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Q3 2011 EARNINGS CALL – Siem Offshore

Siem Offshore · Oct 27, 2011 · 30 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Q3 2011 EARNINGS CALL – Siem Offshore – slide 1
    Earnings Presentation Third Quarter 2011 CEO Terje Sorensen Vice President Rune Juliussen 27 October 2011
  2. Q3 2011 EARNINGS CALL – Siem Offshore – slide 2
    Highlights third quarter 2011 Agreed two-year contract with Statoil Petroleum AS for the large-size PSV Siem Pilot. Agreed one-year contract, with one year option, with Statoil Petroleum AS for the medium-size PSV Siddis Skipper.…
  3. Q3 2011 EARNINGS CALL – Siem Offshore – slide 3
    Subsequent Events In October, the Company received a committed term sheet for provision of new money under the USD 220 million loan and guarantee facility for same number of vessels. The new facility provides up to USD 88 million in…
  4. Q3 2011 EARNINGS CALL – Siem Offshore – slide 4
    Income Statement Q3 Year Ended Q3 January - September 31 December 2011 2010 2011 2010 2010 Amounts in USD million Unaudited Unaudited Unaudited Unudited Audited Operating revenue 93.4 58.0 240.9 167.4 228.3 Operating expenses ( 48.0)…
  5. Q3 2011 EARNINGS CALL – Siem Offshore – slide 5
    Comments to Q3 Income Statement 100% utilization in the PSV and MRSV segment. Three PSVs to enter spot market in late 4Q. 90% utilization in the AHTS segment. Seven AHTS vessels on term contracts, three in the spot market.…
  6. Q3 2011 EARNINGS CALL – Siem Offshore – slide 6
    Operating Margin
  7. Q3 2011 EARNINGS CALL – Siem Offshore – slide 7
    Operating Margin Q3 Q3 2011 Q3 2010 Operating Amounts in Operating Operating Operating Operating Operating Operating Operating margin % USD million revenue expenses margin margin % revenue expenses margin PSVs 25.3 ( 11.8) 13.5 53 %…
  8. Q3 2011 EARNINGS CALL – Siem Offshore – slide 8
    Associated Companies Amounts in USD million Q3 Nine months ended Result from associated companies 2011 2010 2011 2010 Overseas Drilling Ltd. (50%) 0.4 2.1 4.1 5.8 KS Big Orange XVlll (41.33%) 0.1 0.8 ( 0.1) 0.7 Ocean Commander KS (35%)…
  9. Q3 2011 EARNINGS CALL – Siem Offshore – slide 9
    Cable Installation Business Name change to Siem Offshore Contractors (SOC) completed in September to reflect successful integration into SIOFF Group. Middle East market remained slow in 3Q, resulting in Siem Carrier staying idle in…
  10. Q3 2011 EARNINGS CALL – Siem Offshore – slide 10
    Siem WIS Siem WIS is on track to complete the enhanced qualification program for the Siem WIS PCD system within Q4 2011. This qualification program significantly exceeds the normal API requirements and satisfies the highest standards…
  11. Q3 2011 EARNINGS CALL – Siem Offshore – slide 11
    Financial Position and Cash Flow
  12. Q3 2011 EARNINGS CALL – Siem Offshore – slide 12
    Statement of Financial Position Amounts in USD million 30 September 30 September 31 December 2011 2010 2010 Unaudited Unaudited Audited Intangible assets 34.9 13.9 15.2 Vessels under construction 99.8 182.7 106.0 Vessels, equipment…
  13. Q3 2011 EARNINGS CALL – Siem Offshore – slide 13
    Consolidated Statements of Cash Flows Amounts in USD million 30.09.2011 30.09.2010 31.12.2010 Cash flow from operations Unaudited Unaudited Audited Profit before taxes, excluding interest 17.4 16.9 23.7 Interest paid -19.7 -7.9 -12.8…
  14. Q3 2011 EARNINGS CALL – Siem Offshore – slide 14
    Future Yard Instalments 3Q Amounts in USD million Future yard Q4-2011 2012 2013 Total instalments AHTS Vessels 0.0 0.0 0.0 0.0 FCVs and FSVs 1.6 0.0 0.0 1.6 OSRVs 12.4 19.9 0.0 32.4 PSVs 0.0 64.6 67.3 132.0 Total 14.1 84.6 67.3 166.0…
  15. Q3 2011 EARNINGS CALL – Siem Offshore – slide 15
    Debt service overview 350 Drawings Interest Instalments Balloon Principal outstanding 1 250 300 1 000 Payments and drawings Principal outstanding 250 Contract USD 23 million (USD million) (USD million) 200 750…
