Solstad Offshore Asa · OSL:SOFF
Solstad Offshore Asa — Q3 2023 Earnings Presentation
12 slides from Solstad Offshore Asa's earnings presentation, Dec 1, 2023
Slide 1: 3Q 2023 Presentation
3Q 2023 Presentation w/ Lars Peder Solstad, CEO and Kjetil Ramstad, CFO 1st December 2023
Slide 2: Disclaimer
Disclaimer 3Q 2023 Presentation 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
Slide 3: Financial Highlights
Financial Highlights 3Q 2023 Presentation 1 Revenue MNOK 1,624 MNOK 8,600 backlog (MNOK 1,387) (MNOK 5,400) 2 EBITDA adj. MNOK 797 49% EBITDA margin (MNOK 606) (44%) 3 EBIT MNOK 389 24% EBIT margin (MNOK 610) (44%) 4 Assets MNOK 15,600 fixed assets MNOK 1,927 cash (MNOK 21,539) (MNOK 2,158) 5 Equity
Slide 4: Business Update: Improving day rates and margins across all regions
Business Update: Improving day rates and margins across all regions 3Q 2023 Presentation 1 The agreement for the sale of 37 PSVs was concluded on 5 July 2023. The quarter had high bidding activity and utilization across geographical regions, within 2 both Oil & Gas and Renewable Energy activities. E
Slide 5: Market Update: Tight market for high-end offshore vessels
Market Update: Tight market for high-end offshore vessels 3Q 2023 Presentation Demand for offshore services improves further, both from Oil & Gas and Renewable 1 Energy activities. Tender activity and contract awards remains at a high level with improved commercial 2 terms and increased willingness
Slide 6: Backlog: ~1.5x Book-to-Bill YTD 3Q 2023
Backlog: ~1.5x Book-to-Bill YTD 3Q 2023 3Q 2023 Presentation Backlog per year per segment Firm- & option backlog Backlog, Order Intake & B2B 5 000 5 000 10 000 3,0 4 000 4 000 2,3 2,5 8 000 1,8 2,0 3 000 3 000 6 000 MNOK MNOK MNOK B2B 1,2 1,5 1,1 2 000 2 000 4 000 0,9 1,0 1 000 1 000 2 000 0,5 0 0 0
Slide 7: Backlog: Considerable earnings potential on top of present backlog
Backlog: Considerable earnings potential on top of present backlog 3Q 2023 Presentation Firm-/option days per year Backlog added Backlog execution by year added 5 000 14 000 12 000 2%4% 4 000 10 000 15% 3 000 8 000 Days MNOK 6 000 BNOK ~8.6 52% 2 000 64% 4 000 42% 28% 1 000 2 000 24% 86% 0 2023 2024
Slide 8: Refinancing highlights
Refinancing highlights 3Q 2023 Presentation The Refinancing solidifies a robust industrial platform and further strengthens Solstad 1 Maritime as a global leading offshore operator with one of the most modern fleets of high- end vessels and a healthy balance sheet. Aker will contribute minimum NOK 2
Slide 9: Corporate structure & ownership split
Corporate structure & ownership split 3Q 2023 Presentation Solstad Offshore ASA Aker Capital AMSC Solstad Offshore ASA shareholders ~41-55% ~18% ~0-14% Solstad Maritime Holding AS ~27% Solstad Shipholding AS (TopCo) Solstad Maritime AS (SubCo) Maritime Group RemainCo Group Solstad Solstad Solstad Op
Slide 10: Income Statement
Income Statement 3Q 2023 Presentation Unaudited 2023 2022 2022 MNOK 1.07-30.09 1.07-30.09 1.1-31.12 Continued operations Operating income 1,624 1,387 4,778 EBITDA adjusted Vessel operating expenses (767) (740) (2,872) Administrative expenses (104) (73) (287) 1 000 Total operating expenses (871) (812
Slide 11: Balance Sheet
Balance Sheet 3Q 2023 Presentation Unaudited 2023 2022 2022 Unaudited 2023 2022 2022 MNOK 30.09 30.09 31.12 MNOK 30.09 30.09 31.12 ASSETS EQUITY AND LIABILITIES Fixed Assets Equity Intangible assets 5 14 4 Paid-in equity 258 258 258 Tangible fixed assets 12,088 18,240 17,632 Other equity 1,652 706 1
Slide 12: Summary
Summary 3Q 2023 Presentation • Solstad delivered another strong quarter in terms of operating income and EBITDA and achieved a solid EBITDA margin of 49%. • A high order intake of BNOK 3,8 in the quarter, giving a book-to-bill ratio of 1,5x YTD 3Q 2023. • Offshore energy activity continue to improve