30.11.2023
Financial report for the 3rd quarter 2023
Solstad delivered another strong quarter in terms of operating income and EBITDA, and achieved a solid EBITDA margin at 49%.
- The CSV segment concluded a quarter with high utilization and improved commercial terms across geographical regions.
- Operating income from continued operations for 3Q 2023 increased by 17 percent to MNOK 1,624 compared to MNOK 1,387 in 3Q 2022.
- EBITDA adjusted from continued operations increased by 31 percent to MNOK 797 compared to MNOK 606 in 3Q 2022.
- High utilization of 90 percent for vessels in operation during the quarter.
- The agreement with Tidewater for the sale of 37 PSVs was closed on 5 July 2023.
- Order intake of MNOK 3,800 in 3Q 2023, equivalent to a book-to-bill ratio of 2.3x.
- Solstad is building a Service division that enables us to offer additional services, such as ROVs, tooling, project personnel, engineering support etc.
- The Company has been in dialogue with its creditors and other stakeholders to explore the possibilities for the refinancing of the Group within the maturity date. On 23 October 2023 a financing solution supported by Aker Capital AS, AMSC ASA, DNB Bank ASA and Eksportfinans Norge AS was announced (the ‘Refinancing’). Solstad Offshore ASA will have 27% direct ownership of Solstad NewCo (“Solstad Maritime”). Solstad Maritime will be reflected as an investment in associates and accounted for using the equity method in line with IAS 28.
Skudeneshavn, November 30th, 2023
Contacts
Lars Peder Solstad CEO, at +47 91 31 85 85
Kjetil Ramstad CFO, at +47 90 75 94 89
Solstad Offshore ASA
www.solstad.com
This information is subject of the disclosure requirements according to the Norwegian Securities Trading Act section § 5-12.