Solstad Offshore Asa · OSL:SOFF
Solstad Offshore Asa — Q4 2021 Earnings Presentation
13 slides from Solstad Offshore Asa's earnings presentation, Feb 25, 2022
Slide 1: 4Q 2021 Presentation
4Q 2021 Presentation Lars Peder Solstad, CEO and Kjetil Ramstad, CFO 25.02.2022 1
Slide 2: Disclaimer
4Q 2021 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 G
Slide 3: Financial Highlights
4Q 2021 PRESENTATION Financial Highlights 1 Revenue MNOK 1,303 MNOK 5,600 backlog (MNOK 1,175) (MNOK 5,200) 2 Adj. EBITDA MNOK 291 22% EBITDA margin (MNOK 204) (17%) 3 EBIT MNOK -143 -11% EBIT margin (MNOK -288) (-24%) 4 Assets MNOK 20,867 Fixed Assets MNOK 2,459 Cash (NOK 22,220) (NOK 2,412M) 5 Equ
Slide 4: Business Update: Improved Market Drives Utilization and Backlog
4Q 2021 PRESENTATION Business Update: Improved Market Drives Utilization and Backlog Solstad has signed new contracts in all vessel segments and main geographical regions during the 1 quarter. Commercial terms continue to improve. 2 On average, 80 vessels were operational with an average utilization
Slide 5: Fleet update: Modernization continues
4Q 2021 PRESENTATION Fleet update: Modernization continues The Solstad fleet consist of 90 vessels serving clients within oil & gas and offshore-wind, 1 globally. Number of active vessels, at the end of the quarter: 78 2 Vessels in lay-up: 12 3 The Company has sold 25 non-strategic vessels in 2021.
Slide 6: Market Update: Offshore Markets Improving
4Q 2021 PRESENTATION Market Update: Offshore Markets Improving Offshore E&P- Offshore rig count Strong growth in spending turning increasing again offshore wind 200 550 300 250 500 150 Offshore wind, cumulative, GW 200 450 100 150 400 100 50 350 50 0 300 0 2017 2018 2019 2020 2021 2022 2023 2024 202
Slide 7: Market Update: Outlook for Solstad's services continues to improve
4Q 2021 PRESENTATION Market Update: Outlook for Solstad’s services continues to improve 1 The global demand for offshore vessels continue to improve and due to limited new supply of vessels, supply/demand balance are tightening. 2 North Sea and Brazil has high activity, while Asia Pacific are still
Slide 8: Backlog, Order intake & Book-to-bill development
4Q 2021 PRESENTATION Backlog: ~x1,6 Book-to-Bill in 4Q 2021 Backlog, Order intake & Book- Backlog per year per segment Backlog per region to-bill development 4 000 6 000 5 600 2,0 3 500 5 200 1,8 Europe 4 900 45% 5 000 1,6 3 000 4 500 4 500 1,6 1,2 1,4 2 500 Other 4 000 1,1 1,2 5% MNOK MNOK 2 000 B2
Slide 9: Income Statement
4Q 2021 PRESENTATION Income Statement 2021 2020 2021 2020 MNOK 01.10-31.12 01.10-31.12 01.01-31.12 01.01-31.12 Operating income 1,303 1,175 5,404 5,026 Vessel operating expenses (940) (901) (3,568) (3,517) EBITDA Administrative expenses (123) (203) (435) (477) 1 000 Total operating expenses (1,062)
Slide 10: Balance Sheet
4Q 2021 PRESENTATION Balance Sheet 2021 2020 2021 2020 MNOK MNOK 31.12 31.12 MNOK 31.12 31.12 ASSETS EQUITY AND LIABILITIES Fixed Assets Equity Intangible assets 14 13 Paid-in equity 253 250 Tangible fixed assets 18,090 19,510 Other equity 2,842 3,977 Right-of-use assets 2,561 2,457 Non-controlling
Slide 11: Cash Flow & debt development
4Q 2021 PRESENTATION Cash Flow & debt development Simplified FCF* Long-term debt 2021 25 000 48% 1 208 20 631 270 - 398 - 37 20 718 - 213 465 20 000 818 15 000 MNOK MNOK 10 000 5 000 73% 180 104 0 Long-term debt Amortized fair Repayment of Paid leases Currency effect Other Long-term debt 4Q20 4Q21 2
Slide 12: Summary
4Q 2021 PRESENTATION Summary • Another positive quarter with high order intake, expected to continue in 2022. • High vessel utilization, improved EBITDA and solid cash generation from operations. • Very high tender activity globally both in oil & gas and in offshore-wind markets. • Commercial terms
Slide 13: Q&A
Q&A 25.02.2022 13