Second quarter and first half 2025 interim report and presentation
2025-08-26
Floatel International Ltd (“Floatel”) presents its consolidated financial statements for the second quarter and first half of the financial year 2025.
HIGHLIGHTS:
All active units on charter during the entire quarter with 100% utilisation excluding Floatel Reliance compared with 84% last year.
The total firm contract backlog (excluding options) was approximately USD 341 million as of June 30, 2025.
Contracts update
The Equinor Åsgard project in Norway exercised the option so the charter now ends in October 2025.
The Equinor charter for Floatel Victory at Peregrino has been extended until the latter half of January 2026
Floatel Triumph awarded a contract offshore Australia for approximately 35 days plus option with expected start in the fourth quarter 2026
Floatel Victory has secured a letter of intent with a new client to provide Maintenance and Safety Unit (MSU) services offshore Brazil for 3-6 months starting in the first quarter 2026
Revenues were USD 70.4 million in the quarter and USD 91.6 million during the first half year
Recurring EBITDA was USD 34.2 million in the quarter and USD 30.3 million during the first half year
Operations update
Floatel Endurance on hire for Vår Energi’s Jotun project until June 24, 2025, and at Cenovus Energy at the White Rose field in Canada from early July
Floatel Superior worked for the Equinor Åsgard project in Norway during the entire quarter
Floatel Triumph was on assignment in Australia for Inpex Ichthys during the full quarter
Floatel Victory provided maintenance and safety services at the Equinor Peregrino FPSO offshore Brazil during the entire quarter
The sale of Floatel Reliance was completed and the unit has been transferred to the new owner on May 27, 2025
Management will host a conference call later today, at 15.00 CEST, to present the results. Interested persons can register using the details provided on the website https://floatel.no/investors.
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.