Financial report for the 2nd quarter 2023
Solstad delivered the strongest quarter in the Company’s history in terms of Operating Income and EBITDA, and achieving a strong EBITDA margin at 49%.
- CSV segment concluded a quarter with high utilization and improved commercial terms across geographical region.
- AHTS segment contributed improved commercial terms in the quarter. Spot utilization primarily in the North Sea turned out weaker compared to 2Q 2022.
- Operating income from continued operations for 2Q 2023 increased by 44 percent to MNOK 1,914 compared to MNOK 1,325 in 2Q 2022.
- EBITDA adjusted from continued operations increased by 77 percent to MNOK 934 compared to MNOK 528 in 2Q 2022.
- High utilization during the quarter at 89 percent for vessels in operation.
- The agreement with Tidewater for the sale of 37 PSVs was closed on 5 July 2023. The transaction is considered a strategic repositioning of the Company as one of the main global owners and operators of high-end tonnage of AHTS and subsea vessels.
- Order intake of MNOK 2,100 in 2Q 2023, equivalent to a book-to-bill ratio of 1.1.
Skudeneshavn, August 24th, 2023
Lars Peder Solstad CEO, at +47 91 31 85 85
Kjetil Ramstad CFO, at +47 90 75 94 89
Solstad Offshore ASA
This information is subject of the disclosure requirements according to the Norwegian Securities Trading Act section § 5-12.