Eidesvik Offshore Asa · OSL:EIOF
Eidesvik Offshore Asa — Q4 2019 Earnings Presentation
21 slides from Eidesvik Offshore Asa's earnings presentation, Feb 26, 2020
Slide 1: Presentation 4th Quarter 2019
Presentation 4th Quarter 2019 Oslo, February 26, 2020 Jan Fredrik Meling, CEO
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 4th Quarter 2019
News in 4th Quarter 2019 Eidesvik was awarded a one year extension with Ithaca Oil and Gas Limited for «Viking Princess». Commencement was in January 2020, in direct continuation of the previous contract. 3
Slide 4: News after 4th Quarter 2019
News after 4th Quarter 2019 The sale of Global Seismic Shipping AS («GSS») was completed on January 8, 2020. As consideration for Eidesvik’s shares in GSS, Eidesvik received shares in Shearwater GeoServices Holding AS (the "Consideration Shares"). As previously announced, CGG SA and Eidesvik have ag
Slide 5: News after 4th Quarter 2019
News after 4th Quarter 2019 Equinor Energy AS awarded Eidesvik a contract for «Viking Queen». The firm contract period is 8 months, commencing in direct continuation of the existing contract expiring end February 2020. 5
Slide 6: News after 4th Quarter 2019
News after 4th Quarter 2019 Eidesvik was awarded new contracts under the Master Time Charter Agreement with Seabed Geosolutions for the seismic source vessel «Vantage» and the node- handling vessel «Subsea Viking». The new contracts will commence in direct continuation of the existing contracts, and
Slide 7: News after 4th Quarter 2019
News after 4th Quarter 2019 Equinor Energy AS awarded Eidesvik a five year contract for «Viking Energy», plus options for extensions. The new contract will commence in direct continuation of the current contract ending April 2020. 7
Slide 8: Green Ammonia Energy
“Os GREEN AMMONIA ENERGY ©, bes WARTSILA [RWW & Z Fraunhofer CM Prototech Imm STAR BULK Norwegian Centres of Expertise CE Maritime CleanTech Strathclyde Gl NORWEGIAN CATAPULT CENTRE "@\ NORTH SEA | < EXECUTIVE “4 SHiPPINc
Slide 9: Results
Results (in million NOK) Q4 2019 Q4 2018 2019 2018 Revenues 142,0 145,0 681,6 489,2 EBITDA 35,1 48,3 243,2 96,9 Operating profit -47,4 -14,3 -18,6 -176,3 Pre-tax profit -30,1 -87,1 -142,0 -317,0 9
Slide 10: Cash Flow
Cash Flow (in million NOK) 4th Quarter 4th Quarter 2019 2018 2019 2018 Net cash flow from operating activities 71,3 77,7 168,7 90,0 Net cash flow from investment activities (32,0) (3,2) (54,4) (38,9) Net cash flow from finance activities (50,8) (49,1) (221,6) (92,9) Net changes in cash holdings (11,
Slide 11: Balance
Balance (in million NOK) 4 500 4 000 Short-term liabilities Short-term liabilities Current assets 3 500 Current assets Asset held for sale 3 000 Long-term liabilities 2 500 Long-term liabilities 2 000 Fixed assets 1 500 Fixed assets 1 000 Equity Equity 500 0 Assets 31.12.19 Equity and Liabilities As
Slide 12: Debt maturity profile 31.12.2019
Debt maturity profile 31.12.2019 2 000 1 800 1 600 1 400 1 200 1 564 Millions 1 000 800 600 400 200 320 94 204 265 0 2020 2021 2022 After 2022 Instalments Balloons 12
Slide 13: Contract Backlog 31.12.2019
Contract Backlog 31.12.2019 600 500 70 Consolidated total 400 contract backlog Q4 2019 is MNOK 947 Millions 300 (incl. all new contracts 47 per February 25, 458 2020) 200 165 268 46 Excluded Global 100 Seismic Shipping AS 103 118 0 2020 2021 2022 From 2023 Consolidated Share of JV's 13
Slide 14: Contract coverage incl. JV's 31.12.2019
S Contract coverage incl. JV's 31.12.2019 80% - (excl. Assets held for sale) 71% 70% + 55% 50% + 47% 41% 40% + 30% + All Nitisiaas Ql Q2 Q3 a4 Ql Q2 Q4 Ql Q2 Q3 a4 Qi Q2 Q3 Q4 Q4 2020 2020 2020 2020 2021 2021 201 2021 2022 2022 2022 2022 2023 2023 2023 2023 2023 Option ®Firm 14
Slide 15: Eidesvik Contract Status
Eldesvik Contract Status Seven Viking Viking Neptun Subsea Viking Viking Lady Viking Princess Viking Prince Viking Athene Viking Energy Viking Avant Viking Vanquish Viking Vision Veritas Viking Vantage 01.01.2020 31.12.2020 31.12.2021 31.12.2022 Firm contract ™Option 15
Slide 16: Market
Market PSV • Increase in spot and term demand year on year has led to improved rates and utilization, in particular for the larger PSVs. • Still oversupply of vessels, and the overall market remains challenging. • Maintain a positive view on the market for large and modern PSVs. Subsea • The subsea
Slide 17: Thanks for Your attention!
Eidesvik Thanks for Your attention!
Slide 18: Appendices
APPENDICES 18
Slide 19: Results 4th Quarter 2019
Results 4th Quarter 2019 (in million NOK) EBITDA Q4 2019 vs. Q4 2018 (MNOK -13.2): Operating revenue Q4 Seismic: Decrease of freight income of MNOK 20.2, increase in the total operating expenses of MNOK 1.2. Net decrease in EBITDA of MNOK 21.4. 200 Subsea: Decrease of freight income of 11.0 MNOK , d
Slide 20: Results 2019
Results 2019 (in million NOK) EBITDA 2019 vs. 2018 (MNOK 146.3): Operating revenue Seismic: Increase of freight income of MNOK 101.0 including termination fee of 800 MNOK 38.6, increase in the total operating expenses of MNOK 21.7. Net 600 155 49 increase in EBITDA of MNOK 79.4. 400 11 Subsea: Incre
Slide 21: Segments
Segments Incl. Share of Joint Ventures, excl. Assets held for sale (in million NOK) 4th Quarter 2019 Seismic Subsea Supply Other Revenue Q4 Revenue 17.7 59.6 75.1 6.4 2019 EBITDA -1.4 18.7 27.5 -0.5 EBIT* -15.7 -8.2 5.8 -1.9 EBITDA margin -8% 31% 37% N/A EBIT* margin -89% -14% 8% N/A 4th Quarter 201