Fjord Defence Group Asa · OSL:DFENS
Fjord Defence Group Asa — Carbon Transition — Q2 2021 Earnings Presentation
20 slides from Fjord Defence Group Asa's earnings presentation, Aug 25, 2021
Slide 1: Carbon Transition ASA Second Quarter 2021
CARBON 25 August 2021 TRANSIT! N Carbon Transition ASA Second Quarter 2021 Ronny Bohn, CEO and Nils Haugestad, CFO
Slide 2: Disclaimer
25 August 2021 Disclaimer • The information in this presentation has been prepared by Carbon Transition ASA (the “Company”). By attending the meeting where this presentation is made, or by reading the presentation slides, you agree to be bound by the following limitations and provisions: • This pres
Slide 3: Agenda
25 August 2021 1 Quarterly highlights 2 Business overview 3 Financial review 4 Summary
Slide 4: Quarterly highlights and subsequent events
25 August 2021 Quarterly highlights and subsequent events EVENTS DURING THE QUARTER • Approval of reconstruction proposal and issuance of USD 17.4 million equity private placement • Sale of vessel “Neptune Naiad” and associated equipment • Mobilization of North Sea project • New board of directors e
Slide 5: Business overview
25 August 2021 1 Quarterly highlights 2 Business overview 3 Financial review 4 Summary
Slide 6: Strategy
25 August 2021 Strategy Focus on investing in technologies & companies which contribute to significant reduction of carbon emissions • Unique opportunity to take part from an early stage in the ongoing energy transition • Multiple sectors going through massive changes, creating vast opportunities to
Slide 7: Carbon Transition ASA | Value proposition
25 August 2021 Carbon Transition ASA | Value proposition • CARBN expects to unlock substantial & tangible value through investing in companies which are: o Through its seed and venture phase o Currently looking for growth capital in pre IPO phase CARBN investment o Targeting an IPO in the short to m
Slide 8: CO2 prices
25 August 2021 CO2 prices The driving force of change – and green profitability • In four years’ time, the price on European emissions rights, EU ETS, has increased tenfold • Currently trading around EURO 55 / ton • EU “Green Deal” target: Europe to be the world’s first carbon neutral region by 2050
Slide 9: Carbon Transition investments is the way forward
25 August 2021 Carbon Transition investments is the way forward Maximizing value of legacy seismic business Legacy segments 173 nm Energy transition investments Multi-Client Ocean Bottom Node Investment # 1 Investment # 2 ▪ Holds significant ▪ Global experience ownership of high- with multi-vessel I
Slide 10: First investment | Arbaflame AS
25 August 2021 First investment | Arbaflame AS • NOK 30 million invested as part of NOK 156 million convertible loan • NOK 550 million invested to date, including several ESG focused entities and main sponsor Pemco • Highly attractive company with unique and verified technology enabling production o
Slide 11: Multi-Client business update
25 August 2021 Multi-Client business update UTSIRA • Continued interest in the Utsira OBN MC data set in the central North Sea • Several ongoing discussions with potential clients • Positive outlook for late sales in the second half of 2021 EGYPT – GULF OF SUEZ • The data processing of the Gulf of S
Slide 12: OBN business update
25 August 2021 OBN business update NORTH SEA PROJECT • Contract signed and announced in 2020 • First ROV based data acquisition project • Divested source vessel Neptune Naiad in line with “asset light” strategy • Mobilized crew, vessels and equipment from “standing start” in late June • Project comp
Slide 13: Financial review
25 August 2021 1 Quarterly highlights 2 Business overview 3 Financial review 4 Summary
Slide 14: Reconstruction summary
25 August 2021 Reconstruction summary USD million Unrelated Gain on Fair value Balance period Cash debt Equity on equity Capital Balance Equity and Liabilities 31.03.2021 movements payments forgiveness Conversion conversion Increase 30.06.2021 Total equity -14.4 -9.6 18.2 25.5 15.5 35.2 Total curren
Slide 15: Second quarter segment P&L
25 August 2021 Second quarter segment P&L USD million • The company mobilized for the North Sea project during the 14,4 quarter • Revenues from COVID-19 compensation of USD 0.4 million • EBITDA of negative USD 2.5 million • Sale of Neptune Naiad (net loss USD 3.5 million) • EBIT of negative USD 8.9
Slide 16: Second quarter segment financial position
25 August 2021 Second quarter segment financial position USD million Assets 30.06.2021 • Equity before subsequent offering NOK 20 million in July • Cash position reflects pre-payments of approximately USD Multi client library 32.5 2.3 million for the North Sea project Property, plant & equipment 4.6
Slide 17: Overview of shares outstanding
25 August 2021 Overview of shares outstanding Overview shares Number of shares % Ordinary shares 1 January 2021 58 821 018 2.8% • Strong investor base following the Private placement June 2021 1 445 000 000 67.9% restructuring of the company Converted shares June 2021 424 399 458 19.9% Total shares
Slide 18: Summary
25 August 2021 1 Quarterly highlights 2 Business overview 3 Financial review 4 Summary
Slide 19: Summary
25 August 2021 Summary • New strategic direction – investing in a sustainable future, focusing on reducing carbon emissions • Change of company name and ticker symbol • First investment made under new strategy - Arbaflame AS • NOK 20 million repair offering substantially oversubscribed • North Sea p
Slide 20: Investing in a sustainable future
CARBON TRANSITIAN Investing ina sustainable future.