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Q1 2015 RESULTS – Dolphin Geophysical Asa

Dolphin Geophysical Asa · May 6, 2015 · 34 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. Q1 2015 RESULTS – Dolphin Geophysical Asa – slide 1
    Dolphin Group ASA Presentation of unaudited Q1 2015 results 6 May 2015 Atle Jacobsen (CEO) & Erik Hokholt (CFO) www.dolphingeo.com 1
  2. Q1 2015 RESULTS – Dolphin Geophysical Asa – slide 2
    Table of contents I. Highlights Q1 2015 results II. Financials III. Operational status and market outlook IV. Appendix www.dolphingeo.com 3
  3. Q1 2015 RESULTS – Dolphin Geophysical Asa – slide 3
    Atle Jacobsen, CEO, commented for Q1 Dolphin Q1 revenues of USD 120 million is a solid start on what will be a difficult year for our industry. Our fleet is continuing to perform in-line with our expectations, and, despite low…
  4. Q1 2015 RESULTS – Dolphin Geophysical Asa – slide 4
    Highlights Q1 Q1 2015 vs. (Q1 2014) Financial Revenues of USD 120.1 million (USD 80.2 million) Multi-Client revenues of USD 9.3 million (USD 1.7 million) EBITDA of USD 30.4 million (25.3%) (USD 22.7 million) EBIT of USD 11.6 million…
  5. Q1 2015 RESULTS – Dolphin Geophysical Asa – slide 5
    Key financials - quarterly developments (USD Million) Net operating revenues EBITDA Revenue growth of 50% YoY despite a challenging market Strong contract revenues, with only 5% of vessel capacity allocated to Multi-Client…
  6. Q1 2015 RESULTS – Dolphin Geophysical Asa – slide 6
    Solid backlog for Q2 and Q3 (USD Million) Backlog quarterly development* USD 225 million as of 1 April 2015 340 Well covered for the next quarters 300 - 90% covered for Q2 15 285 260 - 70% covered for Q3 15 225 200 - 30%…
  7. Q1 2015 RESULTS – Dolphin Geophysical Asa – slide 7
    Table of contents I. Highlights Q1 2015 results II. Financials III. Operational status and market outlook IV. Appendix www.dolphingeo.com 8
  8. Q1 2015 RESULTS – Dolphin Geophysical Asa – slide 8
    Profit & Loss Statement (USD Million) Q1 2015 Q1 2014 Year 2014 Unaudited Unaudited Audited Significant revenue growth YoY Net Operating Revenues 120.1 80.2 440.2 Cost of Sales gradually being Operating Expenses Cost of sales 84.0 51.8…
  9. Q1 2015 RESULTS – Dolphin Geophysical Asa – slide 9
    Revenue distribution (USD Million) Q1 2015 Q1 2014 Year 2014 In millions of USD Unaudited Unaudited Audited Geophysical: Marine Exclusive contracts 106.0 75.3 375.7 Multi-Client prefunding 3.9 1.0 26.0 Multi-Client late sales 5.4…
  10. Q1 2015 RESULTS – Dolphin Geophysical Asa – slide 10
    Asset-light balance sheet (USD Million) Q1 2015 YE 2014 Comments on assets: Asset-light balance sheet Other current assets reduced due to settled receivables Prudent growth in Multi-Client library Comments on equity and debt:…
  11. Q1 2015 RESULTS – Dolphin Geophysical Asa – slide 11
    Asset-light business model limited off-balance sheet commitments Annual minimum operational leasing obligations (USD million) USD 185 million reduced commitment from 2012 to 2015 374 336 Includes all seismic vessels (Polar Empress…
  12. Q1 2015 RESULTS – Dolphin Geophysical Asa – slide 12
    Cash flow detailed (USD Million) Operating Activities Q1 2015 Q1 2014 Year 2014 Comments: Profi t before tax 6.0 8.1 34.7 Depreci a tion a nd wri te-down 14.3 9.0 47.2 Solid cash flow from Amortis a tion a nd wri te-down of Mul ti-Cl i…
  13. Q1 2015 RESULTS – Dolphin Geophysical Asa – slide 13
    Dolphin takes a prudent approach to Multi-Client (USD Million) Net cash investment vs. Multi-Client net sales Net Book Value Comments: Comments: Target Multi-Client net sales net cash investment Net Book Value at USD 121 million…
  14. Q1 2015 RESULTS – Dolphin Geophysical Asa – slide 14
    Multi-Client investments and NBV per vintage USD million Detailed review of all library vintages for Q1 Gross invested USD 185 million NBV USD 121 million, of which WIP is USD 46 million (38%) N n USD 74 million (62%) is NBV…
  15. Q1 2015 RESULTS – Dolphin Geophysical Asa – slide 15
    Dolphin remains fully focused on preserving and creating shareholder values Dec 2010: Oct 2011: Feb 2013: Private Placement Private Placement Private Placement NOK 391m at NOK 2.5 NOK 215m at NOK 3.0 NOK 226m at NOK 7.4 Delivering…
  16. Q1 2015 RESULTS – Dolphin Geophysical Asa – slide 16
    Proposal to improve financial position by extending debt maturities* Background As a pro-active initiative to meet the uncertain market outlook, Dolphin management and Board of Directors have made a constructive proposal to our three main…
  17. Q1 2015 RESULTS – Dolphin Geophysical Asa – slide 17
