Samos Energy Infrastructure (SAMOS) Q4 2024 earnings summary

Executive summary

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

• Owns and leases floating production platforms, with principal operations in Jersey and subsidiaries in Malaysia and Singapore.

• Completed amalgamation of two wholly owned subsidiaries in September 2024, consolidating assets and operations.

• Q4 2024 production exceeded forecast by 9%, with ongoing drilling expected to boost 2025 volumes.

• No dividends declared for the year ended 31 December 2024.

Financial highlights

• Adjusted revenue for Q4 2024 was $12.2M; FY2024 adjusted revenue reached $49.0M.

• Group revenue for 2024 was USD 45.6 million, up from USD 27.6 million for the prior period.

• Q4 2024 net loss: $(9.7)M; FY2024 net profit: $10.9M, compared to a net loss of $31.3M in 2023.

• Cash and cash equivalents at year-end were $26.5M, up from $14.7M.

• Additional paid-in capital of $10.6M was injected during the year.

Outlook and guidance

• 2025 revenue and cost outlook unchanged, with continued strong performance expected from all three charterers.

• Management asserts sufficient resources and cash flow to meet financial commitments for the next twelve months.

• Management base case projects field cessation in 2030; credit case assumes cessation in 2028.

• Forecasts reiterate robust revenue and EBITDA through 2025 and beyond.