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FIRST QUARTER PRESENTATION – Seabird Exploration Fz Llc

Seabird Exploration Fz Llc · May 6, 2015 · 18 slides

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Slides

  1. FIRST QUARTER PRESENTATION – Seabird Exploration Fz Llc – slide 1
    SeaBird Exploration First Quarter Presentation 6 May 2015 CEO Dag Reynolds CFO Nils Haugestad
  2. FIRST QUARTER PRESENTATION – Seabird Exploration Fz Llc – slide 2
    Highlights Financial results Revenues of 24.2 million (28.1 million Q4 2014) Adjusted EBITDA of 3.5 million (negative 7.7 million Q4 2014) Non-recurring restructuring gain net of advisory fees of 66.0 million Quarterly observations…
  3. FIRST QUARTER PRESENTATION – Seabird Exploration Fz Llc – slide 3
    Financial summary
  4. FIRST QUARTER PRESENTATION – Seabird Exploration Fz Llc – slide 4
    Historical operating comparison Revenues EBITDA (USD millions) (USD millions) 50 20 44.7 12.6 10.2 8.2 40 10 33.7 3.5 0 30 28.1 24.2 Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 22.7 -10 (2.1) (7.7) 20 41.0 30.5 -20 23.5 23.0 10 16.4…
  5. FIRST QUARTER PRESENTATION – Seabird Exploration Fz Llc – slide 5
    Vessel utilization Vessel utilization Q1 contract utilization of 58%, up 1% from 52% in Q4 2014 100% 0% 2% 2% 8% 90% No multi-client projects during the 24% 7% quarter 80% 33% 13% 43% 40% Transit time 40% of fleet capacity 70%…
  6. FIRST QUARTER PRESENTATION – Seabird Exploration Fz Llc – slide 6
    Income statement CONSOLIDATED INTERIM STATEMENT OF INCOME Quarter ended 31 March All figures in USD millions (except for EPS) Adjusted Non-recurring Reported 2015 items 2015 2015 2014 Contract 23.0 - 23.0 30.5 Multi-client 1.2 - 1.2…
  7. FIRST QUARTER PRESENTATION – Seabird Exploration Fz Llc – slide 7
    Cash flow statement CONSOLIDATED INTERIM STATEMENT OF CASH FLOW Quarter ended 31 March All figures in USD millions 2015 2014 Profit/(loss) before income tax 63.8 (0.4) Restructuring gain (66.0) - Other non-cash items 7.1 10.5 Paid…
  8. FIRST QUARTER PRESENTATION – Seabird Exploration Fz Llc – slide 8
    Balance sheet CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION As of 31 March All figures in USD millions (except for equity ratio) 2015 2014 Property, plant and equipment 75.3 119.6 Multi-client library 14.0 12.3 Other…
  9. FIRST QUARTER PRESENTATION – Seabird Exploration Fz Llc – slide 9
    Restructuring update Reduced debt and extended maturities Total nominal debt reduced from 96.8 million to 40.0 million Approximately 17 million in vendor obligations converted into equity, debt or written down No significant debt…
  10. FIRST QUARTER PRESENTATION – Seabird Exploration Fz Llc – slide 10
    Debt profile Funded debt profile (USD millions) 45 40.0 40 6.2 33.7 35 2.1 2.4 4.7 30 1.9 1.9 25 20 15 29.3 25.2 10 5 0 Face value Book value Bond loan - SBX 04 Secured credit facility Unsecured note Hawk…
  11. FIRST QUARTER PRESENTATION – Seabird Exploration Fz Llc – slide 11
    Funded debt review Debt instruments SBX04 Main terms Tranche A Tranche B Credit facility Unsecured note Amount in millions 5.0 24.3 2.4 2.1 Maturity Mar-18 Mar-18 Mar-18 Dec-17 Coupon 12.00% 6.00% 6.00% 6.00% Amortization Two years…
  12. FIRST QUARTER PRESENTATION – Seabird Exploration Fz Llc – slide 12
    Business review and outlook
  13. FIRST QUARTER PRESENTATION – Seabird Exploration Fz Llc – slide 13
    Segment operating activity Contract revenue by survey type Contract revenue by region (USD millions) 45 (USD millions) 45 40 40 9.3 35 13.4 35 30 30 10.1 25 10.0 6.8 25 4.6 20 4.4 20 5.7 10.3 6.2 5.0 15 31.7 15 5.8 12.1 6.8 10…
  14. FIRST QUARTER PRESENTATION – Seabird Exploration Fz Llc – slide 14
    Update on Mexico Mexico approval process progressing, but still awaiting select permits CNH permit received Expected start-up in 1H 2015 Further delay represents meaningful risk Up to four vessels active for a period of up…
  15. FIRST QUARTER PRESENTATION – Seabird Exploration Fz Llc – slide 15
    Fleet update Northern Osprey Explorer Explorer Hawk Explorer Harrier Explorer Aquila Explorer Munin Explorer Cold stacked: Voyager Explorer Geo Pacific 16
  16. FIRST QUARTER PRESENTATION – Seabird Exploration Fz Llc – slide 16
    Multi-client update Multi-client revenues by quarter (USD millions) Multi-client revenues in Q1 of 1.2 million 7 6.3 6 Revenues predominantly relate to sales of 5 4.6 2014 surveys 4 3.2 3.7 Late sales negatively impacted by…
  17. FIRST QUARTER PRESENTATION – Seabird Exploration Fz Llc – slide 17
    Cost reduction measures SG&A (USD millions) 18 15.6 SG&A 16 14 12 Decrease of approximately 1 million 10 10.9 8 Number of onshore staff reduced 6 4.9 5.1 5.1 3.8 0.2 0.2 4 Closing of Dubai office 2 4.8 5.1 4.8 4.7 3.8 0…
  18. FIRST QUARTER PRESENTATION – Seabird Exploration Fz Llc – slide 18
    Market outlook Market uncertainty is continuing to impact spending by oil companies Reduced tender activity Increased risk of start-up delays or project cancellations Significant activity in 2D and source vessel markets. However,…

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