Slide 1: Presentation 1st Quarter 2022
PRESENTATION 1ST QUARTER 2022 MAY 20, 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 1st Quarter 2022
Financial highlights in 1st Quarter 2022 Q1 2022 Q1 2021 Revenues 109,1 109,6 EBITDA 5,4 13,7 3
Slide 4: Operational highlights in 1st Quarter 2022
Operational highlights in 1st Quarter 2022 On January 12, 2022, Eidesvik Neptun AS, a subsidiary of Eidesvik, entered 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
Slide 5: Operational highlights in 1st Quarter 2022
Operational highlights in 1st Quarter 2022 • Viking Prince, Viking Lady and Viking Wind Power were upgraded with battery hybrid systems during the Quarter. All three vessels have been assigned the Battery Power notation from DNV. Share of PSV and 92% Subsea/Wind fleet with battery hybrid solutions.
Slide 6: Operational highlights in 1st Quarter 2022
Operational highlights in 1st Quarter 2022 • Eidesvik was awarded a contract with Equinor Energy AS for the PSV Viking Prince. The firm period is six months with options for further extensions. The contract commenced in April 2022. • Eidesvik was awarded a contract by PXGEO UK Ltd under the Master T
Slide 7: Subsequent events
Subsequent events Sustainability Report For Eidesvik, sustainability is a strategic imperative for generating long- term value. We assess environmental, social and corporate governance issues and risks for all parts of our business and operations. As a central part of our strategy, sustainability is
Slide 8: Contract coverage incl. JV's 31.03.2022
Contract coverage incl. JV's 31.03.2022 90% 79% 80% 77% 70% 70% 60% 50% 39% 40% 36% 36% 36% 36% 36% 36% 36% 36% 77% 31% 63% 29% 29% 30% 22% 20% 43% 29% 29% 29% 29% 29% 29% 29% 28% 10% 21% 16% 14% 11% 7% 0% Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2022 2022 2022 2023 2023 2023 2023 2024 2024 2
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 Vantage LAY UP 01.01.2022 01.01.2023 01.01.2024 31.12.2024 Firm contract Option 9
Slide 10: Contract Backlog 31.03.2022
Contract Backlog 31.03.2022 600 500 Consolidated total 400 37 contract backlog Q1 Millions 2022 is MNOK 876 300 (incl. all new contracts per May 19, 2022). 200 49 59 366 52 100 176 176 158 0 Rest 2022 2023 2024 From 2025 Consolidated Share of JV's 10
Slide 11: Market
Market • Stable demand for PSVs in the North Sea Market in Q1 2022 compared to Q1 2021 and Q4 2021. • The spot rates improved during the Quarter, but are still volatile. • We maintain our optimistic outlook for the market for large and environmentally PSV friendly PSVs in the North Sea fleet. • The
Slide 12: Finance
FINANCE 12
Slide 13: 1st Quarter 2022 results
1st Quarter 2022 results Q1 2022 Q1 2021 Revenues 109,1 109,6 EBITDA 5,4 13,7 Operating result -29,4 -74,3 Pre-tax result -9,6 -96,4 13
Slide 14: Balance sheet
Balance sheet (in million NOK) 3 500 3 000 Short-term liabilities 2 500 Current assets Short-term liabilities Current assets 2 000 Long-term liabilities Asset held for sale 1 500 Long-term liabilities 1 000 Liabilites related to Asset Fixed assets held for sale Fixed assets 500 Equity Equity 0 Asset
Slide 15: Cash Flow
Cash Flow (in million NOK) Q1 2022 Q1 2021 2021 Net cash flow from operating activities 3,0 (38,1) 177,1 Net cash flow from investment activities (65,0) 250,7 228,5 Net cash flow from finance activities (65,3) (90,2) (504,4) Net changes in cash holdings (127,2) 122,5 (98,8) Cash at beginning of peri
Slide 16: Debt maturity profile 31.03.2022
Debt maturity profile 31.03.2022 1 800 1 589 1 600 1 400 1 200 1 000 Millions 800 600 400 170 200 85 80 0 Rest 2022 2023 After 2023 Instalments 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
Slide 18: Appendices
APPENDICES 18
Slide 19: Results 1st Quarter 2022
Results 1st Quarter 2022 (in million NOK) EBITDA Q1 2022 vs. Q1 2021 (MNOK -8.3): Operating revenue Q1 Supply: Increase of freight income of MNOK 6.0, increase of total operating 150 expenses of MNOK 5.5. Net increase of MNOK 0.4. 7 Subsea/Wind: Decrease of freight income of MNOK 9.4, increase in th
Slide 20: Segments
Segments Incl. Share of Joint Ventures (in million NOK) 1st Quarter 2022 Seismic Subsea/Wind Supply Other Revenue Q1 Revenue 2.5 53.3 61.3 5.1 2022 EBITDA -2.3 9.3 9.9 -8.0 EBIT -6.0 -3.1 -9.8 -9.2 EBITDA margin -92% 17% 16% N/A EBIT margin -237% -6% -16% N/A 1st Quarter 2021 Seismic Subsea/Wind Sup