Solstad Offshore Asa · OSL:SOFF
Solstad Offshore Asa — Q4 2022 Earnings Presentation
14 slides from Solstad Offshore Asa's earnings presentation, Feb 24, 2023
Slide 1: 4Q 2022 Presentation
4Q 2022 Presentation w/ Lars Peder Solstad, CEO and Kjetil Ramstad, CFO 24.02.2023 1
Slide 2: Disclaimer
4Q 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
Slide 3: Financial highlights
4Q 2022 PRESENTATION Financial highlights 1 Revenue MNOK 1,637 MNOK 9,200 backlog (MNOK 1,303) (MNOK 5,600) 2 EBITDA adj. MNOK 454 28% EBITDA margin (MNOK 291) (22%) 3 EBIT MNOK 45 3% EBIT margin (MNOK -143) (-11%) 4 Assets MNOK 21,285 fixed assets MNOK 2,170 cash (MNOK 20,865) (MNOK 2,459) 5 Equity
Slide 4: Business update: Record high order intake and EBITDA improves further
4Q 2022 PRESENTATION Business update: Record high order intake and EBITDA improves further 1 A quarter with high utilization and improved commercial terms across all geographical regions and vessel segments. EBITDA adjusted increased by 56 percent to MNOK 454 from MNOK 291 in 4Q 2021. 2 25% of the 2
Slide 5: Market update: Strong outlook for the offshore energy market
4Q 2022 PRESENTATION Market update: Strong outlook for the offshore energy market 1 Demand for offshore services improves further, both from Oil & Gas and Renewable Energy activities. Tender activity and contract awards remains at a high level with improved commercial terms and 2 increased willingne
Slide 6: New orders in 4Q: Some examples
4Q 2022 PRESENTATION New orders in 4Q: Some examples Long-term contracts for PSVs Long-term contracts for CSVs CSV Normand Maximus with battery-hybrid solutions • Normand Vision was awarded a new contract • Normand Naley and Sea Frost was • Received Letters of Award from two different with Ocean Ins
Slide 7: Backlog: ~x2.0 Book-to-Bill in 4Q 2022
4Q 2022 PRESENTATION Backlog: ~x2.0 Book-to-Bill in 4Q 2022 Backlog per year per Firm- & option backlog Backlog, Order Intake & B2B 6,000 segment 7,000 10,000 3.0 9,000 5,000 6,000 2.5 8,000 2.1 2.0 5,000 7,000 4,000 2.0 6,000 1.6 MNOK MNOK 4,000 MNOK B2B 3,000 5,000 1.2 1.5 3,000 1.1 4,000 2,000 1.
Slide 8: Considerable earnings potential on top of present backlog
4Q 2022 PRESENTATION Considerable earnings potential on top of present backlog Firm-/option days per year Firm-/option days per year Firm-/option days per year per segment - 2023 per segment - 2024 per segment - 2025 30,000 30,000 30,000 25,000 25,000 25,000 20,000 20,000 20,000 Days Days Days 15,00
Slide 9: Income statement
4Q 2022 PRESENTATION Income statement EBITDA adjusted 2022 2021 2022 2021 1,000 MNOK 1.10-31.12 1.10-31.12 1.1-31.12 1.1-31.12 800 Operating income 1,637 1,303 6,493 5,418 MNOK 600 Vessel operating expenses (1,084) (940) (4,134) (3,566) Administrative expenses (107) (123) (448) (450) 400 Total opera
Slide 10: Balance sheet
4Q 2022 PRESENTATION Balance sheet 2022 2021 2022 2021 MNOK 31.12 31.12 MNOK 31.12 31.12 ASSETS EQUITY AND LIABILITIES Fixed Assets Equity Intangible assets 4 14 Paid-in equity 258 253 Tangible fixed assets 17,632 18,090 Other equity 1,509 2,836 Right-of-use assets 3,346 2,561 Non-controlling intere
Slide 11: Equity & liabilities development
4Q 2022 PRESENTATION Equity & liabilities development Balance sheet is sensitive to currency movements, particularly reporting currency NOK to USD. Unrealized currency effects 24.02.2023 11
Slide 12: Debt structure
4Q 2022 PRESENTATION Debt structure ▪ Fleet loan: o Maturity in 1Q24 financing 73 vessels per 4Q22. Refinancing process with lenders has begun with different possibilities being assessed. o BNOK ~15 backlog (incl. options) per 4Q22. ▪ 12 with 5+5 years options with AMSC ASA in 4Q22. Normand Maximus:
Slide 13: Summary
4Q 2022 PRESENTATION Summary • Despite being in the low-season, a strong quarter with high utilization and improved commercial terms across all geographical regions and vessel segments. • A record high order intake of BNOK 3,3, giving the seventh consecutive quarter with B2B >1. • Effect from the ne
Slide 14: Q&A
Q&A 24.02.2023 14