Eidesvik Offshore Asa · OSL:EIOF
Eidesvik Offshore Asa — Q3 2023 Earnings Presentation
21 slides from Eidesvik Offshore Asa's earnings presentation, Nov 22, 2023
Slide 1: Presentation Q3 2023
Presentation Q3 2023 November 22, 2023
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 / Q3 2023
Financial highlights / Q3 2023 P&L key figures Q3 2023 vs. Q3 2022 Balance sheet key figures Q3 2023 vs. FY2022 MNOK MNOK MNOK MNOK 204.6 (190.4) 1 994 (1 486) 2 541 (2 339) 386.5 (655.6) in revenue this quarter in consolidated backlog in assets in cash MNOK MNOK 105.2 (91.0) 51% (48%) 432.2 (541.7)
Slide 4: Business update / Q3 2023
Business update / Q3 2023 Wintershall Dea and OMV executed an option to extend the current contract initiated in Q1 2023 for the supply vessel Viking Queen, prolonging the firm period to October 2025. Subsequent event: Wintershall Dea has declared options to extend the contract for the supply vessel
Slide 5: Operational update / Q3 2023
Operational update / Q3 2023 • Fleet utilisation in the period was 98% • Zero LTIs during the quarter We continue to deliver both financially and operationally
Slide 6: Contract backlog / Q3 2023
Contract backlog / Q3 2023 MNOK Renewable backlog as share of total 1 994 backlog 800 Consolidated total contract backlog Fixed backlog from renewable projects as share of total backlog 700 64 600 Other 57 500 67% NOK million 400 678 652 300 494 200 13 Renewable backlog 33% 100 169 0 2023 2024 2025
Slide 7: Contract coverage incl. JV / Q3 2023
Contract coverage incl. JV / Q3 2023 Backlog allocation incl. JV 800 NOK millions 742 100% 100% 100% 100% 100% 100% 100% 100% 100% 98% 700 652 100% 100% 100% 100% 100% 90% 90% 90% 90% 90% 600 80% 551 354 80% 70% 70% 500 73% 70% 60% 58% 50% 400 50% 346 53% 652 40% 300 30% 30% 30% 30% 30% 200 182 388
Slide 8: Market update – positive outlook in all segments
Market update – positive outlook in all segments 1 Strong macro-outlook with increased global spendings in all operating segments 2 Supply: Robust drivers with very favorable demand/supply dynamics for years to come 3 Subsea: Record high rate and utilisation levels on concluded contracts 4 Offshore
Slide 9: Q3 2023 financial result
Q3 2023 financial result Financial results (NOK1000) Q3 2023 Q3 2022 YTD 2023 YTD 2022 FY2022 Freight revenue 195,6 5% 186,5 508,8 474,1 634,7 Total revenue Gain on sale 5,2 0,0 21,6 0,0 269,7 204,6 Other income 3,9 3,9 48,2 10,5 14,1 190,4 Total Revenue 204,6 7% 190,4 578,6 484,6 918,5 EBITDA 105,2
Slide 10: Segment performance
Segment performance Revenue & EBITDA margin (incl. share of JV*) EBITDA Q3 2023 vs. Q3 2022 120,0 60% • Increased revenue of NOK 23.1 million due 100,0 50% to improved day rates and utilisation • EBITDA improvement of NOK 21.4 million, 80,0 40% where margin increased from 37% to 49% EBITDA margin Su
Slide 11: Balance sheet
Balance sheet Balance Sheet (NOK1000) 30.09.2023 31.12.2022 Comments to Q3 Total non-current assets 1 899 1 348 Current assets 641 910 • Non-current assets increased from year end 2022 due to the addition of the vessel Viking Reach and the reversal of impairment Assets held for sale 0 81 Total asset
Slide 12: Cash flow
Cash flow 386,5 Operating NOK 184.8 million Investing NOK -172.6 million Financing NOK -281.3 million Continues improvement in rates and CAPEX includes two scheduled dockings, A combination of capital raise, prepayment utilisation leading to improved operating investment in the vessel Viking Reach o
Slide 13: Highlights summary
Highlights summary 1 Strong operational and financial performance 2 Fully booked backlog securing profitable cash flow years ahead 3 Record high equity ratio, rigged for growth 4 Positive market outlook in all operating segments 5 Continuously evaluating investment cases
Slide 14: Contact details
Contact details CEO – Gitte Gard Talmo CFO - Helga Cotgrove VP IR - Sindre Stovner +47 91 52 32 45 +47 90 73 52 46 +47 91 78 64 31 investor.relations@eidesvik.no
Slide 15: Appendix
Appendix p>
Slide 16: Company overview
Company overview THE COMPANY STRATEGY Green PSV • Strengthen our position as the market leader within green PSV Subsea 13 428 • Actively seek partnerships that will create new business opportunities VESSELS EMPLOYEES* * Number of employees end of FY2022 Offshore Wind SEGMENTS • Increase footprint in
Slide 17: Energy transition fleet
Energy transition fleet Supply Subsea / Offshore wind 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 Viking Princess Viking Queen Viking Reach
Slide 18: Contract status
Contract status Vessel Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Seven Viking Viking Reach Subsea Viking Viking Wind Power Viking Queen Viking Lady Viking Princess Viking Prince Viking Energy Viking Avant Firm Options
Slide 19: Debt maturity profile September 30, 2023
Debt maturity profile September 30, 2023 500 411 400 300 Million NOK 200 111 111 100 28 26 26 32 0 Remaining 2023 2024 2025 2026 After 2026 Instalments Balloons
Slide 20: Financial development
Financial development FY2020 FY2021 FY2022 YTD 2023* 250,0 45% 39% Utilization 93 % 94 % 95 % 92 % 40% 35% Adj. EBITDA (NOK million) Revenue (NOKm) 531 588 919 579 200,0 35% Adj. EBITDA margin 30% EBITDA (NOKm) 131 179 494 262 30% EBITDA margin 25 % 30 % 54 % 39 % 150,0 25% 25% Adj. EBITDA (NOKm) 13
Slide 21: We aim to be the market leader within green offshore vessels.
We aim to be the market leader within green offshore vessels.