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Quarterly Report 1-2018 Report

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Quarterly Report 1-2018 Report QUARTERLY REPORT 1-2018 REPORT 1ST QUARTER 2018 • Challenging Q1 with seasonally low activity, reduced revenues and pressure on certain financial covenants • Operating income was MNOK 875 (MNOK 568) in Q1 2018 • EBITDA adjusted for operating lease was MNOK -16 (MNOK 156) in Q1 2018 • Ongoing discussions with financial creditors of subsidiary Solship Invest 3 AS • Increased number of vessels active and generating revenue from April 2018 onwards • Market situation gradually improving across all segments THE COMPANY During the quarter, USD has weakened versus NOK, while GBP Solstad Farstad ASA (“the Company”) is a world leading owner has remained unchanged. As a result, unrealized gain related to and operator of offshore service vessels. The Company is the the Company’s debt of MNOK 311 is recognized. result of a merger between Solstad Offshore ASA, REM Offshore ASA (merged with Solstad Offshore ASA in 2016), Result before taxes for Q1 2018 was MNOK -543 (MNOK -181). Farstad Shipping ASA and Deep Sea Supply Plc, which took place in June 2017. As per May 2018 the Company owns and/or Total equity at the end of the quarter was MNOK 4,428, i.e NOK operates a fleet of 143 vessels. In addition to the offshore 15 per share. segment, the Company has established a joint venture with Marine Harvest ASA within the aquaculture segment. The joint FINANCE venture currently has ten vessels under construction. From a financial risk perspective, the Company is organized as four separate entities, with no parent company guarantees FINANCIAL PERFORMANCE issued by Solstad Farstad ASA on behalf of Solship Invest 1 AS, Operating income in Q1 2018 was MNOK 875 compared to Farstad Shipping AS or Solship Invest 3 AS. MNOK 1,096 in Q4 2017. One of the main reasons for the decrease is vessels redelivered from charter contracts. Some One of the subgroups of Solstad Farstad ASA, Solship Invest 3 of these vessels have been seasonally idle for the major part of AS (“SI3”), on 27 March 2018 entered into a standstill the quarter. Compared to Q1 2017 the operating income is agreement with its major financial creditors, aiming to achieve MNOK 307 higher, which is due to the merger in June 2017. a long-term sustainable capital structure for SI3 and its subsidiaries. On 4 May 2018 the Company announced that the Operating expenses in Q1 2018 amounted to MNOK 986, of standstill agreement was extended until 2 June 2018. During which MNOK 812 are ordinary operating expenses for the this period, installments and interests payable to the majority Company’s vessels. This is equal to vessel operating expenses of the financial creditors are postponed. As the standstill in Q4 2017. Vessel operating expenses are MNOK 436 higher agreement is valid for a period of less than 12 months, the non- compared to Q1 2017, due to the increased fleet resulting from current liabilities of MNOK 3,896 are, in accordance with IFRS, the merger. Administrative expenses amounted to MNOK 128 reclassified and recognized as current liabilities at 31 March for the quarter, compared to MNOK 140 and MNOK 156 for the 2018. two preceding quarters. As per 31 March 2018 another subgroup of the Company, EBITDA, adjusted for operating leases, for Q1 2018 was MNOK Farstad Shipping AS (“FAR”), was not in compliance with a -16 (MNOK 156 last year), compared to MNOK 210 for Q4 2017. debt-service-cover-ratio financial covenant which is included The reduction in EBITDA matches the reduced Operating in the majority of FAR’s loan agreements, reference to press income. The Company’s efforts to reduce operational costs for release from 17 April 2018. In accordance with IFRS, this leads vessels continues. This effect is partly offset by several vessels to a reclassification of the subgroup’s non-current liabilities of that have re-activation or mobilization cost in Q1 relating to MNOK 7,041 to current liabilities, until FAR is back in compliance operations starting in Q2. with the financial covenant or until the covenant is unconditionally waived for a period of at least 12 months or 1 EBITDA – Operating profit before depreciation and amortization, adjusted for share from joint venturesexcess / less values on freight contacts relating to business combinations and sales gains / losses 2 QUARTERLY REPORT 1-2018 - SOLSTAD FARSTAD ASA amended in agreement with the financial creditors. Based on the wellboats are scheduled for delivery in 2018, whilst the the current management forecast for 2018, the subgroup is remaining seven newbuilds will be delivered in 2019 and 2020. expected to be back in compliance with the debt-service-cover ratio in second half of 2018, and the Company is in dialogue The investments will be financed through external financing with its financial creditors in order to waive