Jacktel (JACK) Q2 2024 earnings summary

Executive summary

• Achieved 100% gangway connection for 32 months at Tyra field, with no serious incidents in Q2 2024.

• Haven demobilized from Tyra and prepared for Draupner contract (Q4 2024) and Valhall contract (Q2 2026).

• Strong order backlog ensures stable operations and cash flow through 2027, with potential for further improvement if options are exercised.

Financial highlights

• Q2 2024 operating income: $8.7M (up from $8.0M in Q2 2023); YTD 2024: $17.0M (up from $16.0M YTD 2023).

• Q2 2024 EBITDA: $3.8M (vs $3.7M Q2 2023); YTD 2024 EBITDA: $8.5M (vs $8.9M YTD 2023).

• Q2 2024 net loss: $1.4M (vs $1.3M Q2 2023); YTD 2024 net loss: $1.9M (vs $0.9M YTD 2023).

• Q2 2024 operational cash flow: $6.6M; net cash flow: $2.3M; end-Q2 cash: $8.8M.

Outlook and guidance

• Contract backlog extends through 2027 at Draupner and Valhall fields, with options for further extension.

• Offshore accommodation market outlook positive, driven by global energy demand and offshore wind projects.

• Board plans to pursue Euronext Growth listing after Draupner contract starts.

• Commitment to distribute dividends in 2025 reaffirmed.