Slide 1: Presentation 4th Quarter 2021
PRESENTATION 4TH QUARTER 2021 FEBRUARY 25, 2022
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: Financial highlights in 4th Quarter 2021
Financial highlights in 4th Quarter 2021 Q4 2021 Q4 2020 Revenues 145,7 107,0 EBITDA 30,3 10,0 3
Slide 4: Operational highlights in 4th Quarter 2021
Operational highlights in 4th Quarter 2021 • Wintershall Dea declared options to extend the contract for the supply vessel Viking Princess from January 2022 in direct continuation of the current contract, extending the firm period to January 2023. • Equinor Energy AS declared options to extend the c
Slide 5: Operational highlights in 4th Quarter 2021 - Project Apollo
Operational highlights in 4th Quarter 2021 Project Apollo Eidesvik and the technology group Wärtsilä signed a landmark cooperation agreement aimed at converting an offshore supply vessel to operate with ammonia-fueled combustion engines including fuel supply and safety system. The “Apollo” project w
Slide 6: Operational highlights in 4th Quarter 2021 - Ammonia Fuel Cell Project
Operational highlights in 4th Quarter 2021 Ammonia Fuel Cell Project Eidesvik entered into a Memorandum of Understanding with Aker BP and Alma, a venture under Clara Venture Labs, to explore opportunities for retrofit installation of Alma’s ammonia fuel cell technology on two offshore support vessel
Slide 7: Subsequent events
Subsequent events Eidesvik Neptun AS, a subsidiary of Eidesvik, entered January 12, 2022 into a Memorandum of Agreement (“MoA”) with Dredging, Environmental and Marine Engineering NV (“DEME”), for the sale of the CSV Viking Neptun. The MoA is expected to complete in the 4th Quarter of 2022, post com
Slide 8: Contract coverage incl. JV's 31.12.2021
Contract coverage incl. JV's 31.12.2021 80% 70% 67% 59% 60% 57% 50% 50% 40% 36% 36% 36% 36% 36% 36% 36% 36% 36% 67% 31% 29% 29% 30% 57% 49% 22% 20% 42% 29% 29% 29% 29% 29% 29% 29% 28% 10% 21% 16% 14% 11% 7% 0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2022 2022 2022 2022 2023 2023 2023 2023
Slide 9: Contract Status
Contract Status Seven Viking Viking Neptun Subsea Viking Viking Wind Power Viking Queen Viking Lady Viking Princess Viking Prince Viking Energy Viking Avant Viking Vanquish LAY UP Viking Vision LAY UP Veritas Viking LAY UP Vantage LAY UP 01.01.2022 01.01.2023 01.01.2024 31.12.2024 Firm contract Opti
Slide 10: Contract Backlog 31.12.2021
Contract Backlog 31.12.2021 600 500 49 Consolidated total 400 contract backlog Q4 Millions 2021 is MNOK 923 300 (incl. all new contracts per February 24, 200 405 49 59 52 2022). 100 178 178 162 0 2022 2023 2024 From 2025 Consolidated Share of JV's 10
Slide 11: Market
Market PSV • Stable supply of large PSV’s in 2021, and a slightly increase in demand resulted in a positive development in utilization levels. • Positive underlying drivers are expected to lead to a moderately higher demand in 2022, followed by a further increase in demand in 2023 and beyond. • We m
Slide 12: Finance
FINANCE 12
Slide 13: 4th Quarter 2021 and preliminary 2021 results
4th Quarter 2021 and preliminary 2021 results Q4 2021 Q4 2020 2021 2020 Revenues 145,7 107,0 587,8 530,8 EBITDA 30,3 10,0 178,7 131,1 Operating result 183,0 -152,7 108,6 -202,4 Pre-tax result 184,1 -28,0 30,7 -134,6 13
Slide 14: Balance sheet
Balance sheet (in million NOK) 3 500 3 000 Short-term liabilities Short-term liabilities Current assets 2 500 Current assets 2 000 Long-term liabilities Asset held for sale Long-term liabilities 1 500 Liabilites related to Asset Fixed assets 1 000 held for sale Fixed assets 500 Equity Equity 0 Asset
Slide 15: Cash Flow
Cash Flow (in million NOK) Q4 2021 Q4 2020 2021 2020 Net cash flow from operating activities 99,0 90,8 177,1 254,4 Net cash flow from investment activities (36,7) (43,2) 228,5 (77,5) Net cash flow from finance activities (15,8) (18,5) (504,4) (156,1) Net changes in cash holdings 46,5 29,1 (98,8) 20,
Slide 16: Debt maturity profile 31.12.2021
Debt maturity profile 31.12.2021 1 800 1 596 1 600 1 400 1 200 1 000 Millions 800 600 400 171 200 112 80 16 0 2022 2023 After 2023 Instalments Cash sweep Balloons *Liabilities related to Assets held for sale will become due and payable at the time of completion of the sale. 16
Slide 17: Questions & Answers
& Answers 17
Slide 18: Appendices
APPENDICES 18
Slide 19: Results 4th Quarter 2021
Results 4th Quarter 2021 (in million NOK) EBITDA Q4 2021 vs. Q4 2020 (MNOK 20.3): Operating revenue Q4 Supply: Increase of freight income of MNOK 9.0, increase of total operating expenses of MNOK 4.8. Net increase of MNOK 4.2. 200 Subsea: Increase of freight income of MNOK 29.4, increase in the tota
Slide 20: Results 2021
Results 2021 (in million NOK) EBITDA 2021 vs. 2020 (MNOK 47.6): Operating revenue YTD Supply: Increase of freight income of MNOK 0.3, decrease of total operating expenses of MNOK 10.8. Net increase of MNOK 11.1. 600 49 20 18 Subsea: Increase of freight income of MNOK 73.5, increase in the total oper
Slide 21: Segments
Segments Incl. Share of Joint Ventures (in million NOK) 4th Quarter 2021 Seismic Subsea Supply Other Revenue Q4 Revenue 6.0 80.7 65.5 6.8 2021 EBITDA 2.7 25.4 11.4 -6.2 EBIT -20.0 219.6 -7.7 -7.5 EBITDA margin 46% 31% 17% N/A EBIT margin -336% 272% -12% N/A 4th Quarter 2020 Seismic Subsea Supply Oth