Slide 1: Q2 2024 Quarterly Results
Odfjell Technology Investor Presentation Q2 2024 Quarterly Results 22.08.2024
Slide 2: Important Notice
Important Notice By reading this company presentation (the “Presentation”), or attending any meeting or presentation held in relation there to, you (the “Recipient”) agree to be bound by the following terms, conditions and limitations. The Presentation has been prepared by Odfjell Technology Ltd (th
Slide 3: Agenda
• Highlights of the quarter and key financials • Market and order backlog update • Financial information • Summary • Appendix 3
Slide 4: Highlights and key financials
Highlights and key financials Steady performance in line with expectation Revenue (NOK bn) EBITDA (NOK m) 1.36bn 221m 88.4m Revenue Q2 EBITDA Q2 Net profit Q2 5.3bnNOK Revenue LTM 868mNOK EBITDA LTM 13.4bn 846m 0.7X Available Liquidity (NOK m) NIBD / EBITDA Backlog Available liquidity Leverage ratio
Slide 5: Market and order backlog update
Market and order backlog update 5
Slide 6: Order backlog of 13.4 billion NOK
Order backlog of 13.4 billion NOK Backlog remains solid with growth in firm backlog Backlog development (NOK bn) Backlog by segment (NOK bn) ptions , P , irm ell ervices , perations , , , , , , , , , n , , n , , , , , , n , , , , , , , , , , 6
Slide 7: Contract overview and major awards
Contract overview and major awards Strong revenue visibility further improved by contract options exercised in Q2 Major contracts won current year (NOK m) Operations contract overview Customer Contract escription usiness rea ar et otal alue Contract uinor isun an rane perations or ay or ay uinor o a
Slide 8: High tender activity globally
High tender activity globally Well positioned for further growth in coming years Norway UK Canada Netherlands Romania Turkmenistan USA Kuwait Saudi Arabia UAE Thailand Guyana Philippines Suriname Vietnam Malaysia Congo Indonesia Brazil Namibia 12 Operational Bases Europe, Middle East, Asia New opera
Slide 9: Financial information
*Sodfjell technology Financial information
Slide 10: Group financials
Group financials Steady performance with 4% growth compared to both previous quarter and same period last year Revenue (mNOK) EBITDA (mNOK) Comments Results current quarter vs same quarter previous year • Revenue growth of 100 million, with higher activity in all segments. UK, Norway and ey ures Nam
Slide 11: Well Services
Well Services Results affected by contract change in Norway, rig moves and non-recuring cost Revenue (mNOK) EBITDA (mNOK) Comments Results current quarter vs same quarter previous year • Revenue up 22 million driven by heightened activity on two rigs in Namibia, alongside a substantial increase in o
Slide 12: Operations
Operations Steady performance with improved margin compared to previous quarter Revenue (mNOK) EBITDA (mNOK) Comments Results current quarter vs same quarter previous year • Revenue up 51 million mainly driven by improved activity level in the UK and higher demand for construction and inspection ser
Slide 13: Projects & Engineering
Projects & Engineering Strong activity level and high utilisation of engineering pool Revenue (mNOK) EBITDA (mNOK) Comments Results current quarter vs same quarter previous year • Revenue up 20 million as activity has been high throughout the quarter for all our departments. Mainly driven by special
Slide 14: 2024 cash flow
2024 cash flow Q2 cash balance affected negatively by typical working capital fluctuation, high capex and McGarian TDC Ltd acquisition ( ) ( ) ( ) ( ) ( ) ( ) ( ) Cas e or in et nance ncome a Cape t er ivi en t er Cas n n ra n Cre it vaila le alance capital payments investments alance acility i ui i
Slide 15: Revenue and EBITDA trailing twelve months (LTM) figures
Revenue and EBITDA trailing twelve months (LTM) figures LTM figures demonstrate consistent growth trend Revenue LTM EBITDA LTM 15
Slide 16: Summary
technology f 1] Summary 16
Slide 17: Summary
Summary • Steady performance operationally and financially • Cash balance improvement expected in 2nd half with the • Order backlog remains strong with Equinor Mariner and bp reversal of the normal 1st half working capital build up Clair field contracts firmed up • Liquidity and debt level remain ro
Slide 18: Appendix
2odfjell technology
Slide 19: Summary income statement
Summary income statement P ( m) peratin revenue t er ains an losses Personnel e penses ( ) ( ) ( ) ( ) ( ) t er operatin e penses ( ) ( ) ( ) ( ) ( ) epreciation an amortisation ( ) ( ) ( ) ( ) ( ) peratin pro t ( ) are o pro t (loss) rom oint ventures an associates ( ) ( ) ( ) et nancial items ( )
Slide 20: Summary Balance Sheet
Summary Balance Sheet ssets uity an lia ilities Property, plant an e uipment Pai in capital ntan i le assets t er e uity ( ) ( ) e erre ta asset otal e uity on current ta asset on current interest earin orro in s nvestments in oint ventures an associates on current lease lia ilities t er non current
Slide 21: Summary statement of cash flows
Summary statement of cash flows Cas o ( m) Pro t (loss) e ore ta ustment or provisions an ot er non cas elements C an es in or in capital ( ) ( ) ( ) ( ) Cas enerate rom operations et interest (pai ) receive ( ) ( ) ( ) ( ) ( ) et income ta pai ( ) ( ) ( ) ( ) ( ) et cas o rom operatin activities et
Slide 22: For further information, please contact
For further information, please contact Gert Haugland, SVP Finance and Investor Relations gjha@odfjelltechnology.com www.odfjelltechnology.com 22