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EAGE Conference – Polarcus

Polarcus · Jun 1, 2015 · 33 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. EAGE Conference – Polarcus – slide 1
    Polarcus Limited EAGE Investor Presentation 01 04 June 2015 Rod Starr, CEO Tom Henrik Sundby, CFO 1
  2. EAGE Conference – Polarcus – slide 2
    1 Market / 2015 Agenda Update 2 Operations Update 3 Q1 Financials 4 Key takeaways / Q&A 3
  3. EAGE Conference – Polarcus – slide 3
    An uncertain market Global market landscape Oil company exploration spend reduced or deferred Highly competitive seismic landscape for 2015 Tender activity improving relative to Q1 Change in spend will lag any oil price or capacity…
  4. EAGE Conference – Polarcus – slide 4
    The 2015 Agenda update Revenue Generation Regionalize sales resources. Penetrate new markets Cost Management Execute & expand cost reduction plans Balance Sheet Management Manage debt. Enhance stakeholder value Positioning…
  5. EAGE Conference – Polarcus – slide 5
    1. Revenue Generation: Market activity Project activity and new opportunities focused predominantly in southern hemisphere Canada: Newfoundland Sakhalin Current activity Mediterranean Transfer of sales resources Croatia,…
  6. EAGE Conference – Polarcus – slide 6
    2. Cost Management: Plan delivering results (In USD) Focus area Tactics Initial Revised Streamlined support structure Human capital cost Adjustment to compensation & benefits 17m 21m Additional: reduction of crew buffer…
  7. EAGE Conference – Polarcus – slide 7
    2. Cost Management: Polarcus Nadia layup Polarcus Nadia cold stacked 01 April 2015 2015 impact on financials USD 23 million in OPEX savings USD 10 million in equipment CAPEX reduction Prior to return to operations, vessel…
  8. EAGE Conference – Polarcus – slide 8
    3. Balance Sheet Management: Improving liquidity Secured bank support Improved financing terms Debt maturity profile extended 2015 2016 2017 2018 2019 2020 21 9
  9. EAGE Conference – Polarcus – slide 9
    1 Market / 2015 Agenda Update 2 Operations Update 3 Q1 Financials 4 Key takeaways / Q&A 10
  10. EAGE Conference – Polarcus – slide 10
    Marine acquisition - a record of delivery Vessel locations 31 May 15 Polarcus Adira Polarcus Amani & Polarcus Asima 12 x 75m x 8,100m Mobilizing for Sakhalin 3D Polarcus Asima Polarcus Adira 12 x 50m x 4,050m Acquiring TGS…
  11. EAGE Conference – Polarcus – slide 11
    Data processing setting new standards Polarcus RightFLOW fast track onboard data processing, powered by DUG Insight Completed first commercial onboard broadband data processing project in Q1 1,750 sq. km broadband 3D PreSTM volume…
  12. EAGE Conference – Polarcus – slide 12
    Multi-client Capreolus 3D targets new frontiers Capreolus 3D survey area of 22,130 sq. km High fold broadband data with continuous recording Acquisition now 60% complete Largest single 3D ever acquired offshore Australia Equiv. to…
  13. EAGE Conference – Polarcus – slide 13
    1 Market / 2015 Agenda Update 2 Operations Update 3 Q1 Financials 4 Key takeaways / Q&A 14
  14. EAGE Conference – Polarcus – slide 14
    Key financials: Historical perspective Revenues EBITDA Margin 160 144.8 60 52.9 50% 140 121.4 50 40% 120 39.6 40 35.2 100 81.1 30% 80 30 60 20% 20 40 10 10% 20 - - 0% Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q1-13…
  15. EAGE Conference – Polarcus – slide 15
    Balance Sheet Management: Bank support Improved financing terms Debt maturity profile Free cash covenant reduced to USD 25 million Freeze of loan principal repayments of USD 15 million New Working Capital Facility of USD 25…
  16. EAGE Conference – Polarcus – slide 16
    Industry tendering activity Received contract tenders in USD million (As of end May) 450 Millions Q2 tendering activity up over Q1 400 350 Overall still low, and down YOY by number of tenders 300 250 Projects continue to…
  17. EAGE Conference – Polarcus – slide 17