  16. Q3 2011 EARNINGS CALL – Siem Offshore – slide 16
    Employment and Deliveries Vessels in Operation and Shipbuilding Contracts
  17. Q3 2011 EARNINGS CALL – Siem Offshore – slide 17
    Vessels in Operation PSV Employment 2011 2012 2013 2014 2015 Owner- Vessel 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q ship Siem Sasha 100 % Siem Sophie 100 % Siem Louisa 100 % Siem Danis 100 % Siem Hanne 100 % Siddis…
  18. Q3 2011 EARNINGS CALL – Siem Offshore – slide 18
    Vessels in Operation MRSV Employment 2011 2012 2013 2014 2015 Owner- Vessel 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q ship Siem Swordfish 100 % Seven Sisters 100 % Siem Marlin 100 % Adams Vision 100 % Total order backlog…
  19. Q3 2011 EARNINGS CALL – Siem Offshore – slide 19
    Vessels in Operation AHTS Employment 2011 2012 2013 2014 2015 Owner- Vessel 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q ship Siem Pearl 100 % Siem Emerald 100 % Siem Sapphire 100 % Siem Aquamarine 100 % Siem Ruby 100 % Siem…
  20. Q3 2011 EARNINGS CALL – Siem Offshore – slide 20
    Vessels in Operation Other Employment 2011 2012 2013 2014 2015 Owner- Vessel Type 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q ship Big Orange XVIII WSV 41 % Joides Resolution SPV 100 % Total order backlog in % and USD…
  21. Q3 2011 EARNINGS CALL – Siem Offshore – slide 21
    Shipbuilding Contracts Vessel Deliveries 2011 2012 2013 2014 2015 Owner- Vessel Type 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q ship Siem Caets FSV 100 % Contract USD 23 million Siem Carajs FSV 100 % Contract USD 23…
  22. Q3 2011 EARNINGS CALL – Siem Offshore – slide 22
    Market outlook
  23. Q3 2011 EARNINGS CALL – Siem Offshore – slide 23
    Market outlook summary The North Sea spot market improved sequentially in 3Q11 and start of 4Q11 shows further strengthening. AHTS vessels with average dayrates in 3Q11 of around NOK350,000 and PSVs around NOK160,000. A number of…
  24. Q3 2011 EARNINGS CALL – Siem Offshore – slide 24
    Global Rig and FPSO Market Global Drilling Market Global FPSO market * = Ultra Deep Water (UDW) Total UDW Drilling rigs currently working at 86, up from 50 twelve months ago (-12M). Total North Sea Floater Rigs currently…
  25. Q3 2011 EARNINGS CALL – Siem Offshore – slide 25
    North Sea Market Number of AHTS 15k bhp in the North Sea Number of PSV 3,000 dwt working in the North reduced by almost 10 vessels since 3Q10 to 50. Sea has stabilized around 180 vessels. Spot Fleet* currently around 30 vessels,…
  26. Q3 2011 EARNINGS CALL – Siem Offshore – slide 26
    North Sea Rigs working last 12 months +4 rigs +9 rigs Number of semis and drillships working in the Number of Jack-Ups working in the North Sea North Sea up from 31 to 35 last 12 months. is up from 28 to 37 last 12 months.…
  27. Q3 2011 EARNINGS CALL – Siem Offshore – slide 27
    Global AHTS and PSV Market Global Term Demand utilization AHTS 15k Global Term Demand utilization PSV 3,000 currently close to 80%, significantly up from dwt currently in 90%. 2009-2010 levels. In addition to Brazil, demand growth…
  28. Q3 2011 EARNINGS CALL – Siem Offshore – slide 28
    Appendix 28
  29. Q3 2011 EARNINGS CALL – Siem Offshore – slide 29
    Operating Margin First Nine Months First nine months 2011 First nine months 2010 Operating Amounts in Operating Operating Operating Operating Operating Operating Operating margin % USD million revenue expenses margin margin % revenue…
  30. Q3 2011 EARNINGS CALL – Siem Offshore – slide 30
    Vessels in Operation Summary Employment Figures in USD mill. 2011 2012 2013 2014 2015 2016= Total PSVs 80%, 21 65%, 68 32%, 32 1%, 1 0%, 0 0 122 MRSVs 100%, 14 80%, 36 19%, 8 0%, 0 0%, 0 0 58 AHTS vessels 47%, 21 40%, 72 40%, 72 35%,…

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