Slide 1: Presentation 3rd Quarter 2020
Presentation 3rd Quarter 2020 November 17, 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 3rd Quarter 2020
Highlights in 3rd Quarter 2020 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 commenced October 1, 2020. 3
Slide 4: Highlights in 3rd Quarter 2020
Highlights in 3rd Quarter 2020 Eidesvik was awarded a 12 month contract extension for Viking Lady under the Frame Agreement with Aker BP. The new contract will commence in primo January 2021 in direct continuation of the existing contract. 4
Slide 5: Subsequent events
Subsequent events Eidesvik was awarded a time charter contract with Wintershall Dea Norge AS for Viking Princess. The contract is scheduled to commence in December 2020. The firm contract period is 12 months plus options for extensions. 5
Slide 6: Subsequent events
Subsequent events Eidesvik secured a contract with DEME Offshore NL BV for a fixed period of 84 days for Viking Neptun, with options for extensions. Commencement of the contract was primo November 2020. 6
Slide 7: Result Summary
Result Summary (in million NOK) YTD YTD Q3 2020 Q3 2019 30.09.2020 30.09.2019 Revenues 142,7 176,1 423,8 539,5 EBITDA 59,8 63,3 121,1 208,1 Operating result 11,2 9,6 -49,7 28,8 Pre-tax result 28,1 -92,4 -106,6 -111,9 7
Slide 8: Cash Flow
Cash Flow (in million NOK) 1.1- 1.1- Q3 2020 Q3 2019 30.9.2020 30.9.2019 2019 Net cash flow from operating activities 62,7 64,3 163,6 97,4 172,0 Net cash flow from investment activities (7,2) 1,4 (34,2) (22,4) (54,4) Net cash flow from finance activities (29,9) (55,6) (137,6) (170,8) (224,8) Net cha
Slide 9: 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 30.09.2020 Equity and Liabilities
Slide 10: Debt maturity profile 30.09.2020
Debt maturity profile 30.09.2020 2 200 2 000 1 800 1 600 1 400 1 200 1 730 Millions 1 000 800 600 400 200 333 0 166 275 0 Rest of 2020 2021 2022 After 2022 Instalments Balloons 10
Slide 11: Consolidated total contract backlog Q3 2020
Consolidated total contract backlog Q3 2020 is MNOK 701 (incl. all new contracts per November 16, 2020) 11
Slide 12: Contract coverage incl. JV's 30.09.2020
Eidesvik 70% 60% 50% 40% 30% 20% 10% 0% Contract coverage incl. JV's 30.09.2020 ier a4 Qi Q2 Q3 a4 Qi Q2 Q3 a4 Qi Qa Qi Q3 a4 2020 2021 12 2021 2021 2021 2022 2022 2022 2022 2023 2023 2023 2023 2024 ond 2024 2024 Option ®Firm
Slide 13: Contract Status
aaa Contract Status seven Viking Viking Neptun ‘Subsea Viking Acergy Viking viking Queen Viking Lady viking Princess Viking Prince Viking Athene Vi g Energy Viking Avant Viking Vanquish Viking Vision Veritas Viking Vantage 01.01.2020 31.12.2020 31.12.2021 31.12.2022 | Firm contract ™® Option 13
Slide 14: Market
Market The general market continues to be negatively impacted by low activity and low spending level from the oil & gas companies. The operational challenges caused by the Covid-19 pandemic are still present. PSV • Volatile quarter with utilization ranging from 40% to 100% in the North Sea spot mark
Slide 15: Appendices
APPENDICES 15
Slide 16: Results 3rd Quarter 2020
Results 3rd Quarter 2020 (in million NOK) EBITDA Q3 2020 vs. Q3 2019 (MNOK -3.6): Operating revenue Q3 Seismic: Decrease of freight income of MNOK 37.0, decrease in the total operating expenses of MNOK 17.5. Net decrease in EBITDA of MNOK 19.5. 200 Subsea: Increase of freight income of MNOK 17.5, de
Slide 17: Results per 30.09.2020
Results per 30.09.2020 (in million NOK) EBITDA YTD 2020 vs. YTD 2019 (MNOK -87.1): Operating revenue YTD Seismic: Decrease of freight income of MNOK 136.2, decrease in the total 600 operating expenses of MNOK 21.8. Net decrease in EBITDA of MNOK 114.4. 49 Subsea: Increase of freight income of MNOK 7
Slide 18: Segments
Segments Incl. Share of Joint Ventures (in million NOK) 3rd Quarter 2020 Seismic Subsea Supply Other Revenue Q3 Revenue 2.8 90.7 63.0 4.2 2020 EBITDA -0.6 51.8 17.7 1.2 EBIT -12.4 24.6 -0.1 0.5 EBITDA margin -21% 57% 28% N/A EBIT margin -445% 27% -0% N/A 3rd Quarter 2019 Seismic Subsea Supply Other