Financial report for the 2nd quarter 2023

Thu, Aug 24, 2023 17:02 CET

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

Contacts
Lars Peder Solstad CEO, at +47 91 31 85 85
Kjetil Ramstad CFO, at +47 90 75 94 89

This information is subject of the disclosure requirements according to the Norwegian Securities Trading Act section § 5-12.