    Improved backlog outlook Q2: 100% Q3: 80% Q4: 45% Q1: 25% 100% 90% Backlog USD 235 million 80% Fleet 75% booked for 2015 70% 60% 50% 40% 30% 20% 10% 0% May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar * Polarcus Nadia…
  18. EAGE Conference – Polarcus – slide 18
    1 Market / 2015 Agenda Update 2 Operations Update 3 Q1 Financials 4 Key takeaways / Q&A 19
  19. EAGE Conference – Polarcus – slide 19
    Key takeaways The 2015 Agenda is delivering results in an uncertain market Improved backlog, reduced cost base, secured financing support Underpinned with continued safe and efficient operational performance Imaging tomorrows…
  20. EAGE Conference – Polarcus – slide 20
    Appendices 21
  21. EAGE Conference – Polarcus – slide 21
    Polarcus in brief Polarcus Limited Fleet of 7 high-end 3D seismic vessels Ticker Oslo stock exchange PLCS 5 vessels operating globally in Contract and Multi-Client markets Shares issued, million 669,8 1 vessel on 5 year bareboat…
  22. EAGE Conference – Polarcus – slide 22
    Industry leading assets Youngest and most uniform 3D fleet with unique environmental capabilities A-Class 12 / 14 streamer ICE-1A and 1A* Triple-E Level 1 Polarcus Naila with 14 streamer capability N-Class post 2014 conversion…
  23. EAGE Conference – Polarcus – slide 23
    Polarcus towing configurations optimally positioned Towing configurations are primarily defined by geology Snapshot of current industry towing configurations (company averages) Company Number of Streamer Total spread Streamer…
  24. EAGE Conference – Polarcus – slide 24
    Awards through RIGHTDESIGN DYNPOS-AUTR Systems redundancy CLEAN DESIGN IMO Green Passport with DP2 High specification Triple E exhaust catalysts Environmental & Energy Efficiency Sentinel solid streamers ULSTEIN X-BOW…
  25. EAGE Conference – Polarcus – slide 25
    Environmental leadership Fleet emissions report Q1 2015 Increasing activity in Environmentally Emissions Q1 2015 YOY Vs. IMO regulation Sensitive Sea Areas (ESSA) type (t/km2) change CO2 2.60 -15% - Industry recognized commitment…
  26. EAGE Conference – Polarcus – slide 26
    Environmental leadership Polarcus has the only vessels in the world with DNV- GL Triple-E Level 1 rating The Triple-E Environmental & Energy Efficiency rating initiative: Applicable for all ships A tool for environmental…
  27. EAGE Conference – Polarcus – slide 27
    Q1 utilization highest since Q3 2013 100% 2% 1% 1% 2% 6% 4% 5% 7% 3% 5% 10% 8% 13% 14% 90% 2% 11% 14% 9% 12% 83% utilization in Q1, up 4% YOY 19% 16% 80% 18% Reduced transits due to larger scale projects 13% 13% 10% 10% 6%…
  28. EAGE Conference – Polarcus – slide 28
    Income statement Quarter ended Year ended (In thousands of USD) 31-Mar-15 31-Mar-14 31-Dec-14 Revenues Contract revenue 44,409 116,241 419,185 Multi-client revenue 36,776 4,759 44,535 Other income (132) 413 2,989 Total Revenues…
  29. EAGE Conference – Polarcus – slide 29
    Balance Sheet (In thousands of USD) 31-Mar-15 31-Mar-14 31-Dec-14 Non-current Assets Property, plant and equipment 919,201 964,081 927,815 Multi-client project library 111,094 98,157 88,731 Investment in joint ventures 2,154 2,480 2,203…
  30. EAGE Conference – Polarcus – slide 30
    Cash flow Quarter ended Year ended (In thousands of USD) 31-Mar-15 31-Mar-14 31-Dec-14 Cash flows from operating activities Profit/(loss) for the period (26,439) 962 (78,635) Adjustment for: Depreciation and amortization 44,056…
  31. EAGE Conference – Polarcus – slide 31
    Debt overview as of 31 March 2015 Balance Debt Security Size Tenure Maturity Interest % 31 Mar 2015 Unsecured bond Unsecured NOK 350m NOK 350m 5 years Jul-19 7.73% Unsecured bond Unsecured USD 95m USD 86m 5 years Jun-18 8.00%…
  32. EAGE Conference – Polarcus – slide 32
    The Polarcus share Top 20 Shareholders (as per 22 May 2015) Shareholder Share % OEP PARENT LLC 135,707,031 20.26 Listed on the Oslo Stock ZICKERMAN HOLDING LT DNB NOR MARKETS, AKS 49,862,476 37,270,000 7.44 5.56 Exchange SABARO…
  33. EAGE Conference – Polarcus – slide 33
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