Floatel International Ltd: Fourth Quarter Interim Report and Presentation

26 Feb 2025 15:55 CET

Oslo – February 26, 2025

Floatel International Ltd (“Floatel”) presents its consolidated financial
statements for the fourth quarter and full year 2024.

Q4-2024 HIGHLIGHTS:

Fleet utilization was 37%. The total firm contract backlog (excluding options
and letters of intent) was approximately USD 338 million as of December 31,
2024.

Contracts update
• Equinor did not exercise the Oseberg optional contract originally intended to
commence immediately after the completion of the Åsgard charter in early Q4 2025
• Floatel Triumph’s 2025 Inpex charter was extended from 210 to 225 firm days,
with an additional 65 option days
• Previously communicated letter of intent with an undisclosed North Sea client
for Floatel Superior has been converted to a firm contract and the 3-month
assignment is planned to start in Q2-2026

Revenues were USD 31.6 million and Recurring EBITDA amounted to USD 9.0 million.

Operations update
• Floatel Endurance quayside Hanøytangen in Norway preparing for 2025 charters
starting with Vår Energi Jotun in March after completing the AkerBP Skarv
project 1 November 2024
• Floatel Superior ended its charter for Vår Energi Ringhorne 25 October 2024
and is moored in Ågotnes in Norway where she undergoes an SPS and preparation
for the upcoming 6-month charter for Equinor Åsgard starting early April 2025
• Floatel Triumph in transit between Mauritius and Bali ahead of the 2025-2026
charters in Australia starting with Inpex Ichthys in March 2025
• Floatel Victory in operation at Equinor Peregrino FPSO in Brazil

Floatel Reliance sale process is continuing and is expected to conclude before
the end of March 2025

USD 15m million tap issue priced at 85% in February 2025 and USD 8.5m temporary
RCF increase

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://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.
________________________________________________________________________________

About Floatel International Ltd

Floatel International Ltd was founded in 2006 to meet the growing demand for
next-generation offshore accommodation vessels. The Company’s vision is to own
and operate a modern, safe, and reliable flotel fleet. Since 2021, the Company’s
principal place of business has been in Norway.

The Floatel Group operates a fleet of four semisubmersible accommodation units
delivered between 2010 and 2016. Floatel Endurance and Floatel Superior are
approved for operations in the Norwegian sector. The entire fleet is approved
for operations in the UK sector. A fifth unit, Floatel Reliance, is currently
laid up and held for sale.

The Group employs approximately 450 personnel globally, including offshore
staff.

All flotels are equipped with dynamic positioning systems and comply with the
latest health, safety, and environmental standards, ensuring quality and comfort
for onboard personnel. Accommodation capacity ranges from 440 to 560 beds. Each
flotel includes large deck areas, workshops, and crane support, enabling them to
handle complex offshore hook-up projects as well as maintenance and
modifications of existing offshore installations.

The Company’s senior secured bonds are listed on Oslo Børs under the ticker code
FLOAT07.

For more information, visit: https://floatel.no.

More information:
Access the news on Oslo Bors NewsWeb site

639809_FIL Q4-2024 Presentation (corrected).pdf
639809_FIL Q4-2024 Interim_Report.pdf