Slide 1: 1Q 2022 Presentation
1Q 2022 Presentation Lars Peder Solstad, CEO and Kjetil Ramstad, CFO 10.05.2022 1
Slide 2: Disclaimer
1Q 2022 PRESENTATION Disclaimer 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 G
Slide 3: Financial highlights
1Q 2022 PRESENTATION Financial highlights 1 Revenue MNOK 1,245 MNOK 7,000 backlog (MNOK 1,337 & 959 ex term.fee) (MNOK 4,500) 2 Adj. EBITDA MNOK 208 17% EBITDA margin (MNOK 432 & 54 ex term.fee) (32%) 3 EBIT MNOK -115 -9% EBIT margin (MNOK 47 & -331 ex term.fee) (4%) 4 Assets MNOK 20,773 fixed asset
Slide 4: Market update: Outlook for Solstad's services continues to improve
1Q 2022 PRESENTATION Market update: Outlook for Solstad’s services continues to improve The tragic invasion of Ukraine increases focus on energy security and could lead to 1 more investments in offshore energy. Global demand for offshore vessels continues to improve. Due to limited new supply of ves
Slide 5: Business update: Improved offshore energy markets drives utilization and backlog
1Q 2022 PRESENTATION Business update: Improved offshore energy markets drives utilization and backlog Solstad booked more than MNOK 2,600 of new backlog in 1Q 2022, which is the fourth consecutive 1 quarter with a book-to-bill ratio of more than 1x. 2 On average, 78 vessels were operational in 1Q 20
Slide 6: Fleet update: Modernization continues
1Q 2022 PRESENTATION Fleet update: Modernization continues 1 The Solstad fleet consist of 89 vessels serving offshore energy clients globally. 78 active vessels at the end of the 1Q 2022 2 2 more vessels in operation during 2Q Solstad has in 2021 and 2022 finalized the sales of 36 non-strategic vess
Slide 7: New orders in 1Q: Some highlights
1Q 2022 PRESENTATION New orders in 1Q: Some highlights Three PSVs for ConocoPhillips Windstaller Alliance Normand Clipper with Global Marine • Signed new 5-year contracts with • Windstaller Alliance was awarded its first • CSV Normand Clipper had its contract ConocoPhillips Scandinavia for the proje
Slide 8: Backlog: ~x2.1 Book-to-Bill in 1Q 2022
1Q 2022 PRESENTATION Backlog: ~x2.1 Book-to-Bill in 1Q 2022 Backlog per year per segment Firm & option backlog Backlog, order intake & Book-to- bill (B2B) development 4 500 3 500 4 000 8 000 2,2 2,0 3 000 3 500 7 000 1,8 3 000 6 000 1,6 2 500 5 000 1,4 MNOK 2 500 2 000 MNOK MNOK 1,2 B2B 2 000 4 000
Slide 9: Considerable earnings potential on top of present backlog
1Q 2022 PRESENTATION Considerable earnings potential on top of present backlog Firm-/option days per year per Firm-/option days per year per segment segment - YTG 2022 - 2023 25 000 35 000 30 000 20 000 3 900 25 000 11 400 15 000 20 000 Days Days 15 000 10 000 1 750 18 150 5 250 900 10 000 17 850 5
Slide 10: Income statement
1Q 2022 PRESENTATION Income statement 2022 2021 2021 adj.* MNOK 1.1-31.03 1.1-31.03 1.1-31.03 Operating income 1,245 1,337 959 EBITDA adjusted Vessel operating expenses (941) (810) (810) 400 Administrative expenses (113) (104) (104) Total operating expenses (1,054) (914) (914) Operating result befor
Slide 11: Balance sheet
1Q 2022 PRESENTATION Balance sheet 2022 2021 2021 2022 2021 2021 MNOK MNOK 31.03 31.03 31.12 MNOK 31.03 31.03 31.12 ASSETS EQUITY AND LIABILITIES Fixed Assets Equity Intangible assets 14 10 14 Paid-in equity 256 250 253 Tangible fixed assets 18,017 19,143 18,090 Other equity 2,522 3,635 2,836 Right-
Slide 12: Summary
1Q 2022 PRESENTATION Summary • Entering a multi-year period with high and increasing activity level for offshore energy. • As it looks, limited amount of additional vessels will enter the market for several years. • Very high tender activity globally in the offshore energy markets. • Commercial term
Slide 13: 10.05.2022
10.05.2022 13