SeaBird Exploration Pareto Securities Oil and Offshore Conference 13 September 2012
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…
Overview Global leader in the 2D seismic market Largest provider of 2D vessels 8 seismic vessels, including Voyager Explorer, a 4 streamer 3D vessel Offices Cyprus, Oslo, Dubai, Houston and Singapore 505 employees Industry…
A new beginning - Seabird 2012 The Ocean Bottom Node division was sold to Fugro as part of an extensive financial restructuring of the company in 2011 New Board and management team is impacting performance Focus on long term value…
Key objectives for restructuring Cutting cost HSSEQ performance is sacred Retain key people Maintain and increase scalability Maintain or improve sales and marketing capability Streamline salary and compensation packages…
Operational highlights Contract extension with Spectrum ASA valued at 30m Improved day rates Maintaining a comfortable back-log Higher than anticipated vessel utilization in Q2 Development of the 2D wide azimuth equivalent…
Multi-Client We are not a multi-client company Multi-client revenues 10,0 (USD millions) 9,1 However we are selectively partnering 9,0 up on attractive projects 8,0 7,0 This is beginning to pay off with late- 6,0 5,2 sales 5,0…
Lets talk about age... A Boeing 747 has a life expectancy of 40+ Years The Queen Elizabeth 2 was Cunards flag-ship for 39 years The Aker H-3 was built 1974-77 and utilized world-wide for exploration drilling
Our fleet Vessel Ownership Vessel type Voyager Explorer Charter 3D Hawk Explorer Charter 2D Munin Explorer Charter 2D Kondor Explorer Charter Source vessel Aquila Explorer Owned 2D Northern Explorer Owned 2D Harrier Explorer Owned 2D…
Market trends Strengthening customer demand in the 2D market The oil companies are back in the proprietary 2D market Increased day rates Increasing interest in long-term agreements A growing concern for future 2D availability is…
Ultra Long Offset 2D SeaBird has been instrumental in the development of new acquisition technology This is the Wide Azimuth equivalent to the 2D market 20 km cable with continuous recording Sub salt Sub basalt Refraction seismic…
The SeaBird offering Largest provider of 2D and shallow-water 3D seismic Potential for greater earnings capacity with upswing in the 2D market Pre-approved by all major oil companies Superior fleet management Minimum technical…
Summary Cost control Capable of creating value New structure has not negatively impaired performance Capacity to look for growth opportunities More asset-light going forward Growing market USD +100 million back-log
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