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Q4 2014 Results – Frontline Energy Inc.

Frontline Energy Inc. · Feb 26, 2015 · 16 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Q4 2014 Results – Frontline Energy Inc. – slide 1
    Q4 2014 Results February 26, 12015
  2. Q4 2014 Results – Frontline Energy Inc. – slide 2
    Agenda Fourth Quarter 2014 Highlights and Transactions Financial Review Market Update Outlook Q & A 3
  3. Q4 2014 Results – Frontline Energy Inc. – slide 3
    Fourth Quarter 2014 Highlights and Transactions Termination of long term charter parties with SFL for three VLCCs built in 1999 Delivery took place in November 2014 Purchased 17.8m and 33.3m notional value of the Convertible Bond…
  4. Q4 2014 Results – Frontline Energy Inc. – slide 4
    Fourth Quarter 2014 Financial Highlights 50 0 Q4 - 2014 results -12,1 -13,0 -50 -18,8 -36,4 Net loss : 13.0m, equivalent to loss per share of -13,0 -59,6 0.12 -100 -78,2 -120,3 Net loss (ex one time gains and losses): 13.7m,…
  5. Q4 2014 Results – Frontline Energy Inc. – slide 5
    Financial Review Income Statement 2013 2014 CONDENSED CONSOLIDATED INCOME STATEMENTS 2014 2013 Oct-Dec Oct-Dec (in thousands of ) Jan-Dec Jan-Dec 143,571 135,099 Total operating revenues 559,688 517,190 13,826 40,347 Gain on sale of…
  6. Q4 2014 Results – Frontline Energy Inc. – slide 6
    Financial Review Income on time charter basis 2014 2013 /day FY Q4 Q3 Q2 Q1 FY Q4 Q3 Q2 Q1 VLCC Spot 24 100 27 400 23 900 12 500 32 500 15 400 21 600 13 900 11 200 14 600 VLCC incl. TC out 24 800 27 900 24 600 13 900 32 700 17 400…
  7. Q4 2014 Results – Frontline Energy Inc. – slide 7
    Financial Review Ship operating expenses/Off-hire Total fleet opex (/day) Number of vessels drydocked 13 000 12 500 9 8 8 12 000 7 11 000 10 800 10 400 6 10 000 9 900 10 000 5 9 100 9 000 8 900 9 000 4 9 000 8 600 4 3 3 8 000…
  8. Q4 2014 Results – Frontline Energy Inc. – slide 8
    Financial Review Balance Sheet Balance sheet (in million) 2014 2014 2013 Dec 31 Sep 30 Dec 31 Cash 64 105 54 Restricted cash 42 16 68 Other Current assets 127 137 138 Long term assets: Vessels 607 624 970 Newbuildings 15 15…
  9. Q4 2014 Results – Frontline Energy Inc. – slide 9
    Financial Review Cash Cost Breakeven Estimated Cash cost breakeven rates for the remainder of 2015 (/day) VLCC 26,400 Suezmax 19,400 Comments to B/E rates: Included in cash B/E rates are: BB hire/installments & interest…
  10. Q4 2014 Results – Frontline Energy Inc. – slide 10
    Market Update Earnings & Market Factors Q4 Average Market earnings / Marex VLCC (TD3) : 51,300/day (Q3-14: 19,000/day) Suezmax (TD5) : 43,000/day (Q3-14: 23,000/day) The Market: According to IEA global oil demand increased by…
  11. Q4 2014 Results – Frontline Energy Inc. – slide 11
    Market Update VLCC Fleet Fleet Delivery Schedule Current Fleet 638 Delivered 2014 21 Orderbook 82 Estimated deliveries 2014 18 Orderbook/ Fleet 13 % Current fleet & Orderbook 12 Source: Fearnleys February 2015
  12. Q4 2014 Results – Frontline Energy Inc. – slide 12
    Market Update Suezmax Fleet Fleet Delivery Schedule Current Fleet 450 Delivered 2014 8 Orderbook 63 Estimated deliveries 2014 8 Orderbook/Fleet 14 % Current fleet & Orderbook 13 Source: Fearnleys February 2015
  13. Q4 2014 Results – Frontline Energy Inc. – slide 13
    Market Update Values and Rates NEWBUILDING TC MARKET 14 Source: Clarksons
  14. Q4 2014 Results – Frontline Energy Inc. – slide 14
    Market Update Frontline Current fleet: 15 Smax 25 VLCC VLCC Chartering fully operational in Q4 2014 The Board is confident that Frontline will be able to repay all of its convertible bond loan in April 2015 The target remains to…
  15. Q4 2014 Results – Frontline Energy Inc. – slide 15
    Market Update Market Outlook Q1 2015, a good indication for what we have in stall Fleet utilisation is expected to remain high Floating storage to which extent will it affect supply The oil price drop is positive for tankers…
  16. Q4 2014 Results – Frontline Energy Inc. – slide 16
    Q uestions 17

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