Floatel International Ltd: Fourth Quarter Interim Report and Presentation

Oslo – February 27, 2024 – Floatel International Ltd (“Floatel”) presents its consolidated financial statements for the fourth quarter of the financial year 2023.

Highlights:

The fourth quarter fleet utilization was 40%. The total firm contract backlog (excluding options) was approximately USD 390 million as of December 31, 2023.

The Group signed two letters of intents for contracts to be executed in 2025 and 2026 during the quarter. Two of the letter of intents outstanding as of December 31, 2023 have, as of today, been turned into signed contracts. The Group has, in addition, after the reporting period, signed one more contract with Equinor, announced today, and a new letter of intent with an undisclosed North Sea client.

USD 25.6m Revenues and USD 2.4m Recurring EBITDA in the quarter.

Floatel Endurance started its second special periodic survey whilst idle in Skipavika, Norway during the quarter awaiting the start of the assignment at the AkerBP Skarv FPSO in March 2024.

Floatel Triumph was on charter for Shell at the Prelude FPSO until November 22, 2023.

Floatel Victory on charter throughout the quarter for Chevron at the Anchor field in the US Gulf of Mexico and the contract has been extended to April 2, 2024.

Management will host a conference call later today, at 14.30 CET, to present the results. Interested persons can register using the details provided on the website https://www.floatel.no/investors

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 Q4-2023 Report here

Download Q4-2023 Presentation here