Slide 1: Q2 2025 Presentation
Q2 2025 Presentation w/ Lars Peder Solstad, CEO and Kjetil Ramstad, CFO 14 July 2025
Slide 2: Disclaimer
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 Company and/or the industry in which i
Slide 3: 2Q 2025 Highlights | Business update
2Q 2025 Highlights | Business update Business update Associated company Solstad Maritime listed on Euronext Oslo Børs on 16 May 2025 Market update The long-term demand within offshore-energy services remains positive Utilization of 100% in the quarter compared to 97% same quarter last year Utiliza
Slide 4: Market Update
Market Update STRONG FOOTHOLD IN BRAZIL Office locations Solstad Maritime supporting offices The long-term demand within offshore- energy services remains positive The current subsea market is characterized by a more competitive project market, with a typical contract 1 duration of 1-6 months
Slide 5: Strengthening backlog and earning visibility
Strengthening backlog and earning visibility Backlog per vessel type Firm-/option days2 per year Backlog development CSV AHTS Solstad Maritime1 vessels Firm-/option days Available days Solstad Offshore vessels2 Solstad Maritime1 vessels Days USDm USDm 300 900 3 000 771 800 250 2 500 700 200 33% 600
Slide 6: Solstad Offshore | Q2 Financial Highlights
Solstad Offshore | Q2 25 Financial Highlights Q2: 100% (97%) Utilization Backlog1 238 (179) YTD: 96% (95%) Q2: 78 (58) Book 349 - 40% Revenue equity (193 - 23%) YTD: 147 (129) Adj. Q2: 32 (25) Adj. NIBD 83 (211)2 EBITDA YTD: 62 (60) Q2: 39 (4) Net result Cash 60 (53) YTD: 62 (41) 6 1: In addition, t
Slide 7: Solstad Offshore | Adjusted NIBD & Leases
Solstad Offshore | Adjusted NIBD & Leases USD 90 million term loan with a 5-year amortization profile drawn in NIBD overview as per 30.06.2025, USDm SOFF ASA November 2024 400,0 350,0 Financing of four Brazilian built vessels with BNDES maturity with 127,082 Solstad Brazil from 2026-2031 300,0 250,0
Slide 8: Investments in associated companies & joint ventures
Investments in associated companies & joint ventures NORMAND INSTALLER S.A. (NISA) • Associated company 27,3% owner with • Normand Installer S.A. (NISA), a joint • Associated company 35,8%-owned with Aker as majority shareholder venture 50%-owned together with SBM Omega as majority shareholder Offsh
Slide 9: Financial guidance for 2025
Financial guidance for 2025 Metric 2025 Commentary Operational1 Adjusted EBITDA: USD 60 – 70m, whereof USD 34m YTD Q2 2025 Adjusted EBITDA USD 120 – 150m Share of result2 from AC and JV: USD 60 – 80m, whereof USD 28m YTD Q2 2025 On track to meet previous guidance for the full year Dividend I
Slide 10: Summary
Summary Another quarter of solid operational and financial performance High tendering and award activity in Brazil where local presence is the key enabler Strong order intake and increased visibility for 2025 and beyond Investments in associated companies and joint ventures continues to create share
Slide 11: Appendix
Appendix
Slide 12: Solstad Offshore | Income Statement & Adjusted EBITDA
Solstad Offshore | Income Statement & Adjusted EBITDA Unaudited 2025 2024 2025 2024 Unaudited 2025 2024 2025 2024 USDm 01.04-30.06 01.04-30.06 01.01-30.06 01.01-30.06 USDm 01.04-30.06 01.04-30.06 1.1-30.06 01.01-30.06 Charter income and Total operating income 78 58 147 129 other operating income 78
Slide 13: Solstad Offshore | Balance Sheet
Solstad Offshore | Balance Sheet Unaudited 2025 2024 2024 Unaudited 2025 2024 2024 USDm 30.06 30.06 31.12 USDm 30.06 30.06 31.12 ASSETS EQUI TY AND LI ABILI TIES Non-current assets Equity Tangible fixed assets 132 126 129 Paid-in equity 65 65 65 Right-of-use assets 308 350 299 Other equity 277 124 2
Slide 14: Solstad Offshore | Cash Flow Statement
Solstad Offshore | Cash Flow Statement Unaudited 2025 2024 2024 USDm 30.06 30.06 31.12 CASH FLO W FRO M OPERATIONS Result before tax 63 42 123 Taxes payable (1) (0) (3) Depreciations, impairments and reversal of impairments 26 37 32 Gain (-)/loss non-current assets (28) (24) (86) Interest income (2)
Slide 15: Alternative Performance Measures (APM)
Alternative Performance Measures (APM) Solstad Offshore ASA refers to alternative performance measures with regards to its financial results as a supplement to the financial statements prepared in accordance with IFRS. Such performance measures are frequently used by securities analysts, investors a