OceanPact Serviços Marítimos (OPCT3) Q4 2024 earnings summary

Executive summary

• Consolidated net revenue reached BRL 1.72 billion in 2024, up 4.4% year-over-year, with strong growth in both vessel and services segments, and Petrobras accounting for 64% of gross revenue.

• Adjusted EBITDA for 2024 was BRL 538.2 million, up from BRL 521.8 million in 2023, reflecting operational efficiency gains.

• Backlog expanded by BRL 1.1 billion in 4Q 2024, ending the year at BRL 3.8 billion, supported by major new contracts, including a four-year Petrobras contract worth BRL 697 million.

• The year ended with a consolidated net loss of BRL 22 million in 4Q24 and BRL 15.6 million for the year, mainly due to higher finance costs and negative exchange rate variation.

• Innovation initiatives were recognized with industry awards, notably for the OceanPact Digital platform.

Financial highlights

• 4Q 2024 net revenue reached BRL 459 million, up 15% year-over-year on a like-for-like basis; adjusted EBITDA was BRL 146 million, up 29% year-over-year, with margin at 32%.

• Full-year 2024 EBITDA totaled BRL 538.2 million; services segment contributed BRL 223 million, up 50% year-over-year.

• Vessel segment net revenue for 4Q 2024 was BRL 388 million, up 11%; full-year vessel revenue was BRL 1.1 billion, up 7%.

• Average daily rate increased to BRL 165,000 in 4Q 2024, a 20% year-on-year rise.

• CapEx in 4Q 2024 was BRL 110 million, up 70% year-over-year, totaling BRL 400 million for 2024.

Outlook and guidance

• Projected vessel utilization rate for 2025 is 82%, with potential for further daily rate increases as new contracts are signed.

• Strong demand for ROV support vessels expected, driven by Petrobras fleet expansion and global offshore wind projects.

• 1Q 2025 services results expected to be modest due to vessel downtime, but 2Q 2025 anticipated to exceed 4Q 2024 performance.

• Continued focus on selective contract participation, innovation, sustainability, and digital transformation, including development of unmanned vessels.

• Management expects continued realization of deferred tax assets, with BRL 75.5 million anticipated in 2025.