Eidesvik Offshore Asa · OSL:EIOF
Eidesvik Offshore Asa — Q4 2020 Earnings Presentation
19 slides from Eidesvik Offshore Asa's earnings presentation, Feb 25, 2021
Slide 1: Presentation 4th Quarter 2020
Presentation 4th Quarter 2020 February 25, 2021
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: Highlights in 4th Quarter 2020
Highlights in 4th Quarter 2020 Eidesvik was awarded a time charter contract with Wintershall Dea Norge AS for Viking Princess. The contract commenced in January 2021. The firm contract period is 12 months plus options for extensions. 3
Slide 4: Highlights in 4th Quarter 2020
Highlights in 4th Quarter 2020 Eidesvik secured a contract with DEME Offshore NL BV for a fixed period of 84 days for Viking Neptun, with options for extensions. Commencement of the contract was November 2020. 4
Slide 5: Subsequent events
Subsequent events Eidesvik exercised the PUT-option for its shares in Shearwater GeoServices Holding AS (“Shearwater”) effectively selling all its shares in Shearwater to CGG SA for a total consideration of USD 30 million in cash. The cash settlement was received in January 2021. 5
Slide 6: Subsequent events
Subsequent events Eidesvik was awarded a time charter contract with Siemens Gamesa Renewable Energy GmbH & Co. KG for Acergy Viking. The contract will commence in direct continuation of the current contract extending the firm period until end January 2027. 6
Slide 7: Subsequent events
Subsequent events Eidesvik was awarded a time charter contract with Aker BP ASA for Viking Prince. The contract was awarded under the current Frame Agreement for a drilling campaign indicated for a period up to 120 days, with commencement April 2021. 7
Slide 8: Result Summary
Result Summary (in million NOK) Q4 2020 Q4 2019 2020 2019 Revenues 106,9 142,0 530,8 681,6 EBITDA 10,0 35,1 131,1 243,2 Operating result -152,7 -594,1 -202,4 -565,3 Pre-tax result -28,0 -576,8 -134,6 -688,7 8
Slide 9: Cash Flow
Cash Flow (in million NOK) Q4 2020 Q4 2019 2020 2019 Net cash flow from operating activities 90,8 71,3 254,4 172,0 Net cash flow from investment activities (43,2) (32,0) (77,5) (54,4) Net cash flow from finance activities (18,5) (50,8) (156,1) (224,8) Net changes in cash holdings 29,1 (11,5) 20,8 (1
Slide 10: Balance
Balance (in million NOK) 3 500 Short-term liabilities 3 000 Current assets Short-term liabilities Current assets Asset held for sale 2 500 2 000 Long-term liabilities Long-term liabilities 1 500 Fixed assets Fixed assets 1 000 500 Equity Equity 0 Assets 31.12.2020 Equity and Liabilities Assets 31.12
Slide 11: Debt maturity profile 31.12.2020
Debt maturity profile 31.12.2020 2 200 2 000 1 800 1 600 1 400 1 200 Millions 1 629 1 000 800 600 400 200 158 313 260 0 2021 2022 After 2022 Instalments Balloons 11
Slide 12: Consolidated total contract backlog Q4 2020 is MNOK 988
Consolidated total contract backlog Q4 2020 is MNOK 988 (incl. all new contracts per February 24, 2021) 12
Slide 13: Contract coverage incl. JV's 31.12.2020
Eidesvik 70% 60% 50% 40% 30% 20% 10% 0% Contract coverage incl. JV's 31.12.2020 Alita Qi Q2 2021 2021 13 Q3 2021 Q4 Qi Q2 Q3 a4 ai aa Qi a4 Qi 2021 2022 2022 2022 2022 2023 2023 2023 2023 2024 ond 024 2024 2025 Option ®Firm
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 | LAY UP Viking Energy Viking Vanquish | LAY UP. Viking Vision | Lay uP Veritas Viking | LayuP Vantage | LAYUP 01.01.2021 01.01.2022 01.01.2023 01.01.2
Slide 15: Market
Market As we enter 2021, we see signs of improvements as the oil price has returned to pre pandemic levels and the Covid-19 vaccine will ease on the current operational restraints. PSV • Rate levels below operational expenses and related utilization levels in the North Sea spot market. • Number of f
Slide 16: APPENDICES
APPENDICES 16
Slide 17: Results 4th Quarter 2020
Results 4th Quarter 2020 (in million NOK) EBITDA Q4 2020 vs. Q4 2019 (MNOK -25.0): Operating revenue Q4 Seismic: Decrease of freight income of MNOK 11.3, decrease in the total operating expenses of MNOK 16.0. Net increase in EBITDA of MNOK 4.6. 200 Subsea: Decrease of freight income of MNOK 4.8, inc
Slide 18: Results 2020
Results 2020 (in million NOK) EBITDA 2020 vs. 2019 (MNOK -112.1): Operating revenue Seismic: Decrease of freight income of MNOK 147.5, decrease in the total operating expenses of MNOK 37.7. Net decrease in EBITDA of MNOK 109.8. 600 49 Subsea: Increase of freight income of MNOK 3.1, increase in the t
Slide 19: Segments
Segments Incl. Share of Joint Ventures (in million NOK) 4th Quarter 2020 Seismic Subsea Supply Other Revenue Q4 Revenue 6.3 56.1 56.5 6.0 2020 EBITDA 3.2 13.6 7.2 -4.9 EBIT -51.6 -62.8 -29.5 -7.3 EBITDA margin 52% 24% 13% N/A EBIT margin -817% -112% -52% N/A 4th Quarter 2019 Seismic Subsea Supply Ot