Slide 1: Q4 2020 results and business update
4 February 2020 Q4 2020 results and business update
Slide 2: Disclaimer
Disclaimer All statements in this presentation other than statements of historical fact are forward-looking statements, which are subject to a number of risks, uncertainties, and assumptions that are difficult to predict and are based upon assumptions as to future events that may not prove accurate.
Slide 3: Agenda
Agenda Update on financial situation Highlights Financial results Commercial update Summary & Outlook 3
Slide 4: Update on financial situation
Update on financial situation The process with the lenders to agree a sustainable financial solution continues in a constructive manner with a majority of lenders providing their support to the Company and process while retaining their rights. While the process is ongoing, the company will conti
Slide 5: Agenda
Agenda Update on financial situation Highlights Financial results Commercial update Summary & Outlook 5
Slide 6: Highlights – Q4 2020
Highlights – Q4 2020 Operating status and financial results • Utilisation of 25% in Q4 (23%) • Despite lower average day rates, reported EBITDA of USD 0.7 million (USD 6.4 million negative) due to good cost performance; while the underlying EBITDA adjusted for one-offs was USD 2.8 million (USD 0.4
Slide 7: Agenda
Agenda Update on financial situation Highlights Financial results Commercial update Summary & Outlook 7
Slide 8: Income statement
Income statement Low fleet utilisation at 25% (Q4 2019: 23%). Contracts Q4 deferred to 2021 (Unaudited figures in USD million) 2020 2019 Lower operating revenues mainly due to lower average day rate Operating revenues 16 26 Operating expenses in Q4 2020 were significantly lower Operating expen
Slide 9: Balance sheet
Balance sheet (Unaudited figures in USD million) 31.12.20 31.12.19 Vessels 412 1,205 Total assets of USD 588 million, significantly reduced New builds 1 61 from the same quarter last year mainly due to the Other non-current assets 2 2 impairments carried out in Q1 2020 Total non-current assets 416
Slide 10: Agenda
Agenda Update on financial situation Highlights Financial results Commercial update Summary & Outlook 10
Slide 11: Fleet status: Contracts, wins and extension
Fleet status: Contracts, wins and extension Contract backlog Commercial update Safe Concordia new contract in Trinidad from June/July 2021 Safe Notos on contract with Petrobras through to mid-November 2021 with 30-day SPS time-out in January 2021 Safe Eurus on contract with Petrobras Safe Bo
Slide 12: Order backlog per end Q4 2020 (USD million)
Order backlog per end Q4 2020 (USD million) 2500 Successfully maintained its 2000 878 order book by moving contracts from 2020 to 2021 649 1500 604 and adding new contract and 610 621 604 598 extension 593 564 Order backlog per Q4 2020 1000 518 1541 1371 481 483 1239 1111 was USD 144 million 102
Slide 13: Agenda
Agenda Update on financial situation Highlights Financial results Commercial update Summary & Outlook 13
Slide 14: Summary & Outlook
Summary & Outlook SUMMARY Operating status and financial results • Positive EBITDA despite utilisation of 25% in Q4 (23%) and lower average day rates Commercial status • Awarded two new contracts in respectively 2021 and 2022 and extended the Safe Notos in Brazil through to mid-November 2021 • O
Slide 15: Appendix
Appendix ey Prosafe
Slide 16: Development of operating results
Development of operating results 16
Slide 17: Liquidity reserve & Net interest-bearing debt
Liquidity reserve & Net interest-bearing debt 17
Slide 18: Operating revenue
Operating revenue (USD million) Q4 20 Q4 19 Q3 20 2020 2019 Charter income 13.3 24.4 10.9 53.0 191.7 Other income 2.2 1.9 0.8 3.7 33.7 Total 15.5 26.3 11.7 56.7 225.4 18