Odfjell Technology Ltd. · OSL:OTL
Odfjell Technology — Q1 2024 Earnings Presentation
24 slides from Odfjell Technology's earnings presentation, May 16, 2024
Slide 1: Odfjell Technology Investor Presentation Q1 2024
Odfjell Technology Investor Presentation Q1 2024 | Quarterly Results 15.05.2024
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 Solid Q1 performance considering seasonality with especially strong order intake Revenue (NOK bn) EBITDA (NOK m) 1.3bn 212m 51.5m Revenue Q1 EBITDA Q1 Net profit Q1 5.2bnNOK Revenue LTM 859mNOK EBITDA LTM Available Liquidity (NOK m) NIBD / EBITDA 1.9bn 867m 0.6X Backlog
Slide 5: Market and order backlog update
Market and order backlog update 5
Slide 6: Acquisition of McGarian TDC Ltd.
Acquisition of McGarian TDC Ltd. Expanding OTLs product portfolio and enhancing our capabilities in the Slot Recovery and Plug and Abandonment sectors of the energy industry Overview of acquisition McGarian key information • Odfjell Technology has acquired 100% of shares in McGarian TDC Ltd. • Found
Slide 7: Vision and strategic framework
1 Vision 2 Strategic framework Using our heritage and expertise to Broadening our opportunity set by positioning our integrated services in segments we believe have the highest attractiveness support the energy transition for OTL. We prioritise segments and innovation of new products and technologie
Slide 8: High tender activity globally
High tender activity globally High order intake in all regions in addition to major contracts won in Norway Norway UK Canada Netherlands Romania Turkmenistan USA Kuwait Saudi Arabia UAE Thailand Guyana Philippines Suriname Vietnam Malaysia Brazil Namibia 12 Operational Bases Europe, Middle East, Asi
Slide 9: Order backlog of 14.2 billion NOK
Order backlog of 14.2 billion NOK Backlog growth of 1.9 billion NOK due to recent contract wins Backlog development (NOK bn) Backlog by segment (NOK bn) 9
Slide 10: Order backlog of 14.2 billion NOK
Order backlog of 14.2 billion NOK Backlog growth mainly due to Equinor contracts Major contracts won current year (NOK m) Operations contract overview 10
Slide 11: Financial information
*Sodfjell technology Financial information 11
Slide 12: Group financials
Group financials Solid start to the year driven by Well Services and Projects & Engineering Revenue EBITDA Comments Results current quarter vs same quarter previous year • Revenue growth of 138 million driven by growth in Well Services with new contracts in Asia and Africa which started up throughou
Slide 13: Well Services
Well Services Growth continues with good activity across all regions Revenue EBITDA Comments Results current quarter vs same quarter previous year • Revenue up 74 million driven by higher activity in Europe, Kuwait and the contracts in Namibia and Malaysia • EBITDA increased 39 million due to higher
Slide 14: Operations
Operations Steady operational performance, but with lower margins Revenue EBITDA Comments Results current quarter vs same quarter previous year • Revenue up 41 million due to higher operational activity in UK and an increased demand for construction and inspection services • EBITDA reduction of NOK
Slide 15: Projects & Engineering
Projects & Engineering Strong quarter with normalised margin level Revenue EBITDA Comments Results current quarter vs same quarter previous year • Revenue up 23 million due strong special purpose survey (SPS) activity level, modification work conducted on the floating storage unit (FSU) Heidrun B an
Slide 16: 2024 cash flow
2024 cash flow Q1 cash balance affected by typical working capital fluctuation resulting in a 61m cash balance decline 1. Available liquidity is the sum of cash and available undrawn credit facility (USDm 25) 16
Slide 17: 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 17
Slide 18: Summary
Summary 18
Slide 19: Summary
Summary • Good performance in what is usually a challenging quarter • Significant available liquidity and low net debt • Strong order backlog and order intake • Recovery plan for Operations Norway established • Positive market outlook • Quarterly dividend distribution increased to 35m • Well prepare
Slide 20: Appendix
2odfjell technology
Slide 21: Summary income statement
Summary income statement Other gains and losses includes 10 NOKm gain on dilution of our owning interest in Odfjell Oceanwind AS Please refer to the Quarterly report for further details 21
Slide 22: Summary Balance Sheet
Summary Balance Sheet Equity and liabi Assets 31.03.2024 31.03.2023 31.12.2023 Property, plant and equipment 1090.6 1076.5 1040.9 Intangible assets 260.5 258.4 287.3 Deferred tax asset 96.9 616 93.3 Non-current tax asset 307.2 307.2 307.2 Investments in joint ventures and associates B12 46.6 75.0 Ot
Slide 23: Summary statement of cash flows
Summary statement of cash flows Please refer to the Quarterly report for further details 23
Slide 24: For further information, please contact
For further information, please contact Gert Haugland, SVP Finance and Investor Relations gjha@odfjelltechnology.com www.odfjelltechnology.com 24