Slide 1: Presentation 2nd Quarter 2022
PRESENTATION 2ND QUARTER 2022 AUGUST 31, 2022
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 in 2nd Quarter 2022
Financial highlights in 2nd Quarter 2022 Q2 2022 Q2 2021 Revenues 185,1 157,6 EBITDA 75,1 53,2 3
Slide 4: Operational highlights in 2nd Quarter 2022
Operational highlights in 2nd Quarter 2022 • Strong operational performance across the fleet with above 99 % technical uptime in all segments combined. • The fleet contract coverage in the period was 96 %, excluding vessels in lay-up. • We continued to deliver outstanding HSEQ performance, with 0 LT
Slide 5: Subsequent events
Subsequent events Eidesvik has signed a ship management agreement with DEME for the construction support vessel Viking Neptun. The agreement has been awarded for two years, under which Eidesvik will provide full technical management, crewing and operation of the vessel. 5
Slide 6: Subsequent events
Subsequent events Eidesvik has been awarded a 3-year contract with Aker BP ASA for the PSV Viking Prince. The contract was awarded under the current Frame Agreement. The contract will commence after completion of the vessel’s ongoing contract with Equinor. 6
Slide 7: Subsequent events
Subsequent events Eidesvik has been awarded a five-year contract with Van Oord Offshore Wind B.V. (“Van Oord”) for Subsea Viking. The new contract will commence in 1st Quarter 2023. In addition, Van Oord has been granted options for further extensions and on certain terms a call option for the vesse
Slide 8: Contract coverage incl. JV's 30.06.2022
Contract coverage incl. JV's 30.06.2022 90% 79% 80% 70% 70% 60% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 45% 43% 43% 40% 75% 32% 29% 30% 57% 20% 43% 43% 43% 43% 43% 43% 43% 43% 36% 31% 29% 26% 10% 17% 14% 0% Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2022 2022 2023 2023 2023 2023 2024 2024 2024
Slide 9: Contract Backlog 30.06.2022
Contract Backlog 30.06.2022 600 52 500 Consolidated total 400 contract backlog Q2 Millions 59 49 2022 is MNOK 1,384 300 (incl. all new contracts 25 494 per August 30, 2022). 200 305 324 260 100 0 Rest 2022 2023 2024 From 2025 Consolidated Share of JV's 9
Slide 10: Market
Market • The general demand for PSVs in the North Sea continued to improve throughout the 2nd quarter, which lead to increased utilization and rates levels. PSV • Tender activity has been healthy with several long-term fixtures concluded during the quarter and more are expected to be announced in th
Slide 11: Finance
FINANCE 11
Slide 12: 2nd Quarter 2022 results
2nd Quarter 2022 results Q2 2022 Q2 2021 H1 2022 H1 2021 Revenues 185,1 157,6 294,2 267,2 EBITDA 75,1 53,2 80,5 66,9 Operating result 38,8 -1,0 9,4 -75,3 Pre-tax result -100,9 -22,3 -110,4 -118,7 12
Slide 13: Balance sheet
Balance sheet (in million NOK) 3 500 3 000 Short-term liabilities Short-term liabilities 2 500 Current assets Current assets 2 000 Long-term liabilities Asset held for sale 1 500 Long-term liabilities 1 000 Liabilites related to Asset Fixed assets held for sale Fixed assets 500 Equity Equity 0 Asset
Slide 14: Cash Flow
Cash Flow (in million NOK) 1.1- 1.1- Q2 2022 Q2 2021 30.6.2021 30.6.2021 2021 Net cash flow from operating activities 2,5 20,0 5,6 (18,1) 177,1 Net cash flow from investment activities 4,1 27,7 (60,9) 278,4 228,5 Net cash flow from finance activities (52,5) (63,1) (117,8) (153,3) (504,4) Net changes
Slide 15: Debt maturity profile 30.06.2022
Debt maturity profile 30.06.2022 1 800 1 707 1 600 1 400 1 200 1 000 Millions 800 600 400 188 200 82 60 3 0 Rest 2022 2023 After 2023 Instalments Cash sweep Balloons *Liabilities related to Assets held for sale will become due and payable at the time of completion of the sale. 15
Slide 16: p 7) i= B
p 2 7) i= 9 B 16
Slide 17: Appendices
APPENDICES 17
Slide 18: Contract Status
Contract Status Seven Viking Viking Neptun Subsea Viking Viking Wind Power Viking Queen Viking Lady Viking Princess Viking Prince Viking Energy Viking Avant Viking Vanquish LAY UP Viking Vision LAY UP Veritas Viking Vantage LAY UP 01.01.2022 01.01.2023 01.01.2024 31.12.2024 Firm contract Option 18
Slide 19: Results 2nd Quarter 2022
Results 2nd Quarter 2022 (in million NOK) EBITDA Q2 2022 vs. Q2 2021 (MNOK 22.0): Operating revenue Q2 Supply: Increase of freight income of MNOK 8.7, increase of total operating 200 4 expenses of MNOK 0.6. Net increase of MNOK 8.1. 150 7 4 Subsea/Wind: Increase of freight income of MNOK 8.7, increa
Slide 20: Results per 30.6.2022
Results per 30.6.2022 (in million NOK) EBITDA YTD 2022 vs. YTD 2021 (MNOK 13.6): Operating revenue YTD Supply: Increase of freight income of MNOK 14.7, increase of total operating 400 expenses of MNOK 6.1. Net increase of MNOK 8.5. Subsea/Wind: Decrease of freight income of MNOK 0.7, increase in the
Slide 21: Segments
Segments Incl. Share of Joint Ventures (in million NOK) 2nd Quarter 2022 Seismic Subsea/Wind Supply Other Revenue Q2 Revenue 12.4 53.3 61.3 5.1 2022 EBITDA 5.3 52.7 30.0 -8.0 EBIT 1.6 36.4 10.1 -7.7 EBITDA margin 43% 52% 38% N/A EBIT margin 13% 37% 13% N/A 2nd Quarter 2021 Seismic Subsea/Wind Supply