Slide 1: Q1 2025 Presentation
Q1 2025 Presentation w/ Lars Peder Solstad, CEO and Kjetil Ramstad, CFO 7 May 2025
Slide 2: Disclaimer
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 Company and/or the industry in which i
Slide 3: 1Q 2025 Highlights | Business update
1Q 2025 Highlights | Business update ▪ Investment in Omega Subsea AS was completed in the quarter where SOFF now holds 35,8% of the shares ▪ Associated company Solstad Maritime has applied for listing of its shares on Euronext Oslo Børs with expected first day of trading on or Business update about
Slide 4: Solstad Offshore at a glance
Solstad Offshore at a glance GLOBAL PRESENCE Office locations Solstad Maritime supporting offices Historical book equity1 USDbn 1 288 178 179 2 2022 2023 2024 Operational2 Adj. EBITDA split by segment, 2024 3 + 1 owned by Solstad Maritime Services 1 + 7 owned by Solstad Maritime AHTS 6% KPIs per Q1’
Slide 5: Q1 Financial Highlights
Solstad Offshore | Q1 25 Financial Highlights Q1: 93% USD 190m Utilization Backlog2 (94%) (USD 202m) Q1: USD 69m Book USD 311m, 39% Revenue equity (USD 189m, 24%) (USD 71m)1 Adj. Q1: USD 30m USD 107m Adj. NIBD EBITDA (USD 36m)1 (USD 201m) Q1: USD 24m USD 52m Net result Cash (USD 38m)1 (USD 64m) 5 1:
Slide 6: Adjusted NIBD & Leases
Solstad Offshore | Adjusted NIBD & Leases USD 100 million term loan with a 5-year amortization profile drawn in NIBD overview as per 31.03.2025, USDm SOFF ASA November 2024 400 350 Financing of four Brazilian built vessels with BNDES maturity with 98 Solstad Brazil from 2026-2031 300 250 Consist of
Slide 7: Solid backlog and high tendering activity
Solid backlog and high tendering activity Backlog per vessel type Firm-/option days2 per year Backlog development CSV AHTS Solstad Maritime1 vessels Firm-/option days Available days Solstad Offshore vessels2 Solstad Maritime1 vessels USDm Days USDm 200 600 3,000 180 503 500 469 160 2,500 446 407 140
Slide 8: Investments in associated companies & joint ventures
Investments in associated companies & joint ventures NORMAND INSTALLER S.A. (NISA) • Associated company 27,3% owner with • Normand Installer S.A. (NISA), a joint venture • Associated company 35,8%-owned with Aker as majority shareholder 50%-owned together with SBM Offshore Omega as majority sharehol
Slide 9: Solstad Maritime | Key figures & listing update
Solstad Maritime | Key figures & listing update Listing venue Euronext Oslo Børs Expected Q1: 80% USD 814m On or about 16 May 2025 Utilization Q1: 80% Backlog USD 814m FDOT1 Utilization (87%) Backlog (USD 593m) (87%) (USD 593m) Investor Invitation to global group call will be announced on the Compan
Slide 10: Financial guidance for 2025
Financial guidance for 2025 Metric 2025 Commentary ▪ Operational1 Adjusted EBITDA: USD 60 – 70m, whereof USD 16m in Q1 2025 Adjusted EBITDA USD 120 – 150m ▪ Share of result2 from AC and JV: USD 60 – 80m, whereof USD 14m in Q1 2025 ▪ On track to meet previous guidance for the full year Dividend ▪ Int
Slide 11: Summary
Summary Continued positive market outlook A quarter with high utilization and good visibility for the remainder of the year High tendering activity, particularly in Brazil Limited impact from global political turmoil Solstad Maritime ASA targets listing of its shares on Euronext Oslo Børs on or abou
Slide 12: Thank you for your attention
Thank you for your attention Pr eesas i geome NG
Slide 13: Income Statement & Adjusted EBITDA
Solstad Offshore | Income Statement & Adjusted EBITDA Unaudited 2025 2024 2024 2024 2024 2024 Unaudited 2025 2024 2024 2024 2024 2024 USDm 0 1 .0 1 -3 1 .0 3 0 1 .0 1 -3 1 .0 3 0 1 .0 4 -3 0 .0 6 0 1 .0 7 -3 0 .0 9 0 1 .1 0 -3 1 .1 2 0 1 .0 1 -3 1 .1 2 USDm 0 1 .0 1 -3 1 .0 3 0 1 .0 1 -3 1 .0 3 0 1
Slide 14: Balance Sheet
Solstad Offshore | Balance Sheet Unaudited 2025 2024 2024 2024 2024 Unaudited 2025 2024 2024 2024 2024 USDm 3 1 .0 3 3 1 .0 3 3 0 .0 6 3 0 .0 9 3 1 .1 2 USDm 3 1 .0 3 3 1 .0 3 3 0 .0 6 3 0 .0 9 3 1 .1 2 A SSET S EQUIT Y A ND LIA B ILIT IES Non-current as s ets Eq uity Tangible fixed assets 126 127 1
Slide 15: Cash Flow Statement
Solstad Offshore | Cash Flow Statement Unaudited 2025 2024 2024 2024 2024 USDm 0 1 .0 1 -3 1 .0 3 0 1 .0 1 -3 1 .0 3 0 1 .0 1 -3 0 .0 6 0 1 .0 1 -3 0 .0 9 0 1 .0 1 -3 1 .1 2 C A SH FLOW FR OM OPER A T IONS Result before tax 23 38 42 55 123 Taxes payable (0) (0) (0) (2) (3) Depreciations, impairment
Slide 16: Placeholder APMs
Placeholder APMs Solstad Offshore ASA refers to alternative performance measures with regards to its financial results as a supplement to the financial statements prepared in accordance with IFRS. Such performance measures are frequently used by securities analysts, investors and other interested pa