Solstad Offshore (SOFF) Pareto Securities' 31st Annual Energy Conference Presentation summary

Corporate structure and financial highlights

• Operates with two shareholder structures: Solstad Offshore ASA and Solstad Maritime Holding AS, sharing a unified market approach.

• Backlog as of Q2 2024: NOK 5bn for Solstad Offshore and NOK 9bn for Solstad Maritime.

• Generated NOK 1.8bn (25%) of income from renewable activities in 2023.

• Plans to list Solstad Maritime by Q2 2025 and start quarterly dividends from Q3 2024.

• Employs approximately 2,300 people and has 60 years of operational history.

Market conditions and regional strategies

• Offshore energy markets show high demand and tight supply, with limited newbuilds expected.

• Strong regional growth in South America, especially Brazil and Guyana, with high barriers to entry and improved contract terms.

• Europe sees robust oil, gas, and renewable activity, with high CSV demand for field development and decommissioning.

• Asia Pacific benefits from offshore wind in Taiwan and long-term AHTS opportunities in Australia; West Africa is poised for growth in field support and subsea developments.

• Local presence in key regions is emphasized to capitalize on market opportunities.

Vessel operations and project highlights

• Global fleet includes over 250t bollard pull vessels, with long-term focus in Brazil and Australia and a project/spot fleet in the North Sea.

• Vessels frequently relocate between regions and alternate between oil & gas and renewables.

• Recent projects include FPSO hook-up in Mauritania, wind turbine tow in Scotland, and trenching in the UK.

• Five AHTS vessels participated in anchor installation and floating unit hook-up in Congo in Q4 2023.