Samos Energy Infrastructure (SAMOS) Q3 2024 earnings summary

Executive summary

• No lost time incidents (LTI) on floaters, maintaining high HSE standards.

• Three floaters achieved 100% uptime outside planned shutdowns.

• Owns and leases floating production platforms, focusing on charter and finance lease income streams.

• Merged subsidiaries SEFI1L and SEFI2L into a single entity in September 2024.

• Q3 production was 5% below forecast, but new drilling is expected to boost volumes in Q4 and 2025.

Financial highlights

• Q3 2024 revenue: $12.94 million; gross profit: $12.23 million.

• Q3 2024 profit before tax: $18.95 million; total comprehensive income: $19.20 million.

• YTD 2024 revenue: $36.8 million; EBITDA: $34.1 million.

• Cash and cash equivalents at end of Q3: $19.71 million.

• Total assets at Q3 2024: $117.76 million; total liabilities: $98.12 million.

Outlook and guidance

• Year-end forecasts and 2025 outlooks are in line with management expectations.

• New drilling activity in 2024 expected to positively impact Q4 and 2025 production volumes.

• Issued a $75 million senior secured bond in July 2024, maturing July 2028, with a 12.5% coupon.

• Terminated a major secured acquisition facility in July 2024 with a final settlement of $109 million.

• Revenue and EBITDA forecasts remain robust through 2030 under management's base case.