Eidesvik Offshore Asa · OSL:EIOF
Eidesvik Offshore Asa — Q1 2021 Earnings Presentation
20 slides from Eidesvik Offshore Asa's earnings presentation, May 20, 2021
Slide 1: Presentation 1st Quarter 2021
Presentation 1st Quarter 2021 May 20, 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 1st Quarter 2021
Highlights in 1st Quarter 2021 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. 3
Slide 4: Highlights in 1st Quarter 2021
Highlights in 1st Quarter 2021 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. 4
Slide 5: Highlights in 1st Quarter 2021
Highlights in 1st 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 up to 120 days, with commencement April 2021. 5
Slide 6: Highlights in 1st Quarter 2021
Highlights in 1st Quarter 2021 Eidesvik was awarded a new contract by Seabed Geosolutions under the Master Time Charter Agreement for Subsea Viking. The new contract will commence in direct continuation of the existing contract. The firm period is approximately 4 months with options for extensions.
Slide 7: Highlights in 1st Quarter 2021
Highlights in 1st Quarter 2021 Eidesvik was awarded a new contract by Equinor Energy AS for Viking Queen. The new contract commenced in April this year, in direct continuation of the excisting contract with Equinor. The new firm contract period is 10 months, with options for further extensions. 7
Slide 8: Subsequent events
Subsequent events Eidesvik entered into a bareboat contract for 130 days including transit with an undisclosed 3rd party operator for Veritas Viking. The vessel will be mobilized from its current location at Bømlo in May 2021 and commence the bareboat contract in June 2021. 8
Slide 9: Subsequent events
Subsequent events 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 will result in an immaterial accounting effect for
Slide 10: Result Summary
Result Summary (in million NOK) Q1 2021 Q1 2020 Revenues 109,6 136,8 EBITDA 13,7 28,2 Operating result -74,3 -18,9 Pre-tax result -96,4 -179,1 10
Slide 11: Cash Flow
Cash Flow (in million NOK) Q1 2021 Q1 2020 2020 Net cash flow from operating activities (38,1) 51,5 254,4 Net cash flow from investment activities 250,7 (22,6) (77,5) Net cash flow from finance activities (90,2) (56,6) (156,1) Net changes in cash holdings 122,5 (27,8) 20,8 Cash at beginning of perio
Slide 12: 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 31.3.2021 Equity and Liabilities Assets 31.3.2020 Equity and Liabi
Slide 13: Debt maturity profile 31.3.2021
Debt maturity profile 31.3.2021 2 200 2 000 1 800 1 600 1 400 1 200 Millions 1 539 1 000 800 600 400 200 180 315 260 0 Rest of 2021 2022 After 2022 Instalments Balloons 13
Slide 14: Consolidated total contract backlog Q1 2021
Consolidated total contract backlog Q1 2021 is MNOK 943 (incl. all new contracts per May 19, 2021) 14
Slide 15: Contract coverage incl. JV's 31.3.2021
tide Contract coverage incl. JV's 31.3.2021 80% 4 70% + 60% + 50% 4 ‘Hltyan Q3 a4 Q3 a4 Q3 a4 Q3 a4 021 2021 2021 1022 2022 2022 2022 2023 2023 2023 2023 2024 202d 2024 2024 2025 Option ®Firm 15
Slide 16: Contract Status
der Contract Status Soven Viking Viking Neptun Subsea Viking Acergy Viking Viking Queen Viking Lady Viking Princess Viking Prince Viking Athene SOLD Q2-21 Viking Energy Viking Vanquish | LayUP Viking Vision | LAYUP Veritas Viking De Vantage | LAYUP 01.01.2021 01.01.2022 01.01.2023 01.01.2024 l=Firm
Slide 17: Market
Market PSV • A decent number of term fixtures in the 1st Quarter had an immediate positive effect on the rate levels in the North Sea spot market. • Term rates levels lagged, as there are few long-term requirements expected on the NCS for the remainder of the year. • Long term outlook is positive fo
Slide 18: Appendices
APPENDICES 18
Slide 19: Results 1st Quarter 2021
Results 1st Quarter 2021 (in million NOK) EBITDA Q1 2021 vs. Q1 2020 (MNOK -14.5): Operating revenue Q1 Seismic: Decrease of freight income of MNOK 20.1, decrease in the total operating expenses of MNOK 12.3. Net decrease in EBITDA of MNOK 7.8. 200 Subsea: Increase of freight income of MNOK 13.9, de
Slide 20: Segments
Segments Incl. Share of Joint Ventures (in million NOK) 1st Quarter 2021 Seismic Subsea Supply Other Revenue Q1 Revenue 0 62.3 55.4 4.8 2021 EBITDA -3.8 21.1 9.5 -8.1 EBIT -58.4 6.1 -10.9 -9.6 EBITDA margin N/A 34% 17% N/A EBIT margin N/A 10% -20% N/A 1st Quarter 2020 Seismic Subsea Supply Other Rev