Eidesvik Offshore Asa · OSL:EIOF
Eidesvik Offshore Asa — Q2 2021 Earnings Presentation
19 slides from Eidesvik Offshore Asa's earnings presentation, Aug 30, 2021
Slide 1: Presentation 2nd Quarter 2021
Presentation 2nd Quarter 2021 August 30, 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 2nd Quarter 2021
Highlights in 2nd Quarter 2021 Eidesvik has sold the PSV Viking Athene. Delivery of the vessel took place April 28, 2021. The vessel will exit the North Sea supply vessel market and be utilized by the new owner as a Farming Service Vessel. The sale of the vessel resulted in an immaterial accounting
Slide 4: Highlights in 2nd Quarter 2021
Highlights in 2nd Quarter 2021 Eidesvik entered into a bareboat contract for 130 days including transit with an undisclosed 3rd party operator for Veritas Viking. The vessel was mobilized from Bømlo in May 2021 and commenced the bareboat contract in June 2021. 4
Slide 5: Highlights in 2nd Quarter 2021
Highlights in 2nd Quarter 2021 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 of approximately 100 days, with commencement August 2021. 5
Slide 6: Subsequent events
Subsequent events Eidesvik has been awarded a contract with Havfram AS for the CSV Viking Neptun. The contract will commence early January 2022 with a firm period towards the end of 3rd Quarter 2022. In addition, Havfram AS has been granted options for further extension. 6
Slide 7: Subsequent events - FINANCING
Subsequent events - FINANCING On August 27, 2021, Eidesvik announced that it had agreed on a term sheet (“Term Sheet”) with its financial institutions for refinancing of its debt. With a combination of extension of debt maturities and reduced amortization payments, the agreed terms will significantl
Slide 8: Result Summary
Result Summary (in million NOK) Q2 2021 Q2 2020 Revenues 157,6 144,3 EBITDA 53,2 33,1 Operating result -1,0 -41,9 Pre-tax result -22,3 44,4 8
Slide 9: Cash Flow
Cash Flow (in million NOK) 1.1- 1.1- Q2 2021 Q2 2020 30.6.2021 30.6.2020 2020 Net cash flow from operating activities 20,0 49,5 (18,1) 100,9 254,4 Net cash flow from investment activities 27,7 (4,5) 278,4 (27,1) (77,5) Net cash flow from finance activities (63,1) (51,0) (153,3) (107,7) (156,1) Net c
Slide 10: Balance
Balance (in million NOK) 3 500 Short-term liabilities 3 000 Current assets Short-term liabilities 2 500 Current assets 2 000 Long-term liabilities 1 500 Long-term liabilities Fixed assets 1 000 Fixed assets 500 Equity Equity 0 Assets 30.6.2021 Equity and Liabilities Assets 30.6.2020 Equity and Liabi
Slide 11: Debt maturity profile 30.6.2021
Debt maturity profile 30.6.2021 1 800 1 604 1 600 1 531 1 400 1 200 1 000 Millions 800 600 400 309 311 156 164 164 200 106 92 71 0 0 0 Rest 2021 2022 2023 After 2023 Instalments Instalments after completed refinancing 2021* Balloons Balloons after completed refinancing 2021* *) Subject to completion
Slide 12: Contract Backlog 30.6.2021
Contract Backlog 30.6.2021 600 500 Consolidated total 400 contract backlog Q2 2021 is MNOK 924 Millions 117 300 (incl. all new contracts 48 24 per August 30, 2021) 200 277 48 284 242 100 121 0 Rest 2021 2022 2023 From 2024 Consolidated Share of JV's 12
Slide 13: Contract coverage incl. JV's 30.6.2021
Contract coverage incl. JV's 30.6.2021 80% 71% 70% 60% 58% 50% 47% 47% 47% 40% 40% 71% 30% 58% 27% 27% 27% 27% 27% 27% 27% 27% 27% 22% 20% 20% 36% 33% 32% 26% 10% 20% 20% 20% 20% 20% 20% 20% 20% 20% 15% 13% 0% Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2021 2021 2022 2022 2022 2022 2023 2023
Slide 14: Eider Contract Status
Eider Contract Status Seven Viking Viking Neptun Subsea Viking Acergy Viking Viking Queen Viking Lady Viking Princess Viking Prince Viking Athene SOLD Q2-21 Viking Energy Viking Vanquish | Layue Viking Vision LAY UP Veritas Viking De ol Vantage | LAYUP 01.01.2021 01.01.2022 01.01.2023 01.01.2024 l=
Slide 15: Market
Market PSV • Utilization levels in line with the same period previous year, where vessels taken out of lay-up offset the effect of the increased demand for vessels. • Vessels with emission reducing technology installed are expected to be at the front of the line for securing work in the years to com
Slide 16: APPENDICES
APPENDICES 16
Slide 17: Results 2nd Quarter 2021
Results 2nd Quarter 2021 (in million NOK) EBITDA Q2 2021 vs. Q2 2020 (MNOK 20.1): Operating revenue Q2 Seismic: Decrease of freight income of MNOK 6.8, decrease in the total operating expenses of MNOK 8.6. Net increase in EBITDA of MNOK 1.8. 200 39 Subsea: Increase of freight income of MNOK 12.8, in
Slide 18: Results per 30.6.2021
Results per 30.6.2021 (in million NOK) EBITDA YTD 2021 vs. YTD 2020 (MNOK 5.6): Operating revenue YTD Seismic: Decrease of freight income of MNOK 26.9, decrease in the total 400 operating expenses of MNOK 20.9. Net decrease in EBITDA of MNOK 6.0. 43 Subsea: Increase of freight income of MNOK 26.7, d
Slide 19: Segments
Segments Incl. Share of Joint Ventures (in million NOK) 2nd Quarter 2021 Seismic Subsea Supply Other Revenue Q2 Revenue 3.4 92.5 70.5 4.3 2021 EBITDA -0.7 45.6 21.9 -9.2 EBIT -9.4 19.3 1.1 -10.6 EBITDA margin -20% 49% 31% N/A EBIT margin -279% 21% 2% N/A 2nd Quarter 2020 Seismic Subsea Supply Other