Solstad Offshore ASA (SLOFF) Q4 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and welcome to the fourth quarter and third year 2024 presentation for Solstads Offshore. This presentation will be held by CFO Kjetil Ramstad and myself, CEO Lars-Peder Solstad. It has been a year with a continued market improvement, which is reflected in the results we are presenting today. The outlook is also promising and we have continued to sign new contracts also into 2025. I would also like to highlight the settlement we did of the Norman Maximus residual claim in fourth quarter. That was very value creating for the company. as well as further investments we have done into the service segment. And I will come back to all this during this presentation. A quick look at the disclaimer before we move over to the 2024 highlights and business update. And as mentioned, fourth quarter and 2024 in general has been a good year for Solskjaer with high utilization and strong financial figures. The CSV segment has performed at a steady high level while the anchor handling segment by nature is more volatile. especially the vessels with spot exposure, had less utilization in port water, but are on an okay level for the year in total. For Solstahl Maritime, adjusted EBITDA came in at 799 million in the quarter and 3.23 billion for the year of 2024. This is slightly behind our guiding from third quarter. A strong net result of 2.6 billion NOC contributed to an improvement in the book equity during the year of 6.8 billion, including 4 billion in equity contribution from the refinancing done in first and second quarter. Sorry. including 4 billion in equity contribution from the refinancing done in first and second quarter of 24. The order intake for the year was above 10 billion NOK, an equivalent to a book-to-bill ratio of 1.8, giving us a solid visibility into 25...