    Table of contents I. Highlights Q1 2015 results II. Financials III. Operational status and market outlook IV. Appendix www.dolphingeo.com 18
  18. Q1 2015 RESULTS – Dolphin Geophysical Asa – slide 18
    Business lines Marine Contract Multi-Client Processing & Imaging Processing Software Expanding modern fleet Growing Multi-Client Full onshore & offshore Land & marine seismic data library processing & imaging processing software In…
  19. Q1 2015 RESULTS – Dolphin Geophysical Asa – slide 19
    Rapid and successful fleet expansion one vessel to go Polar Duke (3D, 12-14 str) Polar Duchess (3D, 12-14 str) Sanco Swift (3D, 16 str) Polar Marquis (3D , 14 str) Delivered May 2011 Delivered April 2012 Delivered July 2013…
  20. Q1 2015 RESULTS – Dolphin Geophysical Asa – slide 20
    Dolphin is asset-light with flexible Time-Charter commitments Vessel Firm initial period/Options 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Artemis Atlantic TC firm 4 years from May '11 May Option…
  21. Q1 2015 RESULTS – Dolphin Geophysical Asa – slide 21
    Strong supply response to lower demand Market shares ( of vessels 3D fleet) Market shares ( of practical streamers 3D fleet) Source: SEB Equity Research, SEB CF Includes SCF vessel (Polarcus) currently on bareboat, and where SCF…
  22. Q1 2015 RESULTS – Dolphin Geophysical Asa – slide 22
    Dolphin fleet - among the most powerful vessels in the industry 25% 12% High End Increased market share in 14+ streamer market - higher margin www.dolphingeo.com 23
  23. Q1 2015 RESULTS – Dolphin Geophysical Asa – slide 23
    Productivity increases through powerful solutions Productivity increases Time reduction/Cost saving when acquiring 10,000 km2 Commodity offering 163 days 12 streamers with 100m separation and 8 km long 115 days Powerful…
  24. Q1 2015 RESULTS – Dolphin Geophysical Asa – slide 24
    Sanco Sword the vessel to beat.. - Dolphin production records vs (old known records) Production (Sq. km) Daily : 159 (144) Weekly : 1,003 (919) Monthly : 4,069 (3,056) Configuration 12*150m*7km 1,650m between outer streamers…
  25. Q1 2015 RESULTS – Dolphin Geophysical Asa – slide 25
    Delivering on Mexico strategy East Campeche 2D long offset SHarp survey Multiple companies prefunding CNH permit approved Size (phase 1): 16,123 2D line kilometers Survey (phase 1) start: Q2 2015 Delivery of time processed…
  26. Q1 2015 RESULTS – Dolphin Geophysical Asa – slide 26
    Dolphin is building a strong presence in the Barents Sea Existing library Gulspurv (2013) Maud (2013-2014) Gotha (2014) 5 prospective 23rd round blocks 1 prospective APA block New 2015 programmes Ringvassy (50/50 Dolphin/TGS)…
  27. Q1 2015 RESULTS – Dolphin Geophysical Asa – slide 27
    Processing & Imaging a critical success factor Makes Dolphin a fully integrated marine geophysical contractor Our people, our software, our hardware Worldwide software sales Marine Processing Multi- Contract & Imaging Client…
  28. Q1 2015 RESULTS – Dolphin Geophysical Asa – slide 28
    Market outlook 2015 Current market snapshot: Still low visibility in all regions for 2015 Difficult market fundamentals - oil price and Russian sanctions Slow Multi-Client Late Sales due to uncertainty on E&P budgets and priorities…
  29. Q1 2015 RESULTS – Dolphin Geophysical Asa – slide 29
    2015 Guidance summary* Dolphins full year revenue is expected in the range of USD 450-500 million for 2015, adjustment due to less vessel capacity and more conservative pricing/utilisation for 2H15 The Dolphin Multi-Client investments…
  30. Q1 2015 RESULTS – Dolphin Geophysical Asa – slide 30
    Question & Answer Session 31
  31. Q1 2015 RESULTS – Dolphin Geophysical Asa – slide 31
    Table of contents I. Highlights Q1 2015 results II. Financials III. Operational status and market outlook IV. Appendix www.dolphingeo.com 32
  32. Q1 2015 RESULTS – Dolphin Geophysical Asa – slide 32
    Dolphin detailed assumptions and guidance for 2015 -Official on 8 Jan 2015 New Vessel capacity to be delivered on time and budget -Reiterated on18 Feb 2015 Polar Empress (3D, 14-22 str.) to be delivered end April 2015, new delivery…
  33. Q1 2015 RESULTS – Dolphin Geophysical Asa – slide 33
    Financial Covenants* / fully compliant as per 31/03/2015 Definitions** Loan Facility Bonds Liquidity Unrestricted cash USD 15m USD 10m and equivalents Equity ratio Total Equity/Total Assets 35% 35% Gearing ratio NIBD/ EBITDA <…
  34. Q1 2015 RESULTS – Dolphin Geophysical Asa – slide 34
    IBD with earliest major maturity in November 2016 Debt Security Amount Balance 31/03/15 Tenure Maturity Interest Bond Dolp01 Unsecured NOK 400,000,000 USD 71,261,000 4 years Nov-2016 3M Nibor + 775 Bond Dolp02 Unsecured NOK 500,000,000…

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