Reach Subsea ASA · OSL:REACH
Reach Subsea ASA — Q2 2024 Earnings Presentation
17 slides from Reach Subsea ASA's earnings presentation, Aug 27, 2024
Slide 1: Quarterly Consolidated Report Q2 2024
Q2 Q22024 2024 Everything within Reach Quarterly Consolidated Report Sustainable access to ocean space Jostein Alendal, CEO | Birgitte Wendelbo Johansen, CFO | 27 August 2024 Find out more at reachsubsea.com
Slide 2: Disclaimer
2nd Quarter 2024 2 Disclaimer IMPORTANT – You must read the following before The Information has been prepared by the future business strategies and the environment in This presentation contains statistics, data, continuing. The following applies to this document, Company, and no other party accepts
Slide 3: Reach Subsea confirming steady progress
2nd Quarter 2nd 2024 Quarter 2024 9 Reach Subsea confirming steady progress A strong 2Q in terms of operations and results, market improvements, and progress towards NOK 623 million strategic goals. Revenue Q2 2024 Underlying financial performance in line with last year for 2Q, and well ahead of las
Slide 4: Vessel capacity for long-term growth
2nd Quarter 2nd 2024 Quarter 2024 9 Vessel capacity for long-term growth Order backlog +171% 1600 1300 1200 740 815 690 590 440 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Continued strong order backlog Outstanding tender volume NOK 11 billion (NOK 5 billion) *Does not include op
Slide 5: Our services seeing persistant advancement
2nd Quarter 2nd 2024 Quarter 2024 9 Our services seeing persistant advancement IMR & CONSTRUCTION SURVEY MONITORING • Heavy construction and • Seabed mapping • Hydrocarbon production decommissioning • CCS projects • Pipeline inspection survey • Specialized inspection, Environmental monitoring mainte
Slide 6: Dedicated to utilizing the latest technology and robotization
2nd Quarter 2nd 2024 Quarter 2024 14 Dedicated to utilizing the latest technology and robotization Reach Subsea is a leader in technology development and application of innovative methods for our IMR, survey, and monitoring services in the offshore industry. The company has a highly skilled and inte
Slide 7: Orca 1 & 2 in the longest-running operation record for DRIX globally
2nd Quarter 2nd 2024 Quarter 2024 19 Orca 1 &2 in the longest-running operation record for DRIX globally Q2 highlights Key features include • In Q2 Reach Subsea took delivery • Length: 7.7 meters of our second Drix unit named Orca • Draft: 2 meters 2 and immediately mobilised the vehicle for the hyd
Slide 8: Remote vessels transitioning from concept to operational validation
2nd Quarter 2nd 2024 Quarter 2024 18 Remote vessels transitioning from concept to operational validation Q2 highlights Key features include • Successfully launched Reach • Length: 23.9 meters Remote 1 USV and conducted • Optimized for low a series of successful tests energy consumption throughout th
Slide 9: Financials
2nd Quarter 2024 Financials Reach Subsea | First Quarter Consolidated Report 2024
Slide 10: Q2 2024 Highlights
2nd Quarter 2024 Q2 2024 Highlights • Strong Q2 quarter leveraged by global operations • Q2 revenue at NOK 623 million • Order backlog remaining strong at NOK 1.6 billion Revenue NOK 623 million (NOK 607 million*) EBIT NOK 121 million (NOK 119 million*) Pre-tax profit NOK 111 million (NOK 81 million
Slide 11: Revenue and profits raised to record levels
2nd Quarter 2024 Revenue and profits raised to record levels Revenue increased 163 percent* last 24 months Rolling 12-month Revenue (MNOK) Rolling 12-month EBIT and Pre-tax profit (MNOK) 2500 400 2250 350 2000 300 1750 250 1500 200 1250 150 1000 100 750 50 500 0 250 -50 0 -100 2018 2019 2020 2021 20
Slide 12: Q2 2024 Key developments
2nd Quarter 2024 Q2 2024 Key developments Revenue increased 163 percent* last 24 months Revenue mix by sector Revenue mix by segment Revenue mix by geography +3% +3% +3% • 3 percent revenue 607 623 607 623 607 623 increase for the quarter 107 81 driven by 225 261 • Increased number 217 of project da
Slide 13: Positioned for growth
2nd Quarter 2024 Positioned for growth Solid financial position (MNOK) • Strong liquidity and equity 928 931 positions • Well-positioned for remaining investments in Reach Remote and mobilizations and equipment for the coming year 579 331 315 287 257 210 207 160 130 70 68 75 40 31 28 26 2019 2020 20
Slide 14: Progress on ESG targets
2nd Quarter 2024 Progress on ESG targets Environment Social Governance Increase activity CO2 footprint below Lost time incidents Zero work-related 90% completion of 90% completion of within non –Oil & Gas NSA relevant emission (LTI) 0% injuries (LTI) cyber security Code of Conduct and segment target
Slide 15: Summary
2nd Quarter 2024 Summary Reach Subsea | First Quarter Consolidated Report 2024
Slide 16: Positioned for continued growth and value creation, globally
2nd Quarter 2024 Positioned for continued growth and value creation, globally 1. ATTRACTIVE MARKET OUTLOOK High investments in Oil and renewable energy set to continue for years Haugesund, Bergen, Oslo 2. POSITIONED FOR FURTHER GROWTH Aberdeen Expanded service offering, expanded long-term vessel cap
Slide 17: Q&A
2nd Quarter 2024 18 Q&A Reach Subsea | First Quarter Consolidated Report 2024