Q2 2024 Siem Offshore Inc Earnings Call Transcript
Key Points
- Sea1 Offshore Inc (FRA:S5H0) reported a significant increase in revenue, reaching $108 million, up from $88.8 million in the same quarter last year.
- The company delivered a strong EBITDA of $52 million, reflecting an uptick in the market.
- All 17 fully owned vessels delivered a positive EBITDA margin.
- The company has a firm contract backlog of USD841 million, with an additional $600 million in options.
- A dividend payment of NOK5 per share has been authorized by the Board, reflecting strong financial performance and outlook.
- Net financial items were negative by $16.2 million, including a currency loss of $12.6 million.
- The North Sea market was slightly below expectations due to less drilling activity than predicted.
- There was a negative effect in the first quarter for the Subsea segment as two vessels were at dry dock.
- The company experienced a net currency effect loss of $4.8 million due to the depreciation of the Brazilian currency.
- The spot market for anchor handlers and PSVs was penalized by lower-than-expected drilling activity.
Good day, everyone, and welcome to the review and presentation of our results for the second quarter. My name is Bernt Omdal, and I'm the CEO of the company. I'm joined by our CFO, Vidar Jerstad, and together, we will take you through this presentation.
Sea1 Offshore's report for the second-quarter 2022 -- 2024, sorry, was released prior to the market opening today. In this presentation, we will cover the main highlights for the report, and we will refer to the presentation issued together with the financial report. At the end of the presentation, we will open up for questions.
Looking at the highlights for the quarter, we operated 30 vessels. 17 of these are fully owned by Sea1 Offshore. All of our fully owned vessels delivered a positive EBITDA margin. We had close to $108 million in revenue, and we delivered $52 million in EBITDA. This is an increase compared to the same time last year, and it reflects the uptick in the market.
If we look at the pro forma figures for Sea1 Offshore, meaning what the numbers would look
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