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Q1 2015 Earnings Call – Frontline Energy Inc.

Frontline Energy Inc. · May 29, 2015 · 17 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 – Frontline Energy Inc. – slide 1
    Q1 2015 Results May 29, 12015
  2. Q1 2015 Earnings Call – Frontline Energy Inc. – slide 2
    Agenda First Quarter 2015 Highlights and Transactions Financial Review Market Update Outlook Q & A 3
  3. Q1 2015 Earnings Call – Frontline Energy Inc. – slide 3
    First Quarter 2015 Highlights and Transactions The Suezmax Front Idun was delivered in January. The Company issued 12.2 million new ordinary shares under its ATM program during in the first quarter Increased the ATM limit from 100m…
  4. Q1 2015 Earnings Call – Frontline Energy Inc. – slide 4
    FRO-SFL Transaction Summary of new charter structure with Ship Finance Element New structure Rates reduced to USD 20,000 for all VLCCs TC rates and USD 15,000 for all Suezmaxes for the whole charter period Opex compensation…
  5. Q1 2015 Earnings Call – Frontline Energy Inc. – slide 5
    First Quarter 2015 Financial Highlights 50 31,1 Q1 - 2015 results 0 -12,1 Net income : 31.1m -50 -13,0 -59,6 Net income per share : 0.25 -100 -78,2 -150 -200 -162,9 Share price NYSE May 28, 2015: 3.06 -250 Q1 FY Q4 Q3 Q2…
  6. Q1 2015 Earnings Call – Frontline Energy Inc. – slide 6
    Financial Review Income Statement CONDENSED CONSOLIDATED INCOME STATEMENTS 2015 2014 2014 (in thousands of ) Jan-Mar Jan-Mar Jan-Dec Total operating revenues 144,377 169,998 559,688 (Loss) gain on sale of assets and amortization of…
  7. Q1 2015 Earnings Call – Frontline Energy Inc. – slide 7
    Financial Review Income on time charter basis 2015 2014 /day Q1 FY Q4 Q3 Q2 Q1 VLCC Spot 52 200 24 100 27 400 23 900 12 500 32 500 VLCC incl. TC out 49 400 24 800 27 900 24 600 13 900 32 700 Suezmax Spot 35 000 21 500 27 200 19…
  8. Q1 2015 Earnings Call – Frontline Energy Inc. – slide 8
    Financial Review Ship operating expenses/Off-hire Total fleet opex (/day) Number of vessels drydocked 11 000 4 10 500 10 400 3 3 10 000 9 500 3 9 100 9 000 8 900 2 9 000 8 600 2 8 500 8 500 2 8 000 1 7 500 1 7 000 1 6 500…
  9. Q1 2015 Earnings Call – Frontline Energy Inc. – slide 9
    Financial Review Balance Sheet Balance sheet (in million) 2015 2014 2014 Mar 31 Mar 31 Dec 31 Cash 88 111 64 Restricted cash 0 75 42 Other Current assets 113 145 127 Long term assets: Newbuildings - 30 15 Vessels 647 906 607…
  10. Q1 2015 Earnings Call – Frontline Energy Inc. – slide 10
    Financial Review Cash Cost Breakeven Estimated cash cost breakeven rates Q2 2015 2nd H 2015 VLCC 31,300 24,800 Suezmax 23,100 19,500 Comments to B/E rates (/day): Included in Cash B/E rates are: BB hire/installments &…
  11. Q1 2015 Earnings Call – Frontline Energy Inc. – slide 11
    Market Update Earnings & Market Factors in Q1 Q1 Average Market earnings / Marex VLCC (TD3) : 62,700/day (Q4-14: 51,300/day) Suezmax (TD20) : 47,600/day (Q4-14: 43,000/day) Frontline TC out cover taken in Q1 Best Q spot TCE result…
  12. Q1 2015 Earnings Call – Frontline Energy Inc. – slide 12
    Market Update Values and Rates NEWBUILDING TC MARKET Source: Clarksons 13
  13. Q1 2015 Earnings Call – Frontline Energy Inc. – slide 13
    Market Update VLCC Fleet Fleet Delivery Schedule Current fleet & Orderbook 14 Source: Fearnleys May 2015
  14. Q1 2015 Earnings Call – Frontline Energy Inc. – slide 14
    Market Update Suezmax Fleet Fleet Delivery Schedule Current Fleet 455 Delivered 2015 6 Orderbook 71 Estimated deliveries 2015 5 Orderbook/Fleet 16 % Current fleet & Orderbook 15 Source: Fearnleys May 2015
  15. Q1 2015 Earnings Call – Frontline Energy Inc. – slide 15
    Market Update Frontline Current fleet: 17 Smax 25 VLCC Frontline paid off its convertible bond loan in April 2015 New charter structure agreed with Ship Finance Limited Focus will now shift from restructuring to development and…
  16. Q1 2015 Earnings Call – Frontline Energy Inc. – slide 16
    Market Update Market Outlook Risk factors; Orderbook Yard capacity Demolition slowdown Bullish factors; World oil supply at all time high Fleet utilization above 85% Tonne/miles remains high Current volumes cause…
  17. Q1 2015 Earnings Call – Frontline Energy Inc. – slide 17
    Q uestions 18

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