SeaBird Exploration PLC SBX Third Quarter 2010 3rd November 2010 Continental Hotel Oslo
Disclaimer All statements contained in this presentation that are not statements of historical facts, including statements on projected operating results, financial position, business strategy and other plans and objectives for future…
Highlights Q3 2010 SeaBird is pleased to announce a Q3 report with an EBITDA of USD 7.9 million. The OBN operation with Hugin Explorer and Kondor Explorer was successfully completed for Chevron North Sea Limited west of Shetland well…
Current Operational Positions October 2010 Offices Current location vessels Kondor Explorer Holland, Stacked Hawk Explorer Harrier Explorer Las Palmas PGS TC (Sep 2011) Warm stacked Enroute to Angola Northern Explorer…
Post Q3 developments Aquila Explorer continues to work in Australia market with good utilisation. The Kondor Explorer has been stacked (maintaining class) with a combined cost of personnel and bareboat hire at USD 3,000 per day.…
Vessel Employment / Backlog
Outlook 2D/3DSW The outlook for contracts has been generally short term and very difficult during 2010 and the horizons are still unclear. Awards of contracts have been delayed, and the contracts themselves have been for smaller…
Update Hugin & Munin OBN Shell Nigeria Bonga Survey 2010 Status of survey to date Vessels arrived Lagos 3rd September Commenced node deployment 12th September Commenced shooting lines 15th September Commenced node recovery for…
Outlook OBN Ocean Bottom Node (OBN) market continues to look very promising Four supermajors have now awarded 5 separate contracts to SeaBird due to reliability together with sensor coupling technology and acoustic communication…
Outlook OBN Extracts from SEG technical papers Total E&P Angola ...OBN volumes matched with baseline streamer data exhibit coherent variations of amplitudes, perfectly consistent with the expected 4D geophysical response of target…
Dalia field layout
SUBSEA Layout SE PQ Electrical Hydraulic Umbilical Umbilical Electrical Termination Water Water Hydraulic Injection Unit Flow Line Umbilical Trees Hydraulic Umbilical Hydraulic Electrical Umbilical Flying Production…
Agbami field layout Well to FPSO
Agbami Field 1,600 node positions 13 shotlines per node row 4.2 km offset Each node illuminated (shot) more than 160,000 times Full Azimuth
Shell Nigeria Exploration & Production Shell Offshore Nigeria
OBN Crew 2 Update SeaBird has issued LOIs for the building of a node handling vessel for delivery Q1 2012, subject to final contract terms and conditions. Several yard slots/vessels are shortlisted and will be evaluated during…
Financials Q3 2010 17
Consolidated Income Statement 3rd Quarter 2010 Year ended Quarter ended 30 Sep Nine months ended 30 Sep 31 Dec All figures in USD 1,000 2010 2009 2010 2009 2009 Revenue 43 210 28 901 159 396 120 509 161 625 C harter hire and…
Sequential Development Revenues Utilization in Q3 down to 66%, from 76% in Q2 and Q1 USD millions Utilization % Decreased revenue Q3: 43 mill from Q1: 50mill 70 100 % reduced revenue after Agbami on OBN low mob during 1 month back to…
Opex Development SG&A (sales, general admin) includes provision for bad debt for: Q4 2008 USD 4.1mill Cost development Q1 2009 USD 0.7mill USD millions Q2 2009 USD 1.4mill 55,0 50,0 SG&A Q2 Q3 2009 Cost reductions: 45,0 Bareboat…
Sequential Development Q3 2009 EBITDA loss was a result of low utilisation and 2D vessels in idle or cold stacked mode. EBITDA USD millions Q4 EBITDA effected by mob. cost and start of new 22 21 2D contracts late in the quarter.…
Consolidated Balance Sheet As of 30 September As of 31 Dec All figures in USD 1,000 2010 2009 2009 Non-current Tangible assets 319 165 337 933 342 585 Non-current Intangible assets 26 671 27 054 26 925 Other current assets 47 690…
Consolidated Cash Flow Year ended Quarter ended 30 Sep Nine months ended 30 Sep 31 Dec All figures in USD 1,000 2010 2009 2010 2009 2009 Net cash from operating activities (347) 3 786 16 492 18 862 4 394 Capital Expenditures (4 639)…
Multiclient by SeaBird SeaBird participates with Multiclient Providers where all or part of the Multiclient sales come later SeaBird is not pursuing Multiclient activity, but participates if ordinary 2D direct client seismic work is…
Issue NOK 120 million convertible Loan Lender: Perestroika AS, none-transferable Loan amount NOK 120 million, for general corporate purposes Maturity three years - September 2013 Interest rate 1% pa Conversion price: NOK 3.35 per…
Restructuring Bank Debt Sept. 2010 BN Bank as agent for a bank consortium Outstanding balance USD 46.9 million No installments paid during period June November 2010 Five years installment profile, first installment Dec. 2010…
For further questions contact CEO Tim Isden E-mail: tim.isdensbexp.com Ph. (971) 504 539075 or CFO Kai Solberg-Hansen E-mail: kai.solberg-hansensbexp.com Ph.(47)920 51455 28 28
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