Eidesvik Offshore Asa · OSL:EIOF
Eidesvik Offshore Asa — Q2 2024 Earnings Presentation
22 slides from Eidesvik Offshore Asa's earnings presentation, Aug 27, 2024
Slide 1: Presentation Q2 2024
Presentation Q2 2024 27 August 2024
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: Financial highlights / Q2 2024
Financial highlights / Q2 2024 P&L key figures Q2 2024 vs. Q2 2023 Balance sheet key figures Q2 2024 vs. FY2023 MNOK MNOK MNOK MNOK 186 (184) 2 953 (1 977) 2 847 (2 716) 444 (499) in freight revenue in consolidated backlog in assets in cash MNOK MNOK 71 (73) 38% (39%) 378 (378) 61% (59%) in adj. EBI
Slide 4: Business update / Q2 2024
Business update / Q2 2024 • We have signed a yard supervision agreement with Agalas to support them in the construction and delivery of their cable installation vessel at Sefine yard Subsequent events: • Equinor Energy AS declared options to extend the contract for the supply vessel Viking Energy. T
Slide 5: Project Apollo
Project Apollo • Conversion of PSV Viking Energy to operate with an ammonia combustion engine as the first in the world • Ammonia operation is planned to start in the first half of 2026 • In addition to chartering the vessel Equinor also contributes with financing of the conversion • The project has
Slide 6: Operational update / Q2 2024
Operational update / Q2 2024 • Fleet utilisation in Q2 2024 was 95% • Supply utilization was 92% during the quarter • Subsea/Wind utilization was 99% during the quarter • Viking Lady 15-year class and upgrades • One LTIs during the quarter
Slide 7: Contract backlog / Q2 2024
Contract backlog / Q2 2024 1 600 Renewable backlog as share of total MNOK backlog** 1 400 2 953 Fixed backlog from renewables projects as share of total backlog Consolidated total contract backlog* 1 200 1 000 Other mNOK 800 66% 1 445 59 600 0 400 33 647 490 200 34% 370 Renewable backlog 0 2024 2025
Slide 8: Contract coverage incl. JV / Q2 2024
Contract coverage incl. JV / Q2 2024 Contract coverage incl. JV MNOK 3 045 backlog incl. JV 1 445 NOK millions 1 400 100% 100% 100% 100% 100% 100% 98% 100% 100% 1 200 90% 91% 90% 90% 81% 82% 82% 82% 80% 73% 1 000 70% 73% 62% 1 235 60% 55% 55% 55% 55% 800 706 50% 600 40% 46% 45% 45% 45% 353 490 39% 4
Slide 9: Market update – positive outlook in all segments
Market update – positive outlook in all segments 1 Fundamentals remain positive with increased offshore spendings and a solid demand outlook 2 Supply: Limitation on the supply side while the demand is stable, favorable for vessel owners 3 Subsea: Record high backlog, strong tender pipeline, healthy
Slide 10: Q2 2024 financial results
Q2 2024 financial results Financial results (NOK1000) Q2 2024 Q2 2023 YTD 2024 YTD 2023 FY2023 Freight revenue Freight revenue 186,0 1% 184,4 365,5 313,2 699,5 Gain on sale 0,0 15,5 0,0 16,4 21,6 186,0 1% 184,4 Other income 11,8 40,6 15,7 44,4 51,3 Total Revenue 197,8 240,5 381,2 374,0 772,4 EBITDA
Slide 11: Segment performance
Segment performance Revenue & EBITDA margin EBITDA Q2 2024 vs. Q2 2023 (incl. share of JV*) 104,0 60% • Level revenue due to lower utilisation offset 102,0 50% by higher freight rates 100,0 • EBITDA reduction of NOK 3.2 million, 40% where margin decreased from 41% to 37% EBITDA margin Supply NOK mil
Slide 12: Balance sheet
Balance sheet Balance Sheet (NOK1000) 30.06.2024 31.12.2023 Comments for the year Total non-current assets 2 110 1 931 • Non-current assets increased from year end, mainly due to Cash and cash equivalents 444 499 the initial payment related to the newbuild contract in Other current assets 293 287 Fe
Slide 13: Cash flow YTD 2024
Cash flow YTD 2024 444,3 NOK 1000 Cas C C nan n Cas Operating NOK 200.3 million Investing NOK -241.0 million Financing NOK -13.8 million Improvement of 100 million in operating Newbuild investment and yard stays Includes dividend paid in the quarter based cash flow compared to 1H 2023 due to on 2023
Slide 14: Highlights summary
Highlights summary 1 Continued solid operational and financial performance 2 Strong backlog, opportunity to capitalize on improving market in future years 3 Strong balance sheet and key financial indicators 4 Positive market outlook in all operating segments 5 Positioned for profitable growth opport
Slide 15: Contact details
Contact details CFO - Helga Cotgrove VP IR - Sindre Stovner +47 90 73 52 46 +47 91 78 64 31 investor.relations@eidesvik.no
Slide 16: Appendix
Appendix
Slide 17: Company overview
Company overview THE COMPANY STRATEGY Green PSV • Strengthen our position as the market leader within green PSV Subsea 14 416 • Actively seek partnerships that will create new business opportunities VESSELS EMPLOYEES* * Whereof one under construction * Number of employees end of FY2023 Offshore Wind
Slide 18: Energy transition fleet
Energy transition fleet Supply Subsea / Offshore wind Viking Energy Viking Lady NS Frayja (management) Viking Wind Power Seven Viking Viking Prince Viking Avant NS Orla (management) Subsea Viking Viking Neptun (management) LNG Dual Fuel Battery Hybrid Methanol Dual Fuel Viking Princess Viking Queen
Slide 19: Contract status
Contract status Vessel Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026 Q1 2027 Q2 2027 Seven Viking Viking Reach Subsea Viking Viking Wind Power TBN Viking Queen Viking Lady Viking Princess Viking Prince Viking Energy Viking Avant Firm Options
Slide 20: Debt maturity profile June 2024
Debt maturity profile 30 June 2024
Slide 21: Financial development
Financial development FY2021 FY2022 FY2023 1H2024 Adj. EBITDA Utilization 94 % 95 % 94 % 95 % 300,0 37% 37% 40% Revenue (NOKm) 588 919 772 381 35% Adj. Revenue (NOKm) 586 649 699 365 35% Adj. EBITDA (NOK million) 250,0 30% EBITDA (NOKm) 179 494 334 150 Adj. EBITDA margin 30% EBITDA margin 30 % 54 %
Slide 22: We aim to be the market leader within green offshore vessels.
We aim to be the market leader within green offshore vessels.