Financial Report for the 4th quarter 2022
Skudeneshavn - February 23rd, 2023
A quarter with high utilization and improved commercial terms across all geographical regions and vessel segments compared to 4Q 2021.
• The market continues to strengthen despite a challenging macroeconomic environment.
• Revenues for 4Q 2022 increased by 26 percent to MNOK 1,637 vs MNOK 1,303 in 4Q 2021.
• EBITDA adjusted increased by 56 percent to MNOK 454 vs MNOK 291 in 4Q 2021.
• The quarter experienced positive impact to equity following the strengthening of NOK against USD.
• The highest quarterly order intake in the Company's history with contracts signed for approximately NOK 3.3 billion.
• During the quarter, 80 vessels have been in operation at an average utilization of 88 percent.
• Full-year revenues for 2022 increased with 20 percent to MNOK 6,493 vs MNOK 5,418 in 2021, while adjusted EBITDA increased with 30 percent to MNOK 1,995 vs MNOK 1,534 in 2021.
• The Company has sold the CSV Normand Jarl in February 2023. The sale will result in a gain of approximately MNOK 420 and will be reflected in the Q1 2023 accounts.
The total number of seafarers remains relatively stable around 3,100 with a retention rate of 94%. From a procurement and logistics perspective, challenges remain due to pressure on the global supply chain. The lead time on a certain number of critical spares has changed significantly. Planning and evaluation of critical spares will therefore be an important factor to avoid down-time. 4Q 2022 has been relatively busy in terms of planned maintenance and dry-dockings whereof five dry-dockings and eight maintenance stops.
As per 31 December 2022, the Company owned and/or operated a total fleet of 86 vessels, of which 80 were in operation: 26 CSVs, 15 AHTS' & 39 PSVs. The overall utilization for the operational fleet in 4Q 2022 was 88% (86% in 4Q 2021). The CSV fleet had a utilization of 91% (82%), AHTS fleet 79% (85%) and PSV fleet 89% (88%).
Solstad Offshore ASA press release.