Solstad Offshore Asa · OSL:SOFF
Solstad Offshore Asa — Q2 2021 Earnings Presentation
13 slides from Solstad Offshore Asa's earnings presentation, Aug 25, 2021
Slide 1: 2Q 2021 Presentation
2Q 2021 Presentation Lars Peder Solstad, CEO and Kjetil Ramstad, CFO 25.08.2021 1
Slide 2: Disclaimer
2Q 2021 PRESENTATION Disclaimer Important information Cautionary note regarding forward-looking statements This presentation, prepared by Solstad Offshore ASA (the "Company"), may include forward-looking statements relating to the business, financial performance and results of the Solstad Offshore G
Slide 3: 2Q 2021 Financial Highlights
2Q 2021 PRESENTATION 2Q 2021 Financial Highlights Revenue NOK 1,264M NOK 4,500M backlog 1 (NOK 1,332M) (NOK 7,959M) 2 EBITDA Adj. NOK 309M 25% EBITDA margin (NOK 411M) (31%) 3 EBIT NOK -64M -5% EBIT margin (NOK -996M) (-75%) 4 Assets NOK 21,600M Fixed Assets NOK 2,218M Cash (NOK 25,131M) (NOK 1,112M
Slide 4: Business Update
2Q 2021 PRESENTATION Business Update 1 Focus on operational and commercial excellence as the market starts to improve. Company owns and operates one of the largest high-end offshore fleet in the World. In the 2 quarter, in average, 80 vessels was operational with an average utilization of 88% (79%)
Slide 5: Normand Maximus
2Q 2021 PRESENTATION Normand Maximus The Saipem termination fee of MUSD 44,3 was recognized in 1Q 2020 and received in 2Q 2021. 1 The dispute with Saipem is thus finally resolved. The dialogue for a long-term solution for the financing arrangements for the Normand Maximus is 2 ongoing. On 3 March 20
Slide 6: Fleet update 2Q 2021
2Q 2021 PRESENTATION Fleet update 2Q 2021 The core-fleet of Solstad consist of around 90 vessels serving Clients within Oil & Gas and 1 Offshore-wind, globally. Number of active vessels, at the end of the quarter: 80 2 Vessels in lay-up: 13 (5 lay-up vessels has been activated during 2Q 2021 due to
Slide 7: Market Update
2Q 2021 PRESENTATION Market Update Several new contracts awarded during the quarter and after quarter end. All new contracts done at improved terms. 1 In Oil & Gas and Offshore Wind and within all vessel segments and main geographical areas. CSV segment to benefit from growth in offshore wind and su
Slide 8: Backlog
2Q 2021 PRESENTATION Backlog Backlog per year Backlog per Backlog next 12 months per segment segment per segment 1 400 100 % 19% 1 200 CSV AHTS 80 % 40% 40% 42% (O&G) 51% 1 000 17% 36% 60 % 800 MNOK 600 40 % 81% 60% 60% 58% 400 49% 9% 20 % 38% 200 CSV 0% 0 (RE) PSV AHTS PSV CSV (RE) CSV Total 2021 2
Slide 9: Income Statement
2Q 2021 PRESENTATION Income Statement 2021 2020 2021 2020 MNOK 2Q 2Q 1H 1H Operating income 1 264 1 332 2 601 2 535 Vessel operating expenses (891) (881) (1 701) (1 742) Administrative expenses (111) (88) (215) (191) Total operating expenses (1 003) (969) (1 916) (1 933) Operating result before depr
Slide 10: Balance Sheet
2Q 2021 PRESENTATION Balance Sheet 2021 2020 2021 2020 MNOK 2Q 2Q 2Q 2Q ASSETS EQUITY AND LIABILITIES Fixed Assets Equity Intangible assets 7 24 Paid-in equity 250 4 603 Tangible fixed assets 18 964 20 726 Other equity 3 407 (11 628) Right-of-use assets 2 419 3 753 Non-controlling interests 17 8 Tot
Slide 11: Cash Flow
2Q 2021 PRESENTATION Cash Flow 25.08.2021 11
Slide 12: Summary
2Q 2021 PRESENTATION Summary • We see increased bidding activity in our main markets and have concluded several new contracts in 2Q and after quarter end. • Vessel utilization improves – rates will normally follow. • Solstad continue its strategy of selling off the non- strategic part of the fleet a
Slide 13: Q&A
Q&A 25.08.2021 13