Q2 2024 Reach Subsea ASA Earnings Call Transcript
Key Points
- Strong financial performance with revenue of NOK 623 million in Q2, up from NOK 607 million last year, excluding one-off effects.
- Successful sea launch and technology qualification contract with Equinor for Reach Remote.
- Increased vessel capacity through long-term charters, including the extension of Havila Subsea and addition of Offshore Surveyor.
- Significant growth in order backlog and outstanding tender value, more than doubling compared to last year.
- Continued innovation in technology, including the launch of the Reach Dragonet gradiometer system and advancements in remote operations.
- Deep Cygnus was out of service for almost 90% of the quarter, impacting potential revenue by NOK 60-120 million.
- Increased interest expenses related to IFRS 16 charter commitment debt and unrealized currency loss.
- Slight delay in the Reach Remote project, with vessels slightly behind the original plan.
- High dependency on the oil and gas sector, with 69% of Q2 revenue coming from this segment.
- Potential challenges in maintaining balance between long-term contracts and spot market opportunities.
Good morning. Welcome to our webcast and presentation of the report for the second quarter and half year of 2024 for Reach Subsea ASA. The report and this presentation were released earlier this morning, and I am Jostein Alendal, CEO of Reach Subsea. And with me is CFO, Birgitte Wendelbo Johansen. I will first take you through some of the highlights and technical achievements during the quarter and so far this year and plus give you an insight on -- in our long-term strategy regarding remote operations and robotics, and Birgitte will go through the financials in more details in a bit.
Some technical information, please feel free to submit your questions through the webcast player, and we will provide answers during our Q&A session shortly after the presentation.
So far, our results shows that we are delivering on our strategy and achieving our goals. And therefore, it is a great pleasure for Birgitte and me on behalf of our entire team to present this report to you.
So let's start with a quick look at the key
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