Slide 1: Odfjell Technology Quarterly Presentation Q2 2022
Odfjell Technology Quarterly Presentation Q2 2022 24.08.2022
Slide 2: Agenda
• Odfjell Technology at a glance • Key highlights of the quarter • Segment reporting • Financial information • Market outlook • Summary 24.08.2022
Slide 3: Odfjell Technology at a glance
OTL Q2 PRESENT ATION Odfjell Technology at a glance Development key financials Revenue (NOKm) Cash (NOKm) 836 922 429 699 411 International technology and engineering company delivering specialist services, equipment and competence across the offshore Q2 21 Q1 22 Q2 22 Q1 22 Q2 22 energy value chain
Slide 4: Key highlights of the quarter
Key highlights of the quarter 4
Slide 5: Key highlights of the quarter
OTL Q2 PRESENT ATION Key highlights of the quarter Financial performance • Strong quarter demonstrating potential • Revenue increase of 10% from Q1 to Q2 and year-on-year increase of 32% • EBITDA growth of 44% from Q1 to Q2 and year-on-year improvement of 121% • Revenue growth driven by the start-up
Slide 6: Segment reporting
" Sodfjell technology Segment reporting
Slide 7: Well services
OTL Q2 PRESENT ATION Well services Quarterly performance (NOKm) Breakdown of operations ● Strong financial performance across all regions ● Commencement of Equinor Breidablikk contract with Deepsea Aberdeen in early May, including wired drill pipe services and the newly developed continuous circulat
Slide 8: Drilling Operations
OTL Q2 PRESENT ATION Drilling Operations Quarterly performance (NOKm) Highlights ● Improved operational efficiency ● Increase in incentive payments ● Strong order backlog ● Contract conditions in contract portfolio safeguards margins ● Expect startup of rig management for Linus in end Q3 2022 3% 6%
Slide 9: Drilling Operations Contract Overview
OTL Q2 PRESENT ATION Drilling Operations Contract Overview Breakdown of operations Client Location Platform Duration Norway Heidrun Norway Johan Sverdrup UK Mariner Norway Brage 3 Platforms Norway (Ekofisk field) Norway West Linus UK 3 UK Platforms UK 5 UK Platforms Bruce UK 2019 2020 2021 2022 2023
Slide 10: Engineering
OTL Q2 PRESENT ATION Engineering Quarterly performance (NOKm) Highlights ● High tender activity ● The increase is mainly explained by increased volume and utilisation compared to the same quarter last year ● Financial performance in Q2 2022 in accordance with expectations ● Resource utilisation stil
Slide 11: Market outlook
" Sodfjell technology Market outlook 11
Slide 12: Key market outlook
OTL Q2 PRESENT ATION Key market outlook Overall Drilling Operations ▪ Positive outlook highlighted by our strong first half of 2022, backlog and ▪ Stable and predictable market outlook the industry upcycle ▪ Possibilities in new markets ▪ Under investment has caused a supply challenge. The demand co
Slide 13: Financial information
" Sodfjell technology Financial information 13
Slide 14: Summary Financials
OTL Q2 PRESENT ATION Summary Financials Condensed Consolidated income statement P&L (NOKm) Q2 22 Q1 22 Q2 21 * YTD 22 YTD 21 * FY 21 * Comments Operating revenue 922, 2 836, 2 699, 2 1 758, 5 1 367, 8 2 948, 2 Other gains and losses 3,1 5,0 0,3 8,1 2,2 6,0 ● 2021 are predecessor combined financial f
Slide 15: Summary statement of financial position
OTL Q2 PRESENT ATION Summary statement of financial position Balance sheet Assets (NOKm) 30.06.2022 30.06.2021* 31.12.2021* Equity and liabilities 30.06.2022 30.06.2021* 31.12.2021* Property, plant and equipment 1 065,2 627,0 887,4 Paid-in capital 1 093,8 - - Intangible assets 236,0 208,7 218,1 Othe
Slide 16: Summary statement of cash flow
OTL Q2 PRESENT ATION Summary statement of cash flow Cash flow Cash flow (NOKm) Q2 22 Q2 21 * YTD 22 * YTD 21 * Comments Profit/(loss) before tax 19,9 17,4 69,6 30,8 Adjustment for provisions and other non-cash elements 146,8 77,5 209,3 147,3 ● YTD 22 cash flow from investing and financing activities
Slide 17: Summary
" Sodfjell technology Summary 17
Slide 18: Summary Q2 2022 and outlook
OTL Q2 PRESENT ATION Summary Q2 2022 and outlook • Quarter with significant revenue and margin growth • Good cash situation • Ambition to pay dividend after Q1 2023 • Positive market outlook for all segments with particular growth potential in Well Services • Strong contract portfolio combined with
Slide 19: " sodfjell
" sodfjell _ technology 24.08.2022