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Q2 2014 EARNINGS CALL – Siem Offshore

Siem Offshore · Aug 21, 2014 · 26 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. Q2 2014 EARNINGS CALL – Siem Offshore – slide 1
    Earnings Presentation Second Quarter 2014 CEO Terje Sorensen 21 August 2014
  2. Q2 2014 EARNINGS CALL – Siem Offshore – slide 2
    Highlights Second Quarter 2014 Result and Finance Second quarter 2014 operating revenue of USD 114.2 million and operating margin of USD 38.2 million (33%), an increase from USD 92.5 million and USD 32.2 million (35%) in second…
  3. Q2 2014 EARNINGS CALL – Siem Offshore – slide 3
    Highlights Second Quarter 2014 Contracts and order of new vessels The Company took delivery of the installation support vessel (ISV) Siem Moxie in April, the offshore subsea construction vessel (OSCV) Siem Spearfish in May and the PSV…
  4. Q2 2014 EARNINGS CALL – Siem Offshore – slide 4
    Comments to Second Quarter Income Statement 98% utilisation of the OSCV fleet. 5 vessels in operation at the end of the quarter. All vessels on long-term charters. One vessel was delivered from yard during the quarter. 90%…
  5. Q2 2014 EARNINGS CALL – Siem Offshore – slide 5
    Operating Margin Second Quarter 2Q 2014 2Q 2013 Amounts in Operating Operating Operating Operating Operating Operating Operating Operating USD million revenue expenses margin margin % revenue expenses margin margin % PSVs [2] 21.3 (…
  6. Q2 2014 EARNINGS CALL – Siem Offshore – slide 6
    Income Statement Second Quarter Second Quarter Six Months Ended 2014 2013 2014 2013 2013 Amounts in USD million Unaudited Unaudited Unaudited Unaudited Audited Operating revenue 114.2 92.5 208.6 172.3 364.0 Operating expenses (…
  7. Q2 2014 EARNINGS CALL – Siem Offshore – slide 7
    Adjusted Net Profit Second Quarter Six Months Ended 2014 2013 2014 2013 2013 Amounts in USD million Unaudited Unaudited Unaudited Unaudited Audited Net Profit (loss) 12.1 ( 16.9) 29.9 1.9 21.5 Unrealized (profit) loss on currency…
  8. Q2 2014 EARNINGS CALL – Siem Offshore – slide 8
    Subsequent Events Debt financing was agreed and concluded for the two well-intervention vessels to be delivered in first and third quarter 2016. The Company took delivery of the OSCV Siem Stingray in July from the Vard shipyard in…
  9. Q2 2014 EARNINGS CALL – Siem Offshore – slide 9
    Financial Position and Cash Flow
  10. Q2 2014 EARNINGS CALL – Siem Offshore – slide 10
    Statement of Financial Position 30.06.2014 30.06.2013 31.12.2013 Amounts in USD million Unaudited Unaudited Audited Intangible assets 41.1 35.4 29.7 Vessels under construction 150.6 110.4 127.7 Vessels, equipment and capitalized…
  11. Q2 2014 EARNINGS CALL – Siem Offshore – slide 11
    Consolidated Statements of Cash Flows 01.01.2014 - 01.01.2013 - 01.01.2013 - 30.06.2014 30.06.2013 31.12.2013 Cash flow from operations Unaudited Unaudited Audited Profit before taxes, excluding interest 50.7 17.9 49.2 Interest paid…
  12. Q2 2014 EARNINGS CALL – Siem Offshore – slide 12
    Scheduled Debt Maturity Profile 6M 2014 - 2019 Comments: 1. The graph reflects committed and assumed mortgage debt for all 11 vessels(1) under construction per end of 2Q 14. 2. Gross debt expected to peak in 2016 based on existing…
  13. Q2 2014 EARNINGS CALL – Siem Offshore – slide 13
    Future Yard Instalments per end 2Q 2014 Amounts in USD million Future Yard Instalments 2014 2015 2016 Total The OSCV Siem Stingray was delivered from yard 24th of July OSCVs 96.7 0.0 0.0 96.7 2014. OSRVs 11.1 1.0 0.0 12.2 PSVs 68.6…
