Q3 2024 Solstad Offshore ASA Earnings Call Transcript
Key Points
- Solstad Offshore ASA (LTS:0G2Z) reported strong operational performance with high fleet utilization, indicating robust demand for its services.
- The company announced the initiation of quarterly dividends, marking a significant milestone for shareholders.
- Solstad Offshore ASA (LTS:0G2Z) has a firm backlog of 4.3 billion NOK, with recent additions expected to further strengthen its position.
- The company is experiencing high demand in the global offshore energy market, particularly in Brazil, which presents numerous opportunities for growth.
- Solstad Offshore ASA (LTS:0G2Z) has increased its EBITDA guidance, reflecting confidence in its financial performance and market conditions.
- The company reported limited significant contract signings during the quarter, although discussions for future contracts are ongoing.
- The North Sea anchor handling market is currently weak, posing challenges for the company's operations in that region.
- Solstad Offshore ASA (LTS:0G2Z) faces strict local content requirements in Brazil, necessitating a local setup to participate in the market.
- The company has significant leasing liabilities, which could impact financial flexibility.
- There is limited contract coverage for the anchor handling fleet in Australia for 2025, requiring efforts to secure long-term work.
Good morning and welcome to the third quarter presentation of Susar Offshore ASA. This presentation will be held by CFO JTA Ramsar and myself CEO Lasar and it has been a quota with a very strong operational performance, high fleet utilization and a continued positive market outlook.
It is also the first time in many years that we will introduce dividends as SOAR Maritime intends to initiate quarterly dividends from third quarter and onwards. All this I will come back to during this presentation a quick look at the disclaimer before we move on to the to the to the third quarter, highlights and update on the business.
As mentioned, our fleet of 39 vessels has had a strong utilization in the quarter and also year-to-date.
This shows high demand for our services which we also expect to continue going forward.
EBITA adjusted of NOK328 million in Solstad offshore and 975 million knoc in Solstad Maritime is a proof of improved commercial terms and solid operations.
This also gives us confidence to deliver on the
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