Eidesvik Offshore Asa · OSL:EIOF
Eidesvik Offshore Asa — Q4 2023 Earnings Presentation
21 slides from Eidesvik Offshore Asa's earnings presentation, Feb 21, 2024
Slide 1: Presentation Q4 2023
Presentation Q4 2023 February 21, 2024
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 / Q4 2023
Financial highlights / Q4 2023 P&L key figures Q4 2023 vs. Q4 2022 Balance sheet key figures Q4 2023 vs. FY2022 MNOK MNOK MNOK MNOK 193.7 (164.2*) 1 975 (1 388) 2 720 (2 339) 498.8 (655.6) in revenue this quarter in consolidated backlog in assets in cash MNOK MNOK 74.6 (53.0) 38% (32%) 376.9 (541.7)
Slide 4: Business update / Q4 2023
Business update / Q4 2023 • Eidesvik refinanced its long-term bank facility in the quarter, securing overall substantially better terms aligning third party financing closer with the Company’s and shareholders' interest. Subsequent events: • Signed a three-year extension to its ship management agree
Slide 5: CSV newbuild with planned delivery early 2026
CSV newbuild with planned delivery early 2026 • We have entered into an agreement to build a new Construction Support Vessel (CSV) for delivery in early 2026. The agreement includes call options for additional 4 vessels • The vessel will be owned by an entity to be named Eidesvik Agalas AS, where Ei
Slide 6: Operational update / Q4 2023
Operational update / Q4 2023 • Fleet utilisation in fourth quarter was 96% • Supply utilisation was 100% during the quarter • Subsea/Wind utilisation was 90% during the quarter • FY2023 fleet utilisation was 94% • We had 2 LTIs during the quarter bringing the total number in 2023 of LTIs in 2023 to
Slide 7: Contract backlog / Q4 2023
Contract backlog / Q4 2023 900 MNOK Renewable backlog as share of total backlog 800 1 975 Fixed backlog from renewable projects as share of total 66 Consolidated total contract backlog* backlog 700 59 600 Other 500 mNOK 70% 400 717 300 591 200 367 300 100 Renewable backlog 30% 0 2024 2025 2026 From
Slide 8: Contract coverage incl. JV / Q4 2023
Contract coverage incl. JV / Q4 2023 Contract coverage incl. JV Backlog allocation incl. JV 850 NOK millions 783 100% 100% 100% 100% 100% 100% 100% 100% 98% 750 100% 100% 100% 100% 90% 650 650 90% 80% 80% 80% 80% 80% 355 83% 80% 70% 550 70% 58% 347 60% 63% 450 50% 50% 367 50% 350 300 40% 250 30% 36%
Slide 9: Market update – positive outlook in all segments
Market update – positive outlook in all segments 1 Solid fundamentals and positive market indicators in all operating segments 2 Supply: Positive vessel supply and demand balance are driving rate levels and second-hand vessel values 3 Subsea: Our clients have strong order intake, record high backlog
Slide 10: Q4 2023 financial result
Q4 2023 financial result Financial results (NOK1000) Q4 2023 Q4 2022 2023* 2022 Total revenue Freight revenue 190,6 19 % 160,6 699,5 634,7 Gain on sale 0,0 269,7 21,6 269,7 433,9 Other income 3,1 3,6 51,3 14,1 Total Revenue 193,7 433,9 772,4 918,5 193,7 193,7 EBITDA 74,6 322,7 336,2 494,2 164,2 EBIT
Slide 11: Segment performance
Segment performance Revenue & EBITDA margin (incl. share of JV*) EBITDA Q4 2023 vs. Q4 2022 120,0 60% • Increased revenue of NOK 27.2 million due 100,0 50% to improved day rates and utilisation • EBITDA improvement of NOK 24.3 million, 80,0 40% where margin increased from 28% to 43% EBITDA margin Su
Slide 12: Balance sheet
Balance sheet Balance Sheet (NOK1000) 31.12.2023* 31.12.2022 Comments for the year • Non-current assets increased from year end 2022 due to the addition of Total non-current assets 1 931 1 348 the vessel Viking Reach and the reversal of impairment Cash and cash equivalents 499 656 Other current asse
Slide 13: Cash flow 2023
Cash flow 2023 498,8 Operating NOK 252.6 million Investing NOK -172.6 million Financing NOK -236.8 million Improvement in rates and utilisation leading CAPEX includes two scheduled dockings Capital raise, refinancing and prepayment to improved operating cash flow and investment in the vessel Viking
Slide 14: Highlights summary
Highlights summary 1 High fleet utilsation and strong financial performance 2 Fully booked backlog securing profitable cash flow years ahead 3 Balance sheet key metrics are among the industry healthiest 4 Positive market outlook in all operating segments 5 Secured attractive growth possibilities in
Slide 15: Appendix
Appendix p>
Slide 16: Company overview
Company overview THE COMPANY STRATEGY Green PSV • Strengthen our position as the market leader within green PSV Subsea 13 428 • Actively seek partnerships that will create new business opportunities VESSELS EMPLOYEES* * Number of employees end of FY2022 Offshore Wind SEGMENTS • Increase footprint in
Slide 17: Energy transition fleet
Energy transition fleet 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 Methanol Dual Fuel Viking Princess Viking Queen
Slide 18: Contract status
Contract status Vessel Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026 Seven Viking Viking Reach Subsea Viking Viking Wind Power Viking Queen Viking Lady Viking Princess Viking Prince Viking Energy Viking Avant Firm Options
Slide 19: Debt maturity profile December 31, 2023
Debt maturity profile December 31, 2023
Slide 20: Financial development
Financial development FY2020 FY2021 FY2022 FY2023**** 300 39% 40% Utilization 93 % 94 % 95 % 94 % 35% 35% Revenue (NOKm) 531 588 919 772 250 30% Adj. EBITDA (NOK million) Adj. Revenue (NOKm) 531 586 649 714 30% Adj. EBITDA margin EBITDA (NOKm) 131 179 494 336 200 25% 25% EBITDA margin 25 % 30 % 54 %
Slide 21: We aim to be the market leader within green offshore vessels.
We aim to be the market leader within green offshore vessels.