Presentation Q1-2019 23 May 2019 Operational update 5/23/2019 2 - - PowerPoint PPT Presentation

Presentation Q1-2019

23 May 2019

Operational update

5/23/2019 2

Floatel Superior

• In operation for Equinor at Martin Linge during the entire

quarter

• Firm period prolonged in April to end March 2020 with

6 monthly options thereafter

• 100% utilization in Q1

Floatel Superior commenced operations for Equinor Martin Linge project end-July 2018 Floatel Superior relocated to Tromsø awaiting charter for Equinor

5/23/2019 3

Floatel Reliance

• Quayside Tenerife with reduced manning awaiting new

charter

• Actively marketed for new work

5/23/2019 4

Floatel Reliance alongside Petrobras P-33 Campos Basin Floatel Reliance in Tenerife awaiting next charter

Floatel Victory

• In operations for Total at the Culzean field the entire

quarter

• Charter ends 17 June 2019 as Total notified in April that

they will not exercise last option

• 100% utilization in Q1

5/23/2019 5

Floatel Victory commenced operation Total Culzean mid-July 2018 Floatel Victory at BP Clair Ridge

Floatel Endurance

• Transit to Singapore and dry-dock at Keppel FELS during the

quarter for rectification works and SPS

• Expected to be available in the North Sea early September

2019

• 100% Utilization in Q1 (Yard)

5/23/2019 6

Floatel Endurance ended operation for ENI at Goliat field on November 6 2018 Floatel Endurance at Keppel Fels Singapore for warranty work

Floatel Triumph

• Operations at Inpex Ichthys Project during the quarter and

charter ended 3 March, 2019

• Thereafter transit to offshore Johor in Malaysia awaiting

next assignment

• 100% Utilization in the quarter including demobilization

(idle from April)

5/23/2019 7

Floatel Triumph at its present location offshore Singapore Floatel Triumph at Inpex Ichthys extended to March 2019

Commercial update

5/23/2019 8

Backlog end of March 2019

Firm order book $66 million, option work $42 million

5/23/2019 9

Backlog distribution 2019-2021 including option work

Utilisation last 12 months: 75% Utilisation next 12 months*: 34%

* Firm periods, paid standby transit and yard 200 000 400 000 600 000 800 000 1 000 000 1 200 000 1 400 000 Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 Q1-19

USD THOUSAND

Backlog firm Option backlog

2019 57% 2020 43% 2021 0%

Current commitments

5/23/2019 10

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D

FLOATEL SUPERIOR Total Martin Linge Standby period 2 (Norway)

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Equinor Martin Linge Firm + Options (Norway)

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Vessel maintenance and SPS (TBA)

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FLOATEL RELIANCE

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Idle Tenerife (Spain)

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FLOATEL VICTORY

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BP Clair Ridge (UK)

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Vessel maintenance

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Maersk/Total Culzean + Options (UK)

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FLOATEL ENDURANCE

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Vessel maintenance (Verolme, Rotterdam)

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ENI Goliat (Norway)

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Vessel maintenance and SPS (KeppelFELS, Singapore)

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FLOATEL TRIUMPH

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Inpex (Australia)

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Key: Awarded Options Yard Paid Standby

2020

Activity

2018 2019

HSE update

5/23/2019 11

HSE Statistics – March 2019

5/23/2019 12 Total Recordable Injuries (Work Related Fatalities + Lost Time Injuries + Restricted Work Cases + Medical Treatment Cases) * 1.000.000 / Working hours

TRIF (Total Recordable Injury Frequency)

Fleet average for the last 12 months presented each month: Target 2019: ≤ 2.25 March 2019: 1.88

Financial update

5/23/2019 13

Income Statement

• 80% fleet utilization
• Incl. yard, transit and paid standby
• 2.75 rigs on hire, 0.25 dmob, 1.0 at yard

and 1.0 idle

• Stable quarter with EBITDA better than

expected on the back of good cost control

• Net financial items
• Net interest and other financial expenses

in-line with expectations

• Limited FX –effects in the quarter

5/23/2019 14 USD M Q1 2019 Q1 2018 2018 Charter revenues 58 47 232 Catering and other recharges 13 12 56 Mobilization 2 2 15 Total Revenues 73 62 303 Operating expenses

• 23
• 23
• 121

General & Administrative expenses

• 3
• 4
• 16

EBITDA 47 35 166

EBITDA margin 64% 57% 55%

Depreciation and amortization

• 15
• 15
• 61

Operating profit 32 20 104

Operating margin 43% 32% 34%

Net Finanacial items

• 15
• 16
• 68

Profit before tax 17 4 37 Taxes

• 7
• 3
• 10

Profit after tax 10 1 27

Balance Sheet

• $51m Net Customer Receivables =

Trade receivables + Accrued revenues

• $101m in cash plus $82m undrawn RCF
• No restricted cash
• Used RCF ($18m) = performance bonds
• Leasing debt mainly refer to offices –

to be recognized in BS from 2019 according to IFRS

• $14m finance fees reduces Interest-

bearing debt

• $23m in accrued interest as bond

interest paid semi-annually

• Ample headroom on all financial

covenants

5/23/2019 15 USD M 31-mar-19 31-mar-18 31-dec-18 Property, plant and equipment 1 274 1 328 1 288 Deferred tax asset 1 1 Total non-current assets 1 274 1 328 1 289 Inventory 24 20 24 Trade receivables 32 23 24 Other current receivables 30 22 42 Cash and cash equivalents 101 194 77 Total current assets 187 260 167 Total assets 1 461 1 588 1 456 Total shareholder´s equity 557 522 547 Leasing debt - long term 1 Interest-bearing debt 801 1 003 810 Total non-current liabilities 801 1 003 810 Trade payables 7 6 11 Current portion of i-b debt 41 27 41 Income tax liabilities 7 5 4 Other current liabilities 47 26 43 Total current liabilities 103 63 99 Total equity and liabilities 1 461 1 588 1 456

Cash Flow Statement

• Change in working capital driven by

reduced Net Customer Receivables

(Accrued revenues in Other changes)

• No capex in quarter- FE SPS to be

recorded in Q2/Q3

• $10m repayment of BVF

5/23/2019 16 USD M Q1 2019 Q1 2018 2018 Operating result 32 20 104 Net interest paid

• 1
• 12
• 42

Income tax paid

• 3
• 3
• 11

Adjustment for depreciation and 15 15 61 Adjustments for other non-cash related

• 2
• 7

Total cash flow from operations before changes in working capital 43 18 106 Changes in inventories

• 3

Changes in trade receivables

• 9

4 4 Changes in trade payables

• 4
• 3

2 Other changes in working capital 6 7

• 4

Cash flow from operating activities 36 25 105 Payments for property, plant and

• 7

Net cash flow from investing

• 7

Repayment of debt

• 10
• 7
• 806

Proceeds from debt 625 Other financial items paid

• 1
• 1
• 17

Proceeds from equity Net cash flow from financing

• 11
• 8
• 197

Cash flow for the period 24 17

• 99

Cash and equivalents, beginning of 77 177 177 Currency effect on cash

• 2

Cash and equivalents, ฀ end of period 101 194 77

Q&A

5/23/2019 17