Eidesvik Offshore Asa · OSL:EIOF
Eidesvik Offshore Asa — Shareholder Meeting (May 2019)
14 slides from Eidesvik Offshore Asa's shareholder meeting presentation, May 23, 2019
Slide 1: Annual General Meeting
Annual General Meeting Bømlo, May 23, 2019 Jan Fredrik Meling, CEO
Slide 2: Subsea/Offshore wind, Supply, Seismic fleet overview
Subsea/Offshore wind Supply Seismic 4 vessels 7 vessels 11 vessels Revenues MNOK 489 347 employees Operates 22 ships 2
Slide 3: The offshore wind market
The offshore wind market The contract with Siemens Gamesa for the charter of «Acergy Viking» was first extended with one year until end January 2021 with options until end April 2021. Then it was further extended with one additional year, and is now firm until end January 2022 with options until end
Slide 4: The Subsea market
The Subsea market Awarded a contract for «Viking Neptun» for term work with Ocean Installer AS during two periods with commencement early 2020 and 2021 respectively. In 2nd Quarter 2019 Eidesvik was awarded a contract for «Viking Neptun» with Ocean Installer AS for a period exceeding two months with
Slide 5: The Supply market
The Supply market The contracts with Equinor for «Viking Avant» and «Viking Energy» were extended to respectively ultimo 2019 and ultimo April 2020. Eidesvik entered into a Frame Agreement with Aker BP for the provision of Platform Supply Vessels (PSV). The duration of the Frame Agreement is initial
Slide 6: The Seismic market
The Seismic market Eidesvik entered into a long-term Master Time Charter Agreement with Seabed Geosolutions. The agreement includes services for seismic source and node-handling vessels. As a first call off under this agreement, Eidesvik was awarded new contracts by Seabed Geosolutions for «Vantage»
Slide 7: The Financial restructuring
The Financial restructuring • Eidesvik Offshore ASA entered into agreements with its lenders securing changes in the repayment terms of the Group’s loans. The financial restructuring period started February 1, 2018 and lasts until December 31, 2022. • Final maturity for loans (balloons) are extended
Slide 8: LTI 2018
Eidesvik 30 [Chart Area 5 20 as 10 5 1 - | 2014 = First Aid 26 = Lost Time Incident a Medical Treatment - = RWC - LT] 2018 16 16 13 11 3 2 2 2 aa 1 a1 = - Rem mo | | 2015 2016 2017 2018 1s 11 13 16 a - 1 2 a 3 1 - - 1 2 2
Slide 9: Results 2018
Results 2018 (in million NOK) EBITDA 2018 vs. 2017 (MNOK -288.4): Operating revenue 2018 Seismic: Decrease of freight income of MNOK 45.0 and no termination fee of 800 35 MNOK 138.2 in 2018, decrease in the total operating expenses of MNOK 5.8. Net 600 155 decrease in EBITDA of MNOK 177.4. 400 11 Su
Slide 10: Balance
Balance (in million NOK) 4 500 4 000 Short-term liabilities Short-term liabilities Current assets 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 31.12.18 Equity and Liabilities Assets 31.12.17 Equity
Slide 11: Fleet Contract Status
pel Contract Status Seven Viking Viking Neptun Subsea Viking Acergy Viking Viking Queen Viking Lady Viking Princess Viking Prince Viking Athene Viking Energy Viking Avant CGG Alize Oceanic Challenger Geo Celtic Geo Caribbean Geo Coral Oceanic Sirius Oceanic Vega Viking Vanquish Viking Vision Veritas
Slide 12: Contract Backlog 31.03.2019
Contract Backlog 31.03.2019 1 000 800 Consolidated total contract backlog Q1 600 2019 is MNOK 771 Millions 185 998 400 248 243 200 392 208 242 165 0 6 2019 2020 2021 2022 From 2023 Consolidated Share of JV's 12
Slide 13: Debt maturity profile 31.03.2019
Debt maturity profile 31.03.2019 2 000 1 800 1 600 1 400 1 200 Millions 1 000 1 456 800 600 400 202 108 200 93 317 72 244 0 Remaining 2019 2020 2021 2022 After 2022 Instalments Balloons 13
Slide 14: Thanks for Your attention!
Eidesvik Thanks for Your attention!