- Q4 Revenue: $355 million
- Q4 Gross Profit: $59 million
- Q4 Net Income: $20 million
- Q4 Adjusted EBITDA: $72 million
- Q4 Operating Cash Flow: $78 million
- Q4 Free Cash Flow: $65 million
- Full Year 2024 Revenue: $1.36 billion
- Full Year 2024 Gross Profit: $220 million
- Full Year 2024 Net Income: $56 million
- Full Year 2024 Adjusted EBITDA: $303 million
- Full Year 2024 Operating Cash Flow: $186 million
- Full Year 2024 Free Cash Flow: $163 million
- Cash and Cash Equivalents: $368 million
- Liquidity: $430 million
- Funded Debt: $324 million
- Negative Net Debt: $53 million
Positive Points
- reported strong financial performance for Q4 2024 with revenues of $355 million, a gross profit of $59 million, and net income of $20 million.
- The company achieved an adjusted EBITDA of $72 million for the quarter and generated strong free cash flow of $65 million.
- secured long-term contracts, including a 400-day contract with Shell in Brazil and a three-year contract with Petrobras, providing strong contract coverage for multiple years.
- The robotics segment performed exceptionally well, with high utilization and significant trenching activity, and the outlook for the global renewables market remains robust.
- The company plans to allocate a minimum of 25% of free cash flow to share repurchases, indicating confidence in its financial position and commitment to returning value to shareholders.
Negative Points
- The UK North Sea well intervention market is expected to be weaker in 2025 due to increased taxes and regulatory challenges, leading to lower utilization.
- The shallow water abandonment segment experienced a seasonal slowdown and a weak 2024 US Gulf Coast shelf market, with expectations of only marginal improvement in 2025.
- faces macroeconomic challenges, including a softer rig market and uncertainty in the US wind farm market due to an announced moratorium.
- The company anticipates seasonal impacts on quarterly results, with the first and fourth quarters affected by winter weather, potentially impacting financial performance.
- Despite strong contract coverage, the company acknowledges the potential for operational disruptions and the need to manage project execution risks effectively.
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Disclaimer
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