Oslo – November 26, 2024
Floatel International Ltd (“Floatel”) presents its consolidated financial statements for the third quarter and year to date as of September 30, 2024.
Q3-2024 HIGHLIGHTS:
Fleet utilization was 78%. The total firm contract backlog (excluding options and letters of intent) was approximately USD 364 million as of September 30, 2024.
Contracts update
• An optional contract, to be declared no later than May 28, 2025, has been secured with Aker BP. If exercised, the total hire period for Floatel Endurance will be 10-19 months and the charter will start immediately after Hugin A project in 2027
• Inpex has extended the firm period for Floatel Triumph at the Ichthys field in Australia to seven months with unchanged number of options
• Aker BP did not exercise any options for Floatel Endurance on the Skarv project in Norway, so the charter ended November 1
• Vår Energi cancelled the last two months for Floatel Superior at Ringhorne against a fee, so the charter ended October 25 due to the delayed tow-out of the Jotun FPSO
• Shell U.K. did not exercise any options for Floatel Triumph at the Shearwater field, so the assignment ended September 28
• Equinor Energy AS will not exercise the optional contract for Floatel Superior to provide services at the Oseberg Field with intended start date in Q4-2025
Revenues were USD 66.5 million and Recurring EBITDA amounted to USD 35.2 million.
Operations update
• Floatel Endurance was on charter for Aker BP Skarv during the entire quarter. The charter ended November 1.
• Floatel Superior was on charter for Ineos Unity in the UK and for Vår Energy at Ringhorne in Norway during the quarter. The Ringhorne charter ended October 25 after Vår Energi cancelled the last two months against a fee.
• Floatel Triumph was on charter at Shell Shearwater during the quarter until September 28 and is now en route to Australia for the 2025-2026 charters
• Floatel Victory provided maintenance and safety services at the Equinor Peregrino FPSO offshore Brazil during the quarter
Floatel Reliance and equipment has been reclassified as assets held for sale and the unit's carrying value has been impaired to estimated sales price less expenses to sell. It has been concluded that the market development merit partial reversal of previously made impairments of the active fleet in the aggregate amount of USD 34.5 million which has been recorded at the end of the reporting period.
Management will host a conference call later today, at 15.00 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
Mob: +47 934 00 232
Tomas Hjelmstierna, CFO
Mob: +47 934 00 381
Download Q3-2024 Interim report here
Download Q3-2024 Presentation here