Solstad Offshore Asa · OSL:SOFF
Solstad Offshore Asa — Q3 2021 Earnings Presentation
12 slides from Solstad Offshore Asa's earnings presentation, Nov 26, 2021
Slide 1: 3Q 2021 Presentation
3Q 2021 Presentation Lars Peder Solstad, CEO and Kjetil Ramstad, CFO 26.11.2021 1
Slide 2: Disclaimer
3Q 2021 PRESENTATION Disclaimer Important information Cautionary note regarding forward-looking statements This presentation, prepared by Solstad Offshore ASA (the "Company"), may include forward-looking statements relating to the business, financial performance and results of the Solstad Offshore G
Slide 3: 3Q 2021 Financial Highlights
3Q 2021 PRESENTATION 3Q 2021 Financial Highlights Revenue NOK 1,500M NOK 5,000M backlog 1 (NOK 1,316M) (NOK 6,100M) 2 EBITDA Adj. NOK 500M 33% EBITDA margin (NOK 395M) (30%) 3 EBIT NOK 152M 10% EBIT margin (NOK -823M) (-63%) 4 Assets NOK 21,361M Fixed Assets NOK 2,343M Cash (NOK 23,779M) (NOK 1,054M
Slide 4: Business Update
3Q 2021 PRESENTATION Business Update 1 Focus on operational and commercial excellence as the market starts to improve. Company owns and operates one of the largest high-end offshore fleet in the world. In the 2 quarter, in average, 81 vessels was operational with an average utilization of 89% (86%).
Slide 5: Fleet update 3Q 2021
3Q 2021 PRESENTATION Fleet update 3Q 2021 The core-fleet of Solstad consist of 90 vessels serving Clients within Oil & Gas and Offshore- 1 wind, globally. Number of active vessels, at the end of the quarter: 81 2 Vessels in lay-up: 12 3 The Company has sold 24 non-strategic vessels in 2021. 4 vessel
Slide 6: Market Update
3Q 2021 PRESENTATION Market Update The global demand for offshore vessels continue to improve and Solstad achieved 89% utilization 1 on its fleet in the quarter. A record-high new back-log of NOK 2,000M has been booked in the quarter, at improving terms. 2 A continued high tendering activity from oi
Slide 7: Backlog
3Q 2021 PRESENTATION Backlog Backlog per year per Backlog Backlog per per segment Backlog next 12 months segment segment per segment 3 000 100 % 17% CSV 2 500 CSV AHTS AHTS 80 % 39% 38% 41% (O&G) (O&G) 38% 49% 36% 17% 2 000 22% 60 % MNOK 1 500 40 % 83% 61% 62% 59% 1 000 51% 9% 20 % 9% 500 38% 31% CS
Slide 8: Income Statement
3Q 2021 PRESENTATION Income Statement 2021 2020 2021 2020 01.07-30.09 01.07-30.09 01.01-30.09 01.01-30.09 Operating income 1,500 1,316 4,101 3,851 Vessel operating expenses (928) (867) (2,629) (2,609) Administrative expenses (97) (82) (313) (273) Total operating expenses (1,025) (949) (2,941) (2,882
Slide 9: Balance Sheet
3Q 2021 PRESENTATION Balance Sheet 2021 2020 2021 2020 3Q 3Q 3Q 3Q ASSETS EQUITY AND LIABILITIES Fixed Assets Equity Intangible assets 6 10 Paid-in equity 252 4,603 Tangible fixed assets 18,693 20,234 Other equity 3,133 (12,624) Right-of-use assets 2,448 2,921 Non-controlling interests 30 9 Investme
Slide 10: Cash Flow
3Q 2021 PRESENTATION Cash Flow *Simplified free cash flow is defined as adjusted EBITDA less cash CAPEX. 26.11.2021 10
Slide 11: Summary
3Q 2021 PRESENTATION Summary • A positive quarter with high order intake, strong vessel utilization and improved EBITDA-level. • Solstad continue its strategy of selling off the non- strategic part of the fleet – 24 vessels sold in 2021. • Access to Global markets and compliance with local content r
Slide 12: Q&A
Q&A 26.11.2021 12