The Group has been awarded six contracts since the Q1 report was released on April 30, 2021
• For Shell in the Philippines at the Malampaya field starting 1 September 2021 for a period of three months with Floatel Triumph being the nominated vessel.
• An offshore wind farm contract with Ørsted in Taiwan at the Greater Changhua Offshore Wind Farm Project with start in December 2021 for three months plus options thereafter with Floatel Triumph being the nominated vessel.
• Two contracts in Australia, one contract for INPEX at the Ichthys field and one with Shell at the Prelude field with start mid-2022 and a total firm duration of 4 months plus options after each charter with Floatel Triumph being the nominated vessel.
• A contract with Equinor for Floatel Victory to provide Maintenance and Safety Unit (MSU) services at Peregrino Floating Production Storage and Offloading unit (FPSO) offshore Brazil starting in the third quarter 2021 with six months duration and options after the firm period.
• For Chevron at the Anchor field in the US Gulf of Mexico with start the second or third quarter 2023 and a base charter period of four or five months with options after the firm period.
Cash Pay and PIK 1L bonds listed on Nordic ABM on 16 August
The Coronavirus pandemic continued to impact operations with increased operational expenses due to travel restrictions and quarantine requirements
Q1-2021 Financial Summary;
• Second quarter fleet utilization was 49% (40% for the comparable period last year). Total firm contract backlog (excluding options) is approximately USD 133 million as of June 30, 2021, and it was USD 48 million as of June 30, 2020.
• Revenues for the second quarter were USD 28.7 million (USD 23.0 million for comparable period in 2020).
• EBITDA for the second quarter amounted to USD 1.3 million (USD 7.1 million)
• Total assets as of June 30, 2021, amounted to USD 728 million (USD 760 million as of December 31, 2020).
• Cash and cash equivalents as of June 30, 2021, were USD 13.1 million (USD 36.7 million).
• The total book equity as of June 30, 2021, amounted to USD 405 million (USD -153 million).
Management will host a conference call today at 15.00 CEST to present the results. Interested persons can register using the details provided on the website www.floatel.bm. A replay will be available for 21 days following the presentation by using the link provided on the website after the conference call.
For further information, please contact:
Peter Jacobsson, CEO, Floatel International AB
Tel: +46 31 352 07 00; Mob: +46 76 856 36 18
Tomas Hjelmstierna, CFO, Floatel International AB
Tel: +46 31 352 07 00; Mob: +46 70 261 09 01