Floatel International Ltd: First Quarter Interim Report and Presentation
2025-05-22
Oslo – May 22, 2025
Floatel International Ltd (“Floatel”) presents its consolidated financial statements for the first quarter 2025.
Q1-2025 HIGHLIGHTS:
Three out of four active units on charter during the quarter with 44% utilisation excluding Floatel Reliance
The total firm contract backlog (excluding options) was approximately USD 391 million as of March 31, 2025.
Contracts update
The Inpex charter for Floatel Triumph has been extended from 210 to 225 firm days, with an additional 65 option days
Floatel Victory’s contract with Equinor at Peregrino has been extended until end 2025, with Equinor having the option to extend the charter period by an additional two months
The three Letters of Intent for Floatel Endurance, Superior and Triumph have all been converted into firm contracts
Revenues were USD 21.1 million in the quarter and Recurring EBITDA amounted to USD -3.9 million
Operations update
Floatel Endurance went on hire for Vår Energi’s Jotun project on March 1, 2025. and was on standby until March 25, 2025, when transit to the field commenced
Floatel Superior was moored in Ågotnes in Norway during the quarter where she underwent an SPS and preparation for the upcoming 6-month charter for Equinor Åsgard starting April 1, 2025
Floatel Triumph’s assignment in Australia for Inpex Ichthys started on March 16, 2025
Floatel Victory in operation at Equinor Peregrino FPSO in Brazil during the entire quarter
Floatel Reliance sale agreement was signed on March 19, 2025, closing and transfer of ownership is expected before end of May 2025
A USD 15 million tap issue priced at 85% of par was placed under the senior secured bonds in February 2025, the proceeds will be used to finance current fleet capital expenditures
Management will host a conference call later today, at 14.30 CEST, to present the results. Interested persons can register using the details provided on the website https://floatel.no/investors.
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For further information, please contact:
Peter Jacobsson, CEO, +47 934 00 232
Tomas Hjelmstierna, CFO, +47 934 00 381
Tel: +47 46 50 01 33
Email: ir@floatel.no
This information is subject to disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.