Results Briefing Third Financial Quarter, 2012* Analyst & Investor Update 24 August 2012 *Financial Quarter ending 30 June 2012
Agenda 1. Introduction 2. Subsea Business Review 3. Drilling Business Review 4. Financial Review 5. Questions and Answers 3
1. Introduction 4
Overview of Mermaid Maritime Plc. 29 5 500+ years since regions in skilled workers, Mermaid Maritimes which crews, technicians, establishment Mermaid service providers & operates management SUBSEA BUSINESS DRILLING BUSINESS 8…
Key highlights o Mermaid achieved total revenue in 3Q2012 of Baht 1,752.9 mil, an increase of Baht 298.7 mil, or 20.4%, from Baht 1,454.2 million year-on-year*(YoY). Operating profits increased by Baht 113.1 mil, an improvement of…
Key highlights (con t) o Mermaid generated strong cash flow from operations of Baht 953.2 mil, an increase from Baht -376.6 mil YoY reflecting improvements in both performance and working capital management. o Mermaid has a reported…
2. Subsea Business Review 8
Subsea Key Highlights o Subsea achieved asset utilisation of 81.8% in 3Q2012 versus 75.7% YoY, and revenue of Baht 1,433.7 mil, an increase of Baht 226.0 mil (18.7%) compared to 3Q2011. Average day rates remained stable YoY. o Due to…
Subsea Key Highlights o Subtech has recently been awarded a subsea stabilisation contract in the Middle East. The work is strategic as the pipelines to be stablised carry a large portion of daily export product from its source country.…
3. Drilling Business Review 11
Drilling Key Highlights o From 2008, MTR-2 has been contracted to work in Indonesia. MTR-2 is currently on a 6 month drilling program that commenced on 15 May 2012 with an estimated contract value of USD 16.1 mil. Upon contract…
Drilling Key Highlights o The industry utilisation rate for newer jack-up rigs (post 1990) with more than 300 ft water depth capacity, remains above 95% globally. o Oil companies continue to show a preference for newer equipment…
4. Financial Review 14
Financial Highlights 3Q2012 Year on Year Comparison 3Q2012 Revenue (in THB millions) 3Q2012 Net Profit /(Loss) (in THB millions) Operating Cash Flow Basic and Diluted EPS (in THB millions) 1,753 1,454 953 0.18 139 47 0.17…
3Q2012 Sector Breakdown 3Q2011 Service Operating Operating Utilization 3Q2012 Description Income Profit/Loss Margin Rate* Inspection, repair and 81.8% 1,433.7 Subsea & Survey maintenance; 11.4% 75.7% 1,207.8 163.8 Services…
3Q2012 Profits & Losses All units in THB millions Significant improvement Admin expenses increased was provided by the subsea due to extraordinary group due to better fleet expenses incl a tax penalty utilisation Bt. 18.1 mn and a…
Debt structure Units in THB millions 0.24 0.34 Net D/E (Times) Low D/E ratio 32% 12% Net Gearing (%) Loan Maturity allows financial flexibility < 1 year Total Loans Outstanding 2011 3Q2012 Loans still decreasing < 1 year since…
Cash flow Cash & Cash Equivalents 1,217.0 1,352.4 2,330.3 Cash and cash equivalents increased 91.5 % by Baht 1,113.3 Restricted Deposits at million Financial Institutions 0 330.6 184.0 All units in THB millions CF from…
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