Eidesvik Offshore Asa · OSL:EIOF
Eidesvik Offshore Asa — Q1 2023 Earnings Presentation
22 slides from Eidesvik Offshore Asa's earnings presentation, May 24, 2023
Slide 1: Presentation Q1 2023
Presentation Q1 2023 May 24, 2023
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 2023
Financial highlights / Q1 2023 Strong performance during seasonally lower activity quarter P&L key figures Q1 2023 vs. Q1 2022 Balance sheet key figures Q1 2023 vs. FY2022 MNOK MNOK MNOK MNOK 133.5 (109.1) 2 115 (876) 2 286 (2 339) 332.3 (655.6) in revenue this quarter in consolidated backlog in Ass
Slide 4: Operational update / Q1 2023
Operational update / Q1 2023 Planned maintenance affected operations • Fleet utilisation in the period was 81% • Two major scheduled dockings • Overall fleet operations delivered according to set targets with 93% technical uptime • One LTI occurred during the quarter • The company’s inhouse technolo
Slide 5: Business update / Q1 2023
Business update / Q1 2023 Positioned for growth • Long term bank financing secured till Q1 2026 • Acquired vessel Viking Reach together with Reach Subsea • Raised NOK 130 million through private placement • Viking Queen awarded a 12-month contract and Viking Princess extended its contract, both with
Slide 6: Completion of acquisition of Viking Reach together with Reach Subsea
Completion of acquisition of Viking Reach together with Reach Subsea • Set up new entity with Reach Subsea which owns and operates the vessel Viking Reach. EIOF has the controlling interest of the entity and owns 50,1% • Purchase price for the vessel was USD 29 million, where approx. NOK 150 million
Slide 7: Contract backlog / Q1 2023
Contract backlog / Q1 2023 MNOK 800 Renewable backlog as share of total 2 115 backlog 700 Consolidated total contract backlog Fixed backlog from renewable projects as share of total backlog 600 64 500 38 Other 57 mNOK 400 66% 644 300 555 494 200 422 Renewable 100 34% backlog 0 2023 2024 2025 From 20
Slide 8: Contract coverage incl. JV / Q1 2023
Contract coverage incl. JV / Q1 2023 Contract coverage incl. JV 120% (excluding vessels in lay up) 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 96% 98% 80% 80% 80% 80% 71% 60% 60% 96% 100% 100% 90% 40% 84% 80% 80% 70% 63% 60% 52% 20% 30% 30% 30% 30% 23% 0% Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 202
Slide 9: Market update – positive outlook in key segments
Market update – positive outlook in key segments 1 Utilization and pricing continue to increase in all strategic focus areas for the Company 2 PSV: The fundamental activity drivers for this segment are robust, and with significant tightening on the supply side we foresee healthy growth in rates goin
Slide 10: Q1 2023 financial results
Q1 2023 financial results Financial results (NOK million) Q1 2023 Q1 2022 FY2022 Revenue 132,6 Revenue 132,6 22 % 109,1 634,7 Gain on sale 0,9 0,0 283,8 109,1 Total Revenue 133,5 109,1 918,5 EBITDA 27,8 417 % 5,4 494,2 EBITDA adj. For gain on sale 26,9 5,4 224,5 Adjusted EBITDA margin 20 % 5% 35 % R
Slide 11: Segment allocation
Segment allocation Revenue & EBITDA margin EBITDA Q1 2023 vs. Q1 2022 (incl. share of JVs) 90 35% 80 • Increase of revenue of NOK 18.5 million 30% • EBITDA increase of MNOK 11, from 16% to 26% 70 margin 25% • Utilization was 85% compared to 88% same period 60 last year, as Viking Queen operated in t
Slide 12: Balance sheet
Balance sheet Balance Sheet (NOK million) 31.03.2023 31.12.2022 Comments Total non-current assets 1 614,0 1 348,1 Current assets 623,3 910,3 • Non-current assets increased from year end 2022 due to the addition of Assets held for sale 48,9 80,7 the vessel Viking Reach Total assets 2 286,3 2 339,0 •
Slide 13: Cash flow
Cash flow 332,3 Operating NOK 41.2 million Investing NOK -294.4 million Financing NOK -70.1 million Positive operating cash flow and working CAPEX increased due to the purchase of Refinancing of bank debt with prepayment capital Viking Reach and docking of Viking Queen, of NOK 410 million, new debt
Slide 14: Highlights summary
Highlights summary Consolidated backlog of NOK 2 115 million, increased by NOK 1 856 million from previous quarter Viking Reach commenced a 6-year TC with Reach Subsea from 1. 2 April 2023 3 Strong balance sheet 4 Improved markets across all our key segments 5 Diversified green fleet of high-end ves
Slide 15: Outlook
Outlook • Improved financial position enables Eidesvik to investigate new business opportunities • Well positioned for long- term growth and shareholder value creation • Viking Reach illustrate one way of expanding, Eidesvik are considering several paths 15
Slide 16: Investor relations
Investor relations Please contact: CFO - Helga Cotgrove VP IR - Sindre Stovner +47 90 73 52 46 +47 91 78 64 31 investor.relations@eidesvik.no 16
Slide 17: Appendix
Appendix 17
Slide 18: Company overview
Company overview THE COMPANY CONTRACT BACKLOG SUSTAINABILITY 12.5% MNOK Reduction in CO2 emissions per nm travelled 2 115 26.5% Reduction in CO2 emissions per Consolidated Q1 16 500 2023 operational day 92% VESSELS EMPLOYEES share of fleet with battery hybrid systems SEGMENTS KEY FINANCIALS STRATEGY
Slide 19: Contract status
Contract status Contract status Seven Viking Viking Reach Subsea Viking Viking Wind Power Viking Queen Viking Lady Viking Princess Viking Prince Viking Energy Viking Avant Viking Vision LAY UP Veritas Viking LAY UP Vantage LAY UP 01.01.2023 01.01.2024 31.12.2024 31.12.2025 Firm contract Option 19
Slide 20: Debt maturity profile March 31, 2023
Debt maturity profile March 31, 2023 600 516 500 400 Million NOK 300 200 110 110 100 62 25 25 32 0 Remaining 2023 2024 2025 2026 After 2026 Instalments Balloons Liabilities related to Assets held for sale will become due and payable at the time of completion of the sale. 20
Slide 21: The fleet of Eidesvik
The fleet of Eidesvik 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 Viking Princess Viking Queen Viking Reach Battery Hybrid 21
Slide 22: We aim to be the market leader within green offshore vessels.
We aim to be the market leader within green offshore vessels.