Floatel International Ltd: First Quarter Interim Report and Presentation

22 May 2025 08:42 CEST

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.
________________________________________________________________________________

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 has been sold with expected closing and transfer of ownership before
end of May 2025.

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

647136_FIL Q1-2025 Presentation.pdf
647136_FIL Q1-2025 Interim Report.pdf