  14. Q2 2014 EARNINGS CALL – Siem Offshore – slide 14
    Future Yard Instalments and Debt Financing - From 2Q 2014 until year end 2016 Total financing gap in the period 2Q 2014-16 of approx. USD 85 million Assumed new mortgage debt of approx. USD 130 million FRN 14/19…
  15. Q2 2014 EARNINGS CALL – Siem Offshore – slide 15
    Siem Offshore Contractors (SOC) - Submarine power cable activities The installation of submarine power cables for the Amrumbank project for E.ON. commenced in second quarter. However, the client has split the cable installation works…
  16. Q2 2014 EARNINGS CALL – Siem Offshore – slide 16
    Siem Offshore Contractors - Submarine power cable activities by main projects Amrumbank West OWF Baltic 2 OWF Nordsee One Nordsee One OWF Awarded Mar, 2012 Feb, 2013 Dec, 2012 Apr, 2014 Installation of 86 Installation of 80…
  17. Q2 2014 EARNINGS CALL – Siem Offshore – slide 17
    Siem WIS The Pressure Control Device systems (PCD) is ready to be mobilized for the Romeo and Julius projects for Statoil in the North Sea to start at the end of August. The duration of these operations is approximately 13 months.…
  18. Q2 2014 EARNINGS CALL – Siem Offshore – slide 18
    Secunda Canada LP (Secunda) - Siem Offshore owns 50% of Secunda after an acquisition in 3Q 2013 Financials Key data and financials on Secunda Fleet in operation: 6 offshore support vessels The 50% ownership interest in Secunda is…
  19. Q2 2014 EARNINGS CALL – Siem Offshore – slide 19
    Employment and Deliveries Vessels in Operation and Shipbuilding Contracts
  20. Q2 2014 EARNINGS CALL – Siem Offshore – slide 20
    Fleet in Operation - Currently 45 Vessels in Operation Vessels in operation 101) AHTS Vessels 6 OSCV 112) 3) PSV (3,600 5,100 dwt) 18 Other vessels Scientific Core Drilling Vessel 1 6) 7) Canadian Other fleet vessels…
  21. Q2 2014 EARNINGS CALL – Siem Offshore – slide 21
    Employment Vessels in operation 2014 2015 2016 2017 1) Employment for Siddis Mariner includes firm Vessel Type Ownership 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q time charter for Siem Offshore Contractors. Siem Sasha PSV 100 % Siem…
  22. Q2 2014 EARNINGS CALL – Siem Offshore – slide 22
    Employment Vessels in operation (cont.) 2014 2015 2016 2017 Vessel Type Ownership 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Big Orange XVIII WSV 41 % Joides Resolution SPV 100 % Burin Sea AHTS 50% Panuke Sea PSV 50% Ryan Leet MPSV…
  23. Q2 2014 EARNINGS CALL – Siem Offshore – slide 23
    Vessels under Construction - 11 Vessels to be Delivered Next 3 Years, including one vessel in Secunda 2014 2015 2016 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q OSRV, Siem Maragogi OSRV, Siem Marataizes PSV DF, Siem Symphony CLV,…
  24. Q2 2014 EARNINGS CALL – Siem Offshore – slide 24
    Employment - Vessels under construction 2014 2015 2016 2017 Vessel Type Ownership 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Brazil, Siem Maragogi OSRV 100% Brazil, Siem Marataizes OSRV 100% Norway, Siem Symphony PSV 100% Poland,…
  25. Q2 2014 EARNINGS CALL – Siem Offshore – slide 25
    Market Outlook
  26. Q2 2014 EARNINGS CALL – Siem Offshore – slide 26
    Market Outlook Summary The market for high-end offshore support vessels in the North Sea has been softer than expected for the second quarter 2014. The market started off positively, with good activity and reasonable rates. May and…

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