Solstad Offshore Announces Financial Report for the 1st Quarter 2022

Source: www.gulfoilandgas.com 5/9/2022, Location: Europe

- High order intake in 1Q 2022, with signed new contracts worth approximately NOK 2.6 billion. The market outlook for the Company’s services continue to improve. - During the quarter, 78 vessels have been in operation at an average utilization of 81 precent. - The quarter affected by high maintenance and docking activity. - Revenues for 1Q 2022 decreased by 7% to MNOK 1,245 vs MNOK 1,337 in 1Q 2021. Adjusted EBITDA decreased by 52% to MNOK 208 vs MNOK 432 in 1Q 2021. - The decrease in revenue and EBITDA is due to a one-time termination fee of MNOK 378 booked in 1Q 2021. Adjusted for this, revenue and EBITDA in 1Q 2022 increased compared to last year. - The divestment program of non-strategic vessels has been completed and represent a total reduction of the Company’s debt by approximately MNOK 778.


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