Eidesvik Offshore Asa · OSL:EIOF
Eidesvik Offshore Asa — Q3 2019 Earnings Presentation
16 slides from Eidesvik Offshore Asa's earnings presentation, Nov 21, 2019
Slide 1: Presentation 3rd Quarter 2019
Presentation 3rd Quarter 2019 Oslo, November 21, 2019 Jan Fredrik Meling, CEO
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 2019
News in 3rd Quarter 2019 Eidesvik was awarded a 3-year contract for «Viking Avant» from Equinor Energy AS in direct continuation of the current contract expiring end December 2019. This enables Eidesvik to install batteries and hybrid solutions for the vessel, and it will be the 6th Eidesvik vessel
Slide 4: News in 3rd Quarter 2019
News in 3rd Quarter 2019 Equinor Energy AS awarded Eidesvik a contract for «Viking Queen». The firm contract period is 6 months, commencing in direct continuation of the current contract expiring ultimo August 2019. 4
Slide 5: 3rd Quarter 2019 results
3rd Quarter 2019 results (3rd Quarter 2018) Revenues MNOK 176.1 (118.3) EBITDA MNOK 63.3 (20.9) Operating profit MNOK 9.6 (-47.8) Pre-tax profit MNOK -92.4 (-73.2) 5
Slide 6: Results 3rd Quarter 2019
Results 3rd Quarter 2019 (in million NOK) EBITDA Q3 2019 vs. Q3 2018 (MNOK 42.4): Operating revenue Q3 Seismic: Increase of freight income of MNOK 24.0, increase in the total operating expenses of MNOK 7.9. Net increase in EBITDA of MNOK 16.1. 200 Subsea: Increase of freight income of 9.6 MNOK , inc
Slide 7: Results per 30.09.2019
Results per 30.09.2019 (in million NOK) EBITDA YTD 2019 vs. YTD 2018 (MNOK 159.5): Operating revenue YTD Seismic: Increase of freight income of MNOK 121.2 including termination fee of 600 155 MNOK 38.6, increase in the total operating expenses of MNOK 20.5. Net 49 increase in EBITDA of MNOK 100.7. 4
Slide 8: Cash Flow
Cash Flow (in million NOK) 3rd Quarter 3rd Quarter 2019 2018 1.1-30.09.2019 1.1-30.09.2018 2018 Net cashflow from operating activities 64,3 14,6 97,4 15,2 90,0 Net cashflow from investment activities 1,4 (10,8) (22,4) (38,5) (38,9) Net cashflow from finance activities (55,6) (53,4) (170,8) (43,8) (9
Slide 9: Balance
Balance (in million NOK) 4 500 4 000 Short-term liabilities Short-term liabilities Current assets Current assets 3 500 Asset held for sale 3 000 Long-term liabilities 2 500 Long-term liabilities 2 000 Fixed assets 1 500 Fixed assets 1 000 Equity Equity 500 0 Assets 30.09.19 Equity and Liabilities As
Slide 10: Segments
Segments Incl. Share of Joint Ventures, excl. Assets held for sale (in million NOK) 3rd Quarter 2019 Seismic Subsea Supply Other Revenue Q3 Revenue 39.7 75.0 75.5 5.6 2019 EBITDA 18.9 30.9 25.5 0.7 EBIT 5.9 3.9 2.6 -0.6 EBITDA margin 48% 41% 34% N/A EBIT margin 15% 5% 4% N/A 3rd Quarter 2018 Seismic
Slide 11: Debt maturity profile 30.09.2019
Debt maturity profile 30.09.2019 2 000 1 800 1 600 1 400 1 200 1 595 Millions 1 000 800 600 400 208 200 96 326 27 271 0 Remaining 2019 2020 2021 2022 After 2022 Instalments Balloons 11
Slide 12: Consolidated total contract backlog Q3 2019 is MNOK 672
Consolidated total contract backlog Q3 2019 is MNOK 672 Excluded Global Seismic Shipping AS 12
Slide 13: Contract coverage incl. JV's 30.09.2019
S Contract coverage incl. JV's 30.09.2019 80% - (excl. Assets held for sale) 70% + 60% + 50% + 40% 4 lito. a4 Qi Q2 Q3 a4 ai a4 ai Qa Qi Q3 4 2019 2020 2020 2020 2020 2021 2021 2021 2021 2022 2022 2022 2022 2023 2023 2023 2023 BOption @Firm 13
Slide 14: Eidesvik Contract Status
Eidesvik Contract Status Seven Viking Viking Neptun Subsea Viking Acergy Viking Viking Queen Viking Lady Viking Princess Viking Prince Viking Athene Viking Energy Viking Avant Viking Vanquish Viking Vision Veritas Viking 01.01.2019 01.01.2020 01.01.2021 01.01.2022 Firm contract m™ Option 14
Slide 15: Market
Market PSV • Decrease in rates and utilization as we enter the winter season, but less decrease and less volatility compared to recent years. • High number of term fixtures concluded in the 3rd Quarter. • The availability for large and modern PSVs remains low. Subsea • Decrease in both rates and uti
Slide 16: Thanks for Your attention!
Eidesvik Thanks for Your attention!