Solstad Offshore Asa · OSL:SOFF
Solstad Offshore Asa — Q2 2024 Earnings Presentation
18 slides from Solstad Offshore Asa's earnings presentation, Jul 16, 2024
Slide 1: 2Q 2024 Presentation
2Q 2024 Presentation w/ Lars Peder Solstad, CEO and Kjetil Ramstad, CFO 16th July 2024 1
Slide 2: Disclaimer
Disclaimer 2Q 2024 Presentation 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
Slide 3: 2Q 2024 Highlights | Business update
2Q 2024 Highlights | Business update ▪ Refinancing of Solstad completed in June through o NOK 750m share issue in Solstad Maritime Holding AS o Refinancing of CSV Normand Superior ▪ Utilization of 85%1 o High vessel maintenance activity o Vessels relocating and mobilizing for new contracts ▪ Adjuste
Slide 4: Solstad Group Structure
Solstad Group Structure Solstad (“Solstad Companies”) consists of two main shipowning structures, Solstad Offshore ASA and Solstad Maritime Holding AS Solstad Companies ▪ The Solstad Companies have different owner Solstad Maritime Group Solstad Offshore Group structures, but shares management functi
Slide 5: Market Update
Market Update High demand from the global offshore energy markets 39 vessels and 7 offices worldwide Office AHTS CSV Renewable Energy Oil & Gas ▪ Continued high activity within offshore- energy 5x ▪ More clients will secure vessels long- 9x term 4x 3x ▪ Vessels relocates between regions ▪ Vessels al
Slide 6: Significant contract additions in Brazil
Significant contract additions in Brazil Long-term contracts secured at significantly higher rates set to contribute to improved earnings going forward Contractor Owning company Length CSV Normand Poseidon Avg. gross rate per day per vessel, USD Solstad 4 Maritime1 years +35,000 70,000 AHTS Normand
Slide 7: Long-term contracts within renewable energy
Long-term contracts within renewable energy Partnership with Prysmian Key takeaways • Five-year contract for the CSV Normand Ocean1 with ✓ Charterers securing capacity well in advance Prysmian commencing 1H27 with an additional two-year ✓ Expanding client partnership option ✓ Both vessels play impor
Slide 8: Successful expansion of offering through Solstad Services
Successful expansion of offering through Solstad Services Successful expansion of offering to customers Highlights ✓ NOK ~500 million YTD revenues ✓ EBITDA adjusted margin of ~20% ROV services ✓ Mobilization of two additional ROVs on Normand Navigator in 2Q Mooring installation ✓ Four more ROVs to b
Slide 9: Solstad Offshore | 2Q 24 Financial Highlights
Solstad Offshore | 2Q 24 Financial Highlights High utilization and strong earnings NIBD overview as per 30.06.2024, NOKm 2Q: 97% Fixed Assets NOK 7,067m Utilization YTD: 95% 2Q: NOK 746m Equity Revenue 21% YTD: NOK1,514m ratio Amortization overview adjusted NIBD as per 30.06.2024, NOKm Solstad Brazi
Slide 10: Solstad Offshore | Backlog
Solstad Offshore | Backlog Order intake of NOK 2.6 billion in the quarter 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) 2,000 Firm: Solstad Maritime1 vessels
Slide 11: Solstad Maritime | 2Q 24 Financial Highlights
Solstad Maritime | 2Q 24 Financial Highlights A financially robust platform set to initiate quarterly dividend payment from Q3 2024 NIBD overview as per 30.06.2024, NOKm Solstad Maritime Holding AS 2Q: 82% Fixed Assets NOK 13,013m Utilization YTD: 85% 2Q: NOK 1,554m Equity Revenue 39% YTD: NOK 2,783
Slide 12: Solstad Maritime | Backlog
Solstad Maritime | Backlog Solid book-to-bill of 2.8x in the quarter 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 B2B NOKm NO
Slide 13: Summary
Summary ▪ Completed refinancing with significantly improved financial position ▪ Majority of planned vessel maintenance and mobilizations finalized in first half of the year which will benefit utilization and earnings going forward ▪ Significant backlog additions at considerably improved terms ▪ Sol
Slide 14: Thank you for your attention
Thank you for your attention
Slide 15: Solstad Offshore | Income Statement & EBITDA adjusted
Solstad Offshore | Income Statement & EBITDA adjusted Unaudited 2024 2024 Unaudited 2024 2024 NOKm 1 .4 -3 0 .0 6 1 .1 -3 0 .0 6 NOKm 1.4-30.06 1.1-30.06 Op erating incom e 746 1 ,5 1 4 Total operating income 746 1,514 Vessel operating expenses (345) (754) Total operating expenses (383) (889) Net ga
Slide 16: Solstad Offshore | Balance Sheet
Solstad Offshore | Balance Sheet Unaudited 2024 2023 2023 Unaudited 2024 2023 2023 NOKm 3 0 .0 6 3 0 .0 6 3 1 .1 2 NOKm 3 0 .0 6 3 0 .0 6 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 - 4 2 Paid-in equity 272 258 272 Tangible fixed assets 1,249 12,306 1,3
Slide 17: Solstad Maritime | Income Statement & EBITDA adjusted
Solstad Maritime | Income Statement & EBITDA adjusted Unaudited 2024 2024 Unaudited 2024 2024 NOKm 1 .4 -3 0 .0 6 1 .1 -3 0 .0 6 NOKm 1 .4 -3 0 .0 6 1 .1 -3 0 .0 6 Op erating incom e 1 ,5 5 4 2 ,7 8 3 T otal op erating incom e 1 ,5 5 4 2 ,7 8 3 Vessel operating expenses (741) (1,281) T otal op erati
Slide 18: Solstad Maritime | Balance sheet
Solstad Maritime | Balance sheet Unaudited 2024 Unaudited 2024 NOKm 3 0 .0 6 NOKm 3 0 .0 6 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 10,967 Other equity 522 Right-of-use assets - Non-controlling interests (30) T ota