Q2 2024 Solstad Offshore ASA Earnings Call Transcript
Key Points
- High fleet utilization rate of 85%, despite planned maintenance and mobilizations.
- Adjusted EBITDA for Solstad Offshore ASA reached NOK362 million, indicating strong financial performance.
- Successful refinancing with a NOK750 million share issue and new loan facility, providing a solid financial foundation.
- Significant increase in backlog with several new contracts, ensuring future revenue streams.
- Initiation of quarterly dividend payments from Solstad Maritime, marking a new milestone for the company.
- Planned maintenance and mobilizations negatively impacted fleet utilization for the quarter.
- High net interest-bearing debt of NOK5.3 billion, though adjusted to NOK2.4 billion.
- Equity ratio remains relatively low at 21%, indicating potential financial vulnerability.
- Utilization for Solstad Maritime was lower at 82%, affected by dry docks and vessel relocations.
- Some vessels are still on short-term contracts, which may lead to revenue volatility.
Welcome to this second-quarter presentation of Solstad Offshore. The presentation will be held by CFO, Kjetil Ramstad; and myself, CEO, Lars Peder Solstad. And as you notice, we have a new routine for our presentation now. We released the report early in the morning, followed by a presentation the same day, and we report much earlier in the quarter than we have previously done. And this is something you can expect from us also going forward.
It has been a good quarter for the company with very high activity and with the signing of several new contracts and the market continued its positive trend. I will come back to this later in the presentation. If we take just a quick look at the disclaimer before we move over to the quarter highlights. And as many of you will know, we completed the refinancing of Solstad in June by a share issue of NOK750 million in Solstad Maritime, and a new loan facility in the CSV Normand Superior. This gives the company a solid financial foundation for further development of the company.
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