Solstad Offshore ASA (OSL:SOFF)

Q4 2024 Solstad Offshore ASA Earnings Call Transcript

Feb 12, 2025 / 08:00 AM GMT

Release Date Price: kr40.4 (-4.49%)

Transcript

Key Points

Positve

Solstad Offshore ASA (STU:SZL) reported a strong financial performance in 2024 with high utilization rates and robust financial figures.
The company achieved a significant net result of 2.6 billion NOK, contributing to an improvement in book equity by 6.8 billion NOK.
Solstad Offshore ASA (STU:SZL) has a solid order intake for the year, exceeding 10 billion NOK, providing strong visibility into 2025 and beyond.
The company plans to pay a dividend of 0.5 NOK per share for the fourth quarter, maintaining its dividend policy.
The service segment continues to grow, achieving a revenue of about 1.3 billion NOK in 2024 with an EBITDA margin of around 25%.

Negative

The adjusted EBITDA for Solstad Offshore ASA (STU:SZL) was slightly behind the guidance from the third quarter.
The anchor handling segment experienced volatility, particularly with vessels exposed to the spot market.
The company faces high CapEx years in 2024 and 2025, which could impact financial flexibility.
Utilization in the North Sea spot market for anchor handlers has been slower than expected.
The net interest-bearing debt remains significant, although it has been reduced following the settlement of the Maximus residual claim.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

SOFF.OL - Solstad Offshore ASA
Q4 2024 Solstad Offshore ASA Earnings Call
Feb 12, 2025 / 08:00AM GMT

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Presentation
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Unidentified_1 [1]
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Good morning and welcome to the Hawksqua and 2024 presentation for Sustar show.

This presentation will be held by CFO Jeter Ramsar and myself, CEO Lasser Sostar.

It has been a year with a continued market improvement, which is reflected in the results we are presenting today.

The outlook is also promising, and we have continued to sign new contracts also into 2025.

I would also like to highlight the settlement we did of the nor1 maximus residual claim in 4th quarter, that was very value creating for the company, as well as further investments we have done into the service segment. And I will come back to all this during this presentation.

A quick look at the disclaimer before we move

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