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Quarterly Report 4-2017 Report

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Quarterly Report 4-2017 Report QUARTERLY REPORT 4-2017 REPORT 4TH QUARTER 2017 • Operating income was MNOK 1,096 (MNOK 476) in Q4 2017 and MNOK 3,784 (MNOK 2,580) in 2017 • EBITDA adjusted for operational lease was MNOK 210 (MNOK 149) in Q4 2017 and MNOK 943 (MNOK 1,010) in 2017 • Cash position as per 31.12.2017 was MNOK 1,875 • Annualized synergies and cost reductions of MNOK 400 during 2017, target increased to MNOK 700 – 800 • Market situation gradually improving across all segments THE COMPANY 2) Offshore crew: operational expenses are being reduced Solstad Farstad ASA (“the Company”) is a world leading owner through use of best practice to customize crew composition to and operator of offshore service vessels. The Company is the each individual vessel, flag-state requirements, customer result of a merger between Solstad Offshore ASA, REM requirements and area of operations. Offshore ASA (merged with Solstad Offshore ASA in 2016), Farstad Shipping ASA and Deep Sea Supply Plc, which took 3) Procurement and economy of scale: combining the four place in June 2017. As per February 2018 the Company owns companies have given economies of scale relating to purchasing and/or operates a fleet of 148 vessels. In addition to the and logistics, and use of best practice will further reduce costs offshore segment, the Company has established a joint relating to maintenance and dry-dockings. venture with Marine Harvest ASA within the aquaculture segment. The joint venture currently has five vessels under ECONOMY AND FINANCE construction. Operating income in Q4 2017 was MNOK 1,096 compared to MNOK 476 in the corresponding period in 2016. The increase is PROGRESS IN SYNERGY AND COST SAVINGS PROGRAM mainly attributable to the merger of the four companies. On announcement of the merger in February 2017, the Compared to Q3 2017, operating income is MNOK 313 lower, Company was targeting annual synergies and cost savings of due to lower activity during the North Sea winter season. MNOK 450 - 600 compared to the 2016 cost level. Further, in December 2017, Solstad Farstad ASA announced an increase of Operating income for the full year was MNOK 3,784 (MNOK the targeted annualized savings to MNOK 700 - 800. Of this, in 2,580). The increase compared to the same period in 2016 is total MNOK 400 of annualized synergies and cost reductions mostly related to the merger, which took place in June 2017. have already been contracted in 2017. The targeted cost saving is based on comparing equal activity levels, and is not Operating expenses in Q4 2017 amounted to MNOK 997, of which dependent on reactivation of vessels in lay-up. The majority of MNOK 811 are ordinary operating expenses for the Group’s remaining cost cuts are expected to materialize during first vessels. Compared to Q4 2016, operating expenses are MNOK 632 half of 2018. The program is expected to have full effect from higher, due to the increased fleet. Operating expenses are MNOK 4Q 2018 onwards. 169 lower compared to Q3 2017, which is a combined result of lower activity and cost savings. Administrative expenses, still The savings mainly relate to three different areas: partly affected by contracted termination and merger transaction costs, amounted to MNOK 140 in the quarter, compared to MNOK 1) Global onshore administration: new organization structure 156 in Q3 2017. has been implemented and the administration expenses have been reduced by combining offices globally and centralization Operating expenses for the full year 2017 amounted to MNOK of functions. Different projects to implement common ICT 3,130 compared to MNOK 1,706 for 2016. The increase is systems are in progress, and will further increase efficiency related to the increased cost base due to the enlarged fleet and strengthen operations. from the merger. 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 4-2017 - SOLSTAD FARSTAD ASA EBITDA, adjusted for operational leases, for 2017 was MNOK four separate entities, with no parent company guarantees 943, compared to MNOK 1,010 for 2016. EBITDA for Q4 2017 issued by Solstad Farstad ASA on behalf of Solship Invest 1 AS, was MNOK 210 (MNOK 149). Compared to Q3 2017 the Farstad Shipping AS or Solship Invest 3 AS. reduction in total freight income was MNOK 350, while the reduction in EBITDA amounted to MNOK 174 only. The Company As previously announced, the Company initiated a process to has been able to quickly reduce operational costs for vessels potentially sell out parts of its non-core fleet. A successful sale that entered seasonal lay-up and is also benefitting from the would have had a significant impact on the liquidity situation cost-cutting program. See note 3 for details on EBITDA for the Group, and would in particular benefit one of the non- calculations. recourse subsidiaries