Earnings Presentation Fourth Quarter 2012 Title Text CEO Terje Sorensen 28 February 2013
Highlights Fourth Quarter 2012 Agreed a 5-year firm contract with two yearly options for the first of the four Offshore Subsea Construction Vessels (OSCV) under construction. The contract shall commence upon delivery from the yard in…
Subsequent Events Placed one AHTS vessel in lay-up to reduce cost, due to the weak North Sea spot market. Awarded a contract by EnBW to the wholly owned subsidiary Siem Offshore Contractors for the installation of the 33kV inner…
Comments to Fourth Quarter Income Statement 100% utilization of the MRSV fleet. All vessels on long-term charters. 83% utilization of the PSV fleet. No exposure to the North Sea spot market during the quarter. One vessel has been…
Siem Offshore Contractors - Submarine power cable activities Preparations for the Amrumbank West Offshore Wind Farm project well underway. Offshore phase in 1H 2014 Recently awarded two contracts within the renewable energy market…
Siem WIS Siem WIS is preparing for the Gullfaks operation, which is planned to commence in second quarter 2013. Siem WIS is also in discussions for other projects for utilisation of the pressure control device (PCD). The…
Financial Position and Cash Flow
Statement of Financial Position 31 December 31 December Amounts in USD million 2012 2011 Unaudited Audited Intangible assets 36.3 35.7 Vessels under construction 108.4 105.2 Vessels, equipment and other 1,272.3 1,428.1 CIRR loan…
Consolidated Statements of Cash Flows 31.12.2012 31.12.2011 Cash flow from operations Unaudited Audited Profit before taxes, excluding interest 47.9 34.8 Interest paid (36.7) (29.1) Depreciation and amortization 82.7 81.3 Change in…
Siem Offshore Debt Maturity profile Scheduled balloon payment (re-financing) of 6 AHTS vessels in 2015 can be postponed to 2018 subject to profile of vessel employment. NOK 600 million of unsecured bonds with maturity in 2018.…
Employment and Deliveries Vessels in Operation and Shipbuilding Contracts
Fleet overview - 37 vessels in operation and 10 vessels under construction Vessels in operation Vessels under construction (Delivery 2013 and 2014) AHTS OSCV OSCV OSRV 101) 32) 4 2 Core Drilling Vessel PSV (3,300 4,700 dwt)…
Market Outlook Summary Current and near term North Sea market for AHTS vessels and PSVs: The North Sea spot market for PSVs and AHTS vessels were generally weak during the fourth quarter of 2012, both in terms of spot market fixture…
Global Rig and FPSO Market Global Drilling Market Global FPSO market Under Construction Working * = Ultra Deep Water (UDW) Total UDW Drilling rigs currently working at 116, up from 92 twelve months ago (-12M). Total North…
Global AHTS and PSV Market - Demand flat last twelve months Global Term Demand utilization AHTS 15k bhp Global Term Demand utilization PSV 3,000 dwt currently approximately 75%. currently at approximately 87%. Around 92% excluding…
North Sea AHTS and PSV Fleet The number of AHTS 15k bhp in the North Sea Number of PSV 3,000 dwt working in the North has gradually decreased from year end 2011. Sea has stabilized around 205 vessels. The last couple of months…
Demand: North Sea Rigs working - New rigs ready to enter the North Sea +3 rigs y/y +3 rigs y/y The number of semis and drillships working in the The number of Jack-Ups working in the North Sea North Sea at 39 units, up from year…
Offshore Construction Vessel (OCV) market Global Fleet ROV/MSV/DSV vessels 120m Global X-mas Tree installations +35-90% The Global Fleet of ROV/MSV/DSV Offshore Global number of X-mas Tree installations as a Construction…
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