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Q1 2015 Earnings Call – GC Rieber Shipping ASA

GC Rieber Shipping ASA · May 13, 2015 · 17 slides

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Slides

  1. Q1 2015 Earnings Call – GC Rieber Shipping ASA – slide 1
    First quarter 2015 Bergen 13 May 2015 12.05.2015 1 GC RIEBER SHIPPING
  2. Q1 2015 Earnings Call – GC Rieber Shipping ASA – slide 2
    Agenda Highlights Q1 2015 Operational review Financial review Summary and outlook Polar Marquis 12.05.2015 2 GC RIEBER SHIPPING
  3. Q1 2015 Earnings Call – GC Rieber Shipping ASA – slide 3
    Highlights first quarter Stable and good operations Fleet utilisation of 84 % New time charter agreement for Polar King Reef Subsea bankruptcy 12.05.2015 3 GC RIEBER SHIPPING
  4. Q1 2015 Earnings Call – GC Rieber Shipping ASA – slide 4
    Key figures REVENUES EBITDA NET PROFIT NOK million NOK million NOK million 300 180 258 250 241 250 224 150 134 214 130 150 200 120 113 114 168 47 41 44 50 150 90 76 100 60 50 36 50 30 150 0 0 250 201 Q114 Q214 Q314…
  5. Q1 2015 Earnings Call – GC Rieber Shipping ASA – slide 5
    Operational Review Q1 2015 12.05.2015 5 GC RIEBER SHIPPING
  6. Q1 2015 Earnings Call – GC Rieber Shipping ASA – slide 6
    Contract update New time charter agreement with DOF Subsea Norway AS for Polar King Fixed period of 100 days from April 2015 Options for up to 5 months additional work New charter agreement with Sakhalin Energy Investment…
  7. Q1 2015 Earnings Call – GC Rieber Shipping ASA – slide 7
    Construction of new seismic vessel upon completion Advanced 3D seismic vessel with 22 streamers and ice class 1A* Expected delivery from Kleven Verft in May 2015 5 years contract with Dolphin Geophysical from delivery Polar…
  8. Q1 2015 Earnings Call – GC Rieber Shipping ASA – slide 8
    Contract backlog of NOK 3.5 billion* per 31 March 2015 CONTRACT COVERAGE* CONTRACT BACKLOG* Utilisation rate NOK million 100% 1 200 82% 955 80% 916 72% 900 841 773 60% 50% 600 40% 300 20% 0% 0 From April 2015 2016…
  9. Q1 2015 Earnings Call – GC Rieber Shipping ASA – slide 9
    Average duration of contract portfolio is 2.5 years 2015 2016 2017 2018 2019 VESSEL CHARTERER Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 SUBSEA Fixed Option Polar Prince Polar King Dof Subsea Norway AS Option (5 m)…
  10. Q1 2015 Earnings Call – GC Rieber Shipping ASA – slide 10
    Subsea Fleet utilisation 63 percent KEY FIGURES NOK million 100 percent in Q1 2014 200 Polar Prince not in operation in the quarter 160 145 151 Polar King not in operation parts 132 of the quarter 120 107 94 Market 80 72 80…
  11. Q1 2015 Earnings Call – GC Rieber Shipping ASA – slide 11
    Marine Seismic Fleet utilisation 100 percent KEY FIGURES NOK million 67 percent in Q1 2014 150 Sound order backlog Fewer vessels in operation in Q1 120 112 102 2014 due to yard stay for Polar 90 Marquis 90 74 67 Market 60…
  12. Q1 2015 Earnings Call – GC Rieber Shipping ASA – slide 12
    Ice/ Support Fleet utilisation 100 percent KEY FIGURES NOK million 100 percent in Q1 2014 30 Management agreement for HMS Protector expired September 2014 20 EBITDA contribution of NOK 3,8 16 16 million from joint venture 12…
  13. Q1 2015 Earnings Call – GC Rieber Shipping ASA – slide 13
    Financial review Q1 2015 12.05.2015 13 GC RIEBER SHIPPING
  14. Q1 2015 Earnings Call – GC Rieber Shipping ASA – slide 14
    Income statement NOK mill Q1 2015 Q1 2014 Operating income 223.9 167.9 EBITDA 114.0 75.9 EBIT 54.2 41.2 Net financial income and expenses -89.8 0.6 Profit before tax -35.6 41.8 Net profit in the period -36.3 41.2 Normalized…
  15. Q1 2015 Earnings Call – GC Rieber Shipping ASA – slide 15
    Balance sheet per 31.03.2015 NOK million Total balance NOK 5 251 million 6 000 Equity ratio 46.2 percent 63 5 000 Intangible assets Solid cash position NOK 448.0 million 4 000 2428 Equity Available revolving facility of NOK…
  16. Q1 2015 Earnings Call – GC Rieber Shipping ASA – slide 16
    Outlook Market view short term Continued weak oil price cause continued pressure on cost cuts and further reductions in the investment activity Uncertainties related to political risk in the Russian region upheld Expected trends…
  17. Q1 2015 Earnings Call – GC Rieber Shipping ASA – slide 17
    Summary Stable and good operations Net profit affected by unrealized currency loss New time charter for Polar King Post-quarter: New time charter for crew boats Polar Marquis Polar Baikal and Polar Piltun 12.05.2015 17 GC…

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