Viridien - comment

The Data business was strong, but with 2023 a tough comp, the Manufacturing business lagged. The company expects to refinance its April 2027 bonds in 2025 and has already bought $60m in the market. The environment for both Data and Manufacturing will benefit from the major oil companies' return to drilling (e.g. BP), but this will not immediately flow through to orders as this year's budgets are already set. In 2025, EBITDA and Cash Flow will be boosted by the absence of penalty payments for ship capacity. Viridien is buying spot capacity and with utilisation rates <70%, they do not expect problems. We will update our model and communicate with you all.