· 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.
Skudeneshavn, May 9th, 2022
Contacts
Lars Peder Solstad CEO, at +47 91 31 85 85
Kjetil Ramstad CFO, at +47 90 75 94 89
Solstad Offshore ASA
www.solstad.com
This information is subject of the disclosure requirements according to
the Norwegian Securities Trading Act section § 5-12.