Solstad Offshore Asa · OSL:SOFF
Solstad Offshore Asa — Q4 2023 Earnings Presentation
13 slides from Solstad Offshore Asa's earnings presentation, Mar 1, 2024
Slide 1: 4Q 2023 Presentation
4Q 2023 Presentation w/ Lars Peder Solstad, CEO and Kjetil Ramstad, CFO 1st March 2024
Slide 2: Disclaimer
Disclaimer 4Q 2023 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: Financial Highlights
Financial Highlights 4Q 2023 Presentation 1 Revenue MNOK 2,023 MNOK 7,500 backlog (MNOK 1,185) (MNOK 6,400) 2 EBITDA adj. MNOK 923 46% EBITDA margin (MNOK 336) (28%) 3 EBIT MNOK 341 17% EBIT margin (MNOK 116) (6%) 4 Assets MNOK 15,074 fixed assets MNOK 1,903 cash (21,257 MNOK) (MNOK 2,170) Equity &
Slide 4: Refinancing of Solstad Offshore
Refinancing of Solstad Offshore 4Q 2023 Presentation • Divestment of PSV fleet totaling 37 vessels concluded 5 July 2023 laid the foundation with a NOK 6 billion debt repayment • Refinancing agreement with Aker, AMSC, DNB & Eksfin announced 23 October 2023 o NOK 9,7 billion in new bank facility o NO
Slide 5: Group structure
Group structure 4Q 2023 Presentation Solstad Maritime Group ~33% Solstad Offshore Group • The refinancing of Solstad Offshore Solstad Offshore ASA ~67% announced 23rd October 2023 was Aker Capital AS AMSC ASA shareholders Solstad Offshore ASA ~18% implemented 16th January 2024. ~41-55% ~0-14% • A ne
Slide 6: Debt Overview
Debt Overview Solstad Maritime – Debt Maturity New Facility 4Q 2023 Presentation 6,000 • Fleet Loan / Solstad Maritime: Original maturity 31 March 2024. o NOK 11,2 billion fully repaid as part of the refinancing 5,000 o New facility with tenor of 3 years (7-year profile) and two 1 year extension opt
Slide 7: Business Update: Improving day rates and margins across all regions
Business Update: Improving day rates and margins across all regions 4Q 2023 Presentation Solid fourth quarter, and the full year of 2023 has shown improvement across all regions 1 and vessel segments compared to the year before. 2 High utilization of 94% percent for vessels in operation. EBITDA adju
Slide 8: Market Update: Outlook for offshore energy activity continue to strengthen
Market Update: Outlook for offshore energy activity continue to strengthen 4Q 2023 Presentation Robust market fundamentals with an increasing global E&P offshore spending, a 1 historical high backlog for the subsea contractors and substantial investments into offshore wind. Installation of new offsh
Slide 9: Backlog: Considerable earnings potential on top of present backlog
Backlog*: Considerable earnings potential on top of present backlog 4Q 2023 Presentation Backlog per year per segment Firm- & option backlog Firm-/option days per year 5,000 5,000 14,000 4,000 4,000 12,000 10,000 3,000 3,000 MNOK 8,000 MNOK Days 2,000 2,000 6,000 70% 4,000 1,000 44% 1,000 2,000 22%
Slide 10: Backlog: Book-to-Bill 2023 of ~1.2x
Backlog*: Book-to-Bill 2023 of ~1.2x 4Q 2023 Presentation Backlog, Order Intake & B2B Backlog added Backlog execution by year added 10,000 3.0 5,000 2% 2.3 2.5 3% 8,000 4,000 13% 1.8 2.0 6,000 3,000 MNOK MNOK B2B 1.5 1.1 BNOK ~7.5 4,000 55% 2,000 0.9 1.0 27% 0.5 2,000 1,000 0.5 0 0.0 0 4Q22 1Q23 2Q2
Slide 11: Income Statement
Income Statement 4Q 2023 Presentation Unaudited 2023 2022 2023 2022 MNOK 1.10-31.12 1.10-31.12 1.1-31.12 1.1-31.12 Continued operations EBITDA adjusted Operating income 2,023 1,185 6,924 4,778 Vessel operating expenses (980) (732) (3,432) (2,886) Administrative expenses (169) (72) (437) (273) 1,000
Slide 12: Balance Sheet
Balance Sheet 4Q 2023 Presentation Unaudited 2023 2022 • The shares in Solstad Maritime Group are Unaudited 2023 2022 MNOK 31.12 31.12 classified as Asset held for sale per 31 MNOK 31.12 31.12 ASSETS December 2023 (NOK 13,7 billion). EQUITY AND LIABILITIES Fixed Assets Equity Intangible assets 1 4 •
Slide 13: Summary
Summary 4Q 2023 Presentation • Solstad Group is refinanced with a strong balance sheet and an industry leading fleet • Solid earnings and high fleet utilization in 4Q • The activity within offshore energy continue to improve backed by solid fundamentals • The company has a strong backlog but with av