Slide 1: Presentation Q4 2024
Presentation Q4 2024 18 February 2025
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 / Q4 2024
Financial highlights / Q4 2024 P&L key figures Q4 2024 vs. Q4 2023 Balance sheet key figures FY 2024 vs. FY 2023 MNOK MNOK MNOK MNOK 187 (191) 2 544 (1 975) 2 937 (2 716) 396 (499) in freight revenue in consolidated backlog in assets in cash MNOK MNOK 58 (69) 31% (36%) 499 (377) 62% (59%) in adj. EB
Slide 4: Business update / Q4 2024
Business update / Q4 2024 • The remaining options to extend the contract for the supply vessel Viking Princess was declared. The contract extension runs from January 2025 in direct continuation of the current contract, extending the firm period to January 2026 • Enova granted Eidesvik Offshore ASA N
Slide 5: Operational update / Q4 2024
Operational update / Q4 2024 • Fleet utilisation in Q4 2024 was 93% • Supply utilisation was 94% during the quarter • Subsea/Offshore Renewables utilisation was 92% during the quarter • FY2024 utilisation was 96% compared to 94% in FY2023 • No LTIs during the quarter
Slide 6: Contract backlog / Q4 2024
Contract backlog / Q4 2024 MNOK Renewable backlog as share of total 900 2 544 backlog** Consolidated total contract backlog* Fixed backlog from renewables projects as share of total backlog 800 61 700 600 Other 500 0 mNOK 68% 0 850 400 730 300 510 454 200 100 32% Renewable backlog 0 2025 2026 2027 F
Slide 7: Contract coverage incl. JV / Q4 2024
Contract coverage incl. JV / Q4 2024 1 600 Contract coverage incl. JV MNOK 2 605 backlog incl. JV NOK millions 1 400 100% 100% 100% 100% 98% 100% 100% 100% 1 200 90% 81% 82% 82% 82% 80% 83% 1 000 73% 70% 850 62% 791 800 60% 55% 55% 55% 55% 50% 50% 45% 600 373 47% 510 40% 45% 45% 45% 454 701 39% 30%
Slide 8: Market update – long term positive energy markets
Market update – long term positive energy markets 1 Continued positive marked fundamentals, seasonal and geographical variances 2 Supply: Expect increased demand in 2025 and more so in 2026 and 2027, limited supply of large PSVs Subsea/Renewables: Record high backlog reported in subsea, expected con
Slide 9: Q4 2024 financial results
Q4 2024 financial results Financial results (NOK1000) Q4 2024* Q4 2023 Q3 2024* FY2024* FY2023 Freight revenue Freight revenue 186,8 -2 % 190,6 207,1 759,4 699,5 190,6 Gain on sale 0,0 0,0 0,0 0,0 21,6 -2% 186,8 Other income 0,0 3,1 0,0 15,7 51,3 Total Revenue 186,8 193,7 207,1 775,1 772,4 EBITDA 57
Slide 10: Segment performance
Segment performance Revenue & EBITDA margin EBITDA Q4 2024 vs. Q4 2023 (incl. share of JV*) 120,0 50% 45% • Higher freight rates, but offset by lower 100,0 utilisation and increased OPEX 40% • EBITDA reduction of NOK 4.9 million, 35% 80,0 where margin decreased from 41% to 37% EBITDA margin 30% Supp
Slide 11: Balance sheet
Balance sheet Balance Sheet (NOK1000) 31.12.2024* 31.12.2023 Comments for the year Total non-current assets 2 316 1 931 Cash and cash equivalents 396 499 • Non-current assets increased from year end, mainly due to Other current assets 226 287 payments related to the newbuild contract Total assets 2
Slide 12: Cash flow FY2024
Cash flow FY2024 1 000 900 371,7 800 700 600 NOK 1000 498,8 500 56,4 395,8 400 300 - 531,1 200 100 0 Cash 31.12.2023 EBITDA / WC CAPEX Financing Cash 31.12.2024 Unaudited Operating NOK 371.7 million Investing NOK -531.1 million Financing NOK 56.4million Improvement in operating cash flow Newbuild in
Slide 13: Highlights summary
Highlights summary Quarter impacted by two material dockings, annual improvement 1 in revenue and margins 2 Sturdy backlog, with key vessels and new build scheduled to become available in a solid market 3 Extremely healthy balance sheet 4 Continued strong market fundamentals 5 Positioned for profita
Slide 14: Contact details
Contact details CEO - Helga Cotgrove VP IR - Sindre Stovner +47 90 73 52 46 +47 91 78 64 31 investor.relations@eidesvik.no
Slide 15: Appendix
Appendix
Slide 16: Company overview
Company overview THE COMPANY STRATEGY Green PSV • Strengthen our position as the market leader within green PSV Subsea 14 ~450 • Actively seek partnerships that will create new business opportunities VESSELS EMPLOYEES * Whereof one under construction Offshore Renewables SEGMENTS • Increase footprint
Slide 17: Energy transition fleet
Energy transition fleet Supply Subsea / Offshore Renewables Viking Energy Viking Lady NS Frayja (management) Viking Wind Power Seven Viking Viking Prince Viking Avant NS Orla (management) Subsea Viking Viking Neptun (management) LNG Dual Fuel Battery Hybrid Methanol Dual Fuel Viking Princess Viking
Slide 18: Contract status
Contract status Firm Options
Slide 19: Debt maturity profile December 2024
Debt maturity profile 31 December 2024 300 193 200 Million NOK 124 124 124 97 100 34 0 2025 2026 2027 2028 After 2028 Instalments Balloons In addition, Eidesvik Agalas AS drew EUR 12.4 million on its construction loan in December 2024. This loan is not included in the diagram above.
Slide 20: Financial development
Financial development FY2021 FY2022 FY2023 FY2024**** Adj. EBITDA Utilization 94 % 95 % 94 % 96 % 350,0 37% 38% 40% Revenue (NOKm) 588 919 772 775 33% Adj. Revenue (NOKm) 569 635 699 759 300,0 35% Adj. EBITDA (NOK million) EBITDA (NOKm) 179 494 334 304 28% Adj. EBITDA margin 30% 250,0 EBITDA margin
Slide 21: We aim to be the market leader within green offshore vessels.
We aim to be the market leader within green offshore vessels.