Floatel International Ltd: Third Quarter Interim Report and Presentation

26 Nov 2024 10:39 CET

Oslo – November 26, 2024

Floatel International Ltd (“Floatel”) presents its consolidated financial
statements for the third quarter and year to date as of September 30, 2024.

Q3-2024 HIGHLIGHTS:

Fleet utilization was 78%. The total firm contract backlog (excluding options
and letters of intent) was approximately USD 364 million as of September 30,
2024.

Contracts update
• An optional contract, to be declared no later than May 28, 2025, has been
secured with Aker BP. If exercised, the total hire period for Floatel Endurance
will be 10-19 months and the charter will start immediately after Hugin A
project in 2027
• Inpex has extended the firm period for Floatel Triumph at the Ichthys field in
Australia to seven months with unchanged number of options
• Aker BP did not exercise any options for Floatel Endurance on the Skarv
project in Norway, so the charter ended November 1
• Vår Energi cancelled the last two months for Floatel Superior at Ringhorne
against a fee, so the charter ended October 25 due to the delayed tow-out of the
Jotun FPSO
• Shell U.K. did not exercise any options for Floatel Triumph at the Shearwater
field, so the assignment ended September 28
• Equinor Energy AS will not exercise the optional contract for Floatel Superior
to provide services at the Oseberg Field with intended start date in Q4-2025

Revenues were USD 66.5 million and Recurring EBITDA amounted to USD 35.2
million.

Operations update
• Floatel Endurance was on charter for Aker BP Skarv during the entire quarter.
The charter ended November 1.
• Floatel Superior was on charter for Ineos Unity in the UK and for Vår Energy
at Ringhorne in Norway during the quarter. The Ringhorne charter ended October
25 after Vår Energi cancelled the last two months against a fee.
• Floatel Triumph was on charter at Shell Shearwater during the quarter until
September 28 and is now en route to Australia for the 2025-2026 charters
• Floatel Victory provided maintenance and safety services at the Equinor
Peregrino FPSO offshore Brazil during the quarter

Floatel Reliance and equipment has been reclassified as assets held for sale and
the unit's carrying value has been impaired to estimated sales price less
expenses to sell. It has been concluded that the market development merit
partial reversal of previously made impairments of the active fleet in the
aggregate amount of USD 34.5 million which has been recorded at the end of the
reporting period.

Management will host a conference call later today, at 15.00 CET, 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
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


INFORMATION ABOUT FLOATEL INTERNATIONAL LTD
Floatel International Ltd was established in 2006 to satisfy market demand for a
new generation of offshore flotels. The vision of the Company is to own and
operate a modern, safe, and reliable flotel fleet. The Company has since 2021
its principal place of business in Norway.

The Floatel Group employs some 450 people internationally, including offshore
personnel.

Floatel International Group owns and operates five, whereof four active,
semisubmersible accommodation vessels; all vessels were delivered within the
period 2010 to 2016. Two vessels, Floatel Endurance and Floatel Superior, are
approved to operate in the Norwegian sector, and four vessels, including Floatel
Endurance and Floatel Superior, are approved for the UK sector.

All vessels are equipped with a dynamic positioning system and are built
according to the latest HSE requirements providing quality and comfort for the
guests onboard. The accommodation capacity of the Floatel fleet ranges from 440
beds to 560 beds. All vessels are equipped with large deck areas, workshops, and
crane support, able to assist complicated offshore hook-up projects and
maintenance and modifications of existing offshore facilities.

For further information about Floatel International Group, please visit our
website: https://floatel.no/.

More information:
Access the news on Oslo Bors NewsWeb site

633162_FIL Interim_Report_Q3-2024.pdf
633162_FIL Q3-2024 Presentation.pdf