Eidesvik Offshore Asa · OSL:EIOF
Eidesvik Offshore Asa — Q1 2024 Earnings Presentation
22 slides from Eidesvik Offshore Asa's earnings presentation, May 22, 2024
Slide 1: Presentation Q1 2024
Presentation Q1 2024 22 May 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 / Q1 2024
Financial highlights / Q1 2024 P&L key figures Q1 2024 vs. Q1 2023 Balance sheet key figures Q1 2024 vs. FY2023 MNOK MNOK MNOK MNOK 183.4 (132.6*) 2 840 (2 115) 2 830 (2 716) 411 (499) in revenue this quarter in consolidated backlog in assets in cash MNOK MNOK 67.4 (26.9) 37% (20%) 443 (378) 57% (59
Slide 4: Business update / Q1 2024
Business update / Q1 2024 Eidesvik entered into an agreement to build a new Construction Support Vessel (CSV) for delivery in early 2026.The agreement includes call options for 4 additional vessels The vessel are owned by an entity named Eidesvik Agalas AS, where Eidesvik is the majority shareholder
Slide 5: Business update / Q1 2024
Business update / Q1 2024 • Aker BP ASA declared an option to extend the contract for the supply vessel Viking Lady. The contract extension runs from February 2025 in direct continuation of the current contract, extending the firm period to February 2026 • Signed a three-year extension to the Compan
Slide 6: Operational update / Q1 2024
Operational update / Q1 2024 • Fleet utilisation in Q1 2024 was 96% • Supply utilization was 100% during the quarter • Subsea/Wind utilization was 89% during the quarter • Subsea Viking in for its 25-year class renewal • Zero LTIs during the quarter
Slide 7: Contract backlog / Q1 2024
Contract backlog / Q1 2024 Renewable backlog as share of total 1 400 MNOK backlog** 2 840 Fixed backlog from renewables projects as share of total backlog 1 200 Consolidated total contract backlog* 1 000 Other 800 62% mNOK 59 1 238 600 50 400 611 556 200 435 38% Renewable backlog 0 2024 2025 2026 Fr
Slide 8: Contract coverage incl. JV / Q1 2024
Contract coverage incl. JV / Q1 2024 Contract coverage incl. JV MNOK 2 949 backlog incl. JV 1 238 NOK millions 1 200 100% 100% 100% 100% 100% 100% 100% 98% 100% 100% 100% 90% 1 000 91% 81% 82% 82% 82% 80% 83% 73% 80% 70% 800 62% 670 60% 63% 55% 55% 55% 606 600 1 238 50% 357 435 40% 274 400 30% 36% 3
Slide 9: Market update – positive outlook in all segments
Market update – positive outlook in all segments 1 Strong momentum in both oil service and offshore wind 2 Supply: Very tight market with vessel shortage a likely scenario 3 Subsea: Record high backlog, book to bill above 1 and hefty tender pipeline ahead 4 Offshore wind: Rates and utilization level
Slide 10: Q1 2024 financial results
Q1 2024 financial results Financial results (NOK1000) Q1 2024 Q1 2023 FY2023 Total revenue Freight revenue 179,4 39 % 128,8 699,5 183,4 Gain on sale 0,0 0,9 21,6 +37% Other income 3,9 3,8 51,3 133,5 Total Revenue 183,4 133,5 772,4 EBITDA 67,4 27,8 333,6 EBITDA adj. for sale gains 67,4 151 % 26,9 275
Slide 11: Segment performance
Segment performance Revenue & EBITDA margin (incl. share of JV*) EBITDA Q1 2024 vs. Q1 2023 120,0 45% 40% • Increased revenue of NOK 25.1 million 100,0 (31%) due to improved day rates and 35% utilization 80,0 30% • EBITDA improvement of NOK 22 million, EBITDA margin Supply where margin increased fro
Slide 12: Balance sheet
Balance sheet Balance Sheet (NOK1000) 31.03.2024 31.12.2023 Comments for the year Total non-current assets 2 110 1 931 • Non-current assets increased from year end, mainly due to Cash and cash equivalents 411 499 the initial payment related to the newbuild contract in Other current assets 309 287 Fe
Slide 13: Cash flow Q1 2024
Cash flow Q1 2024 411,2 Operating NOK 75.1 million Investing NOK -214.2 million Financing NOK 51.5 million Improvement in rates, added vessel and Capex includes the initial payment on the Minority interest contribution related to utilisation leading to improved operating newbuild vessel and docking
Slide 14: Highlights summary
Highlights summary 1 Stong operational and financial performance 2 Substantial new backlog growth on top of fully booked legacy fleet 3 Fleet renewal with attractively priced and financed newbuild 4 Positive market outlook in all operating segments 5 Proposed dividend to shareholders based on 2023 f
Slide 15: Contact details
Contact details CFO - Helga Cotgrove VP IR - Sindre Stovner +47 90 73 52 46 +47 91 78 64 31 investor.relations@eidesvik.no
Slide 16: Appendix
Appendix p>
Slide 17: Company overview
Company overview THE COMPANY STRATEGY Green PSV • Strengthen our position as the market leader within green PSV Subsea 14 416 • Actively seek partnerships that will create new business opportunities VESSELS EMPLOYEES* * Number of employees end of FY2023 Offshore Wind SEGMENTS • Increase footprint in
Slide 18: 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 19: Contract status
Contract status Vessel Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026 Q1 2027 Seven Viking Viking Reach Subsea Viking Viking Wind Power TBN Viking Queen Viking Lady Viking Princess Viking Prince Viking Energy Viking Avant Firm Options
Slide 20: Debt maturity profile March 31, 2024
Debt maturity profile March 31, 2024
Slide 21: Financial development
Financial development FY2021 FY2022 FY2023 YTD2024 Utilization 94 % 95 % 94 % 96 % Adj. EBITDA Revenue (NOKm) 588 919 772 183 300 45% 39% Adj. Revenue (NOKm) 586 649 714 183 37% 40% Adj. EBITDA (NOK million) 250 35% EBITDA (NOKm) 179 494 336 67 35% Adj. EBITDA margin 30% EBITDA margin 30 % 54 % 44 %
Slide 22: We aim to be the market leader within green offshore vessels.
We aim to be the market leader within green offshore vessels.