Slide 1: Presentation 4th Quarter 2018
Presentation 4th Quarter 2018 Oslo 27.02.2019 CEO Jan Fredrik Meling
Slide 2: Disclaimer
Disclaimer This presentation has been produced by Eidesvik Offshore ASA (the "Company") based on information which is publicly available. This presentation is for information purposes only. Further to the aforementioned, this presentation is the result of an effort of the Company to present certain
Slide 3: News in 4th Quarter 2018
News in 4th Quarter 2018 Eidesvik was awarded a contract for Viking Neptun for term work with Ocean Installer AS during two periods with commencement early 2020 and 2021 respectively. The contract for “Viking Neptun” with Merkur Offshore was first extended to mid May, then further extended in Februa
Slide 4: News in 4th Quarter 2018
News in 4th Quarter 2018 The contract with Siemens Gamesa for the charter of “Acergy Viking” was extended by one additional year and is now firm until end January 2021 with options until end April. 4
Slide 5: News in 4th Quarter 2018
News in 4th Quarter 2018 Eidesvik entered into a contract with a CGG subsidiary for “Veritas Viking”. The contract commenced ultimo November, and is firm for five months with further options. 5
Slide 6: News after 31.12.2018
News after 31.12.2018 Contract award with undisclosed client for “Viking Prince”. Duration is approx. 3 to 5 months, with commencement spring 2019. 6
Slide 7: 4th Quarter 2018 results
4th Quarter 2018 results (4th Quarter 2017) Revenues MNOK 145,0 (133,0) EBITDA MNOK 48,3 (33,3) Operating profit MNOK -14,3 (-158,9) Pre-tax profit MNOK -88,3 (-221,1) (Q4 2017 Operating profit influenced by impairment of assets of MNOK 114,0) 7
Slide 8: Results 4th Quarter 2018
Results 4th Quarter 2018 (in million NOK) EBITDA Q4 2018 vs. Q4 2017 (MNOK 15,0): Operating revenue Q4 Seismic: Increase of freight income of MNOK 17,3, increase in the total operating expenses of MNOK 3,2. Net increase in EBITDA of MNOK 14,1. 200 35 Subsea: Decrease of freight income of MNOK 10,4,
Slide 9: Results 2018
Results 2018 (in million NOK) EBITDA 2018 vs. 2017 (MNOK -288,4): Operating revenue 2018 Seismic: Decrease of freight income of MNOK 45,0 and no termination fee of 800 35 MNOK 138,2 in 2018, decrease in the total operating expenses of MNOK 5,8. Net decrease in EBITDA of MNOK 177,4. 600 155 Subsea: D
Slide 10: Cash Flow
Cash Flow (in million NOK) 4th Quarter 4th Quarter 2018 2017 1.1-31.12.2018 1.1-31.12.2017 Net cashflow from operating activities 77,7 76,1 90,0 372,1 Net cashflow from investment activities (3,2) 15,1 (38,9) 401,4 Net cashflow from finance activities (49,1) (84,3) (92,9) (765,8) Net changes in cash
Slide 11: Balance
Balance (in million NOK) 4 500 4 000 Short-term liabilities Short-term liabilities Current assets Current assets 3 500 3 000 Long-term liabilities Long-term liabilities 2 500 2 000 Fixed assets Fixed assets 1 500 1 000 Equity Equity 500 0 Assets 31.12.18 Equity and Liabilities Assets 31.12.17 Equity
Slide 12: Segments
Segments Incl. Share of Joint Ventures (in million NOK) 4th Quarter 2018 Seismic Subsea Supply Other Revenue Q4 Revenue 76,7 73,1 49,0 4,2 2018 EBITDA 56,4 30,6 8,9 -0,4 EBIT 14,5 3,4 -10,1 --0,7 EBITDA margin 74 % 42 % 18 % N/A EBIT margin 19 % 5% -21 % N/A 4th Quarter 2017 Seismic Subsea Supply Ot
Slide 13: Debt maturity profile 31.12.2018
Debt maturity profile 31.12.2018 2 000 1 800 1 600 1 400 1 200 Millions 1 000 1 464 800 600 400 203 109 200 92 318 92 245 0 2019 2020 2021 2022 After 2022 Instalments Balloons 13
Slide 14: Contract Backlog 31.12.18
Contract Backlog 31.12.18 1 000 800 Consolidated total contract backlog Q4 600 2018 is MNOK 600 Millions 1 007 (MNOK 474 as of Q4 230 2017), up from MNOK 400 508 as of Q3 2018. 250 200 245 325 244 176 99 0 2019 2020 2021 2022 From 2023 Consolidated Share of JV's 14
Slide 15: Contract coverage incl JV's 31.12.2018
Contract coverage incl JV's 31.12.2018 80% 72% 69% 70% 60% 54% 50% 45% 42% 42% 40% 40% 71% 33% 32% 33% 32% 65% 29% 27% 27% 27% 27% 27% 30% 20% 42% 41% 38% 38% 38% 33% 32% 31% 29% 27% 27% 27% 27% 27% 27% 10% 0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2019 2019 2019 2019 2020 2020 2020 2020
Slide 16: Contract Status
Contract Status Seven Viking Viking Neptun Subsea Viking Acergy Viking Viking Queen Viking Lady Viking Princess Viking Prince Viking Athene LAY UP Viking Energy Viking Avant CGG Alize LAY UP Oceanic Challenger LAY UP Geo Celtic LAY UP Geo Caribbean Geo Coral Oceanic Sirius Oceanic Vega Viking Vanqui
Slide 17: Market
Market In the North Sea the PSV spot market has been challenging with a drop in utilization and rate levels under pressure during the last quarter of the year. The term market on the other hand has seen an increase in number of PSV fixtures and improved rate levels compared to the same period the pr
Slide 18: Thanks for Your attention!
Eidesvik Thanks for Your attention!