Slide 1: Presentation 3rd Quarter 2017
Presentation 3rd Quarter 2017 Oslo 14.11.2017 CEO Jan Fredrik Meling
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: News in 3rd Quarter 2017
News in 3rd Quarter 2017 Entered into a contract with Adwen for hire of “Viking Neptun” for support work in the market for offshore wind. Contract commencement is mid-October and is 5 months firm with further options.
Slide 4: News after 30.09.2017
News after 30.09.2017 Entered into an agreement for contract extension with Siemens Gamesa Renewable Energy for “Acergy Viking” for support work in the market for offshore wind on German sector. The contract is firm to January 2020 and is in direct continuation of the current contract. The charterer
Slide 5: 3rd Quarter 2017 results
3rd Quarter 2017 results (3rd Quarter 2016) Revenues MNOK 157,0 (201,4) EBITDA MNOK 67,6 (96,2) Operating profit MNOK -2,3 (-163,4) Pre-tax profit MNOK 32,3 (-143,3) Q3 2017 profits influenced by agio related to debt in foreign currency.
Slide 6: Results 3rd Quarter 2017
Results 3rd Quarter 2017 (in million NOK, impairments excluded) The results in 3rd Quarter compared to last year are influenced of: Operating revenue Q3 -“Viking Neptun” was operated on lower rate and utilization in 2017. -“Viking Poseidon” was sold in Q1 2017 300 -“Acergy Viking” on contract in 201
Slide 7: Results pr 30.09.2017
Results pr 30.09.2017 (in million NOK, impairments excluded) The results in compared to last year are influenced of: Operating revenue YTD -“Viking Neptun” was operated on lower rate and utilization in 2017. 900 22 -“Viking Poseidon” was sold in Q1 2017 600 874 -“Acergy Viking” not on contract in Q1
Slide 8: Cash Flow (in million NOK)
Cash Flow (in million NOK) 3rd Quarter 3rd Quarter 1.1- 1.1- 2017 2016 30.09.2017 30.09.2016 2016 Net cashflow from operating activities 26,5 69,8 286,4 204,4 326,9 Net cashflow from investment activities 19,8 (13,6) 395,9 2,5 12,8 Net cashflow from finance activities (98,2) (134,7) (681,5) (365,8)
Slide 9: Balance Equity ratio 30.09.17: 40 % (35 %)
Balance (in million NOK) 6.000 Short-term liab. 5.000 Current assets Short-term liab. 4.000 Current assets Long-term liabilities 3.000 Long-term liabilities Fixed assets Fixed assets 2.000 1.000 Equity Equity 0 Assets Equity and Assets Equity and 30.09.17 Liabilities 30.09.16 Liabilities 30.09.17 30
Slide 10: Segments
Segments Incl. Share of Joint Ventures (MNOK) 3rd Quarter 2017 Seismic Subsea Supply Other Revenue 62,3 93,1 44,7 4,7 Revenue Q3 EBITDA 49,9 53,5 10,7 -4,8 2017 EBIT 5,1 26,9 -8,4 -5,3 EBITDA margin 80% 57% 24% N/A EBIT margin 8% 29% -19% N/A 3rd Quarter 2016 Seismic Subsea Supply Other Revenue 72,3
Slide 11: Debt maturity profile 30.09.2017
1.400 Debt maturity profile 30.09.2017 Millions 1.200 1.000 800 600 1.093 400 391 200 301 305 238 0 63 58 Rest 2017 2018 2019 2020 2021 Instalments Balloons
Slide 12: Contract Backlog 30.09.17
1.200 Contract Backlog 30.09.17 Millions 1.000 800 600 954 400 200 215 224 47 243 118 118 185 0 90 28 Rest 2017 2018 2019 2020 2021 From 2022 Consolidated Share of JV's
Slide 13: Contract coverage incl JV's 30.09.17
Eidesvik 60% 50% 0% 55% a4 2017 Contract coverage incl JV's 30.09.17 46% 47% aso 45% 45% ll Qi Q2 Q4 Qi 2018 2018 2018 2018 2019 42% aK aK 32% 32% 29% | | 7 3 | Q2 Q3 a4 Qu Q2 Q3 Q4 Ql 2019 2019 2019 2020 2020 2020 2020 2021 ™ Option m Firm 27% 27% | Q2 2021 2021 27% | 2021
Slide 14: Fleet status: spot and lay up
SPOT LAY UP LAY UP LAY UP LAY UP LAY UP LAY UP LAY UP
Slide 15: Market
Market The PSV spot market experienced a good summer season with reasonable rate levels and utilization. We expect the winter season to be tough with fewer rigs in operation and drilling programs coming to an end. Oversupply of PSV’s is expected in both the short- and medium term resulting in a diff
Slide 16: Thanks for Your attention!
Eidesvik Thanks for Your attention!