Solstad Offshore Asa · OSL:SOFF
Solstad Offshore Asa — Q3 2024 Earnings Presentation
16 slides from Solstad Offshore Asa's earnings presentation, Oct 29, 2024
Slide 1: Q3 2024 Presentation
Q3 2024 Presentation w/ Lars Peder Solstad, CEO and Kjetil Ramstad, CFO 29 October 2024 1
Slide 2: Disclaimer
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 Group and/or the indu
Slide 3: Q3 2024 Highlights | Business update
Q3 2024 Highlights | Business update Utilization 100% 90% ▪ High utilization1 of 90% in the quarter and 88 YTD AHTS: 86% in the quarter and 84% YTD 80% o o CSV: 92% in the quarter and 90% YTD 70% 60% ▪ Adjusted EBITDA 50% o Solstad Offshore: NOK 328 million 40% Q1-24 Q2-24 Q3-24 o Solstad Maritime:
Slide 4: Dividend | Solstad Maritime Holding AS
Dividend | Solstad Maritime Holding AS ▪ Solstad Maritime Holding AS initiates quarterly dividend payments from Q3 2024 of NOK 0.50/share, totaling NOK ~233 million. ▪ Solstad Offshore’s share of the dividend amount is NOK ~64 million ▪ Key dates regarding Q3 2024 dividend: o Summon EGM: 31 October
Slide 5: Market Update
Market Update 39 vessels and 7 offices worldwide Office AHTS CSV Renewable Energy Oil & Gas ▪ Continued high activity within offshore-energy across all regions and vessel segments ▪ Tight supply and demand balance with limited newbuilds entering the market the coming years 5x 9x ▪ High tendering act
Slide 6: Solstad Services
Solstad Services ROV services Mooring Successful expansion of offering to customers installation Support Survey services Highlights • Revenue of NOK ~900 million YTD for the Solstad Companies Engineering SOLSTAD SERVICES Tooling and • Average EBITDA adjusted margin of ~23% services equipment • Four
Slide 7: Solstad Offshore | Q3 24 Financial Highlights
Solstad Offshore | Q3 24 Financial Highlights High utilization YTD with solid visibility next year through recently announced contract additions NIBD overview as per 30.09.2024, NOKm Q3: 97% Fixed Assets NOK 6,983m Utilization YTD: 96% (100) (226) Q3: NOK 766m Equity Revenue 22% YTD: NOK 2,280m rati
Slide 8: Solstad Offshore | Backlog
Solstad Offshore | Backlog Book-to-bill of 1.6x YTD Q3 with further backlog additions announced in Q4 Backlog per segment Backlog2 execution Firm-/options days2 by year added per year Firm: AHTS 2019-2022 Firm/options days NOKm Firm: CSV NOKm 2023 Days Available days (operational vessels) Firm: Sols
Slide 9: Solstad Maritime | Q3 24 Financial Highlights
Solstad Maritime | Q3 24 Financial Highlights A financially robust platform set to initiate quarterly dividend payments from Q3 2024 of NOK ~233m NIBD overview as per 30.09.2024, NOKm Solstad Maritime Holding AS Q3: 89% Fixed Assets NOK 12,891m Utilization YTD: 86% Q3: NOK 1,630m Equity Revenue 41%
Slide 10: Solstad Maritime | Backlog
Solstad Maritime | Backlog Several long-term contracts added so far this year Backlog per segment Backlog execution by Firm-/options days Backlog, order intake year added per year and book-to-bill Firm: AHTS 2019-2021 Firm/options days Backlog Book-to-bill Firm: CSV (Renewables) 2022 Order intake B2
Slide 11: Summary
Summary ▪ Improved utilization and earnings ▪ Backlog additions of USD 53 million after quarter end at attractive margins ▪ Solstad Services performing above expectations with revenue of NOK ~900 million YTD ▪ Quarterly dividend payment initiated from Solstad Maritime ▪ Guidance - EBITDA adj. o Sols
Slide 12: Thank you for your attention
Thank you for your attention
Slide 13: Solstad Offshore | Income Statement & EBITDA adjusted
Solstad Offshore | Income Statement & EBITDA adjusted Unaudited 2024 2024 Unaudited 2024 2024 NOKm 1 .7 -3 0 .0 9 1 .1 -3 0 .0 9 NOKm 1 .7 -3 0 .0 9 1 .1 -3 0 .0 9 Op erating incom e 766 2 ,2 8 0 T otal op erating incom e 766 2 ,2 8 0 Vessel operating expenses (356) (1,110) T otal op erating ex p en
Slide 14: Solstad Offshore | Balance Sheet
Solstad Offshore | Balance Sheet Unaudited 2024 2023 2023 Unaudited 2024 2023 2023 NOKm 3 0 .0 9 3 0 .0 9 3 1 .1 2 NOKm 3 0 .0 9 3 0 .0 9 3 1 .1 2 A SSET S EQUIT Y A ND LIA B ILIT IES Fix ed A s s ets Eq uity Deferred tax assets 0 5 2 Paid-in equity 272 258 272 Tangible fixed assets 1,240 12,088 1,3
Slide 15: Solstad Maritime | Income Statement & EBITDA adjusted
Solstad Maritime | Income Statement & EBITDA adjusted Unaudited 2024 2024 Unaudited 2024 2024 NOKm 1 .7 -3 0 .0 9 1 .1 -3 0 .0 9 NOKm 1 .7 -3 0 .0 9 1 .1 -3 0 .0 9 Op erating incom e 1 ,6 3 0 4 ,4 1 4 T otal op erating incom e 1 ,6 3 0 4 ,4 1 4 Vessel operating expenses (649) (1,930) T otal op erati
Slide 16: Solstad Maritime | Balance sheet
Solstad Maritime | Balance sheet Unaudited 2024 Unaudited 2024 NOKm 3 0 .0 9 NOKm 3 0 .0 9 A SSET S EQUIT Y A ND LIA B ILIT IES Fix ed A s s ets Eq uity Deferred tax assets - Paid-in equity 6,031 Tangible fixed assets 10,897 Other equity 1,085 Right-of-use assets - Non-controlling interests (30) Inv