c.13 years c.225T provided based on the client's preferences Share of 20
Slide 41: Fleet overview (CSV)
A2 Fleet overview (CSV) Vessels Type Deck size (m2) Construction crane Built Location Normand Energy CSV 2,000 250 2007 Africa Normand Jarstein CSV 1,230 250 2014 Africa Normand Sentinel CSV 1,800 350 2015 Africa Normand Australis CSV 780 70 2009 Asia Normand Baltic CSV 1,000 100 2010 Asia Normand C
Slide 42: Fleet overview (AHTS)
A2 Fleet overview (AHTS) Vessels Type Deck size (m2) Bollard pull Built Location Normand Scorpion AHTS 755 251 2009 Australia Normand Sirius AHTS 754 259 2014 Australia Normand Saracen AHTS 755 265 2010 Australia Normand Ranger AHTS 750 280 2010 Australia Normand Sigma AHTS 754 272 2014 Europe Norma
Slide 43: Strong growth anticipated in Brazil as Petrobras revamps its investment budget
A3 Strong growth anticipated in Brazil as Petrobras revamps its investment budget Petrobras is increasing its capex budgets Petrobras is expanding its FPSO fleet with 15 units USDbn # of new FPSO systems, Petrobras(1,2) Pre-salt Not operated Post-salt +102% 111 102 5 84 76 78 74 75 68 55 3 3 3 2 1 1
Slide 44: Large potential from offshore wind
A3 Large potential from offshore wind Offshore wind installation spending Solid growth expected in # turbines USDbn Cumulative # turbines (in thousands) Turbine Installation Array Cable Installation Foundation Installation Offshore Substation Installation 15 Europe 75% of 2025-2028 growth either in
Slide 45: Subsea backlog for key contractors
A3 Subsea backlog for key contractors Backlog for Subsea 7, TechnipFMC and Saipem USDbn 50 46 46 41 40 39 38 37 34 30 30 28 23 22 23 21 21 19 19 20 20 19 19 18 19 18 19 18 10 0 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-
Slide 46: The global CSV fleet has been stable since 2013
A3 The global CSV fleet has been stable since 2013 Stable supply of CSVs last 12 years Stable near-term supply growth # of CSVs Active Idle Stacked # of CSVs Orderbook in % of total supply (RHS) 300 300 Orderbook (LHS) 40% 250 250 200 200 150 150 20% 100 100 50 50 0 0 0% 2013 2014 2015 2016 2017 201
Slide 47: Low supply of high-end AHTS vessels
A3 Low supply of high-end AHTS vessels Stable supply of AHTS vessels And limited newbuild orders for high-spec AHTS vessels # AHTS (> 16,000 BHP) Active Idle Stacked # AHTS (> 16,000 BHP) Orderbook in % of total supply (RHS) 200 200 Orderbook (LHS) 40% 150 150 100 100 20% 50 50 0 - - 2013 2014 2015
Slide 48: Growing demand for large AHTS beyond the North Sea
A3 Growing demand for large AHTS in regions beyond the North Sea North Sea/NW Europe: Increasing HE rig support and significant subsea project work. Floating wind increasing demand driver forward North America/Canada: Seeing increasing activity again with requirements for HE rig and AHTS support Guy
Slide 49: Ownership in Solstad Maritime and AMSC
A4 Ownership in Solstad Maritime and AMSC Top 20 shareholders in Solstad Maritime(1) Top 20 shareholders in AMSC(2) # Name Number of shares Ownership # Name Number of shares Ownership 1 Aker Capital 195,450,849 42.0% 1 Aker Capital 13,701,416 19.1% 2 Solstad Shipholding AS 126,908,020 27.3% 2 DNB Ba
Slide 50: von yet
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