Solstad Offshore Asa · OSL:SOFF
Solstad Offshore Asa — Q1 2021 Earnings Presentation
12 slides from Solstad Offshore Asa's earnings presentation, May 26, 2021
Slide 1: 1Q 2021 Presentation
1Q 2021 Presentation Lars Peder Solstad, CEO and Kjetil Ramstad, CFO 26.05.2021 Propelling global energy markets. Into the future. 1
Slide 2: Disclaimer
1Q 2021 PRESENTATION Disclaimer 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 G
Slide 3: 1Q 2021 Financial Highlights
1Q 2021 PRESENTATION 1Q 2021 Financial Highlights Revenue NOK 1,337M NOK 4,500M backlog 1 (NOK 1,203M) (NOK 7,700M) 2 EBITDA Adj. NOK 432M 32% Ebitda margin (NOK 284M) (23,6%) 3 EBIT NOK 47M 3,5% Ebit margin (NOK -136M) (-11%) 4 Assets NOK 21,790M Fixed Assets NOK 2,129M Cash (NOK 27,121M) (NOK 987M
Slide 4: Business Update
1Q 2021 PRESENTATION Business Update First full quarter after restructuring of the Company, focus shifted from “fixing the house” to 1 operational and commercial excellence. Company owns and operates one of the largest high-end offshore fleet in the World. In the 2 quarter, in average, 75 vessels wa
Slide 5: Normand Maximus
1Q 2021 PRESENTATION Normand Maximus Reached an out-of-court settlement agreement with Saipem 20th May-21 on a termination-fee 1 dispute from 4Q 2020. 2 The termination fee of MUSD 44,3 booked as revenue in 1Q 2021 The dialogue for a long-term solution for the financing arrangements for the Normand
Slide 6: Fleet update pr 1Q
1Q 2021 PRESENTATION Fleet update pr 1Q The core-fleet of Solstad consist of around 90 vessels serving Clients within Oil & Gas and 1 Offshore-wind, globally. 2 In addition, several vessels are in the process of being sold. Number of active vessels: 75 3 Vessels in lay-up: 15 (5 of the lay-up vessel
Slide 7: Market Update
1Q 2021 PRESENTATION Market Update Increased bidding activity within Oil & Gas and offshore wind bodes for improved market balance 1 going forward particularly for the CSV-fleet. CSV segment to benefit from growth in offshore wind and subsea activity. In addition, the segment 2 is not as oversupplie
Slide 8: Backlog
1Q 2021 PRESENTATION Backlog Backlog per year Backlog per Backlog next 12 months per segment segment per segment 2 500 100 % CSV 23% 2 000 (O&G) AHTS 80 % 37% 41% 39% 48% 26% 29% 1 500 60 % MNOK 40 % 77% 1 000 63% 59% 61% 14% 52% 20 % 500 CSV 31% (WIND) 0% 0 PSV AHTS PSV CSV CSV Total 2021 2022 2023
Slide 9: Income Statement
Income Statement 2021 2020 Amounts in NOK million 1Q 1Q Operating incom e 1 337 1 203 Vessel operating expenses (810) (860) Administrative expenses (104) (104) Total operating expenses (914) (964) Operating result before depreciations 423 239 Ordinary depreciation (320) (375) Impairment (45) - Net g
Slide 10: Balance Sheet
Balance Sheet 2021 2021 2020 2020 2021 2021 2020 2020 Amounts Amountsin in NOKNOK million million 1Q1Q 1Q1Q 1Q1Q 1Q1Q ASSETS ASSETS EQUITY EQUITY AND AND LIABILITIES LIABILITIES Fixed Fixed Assets Assets Equity Equity Intangible Intangible assets assets 1010 4646 Paid-in Paid-in equity equity 250 25
Slide 11: Summary
1Q 2021 PRESENTATION Summary • Increasing bidding activity gives early signs of optimism. • Growth in Offshore Wind and Subsea activity would be beneficial for offshore vessels and particularly CSVs. • Still pressure on dayrates, despite higher activity level • Access to Global markets and complianc
Slide 12: Q&A
Q&A 26.05.2021 Propelling global energy markets. Into the future. 12