Solstad Offshore Asa · OSL:SOFF
Solstad Offshore Asa — Q4 2024 Earnings Presentation
18 slides from Solstad Offshore Asa's earnings presentation, Feb 12, 2025
Slide 1: Q4 2024 Presentation
Q4 2024 Presentation w/ Lars Peder Solstad, CEO and Kjetil Ramstad, CFO 12 February 2025 1
Slide 2: Disclaimer
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 Companies and/or the industry
Slide 3: 2024 Highlights | Business update
2024 Highlights | Business update Settlement of the Maximus Residual Claim combined with new group financing Solstad Maritime Holding intends to apply for a listing of its shares on Euronext Business update Investment in Omega Subsea - thereby further strengthening Solstad Oslo Børs during Q2 25
Slide 4: Market Update
Market Update 39 vessels and 7 offices worldwide Office AHTS CSV Renewable Energy Oil & Gas Continued high activity within offshore-energy across all regions and vessel segments Several long-term opportunities, particularly in Brazil 5x 9x Active project market with vessels transiting between
Slide 5: Normand Maximus operational and financial update
Normand Maximus operational and financial update In Q4, Solstad Offshore (SOFF) reached a settlement of the USD 197 million claim guaranteed by SOFF related to the previous financing of the vessel Normand Maximus The settlement agreements implies a reduction of the SOFF’s net debt by approximate
Slide 6: Solstad Services update
YTD performance Solstad Services Solstad Services update NOKm 1,100 Revenue 1,000 EBITDA adjusted 900 800 700 600 500 400 300 200 100 0 Solstad Offshore* Solstad Maritime *Includes 16 days of Solstad Maritime until deconsolidation 16th January 2024. • In Q4, Solstad Offshore agreed to acquire a 35,8
Slide 7: Solstad Offshore | Q4 Financial Highlights
Solstad Offshore | Q4 24 Financial Highlights Refinanced with low leverage and strong cash flow visibility next year through solid backlog position NIBD overview as per 31.12.2024, NOKm 5,000 4,500 4,000 1,280 3,500 3,000 Q4: 91% Utilization Backlog* NOK 5,700m 2,500 1,952 4,641 YTD: 95% 2,000 1,500
Slide 8: Solstad Offshore | Backlog
Solstad Offshore | Backlog Order intake of NOK 5.6bn for the year 2024 equivalent to a book-to-bill ratio of 2.0x for the year Backlog per segment Backlog2 execution Firm-/options days2 by year added per year Firm: AHTS 2021 Firm/options days NOKm Firm: CSV NOKm 2023 Days Available days Firm: Solsta
Slide 9: Solstad Maritime | Q4 Financial Highlights
Solstad Maritime | Q4 24 Financial Highlights A financially robust platform paying quarterly dividends NIBD overview as per 31.12.2024, NOKm 10,000 9,000 56 8,000 (2,013) 7,000 266 6,000 Q4: 85% NOK 9,600m 5,000 Utilization Backlog YTD: 86% 4,000 8,642 6,685 6,951 3,000 2,000 1,000 Q4: NOK 1,575m Bo
Slide 10: Solstad Maritime | Backlog
Solstad Maritime | Backlog NOK 3.2bn of firm backlog additions at healthy margins in Q4 24 equivalent to a book-to-bill ratio of 2.0x Backlog per segment Backlog execution by Firm-/options days Backlog, order intake year added per year and book-to-bill Firm: AHTS 2019-2021 Firm/options days Backlog
Slide 11: Summary
Summary Improved book equity for SOFF and SMH by NOK ~1.3 billion and NOK ~6.8 billion respectively Significant backlog additions in 2024 equivalent to a book-to-bill of ~2.0x creating a robust visibility on earnings going forward Solstad Services performing above expectations with revenue of NOK ~1
Slide 12: Thank you for your attention
P aa y Thank you for your attention —
Slide 13: Solstad Offshore | Income Statement & EBITDA adjusted
Solstad Offshore | Income Statement & EBITDA adjusted Unaudited 2024 2024 Unaudited 2024 2024 NOKm 1.10-31.12 1.1-31.12 NOKm 1.10-31.12 1.1-31.12 Operating income 691 2,791 Total operating income 691 2,791 Vessel operating expenses (269) (1,209) Total operating expenses (331) (1,442) Administrative
Slide 14: Solstad Offshore | Balance Sheet
Solstad Offshore | Balance Sheet Unaudited 2024 2023 Unaudited 2024 2023 NOKm 1.1-31.12 1.1-31.12 NOKm 1.1-31.12 1.1-31.12 ASSETS ASSETS Fixed Assets EQUI TY AND LI ABI LITIES Deferred tax assets 0 2 Equity Tangible fixed assets 1,513 1,315 Paid-in equity 272 272 Right-of-use assets 3,462 2,789 Othe
Slide 15: Solstad Offshore | Cash Flow Statement
Solstad Offshore | Cash Flow Statement 2024 1.1-31.12 C ASH FLO W FROM OPERATIONS Result before tax 1,370 Taxes payable (28) Depreciations and write downs 334 Gain (-)/loss long-term assets (740) Interest income (72) Interest expense 637 Unrelaised currency gain/-loss (7) Change in current receivabl
Slide 16: Solstad Maritime | Income Statement & EBITDA adjusted
Solstad Maritime | Income Statement & EBITDA adjusted Unaudited 2024 2024 Unaudited 2024 2024 NOKm 1.10-31.12 1.1-31.12 NOKm 1 .1 0 -3 1 .1 2 1 .1 -3 1 .1 2 Operating income 1,575 5,980 T otal op erating incom e 1 ,5 7 5 5 ,9 8 0 Vessel operating expenses (752) (2,682) T otal op erating ex p ens es
Slide 17: Solstad Maritime | Balance sheet
Solstad Maritime | Balance sheet Unaudited 2024 Unaudited 2024 NOKm 31.12 NOKm 31.12 ASSETS ASSETS EQ UI TY AND LIABI LI TI ES Fixed Assets Equity Deferred tax assets 566 Paid-in equity 5,787 Tangible fixed assets 12,586 Other equity 3,109 Investment in assosiates and joint ventures 45 Non-controlli
Slide 18: Solstad Maritime | Cash Flow Statement
Solstad Maritime | Cash Flow Statement 2024 1.1-31.12 CASH FLO W FRO M O PERATIO NS Result before tax 2,203 Taxes payable 26 Depreciations and write downs 215 Gain (-)/loss long-term assets (88) Interest income (256) Interest expense 1,034 Unrelaised currency gain/-loss (287) Change in current recei