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Q1 2015 Earnings Call – Siem Offshore

Siem Offshore · May 20, 2015 · 25 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 Earnings Call – Siem Offshore – slide 1
    Earnings Presentation First Quarter 2015 20 May 2015
  2. Q1 2015 Earnings Call – Siem Offshore – slide 2
    Highlights First Quarter 2015 First quarter 2015 operating revenue of USD 126.0 million and operating margin of USD 38.7 million (31%), compared to USD 94.4 million in operating revenue and USD 36.9 million (39%) in operating margin…
  3. Q1 2015 Earnings Call – Siem Offshore – slide 3
    Subsequent Events Agreed a 6-month contract with options for the PSV Siem Pilot Agreed sale of the PSV Siem Sasha to Siem Offshore Ghana International, a company owned 51% by Siem Offshore. Signed a loan and guarantee facility for…
  4. Q1 2015 Earnings Call – Siem Offshore – slide 4
    Income Statement First Quarter Twelve Months First quarter Ended 2015 2014 2014 (Amounts in USD million) Unaudited Unaudited Audited Operating revenue 126.0 94.4 491.3 Operating expenses ( 77.1) ( 46.5) ( 250.2) Administration…
  5. Q1 2015 Earnings Call – Siem Offshore – slide 5
    Adjusted Net Profit Twelve Months First Quarter Ended 2015 2014 2014 (Amounts in USD million) Unaudited Unaudited Audited Net Profit (loss) ( 25.6) 17.8 70.7 Unrealized (profit) loss on currency derivatives 27.3 (6.5) 5.6…
  6. Q1 2015 Earnings Call – Siem Offshore – slide 6
    Financial Position as of 31 March 2015 (all in USDm) Book equity ratio of 35%. Other Cur. Assets Current Liabilities Cash and cash equivalents of approx. Cash & cash equivalents USD 90 million as of 31 March 2015. Net interest…
  7. Q1 2015 Earnings Call – Siem Offshore – slide 7
    Cash and Cash Equivalents development Net cash flow from operations USD 27.8 million. Cash flow from investing activities USD (18.0) million. Cash flow from financing activities USD (25.5) million. Net change in cash USD (15.7)…
  8. Q1 2015 Earnings Call – Siem Offshore – slide 8
    Scheduled Debt Maturity Profile 04.2015 - 2019 The graph reflects committed and assumed mortgage debt for all 8 vessels(1) under construction per end of 1Q 2015. Gross debt expected to peak in 2016 based on existing financing and…
  9. Q1 2015 Earnings Call – Siem Offshore – slide 9
    Future Yard Instalments per end 1Q 2015 Amounts in USD million Future Yard Instalments 2015 2016 Total The Company has secured mortgage debt financing for all of its eight wholly-owned OSRVs 8.1 0.0 8.1 vessels currently under…
  10. Q1 2015 Earnings Call – Siem Offshore – slide 10
    Future Yard Instalments and Debt Financing - For 9 months of 2015 and full year 2016 Total financing gap for 9 months of 2015 and full year 2016 of approx. USD 57 million The graph reflects; i) future yard instalments for the 8…
  11. Q1 2015 Earnings Call – Siem Offshore – slide 11
    OSV Segment Operating Margin, Vessels in Operation and Shipbuilding Contracts
  12. Q1 2015 Earnings Call – Siem Offshore – slide 12
    OSV Segment - Currently 44 Vessels in Operation Vessels in operation 101) AHTS Vessels 6 OSCV 122) PSV (3,600 5,100 dwt) 16 Other vessels 4) Canadian Other fleet vessels 53) 10 Installation support vessel 5) 1…
  13. Q1 2015 Earnings Call – Siem Offshore – slide 13
    OSV Segment - Operating Margin First Quarter First Quarter 2015 First Quarter 2014 Operating Operating Operating Operating Operating Operating Operating Operating Amounts in USD million revenue expenses margin margin % revenue…
  14. Q1 2015 Earnings Call – Siem Offshore – slide 14
    OSV Segment - Comments to First Quarter 98% utilisation of the OSCV fleet. All vessels on long-term charters during the quarter. Three vessels operating in the North Sea/Europe. Two vessels operating in the US Gulf of Mexico. One…
  15. Q1 2015 Earnings Call – Siem Offshore – slide 15
    OSV Segment - Employment for vessels in operation 2015 2016 2017 2018 1) Employment for Siddis Mariner includes firm time Vessel Type Ownership 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q charter for Siem Offshore Contractors. Siem…
  16. Q1 2015 Earnings Call – Siem Offshore – slide 16
    OSV Segment - Employment for vessels in operation (cont) 2015 2016 2017 2018 Vessel Type Ownership 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Big Orange XVIII WSV 41 % Burin Sea AHTS 50% Panuke Sea PSV 50% Trinity Sea AHTS 50%…
  17. Q1 2015 Earnings Call – Siem Offshore – slide 17
    OSV Segment - Vessels under Construction 2015 2016 2017 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q OSRV, Siem Marataizes CLV, Siem Aimery PSV DF, Siem Pride PSV DF, TBN 1 PSV DF, TBN 2 PSV DF, TBN 3 WIV, Siem Helix 1…
  18. Q1 2015 Earnings Call – Siem Offshore – slide 18
    OSV Segment - Employment for Vessels under Construction 2015 2016 2017 2018 Vessel Type Ownership 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Brazil, Siem Marataizes OSRV 100% Poland, Siem Aimery CLV 100% Poland, Siem Pride PSV…
  19. Q1 2015 Earnings Call – Siem Offshore – slide 19
    OSV Segment - Market Outlook The North Sea PSV and AHTS vessel markets continued to experience soft rates and utilization throughout the first quarter. Additional vessels have entered the North Sea from other regions and as rig…
  20. Q1 2015 Earnings Call – Siem Offshore – slide 20
    Industrial Investment Segment Operating Margin, Investments
  21. Q1 2015 Earnings Call – Siem Offshore – slide 21
    Industrial Investments Segment - Operating Margin First Quarter First Quarter 2015 First Quarter 2014 Operating Operating Operating Operating Operating Operating Operating Operating Amounts in USD million revenue expenses margin…
  22. Q1 2015 Earnings Call – Siem Offshore – slide 22
    Industrial Investments Segment - Siem Offshore Contractors; Submarine power cable activities by main projects Amrumbank West Baltic 2 OWF Nordsee One Nordsee One OWF Veja Mate OWF OWF Awarded Mar, 2012 Feb, 2013 Dec, 2012 Apr, 2014…
  23. Q1 2015 Earnings Call – Siem Offshore – slide 23
    Industrial Investments Segment - Siem Wis The Julius project was mobilised in accordance with plan and the managed pressure drilling (MPD) operation onboard the Maersk Gallant will commence shortly. Both the pressure control device…
  24. Q1 2015 Earnings Call – Siem Offshore – slide 24
    Industrial Investments Segment - Overseas Drilling Ltd. (Joides Resolution) Scientific Core Drilling Vessel 2015 2016 2017 2018 1 Vessel Type Ownership 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Joides Resolution SPV 100 %…
  25. Q1 2015 Earnings Call – Siem Offshore – slide 25
    Industrial Investments Segment - Market Outlook Siem Offshore Contactors experience steady tendering activity in the offshore windfarm market (OWF) with scheduled marine installation activities taking place in 2017 and 2018 and for…

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