Floatel International (FLOAT) Q1 2025 earnings summary

Executive summary

• Three out of four active units were on charter in Q1 2025, with 44% utilization excluding Floatel Reliance.

• Floatel Endurance began its Vår Energi Jotun project in March, while Floatel Superior prepared for a six-month Equinor Åsgard charter starting April.

• Floatel Triumph started its Inpex Ichthys assignment in Australia mid-March; Floatel Victory operated at Equinor Peregrino FPSO in Brazil all quarter.

• The sale agreement for Floatel Reliance was signed, with closing expected before end of May 2025.

• The firm orderbook stood at USD 391 million as of March 31, 2025.

Financial highlights

• Revenue for Q1 2025 was USD 21.1 million, up from USD 17.0 million in Q1 2024.

• Recurring EBITDA improved to USD -3.9 million from USD -6.7 million year-over-year.

• Net result after taxes was USD -24.5 million, similar to USD -24.3 million in Q1 2024.

• Cash and cash equivalents were USD 59.1 million, with USD 25 million undrawn on the revolving credit facility.

• Total assets amounted to USD 706 million, and total equity was USD 284 million as of March 31, 2025.

Outlook and guidance

• Active fleet has limited availability until 2027 due to high contract coverage.

• The orderbook, including options, is approximately USD 535 million, with 40% to be executed in the remaining quarters of 2025.

• Fleet availability is limited until the second half of 2026, with several promising leads and tenders in progress.

• The North Sea remains the core market, with commitments extending through late 2027 or early 2028.

• Increased demand for offshore accommodation services is expected, with the fleet nearly fully booked for 2025.