where the liquidity has shown a more negative development than expected. The merger between Solstad Offshore ASA, Farstad Shipping ASA and Deep Sea Supply Plc was in Q2 2017 accounted for in The process has gained some interest from both industrial and accordance with the acquisition method. The preliminary financial investors, but so far no transaction has been acquisition analysis identified factors that formed basis for a concluded. In light of the low cash position in one of the bargain purchase acquisition at favorable terms. The subsidiaries, a transaction would have been beneficial. preliminary analysis has been updated in Q4 2017, and the However, the Company is evaluating and discussing different recorded gain of MNOK 1,540 from Q2 2017 remains unchanged. options and alternative with all relevant stakeholders and third parties, including the lenders, to find long term sustainable During the quarter both USD and GBP has strengthened versus solutions. NOK. As a result, unrealized loss related to the Group’s debt of MNOK 233 is recorded. Compared to the beginning of the year The Company is working on a continuous basis with alternative the value of USD has decreased. The effect associated with the strategic opportunities, including sale of vessels, entering into Group’s debt is an unrealized gain of MNOK 218. joint ventures or further consolidation of the OSV industry. Given the current market, combined with other indicators such SALE OF VESSELS as price/book below 1 and declining broker values, the Company During the quarter, AHTS “Far Grip”, PSV “Far Service” and has performed independent valuations of vessels and other AHTS ”Nor Star”, which were agreed sold in Q3 2017, were assets in accordance with IAS 36. delivered to new owners. The effect on the income statement is insignificant. The Company’s debt is reduced by MNOK 47. Value-in-use calculations have been the basis for impairment testing for all vessels with book value exceeding 65% of the Per year end 2017, Memorandum of Agreements for the sale of average market value set by three reputable, independent the PSV “Far Supporter” and the AHTS’s “Sea Fox”, “Sea Vixen” brokers. Based on this, the Company has decided to write down and “Sea Stoat” had been entered into. Transfer to new owners the value of its assets by MNOK 395 in Q4 2017. is expected to take place in the first half of 2018. The vessels are classified as held-for-sale assets in the accounts. Result before tax for 2017 was MNOK -330 (MNOK -815). THE FLEET Total equity at the end of the quarter was MNOK 4,963, i.e NOK At the end of the quarter, the fleet comprised of 148 offshore 17 per share. service vessels. The fleet had the following composition: 34 CSVs, 51 AHTS and 63 PSVs. CASH FLOW AND CASH POSITION During 4Q 2017, the overall cash position of the Company was VESSELS UNDER CONSTRUCTION reduced by MNOK 238 from MNOK 2,114 to MNOK 1,875. Net Through DESS Aquaculture Shipping AS, a 50% owned joint cash flow from operations was positive MNOK 276, while net venture, the Company has four wellboats and one harvest cash flow from investments (net of sales proceeds from asset vessel under construction in the Aquaculture segment. Long sales and capital expenditure for the total fleet) was negative term contracts for all newbuilding vessels have been entered MNOK 54. Net interest paid was MNOK 349, and installments into, with commencement directly upon delivery from shipyard. paid were MNOK 164 during 4Q 2017. Following positive The two wellboats and the harvest vessel are scheduled to be currency movements of MNOK 53, the total reduction of cash delivered in the first half of 2018, while the last two wellboats during the quarter was MNOK 238. have a delivery date in 2019. For the full year 2017, net interest paid was MNOK 1,096 and The increased activity within the aquaculture represents an net installments paid were MNOK 987. exciting growth opportunity for Solstad Farstad, and the Company expects further growth within this segment. From a financial risk perspective the Company is organized as 3 QUARTERLY REPORT 4-2017 - SOLSTAD FARSTAD ASA MARKET OUTLOOK available liquidity and future cash flows. There is established a Low demand and too many available vessels have had a risk mitigation framework based on identifying, assessing and significant negative effect on the global offshore service vessel managing risks, develop plans and procedures for how to market during the past years, resulting in low rates, low handle these risks at the most appropriate level in the utilization and a large number of vessels in lay-up. However, organization. The Board closely monitors the overall risk the recent increase in the tender activity level gives reason to picture for the group both through management’s daily work believe that the market has bottomed out, and that the activity and reporting to the Board.
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