Slide 1: 1Q 2023 Presentation
1Q 2023 Presentation w/ Lars Peder Solstad, CEO and Kjetil Ramstad, CFO 02.06.2023 1
Slide 2: Disclaimer
1Q 2023 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
Slide 3: Financial highlights – Continued operations
1Q 2023 PRESENTATION Financial highlights – Continued operations Continued operations: excludes the PSV fleet 1 Revenue MNOK 1,363 MNOK 6,200 backlog (MNOK 882) (MNOK 4,800) 2 EBITDA adj. MNOK 583 43% EBITDA margin (MNOK 179) (20%) 3 EBIT MNOK 920 68% EBIT margin (MNOK -59) (-7%) 4 Assets MNOK 16,07
Slide 4: Business update: Positioning the company further for the ongoing energy transition
1Q 2023 PRESENTATION Business update: Positioning the company further for the ongoing energy transition The company signed an agreement with Tidewater Inc. for sale of 37 PSVs for a total amount of USD 1 577 million. Closing of the transaction is expected in 2nd half of June 2023. 2 The transaction
Slide 5: Market update: The high-end offshore market has recovered
1Q 2023 PRESENTATION Market update: The high-end offshore market has recovered Demand for high-end offshore services, from both from Oil & Gas and Renewable Energy activities, continue to 1 improve. Tender activity remains at a high level with improved commercial terms and increased willingness from
Slide 6: Examples of new orders: Year to date
1Q 2023 PRESENTATION Examples of new orders: Year to date AHTS - Multiple new contracts Long-term contract within CSV Normand Maximus and extensions. renewable energy • Several new contracts and contract • Letter of Intent from an • Signed a new 7-year contract with extensions for various AHTS undis
Slide 7: Backlog: ~x0.9 Book-to-Bill in 1Q 2023
1Q 2023 PRESENTATION Backlog: ~x0.9 Book-to-Bill in 1Q 2023* Excl. the PSV-fleet Backlog per year per Firm- & option backlog Backlog, Order Intake & B2B 4 500 segment 4 500 10 000 3,0 4 000 4 000 2,5 3 500 3 500 8 000 2,1 2,0 3 000 3 000 2,0 6 000 2 500 MNOK MNOK 2 500 MNOK B2B 1,5 2 000 1,2 2 000 1
Slide 8: Backlog: Considerable earnings potential on top of present backlog
1Q 2023 PRESENTATION Backlog: Considerable earnings potential on top of present backlog Firm-/option days per year Firm-/option days per year Firm-/option days per year per segment – YTG 2023 per segment - 2024 per segment - 2025 14 000 14 000 14 000 12 000 12 000 12 000 10 000 10 000 10 000 Days Da
Slide 9: Income statement
1Q 2023 PRESENTATION Income statement EBITDA adjusted 2023 2022 2022 MNOK 1.1-31.03 1.1-31.03 1.1-31.12 800 Continuing operations: Operating income 1,363 882 4,778 600 Vessel operating expenses (749) (640) (2,872) MNOK Administrative expenses (88) (80) (287) 400 Total operating expenses (837) (720)
Slide 10: Balance sheet – pro forma balance sheet continued operations
1Q 2023 PRESENTATION Balance sheet – pro forma balance sheet continued operations* 2023 2022 2022 2023 2022 2022 MNOK 31.03* 31.03 31.12 MNOK 31.03* 31.03 31.12 ASSETS EQUITY AND LIABILITIES Fixed Assets Equity Intangible assets 4 14 4 Paid-in equity 258 256 258 Tangible fixed assets 12,428 18,017 1
Slide 11: Equity & liabilities development
1Q 2023 PRESENTATION Equity & liabilities development Balance sheet is sensitive to currency movements, particularly reporting currency NOK to USD. Unrealized currency effects 02.06.2023 11
Slide 12: Refinancing & debt structure
1Q 2023 PRESENTATION Refinancing & debt structure ▪ Fleet loan & Super Senior Facility: Maturity in 1Q24 financing 36 vessels per 1Q23 following the PSV transaction (71 before). Will be reduced by approximately BNOK 5,7 following the PSV transaction. ▪ Normand Maximus: Commenced 5 years firm bareboa
Slide 13: Summary
1Q 2023 PRESENTATION Summary • The closing of the PSV-transaction is expected last part of June. The exit from the PSV segment will reduce the company’s debt significantly and reposition the company for the high-end AHTS and CSV segments that are essential to realize the energy transition. • The fir
Slide 14: Q&A
Q&A 02.06.2023 14