An Oslo Stock Exchange listed shipping company Ticker: OTS CEO: Haico Halbesma CFO: Torbjrn Skulstad Q2 2012 presentation Oslo 23 August 2012
CAUTIONARY STATEMENT This presentation contains forward looking information. Forward looking information is based on management assumptions and analysis. Actual experience may differ, and those differences may be material. Forward…
AGENDA Highlights Company overview Financials Market Outlook Tax, Bonds & Loans 3
HIGHLIGHTS Lay Vessel North Ocean 105 delivered 20th of April and started a 5 year charter Completed refinancing of CSV BO 101 & CSV Southern Ocean with a value of USD 147 M Strong performance shipping segment Delivery of 1250T…
Company Overview subtitle
COMPANY OVERVIEW ENGINEERING Shipping segment Engineering segment Four vessels, of which three REVENUE USD 6,1M Focus on Oil & Gas and Offshore are CSVs and one is LV EBITDA USD 0,9M Renewables through joint ventures plus EBITDA…
Our Fleet: SHIPPING CSV Bourbon Oceanteam 101 CSV North Ocean 102 North Ocean Series CSV Southern Ocean High-end deep-water offshore construction LV North Ocean 105 FSV Mantarraya Proven quality in the most demanding and advanced…
CHARTER STATUS Robust backlog with solid clients 8
Oil & Gas ENGINEERING - SERVICES Engineering Renewables services KCI is an experienced engineering company focusing on the oil and gas industry, complex structures and the renewable energy industry: Complex Structures Design and…
Selected assets ENGINEERING - EQUIPMENT POOL Oceanteam has an equipment rental division with a deep-water base in Dundee, Scotland OTS 10T tensioner Oceanteam provides various equipment for installation and burial of pipelines,…
REVENUE & EBITDA BY SEGMENTS SHIPPING ENGINEERING TOTAL Figures in USD '000 Q2 2012 Q2 2011 Q2 2012 Q2 2011 Q2 2012 Q1 2012 Revenue 9.347 9.652 6.086 6.650 15.433 15.356 Net income associates 673 673 Operating costs (1.866)…
P&L REPORT END Q2 2012 Figures in USD '000 Q2 2012 Q2 2011 Cum 2012 Cum 2011 Revenue 15.432 16.302 30.788 28.997 Total operating revenues 15.432 16.302 30.788 28.997 Net income of associates 673 673 Operating costs (5.397) (6.568)…
BALANCE SHEET Q2 2012 Figures in USD' 000 30.06.2012 31.12.2011 Figures in USD' 000 30.06.2012 31.12.2011 Assets Equity and liabilities Intangible assets 18.999 19.649 Total equity 117.275 112.958 Tangible assets 234.766 230.324…
Market Outlook subtitle
H&D is strongest market in growth areas Average annual demand growth expected to be 11% in the H&D surf market, but marginal growth in 2012 OFFSHORE PIPELAY & SUPPORT MARKET Markets Vessels Harsh & Deep waters Shallow & Benign…
Lack of Harsh & Deepwater vessels expected from 2013, and about 65 vessels lacking in 2016 13 new H&D pipelay vessels are needed in 2016, and another 7 vessels to meet attrition of 35+ years vessels 5 new H&D reel vessels are…
Brazil is the dominating market for H&D reel-lay vessels H&D reel vessel demand per region 40 Transit 35 Asia Pacific No. of vessel years (300 days basis) Med. & MIE 30 West Africa Latin America 25 North America NW Europe…
Global offshore wind farm cable demand Most of activity increase until 2015 in Southern North Sea 22
Tax, Bonds, Loans subtitle
LARGE TAX DEDUCTIBLE LOSSES Norway OTS has confirmed tax loss to carry forward of USD 144 M (NOK 866 M) The CSV vessels comply with the Norwegian Tonnage Tax regime with approx. 0% tax CSV 101, 104 and LV 105 are under the NTT regime…
BOND LOAN OT S A SA ( M N OK) Q4 ' 10 Q2 ' 11 Q2 ' 12 Q2 ' 13 Q2 ' 14 Bond loan (400) (400) (400) (400) (400) Call balance (21) (23) (57) (97) (141) OTS bonds 30 Out st and ing d eb t ( OB ) ( 3 9 1) (423) ( 4 57) ( 4 9 7) ( 54…
FOCUS GOING FORWARD Target market Large harsh- and deep-water Construction Support Vessels (CSV) and Pipe Lay Vessels Market CSVs and Pipe Lay Vessels combined with in-house engineering know-how Grow contract back log Additional…
Thank you Oceanteam Shipping ASA Corporate headquarters Tveitarsveien 12 T +47 55 10 82 40 PO Box 463, Nesttun F +47 55 10 82 49 5853 Bergen E infooceanteam.no Norway WWW.OCEANTEAM.NO 27
Appendix: Bond loan 28
BOND LOAN In 2009 the OTS bond loan was restructured to NOK 400 million. Furthermore, it was added to an incentive structure that would compensate bondholders for the reduction in par value, consisting of a growing call premium, rising…
BOND LOAN CONTINUED The interest rate on the bonds increase every year in mid-December with 100 basis points (= 1%-points). Currently the interest rate is LIBOR + 5.75%-points after 19th of December 2011. If the loan is not redeemed…
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