Solstad Offshore Asa · OSL:SOFF
Solstad Offshore Asa — Q1 2024 Earnings Presentation
19 slides from Solstad Offshore Asa's earnings presentation, May 16, 2024
Slide 1: 1Q 2024 Presentation
1Q 2024 Presentation w/ Lars Peder Solstad, CEO and Kjetil Ramstad, CFO 16th May 2024
Slide 2: Disclaimer
Disclaimer 1Q 2024 Presentation 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: Solstad Group Structure
Solstad Group Structure Solstad (“Solstad Companies”) consists of two main shipowning structures, Solstad Offshore ASA and Solstad Maritime Holding AS Solstad Companies3 ▪ The Solstad Companies have different owner Solstad Maritime Group Solstad Offshore Group structures, but shares management funct
Slide 4: 1Q 2024 Highlights
1Q 2024 Highlights ▪ Improvements across all regions and vessel segments ▪ High utilization of 88%1 ▪ Adjusted EBITDA ▪ Solstad Offshore: NOK 247m2 ▪ Solstad Maritime: NOK 668m ▪ Continued high activity within offshore energy activities ▪ Expanded service offering through Solstad Services 4 1: Inclu
Slide 5: Refinancing recap
Refinancing recap ▪ Phase 1 of the refinancing of Solstad Offshore was implemented 16 January 2024 o NOK 9,7 billion in new bank facility in Solstad Maritime o NOK 3,25 billion equity contribution from Aker Capital AS and AMSC ASA into Solstad Maritime o Maturity of the Maximus Residual Claim in Sol
Slide 6: Solstad: A leading global offshore company
Solstad A leading global offshore company 39 vessels and 7 offices worldwide Office AHTS CSV Renewable Energy Oil & Gas ~2,300 39 vessels (26 CSV’s and employees 13 AHTS) 5x 12x NOK 1,8bn 60 (25%) income years of from operational renewable history activity in 2023 3x 3x 4x Solstad HQ Services: in 4x
Slide 7: CSV Market update | Set to grow beyond all-time high
CSV Market update | Set to grow beyond all-time high Limited vessel supply and solid demand outlook set to further tighten an already strong market Subsea EPC backlog and utilization 45 95% Total backlog Utilisation % Working Utilisation % The CSV fleet is in demand from both Oil & 40 35 90% 85% 1 G
Slide 8: AHTS Market update | Strong activity
AHTS Market update | Strong activity Brazil and the global mooring market drives demand for large AHTS’s Large AHTS - Global utilization, % 100 95 Commercial terms continue to improve, 90 85 80 1 driven by Petrobras long-term contracts and the global mooring market 75 70 65 60 55 Jan-19 Jul-19 Jan-2
Slide 9: Solstad's presence to capitalize on global upcycle
Solstad’s presence to capitalize on global upcycle North Sea - Oil and gas and renewable energy - Key clients are Subsea 7, DeepOcean, Ocean Installer and Equinor Asia Pacific - Volatile spot market for AHTS’ but with a - Main markets are Taiwan (renewables) and steady high subsea activity Australis
Slide 10: Diversified top-tier client list
Diversified top-tier client list Fleet size & capabilities offer clients unmatched service offering Solstad Maritime Solstad Offshore AHTS CSV Example vessels/projects Example vessels/projects O&G Renewables Normand Normand Installer Navigator & FPSO installations in Guyana for SBM Sentinel Walk-to-
Slide 11: Expanding service offering through Solstad Services
Expanding service offering through Solstad Services Reducing cost and mobilization time for customers while boosting profitability at limited additional risk for Solstad Annual EBITDA from vessel (illustrative), NOKm 10x ROV’s to be added to fleet in 2024, Benefits for customer +52% bringing total o
Slide 12: Solstad Offshore | 1Q 24 Financial Highlights
Solstad Shipholding AS ~27%1 Solstad Offshore | 1Q 24 Financial Highlights Solstad Maritime Holding AS SOFF RemainCo Strong operational quarter at the back of successful refinancing NIBD overview as per 31.3.2024, NOKm Utilization 94% Fixed Assets NOK 6,480m Equity Revenue NOK 768m 21% ratio Amortiz
Slide 13: Solstad Offshore | Backlog
Solstad Offshore | Backlog Backlog1 per segment Backlog1 execution Firm-/options days2 Options: All segments Firm: AHTS Firm: CSV (Renewables) Firm: CSV (O&G) by year added per year 2019 2021 2023 Firm/options days NOKm NOKm 2020 2022 2024 Days Available days (operational vessels) 3,000 3,000 3,000
Slide 14: Solstad Maritime | 1Q 24 Financial Highlights
Solstad Shipholding AS ~27%1 Solstad Maritime | 1Q 24 Financial Highlights Solstad Maritime Holding AS SOFF RemainCo A financially robust platform set to initiate quarterly dividend payments during 2024 NIBD overview as per 31.3.2024, NOKm Solstad Maritime Holding AS Utilization 87% Fixed Assets NOK
Slide 15: Solstad Maritime | Backlog
Solstad Maritime | Backlog Backlog per segment Backlog execution by Firm-/options days Backlog, order intake Options: All segments Firm: AHTS Firm: CSV (Renewables) Firm: CSV (O&G) year added per year and book-to-bill 2019 2021 2023 Firm/options days Backlog Book-to-bill 2020 2022 2024 Order intake
Slide 16: Summary
Summary ▪ Refinanced with significantly improved financial position ▪ High activity across all segments and geographical region ▪ Bidding activity continues at high level and commercial terms continue to improve ▪ Expanded service offering through Solstad Services 16
Slide 17: Thank you for your attention
Thank you for your attention
Slide 18: Solstad Offshore | Income statement & EBITDA adjusted
Solstad Offshore | Income statement & EBITDA adjusted Unaudited 2024 2023 2023 Unaudited 2024 2023 2023 MNOK 1.1-31.03 1.1-31.03 1.1-31.12 MNOK 1.1-31.03 1.1-31.03 1.1-31.12 Continued operations Total operating income 768 1,363 6,979 Operating income 768 1,363 6,979 Total operating expenses (507) (8
Slide 19: Solstad Offshore | Balance sheet
Solstad Offshore | Balance sheet Unaudited 2024 2023 2023 Unaudited 2024 2023 2023 MNOK 31.03 31.03 31.12 MNOK 31.03 31.03 31.12 ASSETS EQUITY AND LIABILITIES Fixed Assets Equity Deferred tax assets - 4 2 Paid-in equity 272 258 272 Tangible fixed assets 1,314 12,428 1,315 Other equity 1,373 1,482 1,