this financial and equity. The Company’s 50% share of the equity in DESS covenant for the relevant period. Aquaculture is secured through an agreement for a subordinated loan with a company associated with Hemen CASH FLOW AND CASH POSITION Holding Ltd. The company has secured external financing for During Q1 2018, the overall cash position of the Company was the three vessels to be delivered in 2018. reduced by MNOK 406 from MNOK 1,875 to MNOK 1,469. Net cash flow from operations was positive MNOK 135, while net The increased activity within the aquaculture represents an cash flow from investments (net of sales proceeds from asset exciting growth opportunity for Solstad Farstad ASA, and the sales and capital expenditure for the total fleet) was negative Company expects further growth within this segment. MNOK 235. Net interest paid was MNOK 263, and net installments paid were MNOK 124 during Q1 2018. Furthermore, EVENTS AFTER BALANCE SHEET DATE the Company has drawn MNOK 100 under a subordinated loan During April 2018, the following AHTS vessels have been facility to support the investments in the aquaculture segment. delivered to new owners: Sea Badger, Sea Fox, Sea Vixen, Sea Following negative currency movements of MNOK 19, the total Stoat and Nor Chief. reduction of cash during the quarter was MNOK 406. On 10 April 2018, the Company announced the construction of COST SAVINGS PROGRAM and charter contracts for five new aquaculture vessels. As previously communicated, the Company is targeting annualized cost savings to MNOK 700 – 800 compared to the On 4 May 2018, the Company announced an Extension of 2016 pre-merger cost level. The targeted cost saving is based Standstill and Deferral Agreement for Solship Invest 3 AS until on comparing equal activity levels, and is not dependent on 2 June 2018. reactivation of vessels in lay-up. The majority of the cost savings is expected to materialize during first half of 2018, and OUTLOOK the program is expected to have full effect from Q4 2018 Low demand and too many available vessels have had a onwards. The reduction in salary related expenses, both significant negative effect on the global offshore service vessel onshore and offshore, takes some time to materialize, and the market during the past years, resulting in low rates, low total operating expenses are approximately the same in Q1 utilization and a large number of vessels in lay-up. However, 2018 as they were in Q4 2107, but the overall cost saving the recent increase in the tender activity level gives reason to targets remain intact and are considered realistic. believe that the market has bottomed out, and that the activity level will continue to grow going forward. SALE OF VESSELS The Company had per end of Q1 2018 entered into The present oil price, combined with reduced cost, should Memorandum of Agreements for the sale of the AHTS “Nor increase investments in the oil & gas sector. Already in 2018 Chief” and AHTS “Sea Badger”. Together with the previously this might give a higher rig activity compared to what has been reported sold, but not delivered, AHTS’s “Sea Fox”, “Sea Vixen” seen the last years. This is expected to be positive for the and “Sea Stoat” and the PSV “Far Supporter”, the vessels are demand for AHTS and PSVs. classified as held-for-sale assets in Condensed Statement of Financial Position. Within subsea installation several large projects have been sanctioned lately. It is expected that this will lead to increased THE FLEET construction activity from 2019 and onwards. However, As per May 2018, the Company owns and/or operates a fleet of demand for subsea maintenance services could pick up already in total 143 offshore service vessels. The fleet had the following in 2018. In combination with a steady, high activity in the composition: 33 CSVs, 47 AHTS and 63 PSVs. Offshore wind sector, this is expected to grow the demand for CSVs. VESSELS UNDER CONSTRUCTION Through DESS Aquaculture Shipping AS, a 50% owned joint The Company has signed several new contracts during the venture with Marine Harvest ASA, the Company has 6 wellboats, quarter, within all vessel segments the Company operates in. 3 service vessels and one harvest vessel under construction The majority of the new contracts are with clients in Norway, within the aquaculture segment. Long-term contracts for all UK, Brazil and Australia. newbuildings have been secured with commencement directly upon delivery from the shipyard. The harvest vessel and two of Because of the significant reduction of liquidity since the date QUARTERLY REPORT 1-2018 - SOLSTAD FARSTAD ASA 3 of the merger, which continued also in Q1 2018, the Company Farstad ASA continually evaluates measures to reduce risk monitors the situation closely and continues its efforts to exposure as mentioned above. Since 2014, following the reduce costs further and secure additional cash.
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