Slide 1: 2Q 2023 Presentation
2Q 2023 Presentation w/ Lars Peder Solstad, CEO and Kjetil Ramstad, CFO 25.08.2023 1
Slide 2: Disclaimer
2Q 2023 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 – Continued operations
2Q 2023 PRESENTATION Financial highlights – Continued operations Continued operations: excludes the PSV fleet 1 Revenue MNOK 1,914 MNOK 6,500 backlog (MNOK 1,325) (MNOK 5,100) 2 EBITDA adj. MNOK 934 49% EBITDA margin (MNOK 528) (40%) 3 EBIT MNOK 630 33% EBIT margin (MNOK 552) (42%) 4 Assets MNOK 15,
Slide 4: Business update: The company positioned for the energy transition
2Q 2023 PRESENTATION Business update: The company positioned for the energy transition EBITDA adjusted, from continued operations, increased by 77 percent to MNOK 934 compared to MNOK 528 in 2Q 2022. This is the company's highest EBITDA result ever. 1 31 percent of the quarterly EBITDA was generated
Slide 5: Market update: The high-end offshore market has recovered
2Q 2023 PRESENTATION Market update: The high-end offshore market has recovered High demand for high-end offshore services, from both from Oil & Gas and Renewable Energy 1 activities, in all regions we operate. Tender activity remains at a high level with improved commercial terms and increased willi
Slide 6: Examples of new contracts, YTD
2Q 2023 PRESENTATION Examples of new contracts, YTD CSV Normand Pioneer CSV Normand Maximus WSV Normand Carioca • Extension of its charter contract • Letter of Intent from an • Entered into an agreement with with the Brazilian oil company undisclosed subsea contractor for Equinor Brazil to convert t
Slide 7: Backlog: ~x1.1 Book-to-Bill in 2Q 2023
2Q 2023 PRESENTATION Backlog: ~x1.1 Book-to-Bill in 2Q 2023* Backlog per year per segment Firm- & option backlog Backlog, Order Intake & B2B 2,500 4,000 10,000 3.0 3,500 2,000 2.5 8,000 3,000 2.0 2.0 1,500 2,500 6,000 MNOK MNOK MNOK B2B 2,000 1.2 1.5 1.1 1.1 1,000 4,000 1,500 0.9 1.0 1,000 500 2,000
Slide 8: Backlog: Considerable earnings potential on top of present backlog
2Q 2023 PRESENTATION Backlog: 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 – YTG 2023 per segment - 2024 per segment - 2025 14,000 14,000 14,000 12,000 12,000 12,000 10,000 10,000 10,000 Days Da
Slide 9: Income statement
2Q 2023 PRESENTATION Income statement Unaudited 2023 2022 2022 MNOK 1.04-30.06 1.04-30.06 1.1-31.12 Continued operations Operating income 1,914 1,325 4,778 Vessel operating expenses (936) (774) (2,872) Administrative expenses (75) (49) (287) EBITDA adjusted Total operating expenses (1,011) (823) (3,
Slide 10: Balance sheet – pro forma balance sheet continued operations
2Q 2023 PRESENTATION Balance sheet – pro forma balance sheet continued operations* Unaudited 2023 2022 2022 Unaudited 2023 2022 2022 MNOK 30.06* 30.06 31.12 MNOK 30.06* 30.06 31.12 ASSETS EQUITY AND LIABILITIES Fixed Assets Equity Intangible assets 4 14 4 Paid-in equity 258 258 258 Tangible fixed as
Slide 11: Equity & liabilities development
2Q 2023 PRESENTATION Equity & liabilities development Balance sheet is sensitive to currency movements, particularly reporting currency NOK to USD. 25.08.2023 11
Slide 12: Refinancing & debt structure
2Q 2023 PRESENTATION Refinancing & debt structure ▪ Fleet loan & Super Senior Facility: Maturity in 1Q24 financing 36 vessels following the PSV transaction (71 before). Was reduced by approx. MUSD 550 following the PSV transaction. Debt Maturity per 2Q23 ex. Debt Maturity 1Q24 ▪ Normand Maximus: Com
Slide 13: Summary
2Q 2023 PRESENTATION Summary • The company had its best quarter ever, with record high revenue and a 49% EBITDA margin. • We continue to build backlog at healthy margins. • The exit from the PSV-segment was concluded 5th July-23. As a consequence, the company net debt was reduced by approx. 6 BNOK.
Slide 14: Q&A
Q&A 25.08.2023 14