Floatel International Ltd: Second Quarter Interim Report and Presentation

Oslo – August 29, 2024

Floatel International Ltd (“Floatel”) presents its consolidated financial statements for the second quarter and first half of the financial year 2024.

Q2-2024 HIGHLIGHTS:

Fleet utilization was 67%. The total firm contract backlog (excluding options and letters of intent) was approximately USD 421 million as of June 30, 2024.

The Group signed one contract for execution in 2025 during the second quarter. The Group was also awarded three letters of intent for providing services late 2025 and in 2026.

USD 41.8 m Revenues and USD 12.1m Recurring EBITDA.

Floatel Endurance on charter at the AkerBP Skarv FPSO during the entire quarter.

Floatel Superior started April 15 the charter for Ineos at the Unity platform on the UK continental shelf.

Floatel Triumph completed the thruster overhaul and commenced the Shell Shearwater charter on May 1.

Floatel Victory en route from the US Gulf of Mexico to Brazil and started the assignment for Equinor on May 25.

The senior secured USD 350 million bond issue, carrying a coupon of 9.75% successfully placed in March 2024 refinanced all existing outstanding bonds on April 16.

During the quarter, the Company signed a USD 25 million super senior revolving credit facility with a termination date in December 2027.

Management will host a conference call later today, at 14.00 CEST, 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 Q2-2024 Report here
Download Q2-2024 Presentation here