Presentation

Floatel International is a leading offshore accommodation company, established in 2006. The company owns and operates a fleet of five high spec. semi-submersible accommodation rigs, designed for deepwater operations. Superior (2010), Endurance (2015), Victory (2013) and Triumph (2016) are all designed for harsh environments, being equipped with DP3 positioning system. The fifth and final vessel, Reliance (2010), is capable for worldwide operations, excluding the North Sea during the winter season, being equipped with DP2 positioning system.

Following challenging markets, the company underwent a comprehensive balance sheet restructuring during 2020, which was completed in March 2021. As part of the restructuring, debt was partially converted to equity, resulting in bondholders now having a ~40% equity ownership, with the remaining held by Keppel Corp (~50%) and management (10%). Furthermore, debt was reduced significantly, and the company has today USD 200m of bond debt outstanding in addition to a USD 100m RCF.

After having experienced a declining backlog since 2018, Floatel has thus far in 2021 secured several new contracts for work in 2022 and 2023, including its first offshore wind contract. Furthermore, the new contract awards are for operations in the North Sea, Brazil, Asia, Australia and US GoM, showing the global operating footprint of the company.