Slide 1: Presentation 2nd Quarter 2020
Presentation 2nd Quarter 2020 August 26, 2020
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 2020
Highlights in 2nd Quarter 2020 Aker BP awarded Eidesvik a contract extension for Viking Lady under the framework agreement between the parties. The firm period is four months and commencement is in direct continuation of the current contract in primo September 2020. Eidesvik was awarded a contract f
Slide 4: Highlights in 2nd Quarter 2020
Highlights in 2nd Quarter 2020 Eidesvik entered into amendments to its credit facilities with all of the Group’s financial institutions for the period from July 1, 2020, to June 30, 2021. According to the amended agreements, the Group will defer the instalments on all its credit facilities during sa
Slide 5: Subsequent events
Subsequent events Aker BP awarded Eidesvik a ship management agreement for the two supply vessels NS Orla and NS Frayja in operation on the Norwegian continental shelf. The contract will commence October 1, 2020. 5
Slide 6: Result Summary
Result Summary (in million NOK) Q2 2020 Q2 2019 Revenues 144,3 209,6 EBITDA 33,1 96,2 Operating result -41,9 39,2 Pre-tax result 44,4 30,3 6
Slide 7: Cash Flow
Cash Flow (in million NOK) 1.1- 1.1- Q2 2020 Q2 2019 30.6.2020 30.6.2019 2019 Net cash flow from operating activities 49,5 24,2 100,9 35,9 172,0 Net cash flow from investment activities (4,5) (16,9) (27,1) (26,6) (54,4) Net cash flow from finance activities (51,0) (40,7) (107,7) (115,2) (224,8) Net
Slide 8: Balance
Balance (in million NOK) 4 500 4 000 Short-term liabilities Current assets 3 500 Short-term liabilities Asset held for sale 3 000 Current assets 2 500 Long-term liabilities 2 000 Long-term liabilities 1 500 Fixed assets Fixed assets 1 000 Equity 500 Equity 0 Assets 30.06.2020 Equity and Liabilities
Slide 9: Debt maturity profile 30.06.2020
Debt maturity profile 30.06.2020 2 200 2 000 1 800 1 600 1 400 1 200 1 758 Millions 1 000 800 600 400 200 338 0 283 169 0 Rest of 2020 2021 2022 After 2022 Instalments Balloons 9
Slide 10: Consolidated total contract backlog Q2 2020 is MNOK 716
Consolidated total contract backlog Q2 2020 is MNOK 716 (incl. all new contracts per August 25, 2020) 10
Slide 11: Contract coverage incl. JV's 30.06.2020
Eidesvik 70% 60% 50% 40% 30% 20% 10% 0% I Contract coverage incl. JV's 30.06.2020 thitiiiaiaias a4 fox 2020 2020 2021 11 Q2 Q3 a4 ai a4 ai Q3 Q4 Qi 2021 2021 2021 2022 2022 2022 2022 2023 2023 2023 2023 2024 ond 202 Option ®Firm
Slide 12: Contract Status
aaa Contract Status Seven Viking Viking Neptun Subsea Viking Acergy Viking Viking Queen Viking Lady Viking Princess Viking Prince Viking Athene Viking Energy Viking Avant Viking Vanquish Viking Vision Veritas Viking Vantage 01.01.2020 31.12.2020 31.12.2021 31.12.2022 l= Firm contract ™ Option 12
Slide 13: Market
Market PSV • Significant drop in drilling activity. • Vessel utilization and term rates in the Quarter declined by 40% compared to 2nd Quarter 2019. • Challenging winter season ahead. Subsea • The North Sea subsea fleet had utilization ranging from 60-70% at sustainable rate levels in the Quarter. •
Slide 14: APPENDICES
APPENDICES 14
Slide 15: Results 2nd Quarter 2020
Results 2nd Quarter 2020 (in million NOK) EBITDA Q2 2020 vs. Q2 2019 (MNOK -63.1): Operating revenue Q2 Seismic: Decrease of freight income of MNOK 74.8, decrease in the total operating expenses of MNOK 5.0. Net decrease in EBITDA of MNOK 69.8. 200 39 Subsea: Increase of freight income of MNOK 10.0,
Slide 16: Results per 30.06.2020
Results per 30.06.2020 (in million NOK) EBITDA YTD 2020 vs. YTD 2019 (MNOK -83.5): Operating revenue YTD Seismic: Decrease of freight income of MNOK 99.2, decrease in the total 400 operating expenses of MNOK 4.3. Net decrease in EBITDA of MNOK 95.0. 43 Subsea: Decrease of freight income of MNOK 9.7,
Slide 17: Segments
Segments Incl. Share of Joint Ventures (in million NOK) 2nd Quarter 2020 Seismic Subsea Supply Other Revenue Q2 Revenue 10.2 84.4 62.6 4.9 2020 EBITDA -2.5 39.7 9.0 -4.3 EBIT -24.5 -2.3 -9.4 -5.6 EBITDA margin -24% 47% 14% N/A EBIT margin -241% 0% -15% N/A 2nd Quarter 2019 Seismic* Subsea Supply Oth