Solstad Offshore ASA (SLOFF) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

and welcome to the first quarter presentation of Solstad Offshore. The presentation will be held by Kjetil Ramstad, CFO, and Lars-Peder Solstad, myself, CEO of the company. And this is the first quarterly presentation after the refinancing that was concluded in January. It has been a quarter with very high activity, a continued positive market development and a steep share price increase year to date. We deliver a financial report where the numbers are in line with our own expectations and so are the market developments. Keep in mind that this quarter includes the P&L from the former structure, the first 16 days of the quarter, while the new structure is valid for the remaining 75 days. Kjetil will come back to this and other details of the numbers later in this presentation. A quick look at the disclaimer before we move on to the company structure. As should be well known, Solstad now consists of two main shareholding structures. Solstad Offshore and Solstad Maritime. Solstad Offshore owns seven vessels and have one vessel in on a bare boat contract and are also owner of 50% of the ROV company Omega Subsea Robotics. While Solstad Maritime owns 33 vessels where of 32 are operational and one vessel is in layup and held for sale. But we are operating as one company with a common management, one brand and operate under one document of compliance. The main part of the onshore organization is in the Solstead maritime structure, while the Brazil organization is under the Solstead offshore structure, meaning that management services are provided between the structures both ways. In this presentation, when we are talking about the market, the fleet, clients, ESG, HSE and other operational subjects, it is common for the Solstead Group. But on the financials, we will of course...