Slide 1: Presentation Q3 2024
Presentation Q3 2024 20 November 2024
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 / Q3 2024
Financial highlights / Q3 2024 P&L key figures Q3 2024 vs. Q3 2023 Balance sheet key figures Q3 2024 vs. FY 2023 MNOK MNOK MNOK MNOK 207 (196) 2 846 (1 994) 2 785 (2 716) 428 (499) in freight revenue in consolidated backlog in assets in cash MNOK MNOK 97 (96) 47% (49%) 360 (378) 64% (59%) in adj. EB
Slide 4: Business update / Q3 2024
Business update / Q3 2024 • Equinor Energy AS declared options to extend the contract for the supply vessel Viking Energy. The contract extension runs from April 2025, extending the firm period to April 2030. The contract also includes options for further extensions • Project Apollo - Conversion of
Slide 5: Project Apollo
Project Apollo • Conversion of supply vessel Viking Energy to operate with an ammonia combustion engine as the first in the world • Ammonia operation is planned to start in the first half of 2026 • In addition to chartering the vessel Equinor also contributes with financing of the conversion • The p
Slide 6: Operational update / Q3 2024
Operational update / Q3 2024 • Fleet utilisation in Q3 2024 was 100% • Supply utilisation was 100% during the quarter • Subsea/Offshore Renewables utilisation was 99% during the quarter • No LTIs during the quarter
Slide 7: Contract backlog / Q3 2024
Contract backlog / Q3 2024 1 600 Renewable backlog as share of total MNOK backlog** 1 400 2 846 Fixed backlog from renewables projects as share of total backlog 1 200 Consolidated total contract backlog* 1 000 Other mNOK 800 64% 59 1 449 600 0 400 714 496 200 17 36% Renewable backlog 187 0 2024 2025
Slide 8: Contract coverage incl. JV / Q3 2024
Contract coverage incl. JV / Q3 2024 Contract coverage incl. JV MNOK 2 922 backlog incl. JV 1 600 NOK millions 1 449 100% 100% 100% 100% 1 400 100% 98% 100% 100% 100% 100% 90% 1 200 81% 82% 82% 82% 80% 83% 73% 1 000 70% 62% 60% 773 1 238 55% 55% 55% 55% 800 50% 50% 600 358 40% 47% 45% 45% 45% 496 39
Slide 9: Market update – fundamentals remain strong
Market update – fundamentals remain strong 1 Upcycle continuing despite unexpected market movements and seasonal challenges experienced Supply: Global activity expected to rise. The same applies for Norwegian part of the North Sea with the UK 2 sector more uncertain in 2025 Subsea/Renewables: For Su
Slide 10: Q3 2024 financial results
Q3 2024 financial results Financial results (NOK1000) Q3 2024 Q3 2023 Q2 2024 YTD 2024 YTD 2023 FY2023 Freight revenue 207,1 Freight revenue 207,1 6 % 195,6 186,0 572,6 508,8 699,5 Gain on sale 0,0 5,2 0,0 0,0 21,6 21,6 6% Other income 0,0 3,9 11,8 15,7 48,2 51,3 195,6 Total Revenue 207,1 204,6 197,
Slide 11: Segment performance
Segment performance Revenue & EBITDA margin (incl. share of JV*) EBITDA Q3 2024 vs. Q3 2023 112,0 60% 110,0 • Increased freight rates, but offset by higher 50% OPEX 108,0 106,0 • EBITDA reduction of NOK 4.9 million, 40% where margin decreased from 49% to 43% EBITDA margin 104,0 Supply NOK million •
Slide 12: Balance sheet
Balance sheet Balance Sheet (NOK1000) 30.09.2024 31.12.2023 Comments for the year Total non-current assets 2 095 1 931 Cash and cash equivalents 428 499 • Non-current assets increased from year end, mainly due to Other current assets 262 287 the initial payment related to the newbuild contract in To
Slide 13: Cash flow YTD 2024
Cash flow YTD 2024 NOK 1000 427,9 Cas C C nan n Cas Operating NOK 268.3 million Investing NOK -276.4 million Financing NOK -62.8 million Improvement in operating cash flow Newbuild investment and yard stays Includes dividend paid based on 2023 compared to YTD 2023 due to improved financials. Interes
Slide 14: Highlights summary
Highlights summary 1 Strong quarter operationally and financially 2 Sturdy backlog, with key vessels scheduled to become available in a solid market 3 Extremely healthy balance sheet 4 Continued strong market fundamentals 5 Positioned for profitable growth opportunities
Slide 15: Contact details
Contact details Interim CEO - Helga Cotgrove VP IR - Sindre Stovner +47 90 73 52 46 +47 91 78 64 31 investor.relations@eidesvik.no
Slide 16: Appendix
Appendix
Slide 17: Company overview
Company overview THE COMPANY STRATEGY Green PSV • Strengthen our position as the market leader within green PSV Subsea 14 416 • Actively seek partnerships that will create new business opportunities VESSELS EMPLOYEES* * Whereof one under construction * Number of employees end of FY2023 Offshore Rene
Slide 18: Energy transition fleet
Energy transition fleet Supply Subsea / Offshore Renewables 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 Battery Hybrid Methanol Dual Fuel Viking Princess Viking
Slide 19: Contract status
Contract status Vessel Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026 Q1 2027 Q2 2027 Q3 2027 Seven Viking Viking Reach Subsea Viking Viking Wind Power TBN Viking Queen Viking Lady Viking Princess Viking Prince Viking Energy Viking Avant Firm Options
Slide 20: Debt maturity profile September 2024
Debt maturity profile 30 September 2024 500 400 290 300 Million NOK 200 122 122 122 100 30 32 0 Remaining 2024 2025 2026 2027 After 2027 Instalments Balloons
Slide 21: Financial development
Financial development FY2021 FY2022 FY2023 YTD2024 Adj. EBITDA Utilisation 94 % 95 % 94 % 97 % 300,0 40% 45% Revenue (NOKm) 588 919 772 588 37% 40% 250,0 Adj. EBITDA (NOK million) Adj. Revenue (NOKm) 569 635 699 573 33% 35% Adj. EBITDA margin EBITDA (NOKm) 179 494 334 246 28% 200,0 30% EBITDA margin
Slide 22: We aim to be the market leader within green offshore vessels.
We aim to be the market leader within green offshore vessels.