Slide 1: Presentation Q4 2022
Presentation Q4 2022 Februar 23, 2023
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: Content
Content 1 Company highlights 2 Q4-22 update 3 Financials 4 Appendixes 3
Slide 4: Company overview
Company overview KEY FINANCIALS SEGMENTS MNOK 648.8* Revenue 2022 PSV THE COMPANY SUBSEA MNOK 224.5* EBITDA 2022 *Adjusted with gain on sale of vessel with MNOK OFFSHORE WIND 269.7 16 450 VESSELS EMPLOYEES 4
Slide 5: A powerhouse for future-oriented and sustainable shipping
A powerhouse for future-oriented and sustainable shipping 5
Slide 6: Content
Content 1 Company highlights 2 Q4-22 update 3 Financials 4 Appendix 6
Slide 7: Business update
Business update • Completed sale of CSV Viking Neptun • We continued to deliver very good HSEQ performance, with 0 LTIs. • Strong operational performance across the fleet with 96% technical uptime in all segments combined. • The fleet utilization in the period was 98%, excluding vessels in lay-up. •
Slide 8: Contract coverage incl. JV December 31, 2022
Contract coverage incl. JV December 31, 2022 (excluding vessels in lay up) 100% 88% 89% 89% 89% 89% 89% 89% 89% 89% 89% 89% 90% 86% 80% 70% 67% 67% 67% 67% 60% 50% 88% 89% 40% 79% 78% 78% 78% 78% 78% 67% 30% 59% 56% 47% 20% 10% 22% 22% 22% 22% 0% Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 20
Slide 9: Contract backlog December 31, 2022
Contract backlog December 31, 2022 Consolidated total contract 600 backlog Q4, 2022 is 500 MNOK 1.388. 51 64 400 57 Millions 300 200 429 400 296 262 100 0 2023 2024 2025 From 2026 Consolidated Share of JV's 9
Slide 10: Market update – positive outlook in key segments
Market update – positive outlook in key segments 1 Utilization and pricing is expected to increase in all strategic focus areas for the Company in the coming years. 2 PSV: The fundamental activity drivers for this segment are robust, and with the lack of current newbuilding placements we foresee hea
Slide 11: Refinancing
Refinancing • Eidesvik has entered into a credit approved term sheet with its financial institutions for refinancing of its debt. • The new debt will mature on February 28, 2026. • With a prepayment of MNOK 410 from available cash on hand the debt will be materially reduced, and the Company’s financ
Slide 12: High-spec subsea IMR vessel acquired together with Reach Subsea
High-spec subsea IMR vessel acquired together with Reach Subsea • Edda Sun is a 2009-built highly versatile ROV support vessel with capabilities well fit for a broad 50.1% range of subsea activities. • The vessel is fuel efficient and capable of operating in harsh weather conditions with low down-ti
Slide 13: Content
Content 1 Company highlights 2 Q4-22 update 3 Financials 4 Appendix 13
Slide 14: Q4 2022 and preliminary 2022 results
Q4 2022 and preliminary 2022 results Q4 2022 Q4 2021 2022 2021 Revenue 164,2 13 % 145,7 648,8 11 % 585,9 Gain on sale 269,7 0,0 269,7 1,9 Sum revenue 433,9 145,7 918,5 587,8 EBITDA 322,7 30,3 494,2 178,7 EBITDA adj. for gain on sale 53,0 30,3 224,5 176,8 Adjusted EBITDA-margin 32 % 21 % 35 % 30 % Op
Slide 15: Segments
Segments Revenue & EBITDA margin EBITDA Q4 2022 vs. Q4 2021: (incl. share of JV) 100 60% Supply: Increase of revenue of MNOK 16.5, increase 90 of total operating expenses of MNOK 5.2. EBITDA 50% 80 increase of MNOK 11.4. 70 40% Subsea/Wind: Increase of revenue of 60 50 30% MNOK 6.1, decrease in the
Slide 16: Cash Flow Balance sheet
Balance sheet Cash Flow BALANCE SHEET 31.12.2022 31.12.2021 CASH FLOW 2022 2021 Fixed assets 1 348,1 1 196,9 Current Assets 910,3 531,2 Net cash flow from operating activities 225,6 177,1 Assets held for sale 80,7 1 022,5 Total assets 2 339,0 2 750,6 Net cash flow from investment activities 1 171,4
Slide 17: Highlights summary
Highlights summary Diversified fleet of high-end vessels, with strong operational performance. MNOK 1.388 backlog, securing solid contract coverage for 2023, 2024 and beyond. New subsea vessel to be acquired in a JV with a significant backlog of 6-year TC with Reach Subsea. Improving markets across
Slide 18: Q&A
Q&A 18
Slide 19: Content
Content 1 Company highlights 2 Q4-22 update 3 Financials 4 Appendix 19
Slide 20: Contract status
Contract status Seven Viking Subsea Viking Viking Wind Power Viking Queen Viking Lady Viking Princess Viking Prince Viking Energy Viking Avant Viking Vanquish LAY UP Viking Vision LAY UP Veritas Viking LAY UP Vantage LAY UP 01.01.2023 01.01.2024 31.12.2024 31.12.2025 Firm contract Option 20
Slide 21: Debt maturity profile December 31, 2022
Debt maturity profile December 31, 2022 1 200 1 034 1 000 800 Million NOK 600 400 200 62 44 0 2023 2024 Instalments Balloons Liabilities related to Assets held for sale will become due and payable at the time of completion of the sale. 21
Slide 22: PSV Fleet
PSV Fleet LNG Dual Fuel Battery Hybrid Viking Energy HYBRID Viking Prince Viking Princess Viking Lady Viking Avant Viking Queen NS Frayja (management) NS Orla (management) 22
Slide 23: Subsea & Offshore Wind Fleet
Subsea & Offshore Wind Fleet Battery Hybrid Viking Wind Power Subsea Viking Seven Viking Viking Neptun (management) Viking Reach (new, 50.1% owned) 23
Slide 24: We aim to be the market leader within green offshore vessels.
We aim to be the market leader within green offshore vessels.
Slide 25: A powerhouse for innovation
A powerhouse for innovation Viking Energy | 2003 World’s first LNG cargo vessel Viking Princess | 2012 2016: First BATTERY POWER hybrid LNG platform supply vessel 2018: Shore Power 2017: First to replace Genset with Hybrid 2020-2024: Ammonia Fuel cell project 2021 : Shore power Viking Avant | 2005 S