SeaBird Exploration Second Quarter Presentation 15 August 2014 CEO Dag Reynolds CFO Nils Haugestad
Forward-looking statements 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…
Highlights Financial results Revenues of 44.7 million (33.7 million Q1 2014) EBITDA of 12.6 million (10.2 million Q1 2014) Quarterly observations Revenues up from previous quarter due to increased utilization across the fleet Vessel…
Vessel utilization 1% 100% 3% Q2 contract utilization of 72%, up 6% 8% 90% 13% from 64% in Q1 24% 7% 15% 4% 80% 41% 13% Geo Pacific operating on a multi- 70% 22% 12% client survey throughout Q2 60% 3% Transit time 7% of…
Income statement CONSOLIDATED INTERIM STATEMENT OF INCOME Quarter ended Six months ended 30 June 30 June All figures in USD millions (except for EPS) Restated Restated 2014 2013 2014 2013 Contract 41.0 33.6 71.5 83.5 Multi-client 3.7…
Cash flow statement CONSOLIDATED INTERIM STATEMENT OF CASH FLOW Quarter ended Six months ended 30 June 30 June All figures in USD millions Restated Restated 2014 2013 2014 2013 Profit/(loss) before income tax (7.1) (5.6) (7.5) (3.2)…
Balance sheet CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION As of As of 30 June 31 December All figures in USD millions (except for equity ratio) Restated Restated 2014 2013 2013 Property, plant and equipment 116.8 130.5…
Multi-client update Multi-client revenues by quarter Multi-client revenues in the (USD millions) quarter of 3.7 million 6 5.1 5 2.8 million related to Geo Pacific 4.0 3.7 4 3D survey 3.2 3 Remaining sales primarily relate to…
Review of financing COVENANT RESTRICTIONS Equity USD millions AP +60 ratio Cash 30 June 2014 0.9 26.8% 12.6* Restrictions 30 June 2014 < 2.5 25.0% 10.0 *Includes 0.5 million of restricted cash Funded debt profile (USD…
Refinancing update Status update Active dialogue with all stakeholders regarding refinancing Extension of Hawk lease under discussion Upcoming maturities Hawk lease expires 31 August 2014 6.5 million Perestroika convertible…
Global footprint Critical mass provides optimal service flexibility Increased regional competitiveness Harrier Munin Explorer Explorer Reduced steaming Increased utilization Osprey Hawk Explorer Explorer Voyager…
Multi-client activity Several multi-client survey opportunities under consideration Aligned with licensing rounds Opportunistic use of multi client to improve vessel utilization Three vessels currently active on prefunded…
Market trends Continued market concentration provides opportunity for further consolidation 3D providers increasingly focusing on 12+ streamer market CGG and Western Geophysical announced major fleet reduction; others expected to…
Changing supply dynamics 2D and source market Vessels exiting 3D market in 2014 Operational Increased competition from larger multi- Vessel Owner/Operator streamer capacity Symphony CGG 12 streamer vessels in the 2D and source…
Market pricing and outlook Pricing has generally remained firm 2D High end 140 (USD thousand) Current market situation may 125 125 120 selectively have a negative impact in 110 110 110 110 100 the second half of the year 80 90…
TGS letter of intent Expect start-up in Q4 2014 Up to 200,000 km Revenues estimated at 110 - 115 million Limited seismic data available Only 20% of offshore acreage covered Anticipating increased demand for 2D and source…
Refocused strategy Continued focus on core operating segments Remain market leader and most productive service provider by continued improvement of marine and seismic operations Maintain global reach and critical mass Improve…
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