Slide 1: Presentation of Q2 2018 results
Presentation of Q2 2018 results August 23rd
Slide 2: Quarter highlights
Quarter highlights 2017 2018 • Revenues increased by MNOK 484 in REVENUES PER QUARTER1 – NOKm Q2 2018 vs Q1 2018 1 444 1 429 1 516 • Opex per day per active vessel 1 158 1 167 reduced by approximately 8% 931 compared to Q1 2018 • EBITDA adjusted for operating lease was MNOK 356 in Q2 2018 Q1 Q2 Q3 Q
Slide 3: Q2'18 in numbers – Income Statement
Q2’18 in numbers – Income Statement KEY OBSERVATIONS: • Operating income in Q2’18 was MNOK 1,359 compared to MNOK 875 in Q1’18 • Operating expenses in Q2’18 of MNOK 1,091, of which MNOK 951 are ordinary vessel operating expenses • Admin. expenses reduced to MNOK 111, compared to MNOK 128 in Q1’18 –
Slide 4: Q2'18 in numbers – Balance sheet
Q2’18 in numbers – Balance sheet KEY OBSERVATIONS: • Company’s overall cash position of reduced over the quarter by MNOK 98 to MNOK 1,371 from MNOK 1,469 • Total equity ended at MNOK 3,763, equal to a book value per share of NOK/share 12.9 • Major parts of Farstad Shipping AS and SI3’s debt re-class
Slide 5: Q2'18 in numbers – Cash Flow
Q2’18 in numbers – Cash Flow CASH FLOW Q1’18-Q2’18 COMMENTS NOKm • Company’s overall cash position was reduced with Cash, Q1’18 1 469 MNOK 98 to MNOK 1,371 • Net cash flow from CF Operations 353 operations positive MNOK 353 • Net cash flow from CF Investments 32 investments totaled negative MNOK 32
Slide 6: Update on Solship Invest 3 situation, and financial covenant situation in Farstad Shipping
Update on Solship Invest 3 situation, and financial covenant situation in Farstad Shipping COMMENTS SOLSHIP INVEST 3 • Entered into an agreement with financial creditors of SI3 20 July 2018, (“SI3”) involving inter alia, deferral of installments, interests and bareboat payments until YE2019 • Total
Slide 7: Cost synergies: NOKm 700-800 in annual savings target by YE2018
Cost synergies: NOKm 700-800 in annual savings target by YE2018 POTENTIAL SPLIT IN THREE BROAD MAIN PART OF SYNERGIES CONTRACTED AREAS SYNERGY SPLIT SAVINGS POTENTIAL OVER TIME Allocation by category; run rate Run rate Target annualized run rate NOKm ~700-800 By Q2’18 Admin. Yet to be contracted Cre
Slide 8: Backlog position as per 1 July 2018
Backlog position as per 1 July 2018 BACKLOG COMMENTS NOKbln. • Total contract backlog of Aquaculture AHTS & PSV International NOKbln. ~9.1 as per 1 July Subsea AHTS & PSV Strategic regions 2018 (incl. 50% of JV backlog) 2 509 96 • NOKbln. ~2.1 in firm contract backlog Jul to Dec 2018 2 075 22 • Aqua
Slide 9: Contract highlights
Contract highlights Entered into new contracts for a total 18 vessels during Q2’18 – total duration ~17 vessel years KEY CONTRACTS IN THE SUBSEA CONSTRUCTION SEGMENT • Far Saga contract extension with Petrobras until 2Q’20 • Nor Australis awarded 3 months contract with Magseis for operations in Sout
Slide 10: Fleet status
Summary AHTS PSV CSV Wellboats Harvest vessels Service vessel SUBSEA AHTS & PSV AHTS & PSV CONSTRUCTION & DESS AQUACULTURE STRATEGIC REGIONS INTERNATIONAL RENEWABLE ENERGY TOTAL # 28 16 1 0 VESSELS 1 32 30 33 0 FLEET STATUS IN 19 4 1 0 1 OPERATION 24 19 27 0 9 12 0 0 IN LAY-UP 0 8 11 6 0 0 0 0 6 NEW