Floatel International Ltd: First Quarter Interim Report and Presentation

Oslo – May 16, 2023 – Floatel International Ltd (“Floatel”) presents its consolidated financial statements for the first quarter of the financial year 2023.

Highlights:
• A new USD 100 million super senior bond issue was completed on March 27, 2023, carrying a coupon of 11.25%
Net proceeds from the super senior bond issue will be used to refinance the existing Super Senior RCF and for general corporate purposes
• The first quarter fleet utilization was 48%. The total firm contract backlog (excluding options) was approximately USD 197 million as of March 31, 2023.
• New Contracts
o Aker BP has awarded Floatel Endurance a contract for work at the Skarv FPSO on the Norwegian continental shelf with start in March 2024 and a firm hire period of eight months with options to extend
• Floatel Endurance replaced Floatel Superior at the Equinor Grane project March 19, 2023 and the charter ended on April 30, 2023
• Floatel Superior started the Vår Energi Balder charter May 2, 2023, and the charter is 3 months charter with further options
• Floatel Triumph’s charter with Woodside started on March 18, 2023 and has a 3 months firm period with options
• Floatel Victory on charter for Equinor in Brazil during the entire quarter and ended on April 28, 2023, Victory will undergo its SPS en route to US Gulf of Mexico, where the charter for Chevron Anchor will commence early July

Management will host a conference call later today, at 14.00 CET, to present the results. Interested persons can register using the details provided on the website www.floatel.no

For further information, please contact:
Peter Jacobsson, CEO
Tel: +47 46 50 01 33; Mob: +47 934 00 232
Tomas Hjelmstierna, CFO
Tel: +47 46 50 01 33; Mob: +47 934 00 381

Download Q1-2023 Report here
Download Q1-2023 Presentation here