SeaBird Exploration PLC SBX Fourth Quarter 2010 23rd February 2011 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 Q4 2010 The Ocean Bottom Node (OBN) operation with Hugin Explorer and Munin Explorer was successfully completed for Shell Nigeria Exploration & Production 20 November 2010. A subsequent extension was not confirmed and the…
Post Q4 vessel developments Aquila Explorer continues to work in Australasia market with good utilisation and is fixed until mid to end April 2011 on surveys in New Zealand Osprey Explorer completed her survey in Bahamas in January…
Vessel Employment / Backlog
Outlook 2D/3DSW The outlook for contracts has been generally short term and very difficult during 2010 and this still continues into H1-11. However 4 contracts have been awarded in early February at rates in line with the high end 2D…
Shell Bonga - Node layout
Bonga Main, FPSO seismic coverage hole from towed streamer survey Light colors: near offsets Dark colors: far offsets 10km 3.6km
Outlook OBN Five supermajors have now awarded 6 separate contracts to SeaBird due to reliability together with sensor coupling technology and acoustic communication ability allowing QC of node operation during the survey at low risk…
Long term OBN prospects
OBN Crew 2 Update SeaBird has issued LOIs for the building of a node handling vessel for delivery Q2 2012, subject to final contract terms and conditions A shipyard has been shortlisted and negotiations are close to finalisation…
Node Vessel 2 (artist impression)
Node 2 Vessel LOA: 81.7 m Breadth 18.0 m Accom. 60 persons SPS class (full compliance)
Simplified Design Safe, efficient, integrated and uninterrupted operations onboard and subsea 30 mtr 10 mtr 7 mtr 10 mtr 5 mtr Basis Arrangement Basket Rov Area Area Node Storage Node Service Operations
Financials Q4 2010 16
Perestroika convertible bond Accounting implications according to IFRS NOK 120 million convertible bond Conversion price in NOK, while the functional currency of SeaBird Group is USD The fair value of the conversion right (the…
Consolidated Income Statement 4th Quarter 2010 Quarter ended 31 December Year ended 31 December All figures in USD 1,000 2010 2009 2010 2009 Revenue 37 630 41 116 197 026 161 625 C harter hire and operating expenses (36 555) (36 312)…
Sequential Development Utilization Q4 down to 66%, from 66% in Q3, 76% in Q2 Revenues USD millions Utilization % Decreased revenue Q4: USD 38 mill, from Q3: 70 100 % USD 43mill 60 Idle OBN crew from end November 2010 50 80 %…
Opex Development SG&A (sales, general admin) includes provision for bad debt for: Q4 2008 USD 4.1mill Q1 2009 USD 0.7mill Cost development Q2 2009 USD 1.4mill USD millions Q4 2010 USD 2.0mill 55,0 50,0 Q4 2009 - Q1 2010 Costs are…
Sequential Development Q3 2009 EBITDA loss was a result of low utilisation and 2D vessels in idle or cold stacked mode. EBITDA Q4 EBITDA effected by mob. cost and start of new USD millions 2D contracts late in the quarter. Hugin &…
Consolidated Balance Sheet Year ended 31 December All figures in USD 1,000 2010 2009 Non-current Tangible assets 283 622 342 585 Non-current Intangible assets 26 568 26 925 Other current assets 47 652 46 398 Cash and Cash…
Consolidated Cash Flow Quarter ended 31 Dec Year ended 31 Dec All figures in USD 1,000 2010 2009 2010 2009 Net cash from operating activities (11 268) (12 758) 5 224 4 394 C apital Expenditures (3 907) (8 726) (11 971) (31 640)…
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…
Latest financial restructuring 15 Sept. 2010: NOK 120 million Perestroika Convertible 3 years (4 yrs Jan. 11),1% interest (PIK), NOK 3.35 conv. price, 35.8 mill shares 15 Sept. 2010: USD 46.9 million Bank debt restructuring Changed…
Maturity of borrowings 45 40 68,4 35 Prior to debt 30 restructuring 25 Note 2013 January 2011 20 showing full year 30,5 15 10 13,1 5 2,3 2,3 2,3 2,3 2,3 2,3 3,8 0 0,7 0,8 0,8 0,8 0,8 0,9 0,9 0,9 1,0 1,0 1,1 1,1 Q1 11 Q2…
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 27 27
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