Oslo – February 26, 2025
Floatel International Ltd (“Floatel”) presents its consolidated financial statements for the fourth quarter and full year 2024.
Q4-2024 HIGHLIGHTS:
Fleet utilization was 37%. The total firm contract backlog (excluding options and letters of intent) was approximately USD 338 million as of December 31, 2024.
Contracts update
• Equinor did not exercise the Oseberg optional contract originally intended to commence immediately after the completion of the Åsgard charter in early Q4 2025
• Floatel Triumph’s 2025 Inpex charter was extended from 210 to 225 firm days, with an additional 65 option days
• Previously communicated letter of intent with an undisclosed North Sea client for Floatel Superior has been converted to a firm contract and the 3-month assignment is planned to start in Q2-2026
Revenues were USD 31.6 million and Recurring EBITDA amounted to USD 9.0 million.
Operations update
• Floatel Endurance quayside Hanøytangen in Norway preparing for 2025 charters starting with Vår Energi Jotun in March after completing the AkerBP Skarv project 1 November 2024
• Floatel Superior ended its charter for Vår Energi Ringhorne 25 October 2024 and is moored in Ågotnes in Norway where she undergoes an SPS and preparation for the upcoming 6-month charter for Equinor Åsgard starting early April 2025
• Floatel Triumph in transit between Mauritius and Bali ahead of the 2025-2026 charters in Australia starting with Inpex Ichthys in March 2025
• Floatel Victory in operation at Equinor Peregrino FPSO in Brazil
Floatel Reliance sale process is continuing and is expected to conclude before the end of March 2025
USD 15m million tap issue priced at 85% in February 2025 and USD 8.5m temporary RCF increase
Management will host a conference call later today, at 14.30 CET, to present the results. Interested persons can register using the details provided on the website https://floatel.no/investors
For further information, please contact:
Peter Jacobsson, CEO, +47 934 00 232
Tomas Hjelmstierna, CFO, +47 934 00 381
Tel: +47 46 50 01 33
Email: ir@floatel.no
This information is subject to disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.
Download Q4-2024 Interim report here
Download Q4-2024 Presentation here