SeaBird Exploration Fourth Quarter Presentation 26 February 2013 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…
Financial highlights Quarter four financial results Revenues of 37.2 million (51.9 million Q3 2013) EBITDA of 3.9 million (13.2 million Q3 2013) Year end 2013 Revenues of 177.8 million (163.3 million 2012) EBITDA was 31.9 million…
Operational observations Quarterly observations Contract revenues down from previous quarter in light of reduced fleet utilization Fleet utilization for the period was 56% down from 86% in the third quarter Global demand for seismic…
Vessel utilization Vessel utilization 2013 Q4 contract utilization at 53%, 1% 100% 5% 6% 3% 3% down from 82% in Q3 13% 90% 7% Multi-client investment in line with 20% 4% 15% 4% prior period 80% 41% Q4 multi-client utilization…
Income statement CONSOLIDATED INTERIM STATEMENT OF INCOME Quarter ended Year ended 31 December 31 December All figures in USD millions (except for EPS) 2013 2012 2013 2012 Contract 32.1 34.5 166.8 141.6 Multi-client 5.1 0.4 11.0 21.7…
Cash flow statement CONSOLIDATED INTERIM STATEMENT OF CASH FLOW Quarter ended Year ended 31 December 31 December All figures in USD millions 2013 2012 2013 2012 Profit/(loss) before income tax (8.5) (2.7) (8.0) (9.3) Non cash items…
Balance sheet CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION As of 31 December All figures in USD millions (except for equity ratio) 2013 2012 Property, plant and equipment 122.8 130.8 Multi-client library 7.1 3.4 Other…
High multi-client sales during the quarter Multi-client revenues by quarter (USD millions) Multi-client sales in the quarter of 6 5.1 5.1 million 5 4.0 3.5 million related to late sales 4 from pre 2013 surveys 3 1.8 2…
Funded debt review COVENANT RESTRICTIONS USD millions AP +60 Equity ratio Cash 31 December 2013 0.6 30.5% 12.2 Restrictions 31 December 2013 < 2.5 25.0% 10.0 Funded debt profile (USD millions) 120 108.1 99.3 100 9.3 14.9 9.3…
Interactions with the capital market Equity private placement completed during Q4 2013 12.0 million new shares at a subscription price of NOK 3.00 per share Total gross proceeds NOK 36.0 million (5.9 million) The company was in…
Contracts update 2D vessels Aquila Explorer working for oil major in New Zealand Harrier Explorer active in the North Sea; well positioned for 2014 summer season Hawk Explorer and Northern Explorer conducting a survey in East Africa…
Q4 multi-client developments North Sea Harrier Explorer completed a 1,500 km survey First significant data acquisition to take place in this area for over a decade Optimized data quality and resolution as a result of broadband…
Multi-client library 2013 surveys Pre 2013 surveys Ongoing survey 18
Market developments
Challenging Q4 for the seismic industry Demand in the seismic market has fallen away in the fourth quarter, dropping down to an average of just 67 vessels in November, the lowest point since October 2009 Source: Petrodata January 2014…
Seismic market expected to continue to expand Seismic spending estimated to show moderate growth, albeit at a slower rate Seismic survey tenders expected to stabilize; delays possible Local political situation Environmental…
Day rates remain stable 2D High end Day rates are largely expected to (USD thousands) 140 remain in line with current market 120 110 110 110 110 110 100 Pricing during the fourth quarter 80 90 90 90 was stable 60 70 70 40…
Market outlook Experiencing improvement in demand Improving backlog Europe, Africa and the Middle East accounting for a substantial portion of current vessel utilization Seasonal recovery Four vessels active in this region in Q1…
Taking 2D to the next level 24
SeaBird going forward.. Smarter Multi-Client Several areas of significant cost cuts have been identified Establishing the role as the 2D market leader Refinancing of debt is high on the agenda 25
Loading...
