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SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Gulfmark Offshore, Inc.

Gulfmark Offshore, Inc. · Mar 26, 2015 · 27 slides

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Slides

  1. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Gulfmark Offshore, Inc. – slide 1
    Scotia Howard Weil 43rd Annual Energy Conference March 2015 1 GulfMark GulfMark A Offshore, Offshore, Inc. Inc. company NYSE:GLF GULFMARK.COM
  2. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Gulfmark Offshore, Inc. – slide 2
    Long Term Revenue, EBITDA & Utilization (USD in Millions) 700 100% 90% 600 80% 500 70% 60% 400 Utilization 50% 300 40% 30% 200 20% 100 10% 0 0% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010…
  3. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Gulfmark Offshore, Inc. – slide 3
    Global Vessel Solutions 4 As of Jan 31st 2015
  4. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Gulfmark Offshore, Inc. – slide 4
    Fleet Numbers 5 As of Feb 16th 2015
  5. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Gulfmark Offshore, Inc. – slide 5
    Limited Deliveries Remain for Fleet Improvements and Additions Three new build PSVs for delivery Two 210 Class PSVs lengthened to 260 Class 280 Class US T-Sea REGULUS Jan 9, 2015 260 Class US GPA IBERVILLE Mar 31, 2015 300…
  6. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Gulfmark Offshore, Inc. – slide 6
    The New Breed Of PSV GULFMARKS Length Breadth 92.6m 19.2m ARCTIC CLASS Dwt 5000T Speed 17kts WINTERIZED ERN 99,99,99,99 SPS CODE Oil Recovery 1000m2 Deck DP2 Dry Bulk Tanks Ice-1B Hull Diesel Electric Maximized Special Mud,…
  7. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Gulfmark Offshore, Inc. – slide 7
    Young & Versatile Fleet Secondary Market Purchases Vessel Vintage by Year Average one vessel purchase per year for 14 last three years 13 Two in 2012: 12 One 2010-built DP2 PSV for US GoM One 2006-built DP2 PSV for UK North Sea…
  8. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Gulfmark Offshore, Inc. – slide 8
    Vessel Dispositions Demonstrate Long-Term Value Sales Price as a Vessel Year of Year Age at Sales Original Percentage of Name Sale Built Disposal Price Cost Original Cost North Truck 2015 1983 32 840,000 11,000,000 8% Highland…
  9. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Gulfmark Offshore, Inc. – slide 9
    SUPPLY / DEMAND OUTLOOK 10 10
  10. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Gulfmark Offshore, Inc. – slide 10
    A Changing Environment Challenging commodity price decline pressuring offshore projects Substantial deliveries into fragmented vessel market Since June 2013 the industry has seen a 2% decline in the active offshore rig market…
  11. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Gulfmark Offshore, Inc. – slide 11
    Vessel To Rig Ratio U.S. Gulf of Mexico Historic Forecast Estimated Net Growth Sources: IHS Marine Base, IHS Rig Base as of 2/18/15 Assumptions: 1. Vessel deliveries are net of estimated vessel departures 2. No Incremental Rig…
  12. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Gulfmark Offshore, Inc. – slide 12
    Vessel To Rig Ratio North Sea 10.0 10 Historic Forecast 9.0 9 8.0 8 7.0 7 6.0 6 5.0 5.1 4.9 5.0 4.7 4.7 4.6 4.7 4.6 4.5 5 4.3 4.5 4.4 4.4 4.5 4.4 4.2 4.4 4.2 4.4 4.2 4.4 4.4 4.4 4.4 4.5 4.1 4.1 3.8 4.0 4 4.2 4.0 4.0…
  13. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Gulfmark Offshore, Inc. – slide 13
    FINANCIAL INFORMATION 14 14
  14. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Gulfmark Offshore, Inc. – slide 14
    Revenue 15 As of Feb 16th 2015
  15. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Gulfmark Offshore, Inc. – slide 15
    Contract Cover Comparison As of February 16, 2015 As of February 24, 2014 2015 2016 2014 2015 Vessel Days Vessel Days Vessel Days Vessel Days North Sea 53% 25% 68% 31% Southeast Asia 37% 13% 36% 2% Americas 34% 10% 47% 19% Overall…
  16. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Gulfmark Offshore, Inc. – slide 16
    Strong Customer Base Smaller Independents & Others 22% Super Majors & National Oil Companies 40% Majors & Large Independents 38% Strong customer base provides more certainty during downcycle Note: Percentages Based on…
  17. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Gulfmark Offshore, Inc. – slide 17
    Net-Debt Position (USD in Millions) 600 35% Target Range 30% 500 Net-Debt to Total Book Capitalization 25% 400 Net Debt 20% 300 15% 200 10% 100 5% 0 0% Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2…
  18. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Gulfmark Offshore, Inc. – slide 18
    2014 - 2015 Non-Operating Uses of Cash Use 2014 2015E 2016E (USD in Millions) New Build Program 92 32 46 Acquisitions & Enhancements 67 5 Sub-Total 159 37 46 Dividends 26 Total Committed Non- 185 37 46 Operating Cash…
  19. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Gulfmark Offshore, Inc. – slide 19
    Share Repurchase Update Time Period Cash Spent Shares Repurchased Average Price % of Shares Outstanding ( Amounts in 000s, except per share amounts) 2012-2013 13,249 373,619 35.46 1.4% 2014 57,651 1,883,648 30.59 7.1% Total…
  20. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Gulfmark Offshore, Inc. – slide 20
    GulfMark Response to Downturn Preserve capital Category 2014 2015E Savings** % Suspend dividend for now (USD in Millions) Suspend share repurchases for now Direct Operating Expenses 236 201 35 15% General & Administrative 60 50…
  21. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Gulfmark Offshore, Inc. – slide 21
    Appendix 22 22
  22. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Gulfmark Offshore, Inc. – slide 22
    Revolving Credit Facility - Amendment Multicurrency Revolver Credit Facility - Existing vs. New Current Structure Amended Size USD 300MM USD 300MM Accordion USD 100MM USD 100MM Swing Line USD 25MM USD 25MM LC Sublimit USD 25MM…
  23. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Gulfmark Offshore, Inc. – slide 23
    Reconciliation Of Adjusted EBITDA 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Net (loss) income (4.6) 38.4 89.7 99.0 183.8 50.6 (34.7) 49.9 19.3 70.6 62.4 Interest expense, net 17.0 18.4 14.4 4.8 12.8 19.9 20.7 21.6 22.9…
  24. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Gulfmark Offshore, Inc. – slide 24
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  25. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Gulfmark Offshore, Inc. – slide 25
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  26. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Gulfmark Offshore, Inc. – slide 26
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  27. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Gulfmark Offshore, Inc. – slide 27
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