Slide 1: Presentation 3rd Quarter 2018
Presentation 3rd Quarter 2018 Oslo 22.11.2018 CEO Jan Fredrik Meling
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: News in 3rd Quarter 2018
News in 3rd Quarter 2018 Entered into a contract with TechnipFMC for “Viking Neptun”. Contract commencement was in August, and was for 25 days. Merkur Offshore awarded a contract for “Viking Neptun” for support work in offshore wind on German sector. Contract commencement was medio September, and is
Slide 4: News in 3rd Quarter 2018
News in 3rd Quarter 2018 The contracts with Equinor for “Viking Avant” and “Viking Energy” are extended to respectively ultimo 2019 and ultimo April 2020.
Slide 5: News after 30.09.18
News after 30.09.18 The contract for “Viking Neptun” is extended with Merkur Offshore to mid May, with further optional extensions.
Slide 6: News after 30.09.18
News after 30.09.18 The contract with Siemens Gamesa for the charter of “Acergy Viking” has been extended with one additional year and is now firm until end January 2021 with options until end April.
Slide 7: News after 30.09.18
News after 30.09.18 It is entered into a contract with a CGG subsidiary for “Veritas Viking”. The contract will commence ultimo November, and is firm for five months with further options.
Slide 8: 3rd Quarter 2018 results
3rd Quarter 2018 results (3rd Quarter 2017) Revenues MNOK 118,3 (157,0) EBITDA MNOK 20,9 (67,6) Operating profit MNOK -47,8 (-2,3) Pre-tax profit MNOK -73,2 (32,3) (Q3 2017 pre tax profit influenced by net agio of MNOK 58,9, and net financial items of MNOK 34,6)
Slide 9: Results 3rd Quarter 2018
Results 3rd Quarter 2018 (in million NOK) EBITDA Q3 2018 vs. Q3 2017 (MNOK -46,7): Operating revenue Q3 Seismic: Decrease of freight income of MNOK 19,1, decrease in the total operating expenses of MNOK 0,9. Net decrease in EBITDA of MNOK 18,3. 300 Subsea: Decrease of freight income of MNOK 27,1, in
Slide 10: Results pr 30.09.2018
Results pr 30.09.2018 (in million NOK) EBITDA YTD 2018 vs. YTD 2017 (MNOK -303,3): Operating revenue YTD Seismic: Decrease of freight income of MNOK 62,3 and no termination fee of MNOK 138,2 in 2018, decrease in the total operating expenses of MNOK 9,0. Net 600 155 decrease in EBITDA of MNOK 191,5.
Slide 11: Cash Flow
Cash Flow (in million NOK) 3rd Quarter 3rd Quarter 2018 2017 1.1-30.9.2018 1.1-30.9.2017 2017 Net cashflow from operating activities 14,6 26,5 15,2 286,4 372,1 Net cashflow from investment activities (10,8) 19,8 (38,5) 395,9 401,4 Net cashflow from finance activities (53,4) (98,1) (43,8) (681,5) (76
Slide 12: Balance
Balance (in million NOK) 5 000 4 500 Short-term liabilities Current assets 4 000 Short-term liabilities Current assets 3 500 3 000 Long-term liabilities Long-term liabilities 2 500 2 000 Fixed assets Fixed assets 1 500 1 000 Equity Equity 500 0 Assets 30.09.18 Equity and Liabilities Assets 30.09.17
Slide 13: Segments
Segments Incl. Share of Joint Ventures (in million NOK) 3rd Quarter 2018 Seismic Subsea Supply Other Revenue Q3 Revenue 53,6 65,2 52,8 4,1 2018 EBITDA 39,3 23,9 10,9 -4,1 EBIT -9,2 -6,1 -7,5 -4,3 EBITDA margin 73 % 37 % 21 % N/A EBIT margin -17 % -9 % -14 % N/A 3rd Quarter 2017 Seismic Subsea Supply
Slide 14: Debt maturity profile 30.09.2018
Debt maturity profile 30.09.2018 2 000 1 800 1 600 1 400 1 200 1 418 Millions 1 000 800 600 400 200 90 90 397 103 25 197 151 0 Rest 2018 2019 2020 2021 2022 After 2022 Instalments Balloons
Slide 15: Contract Backlog 30.09.18
Contract Backlog 30.09.18 1 000 800 600 Millions 957 400 220 200 239 57 282 234 232 121 100 0 5 Rest 2018 2019 2020 2021 2022 From 2023 Consolidated Share of JV's
Slide 16: Contract coverage incl JV's 30.09.2018
Contract coverage incl JV's 30.09.2018 80% 75% 70% 65% 64% 60% 54% 50% 45% 41% 40% 38% 37% 75% 33% 32% 65% 29% 30% 27% 27% 27% 27% 27% 27% 58% 20% 41% 41% 36% 33% 36% 33% 29% 27% 27% 27% 27% 27% 27% 27% 10% 0% Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2018 2019 2019 2019 2019 2020 2020 2020
Slide 17: Contract Status
Contract Status Seven Viking Viking Neptun Subsea Viking Acergy Viking Viking Queen Viking Lady LAY UP Viking Princess Viking Prince Viking Athene LAY UP Viking Energy Viking Avant CGG Alize LAY UP Oceanic Challenger LAY UP Geo Celtic LAY UP Geo Caribbean LAY UP Geo Coral Oceanic Sirius Oceanic Vega
Slide 18: Market
Market It has been a positive development in the rate level for larger PSV’s for medium to long term contracts in 2018. The spot market has however been weak in the North Sea lately. It is expected a challenging market in the coming winter, but we expects a stronger market from spring 2019. We belie
Slide 19: Thanks for Your attention!
Eidesvik Thanks for Your attention!