Solstad Offshore Asa · OSL:SOFF
Solstad Offshore Asa — Q2 2022 Earnings Presentation
14 slides from Solstad Offshore Asa's earnings presentation, Aug 19, 2022
Slide 1: 2Q 2022 Presentation
2Q 2022 Presentation w/ Lars Peder Solstad, CEO and Kjetil Ramstad, CFO 19.08.2022 1
Slide 2: Disclaimer
2Q 2022 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 G
Slide 3: Financial highlights
2Q 2022 PRESENTATION Financial highlights 1 Revenue MNOK 1,750 MNOK 7,200 backlog (MNOK 1,264) (MNOK 4,500) 2 EBITDA adj. MNOK 613 35% EBITDA margin (MNOK 309) (24%) 3 EBIT MNOK 551 31% EBIT margin (MNOK -64) (-5%) 4 Assets MNOK 21,166 fixed assets MNOK 2,063 cash (MNOK 21,575) (MNOK 2,218) 5 Equity
Slide 4: Market update: Positive market outlook for offshore energy
2Q 2022 PRESENTATION Market update: Positive market outlook for offshore energy 1 Energy transition and energy security increases investments into development of offshore energy. Global demand for offshore vessels continues to improve. With limited supply of new vessels, 2 supply/demand balance is t
Slide 5: Business update: Improved offshore energy markets drives utilization and backlog
2Q 2022 PRESENTATION Business update: Improved offshore energy markets drives utilization and backlog Strong quarter with high utilization and improved commercial terms across all geographical regions 1 and vessel segments. Solstad booked approximately MNOK 2,000 of new backlog in 2Q 2022, which is
Slide 6: Fleet update: Modernization continues
2Q 2022 PRESENTATION Fleet update: Modernization continues The Solstad fleet consist of 86 vessels serving offshore energy clients globally and 80 vessels 1 were active by the end of 2Q 2022. Solstad has finalized the sales of 36 non-strategic vessels, which concludes the earlier announced 2 sale of
Slide 7: New orders in 2Q: Some highlights
2Q 2022 PRESENTATION New orders in 2Q: Some highlights Option declarations for Normand Sentinel New contract for Normand Cutter Multiple PSV and AHTS contracts and Normand Pacific • CSV Normand Cutter was awarded a • Subtec S.A exercised their option to extend the • Contracts for several PSV’s havin
Slide 8: Backlog: ~x1.1 Book-to-Bill in 2Q 2022
2Q 2022 PRESENTATION Backlog: ~x1.1 Book-to-Bill in 2Q 2022 Backlog per year per Firm- & option backlog Backlog, Order intake & segment 4 500 Book-to-bill development 4 500 4 000 8 000 2,2 4 000 2,0 3 500 7 000 1,8 3 500 6 000 3 000 1,6 3 000 5 000 1,4 MNOK 2 500 MNOK MNOK 2 500 1,2 B2B 2 000 4 000
Slide 9: Considerable earnings potential on top of present backlog
2Q 2022 PRESENTATION Considerable earnings potential on top of present backlog Firm-/option days per year per Firm-/option days per year per segment - YTG 2022 segment - 2023 16 000 35 000 14 000 2 350 30 000 12 000 25 000 10 650 10 000 20 000 Days Days 8 000 1 100 15 000 6 000 12 400 4 900 600 10 0
Slide 10: Income statement
2Q 2022 PRESENTATION Income statement 2022 2021 2022 2021 2021 adj* MNOK 1.4-30.06 1.4-30.06 1.1-30.06 1.1-30.06 1.1-30.06 EBITDA adjusted Operating income 1,750 1,264 2,995 2,601 2,223 400 Vessel operating expenses (1,048) (891) (1,989) (1,701) (1,701) Administrative expenses (116) (111) (228) (215
Slide 11: Balance sheet
2Q 2022 PRESENTATION Balance sheet 2022 2021 2021 2022 2021 2021 MNOK 30.06 30.06 31.12 MNOK 30.06 30.06 31.12 ASSETS EQUITY AND LIABILITIES Fixed Assets Equity Intangible assets 14 7 14 Paid-in equity 258 250 253 Tangible fixed assets 18,077 18,939 18,090 Other equity 1,344 3,407 2,836 Right-of-use
Slide 12: Equity & liabilities development
2Q 2022 PRESENTATION Equity & liabilities development • Balance sheet is sensitive currency movements, particularly reporting currency NOK to USD. Long-term debt movement 2Q21 - 2Q22 25 000 49 Unrealized currency effects 593 247 78 2 211 20 000 283 33 15 000 NOK million 22 278 10 000 20 718 5 000 0
Slide 13: Summary
2Q 2022 PRESENTATION Summary • Strong quarter with high utilization and improved commercial terms across all geographical regions and vessel segments. • Continue to build backlog for the fifth consecutive quarter with B2B >1. • Effect from the new backlog start to materialize in terms of improved ma
Slide 14: Q&A
Q&A 19.08.2022 14