1st Quarter 2014 1. Solstad Offshore in brief 2. Highlights YTD 3. Financials 4. Vessels and markets 5. Outlook By: Lars P. Solstad and Sven Stakkestad
SOLSTAD OFFSHORE IN BRIEF Founded in 1964. In offshore since 1973. Operations worldwide North Sea, Brazil, US Gulf, West Africa, Asia etc. Listed on Oslo Stock Exchange (Ticker: SOFF) since 1997 Main office in Skudeneshavn and branch…
SOLSTAD OFFSHORE HIGHLIGHTS 31.03.2014 Good earning margins and stable Financial underlying & Operational values Highlights 1Q 2014 Net revenues NOK 870 mill. Adjusted EBITDA NOK 352 mill / Adjusted EBITDA margin 40% Margin…
Good earning HIGHLIGHTS 31.03.2014 CONT. margins and stable underlying values CSV Newbuilding program Normand Reach delivery from yard June 14 Normand Vision delivery from yard July 14 Normand TBN delivery from yard 2Q 16 Strong…
THE SOLSTAD OFFSHORE FLEET (46 VESSELS IN OPERATION AS PER 19.05.2014) Vessels: 22 Newbuild: 3 Skudeneshavn Aberdeen Vessels: 2 Vessels: 6 Manila Kuala Lumpur Singapore Vessels: 0 Vessels: 5 Rio de Janeiro…
3. FINANCIALS
OPERATING REVENUE AND EBITDA (EX. GAIN/LOSS ON SALE OF ASSET / INCL. SHARE IN JV)
PROFIT & LOSS ACCOUNTS 31. March 2014 1Q 1Q Total (Mill NOK) 2014 2013 2013 Total Operating Income (1) 870 798 3 546 Operating expenses (2) (522) (526) (2 049) Ord. Depreciation (100) (108) (431) Joint Venture & Associated Companies…
BALANCE 31. March 2014 2014 2013 2013 (Mill NOK) 31.03 31.03 31.12 Long Term fixed assets 12 571 13 242 12 740 Current assets 2 398 1 654 2 285 Total assets 14 969 14 897 15 025 Equity 5 141 4 608 4 954 Long Term liabilites 7…
SOLSTAD OFFSHORE ASA - VALUES & DIVIDEND
4. VESSELS AND MARKETS
THE SOLSTAD FLEET MARKET SEGMENTS 1)Based broker valuations as of 31.12.2013 with SOFFs 50% share in Normand Installer and Normand Oceanic
MARKET Construction Service Vessels (CSV) Subsea market driven by solid fundamentals High tendering activity and contract awards The large subsea players are building substantial backlogs SOFF - strong position & favorable market…
FLEET Construction Service Vessels (CSV) Strong world wide subsea activity Solid contract coverage for the CSV fleet 97 % utilization during 1Q 14 Operational highlights Normand Tonjer delivered to new owner February 14.…
MARKET Anchor Handling Tug & Supply (AHTS) Volatile marked conditions in the North Sea spot- market so far in 14. Positive medium to long term outlook as market balance continues to improve. Brazil wakes up again Drilling…
FLEET Anchor Handling Tug & Supply (AHTS) 20 AHTSs in operation world wide Range from 5.500 to 32.000 bhp 70% utilization in 1Q 14 Operational highlights 1Q 14 New 4 year contract for N.Titan with Petrobras in Brazil Sale of Nor…
MARKET Platform Supply Vessels (PSV) Activity level is high High tendering activity for medium and long-term work. Potential for improvement in day rates as activity level is expected to increase during summer season. Demand…
FLEET Platform Supply Vessels (PSV) Operational highlights 1Q 14 87% utilization 3 vessels returned to the NS spot marked Currently 3 vessels in the North Sea spot market
5. MARKET/OUTLOOK
FUTURE OUTLOOK Demand for CSVs expected to be strong as a consequence of high activity level Focus on longer term contracts for our CSV fleet to achieve predictable EBITDA The AHTS and PSV fleet have a combination of long term…
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