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MARCH 2011 CORPORATE PRESENTATION – Solstad Offshore Asa

Solstad Offshore Asa · Mar 1, 2011 · 26 slides

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Slides

  1. MARCH 2011 CORPORATE PRESENTATION – Solstad Offshore Asa – slide 1
    SOLSTAD OFFSHORE ASA 1
  2. MARCH 2011 CORPORATE PRESENTATION – Solstad Offshore Asa – slide 2
    SOLSTAD OFFSHORE ASA 1. HIGLIGHTS 2. FINANCIALS 3. FLEET AND MARKETS 4. MARKET OUTLOOK Oslo - 1st March 2011 By: Lars Peder Solstad (CEO) and Sven Stakkestad (Deputy CEO) 2
  3. MARCH 2011 CORPORATE PRESENTATION – Solstad Offshore Asa – slide 3
    1. HIGHLIGHTS 4Q 2010 - Freight revenues: NOK 707 million - EBITDA: NOK 210 million (30 % margin) Pr. 31.12.2010 - Freight revenues: NOK 2,617 million - EBITDA: NOK 978 million (37 % margin) Contract overview - 60% contract…
  4. MARCH 2011 CORPORATE PRESENTATION – Solstad Offshore Asa – slide 4
    HIGHLIGHTS (continued) Fleet - 4 new vessels delivered from yard in 2010 2 large AHTSs (Normand Ranger & Normand Prosper) 1 CSV/PSV (Normand Baltic) 1 CSV (Normand Pacific) - 3 vessels under construction - 1 CSV Normand Oceanic…
  5. MARCH 2011 CORPORATE PRESENTATION – Solstad Offshore Asa – slide 5
    2. FINANCIALS 5
  6. MARCH 2011 CORPORATE PRESENTATION – Solstad Offshore Asa – slide 6
    OPERATING REVENUE AND EBITDA (Excl. gain on sale of asset) (MNOK) 800 703 702 707 700 675 679 635 625 600 586 565 564 556 540 522 530 500 475 483 474 450 426 400 402 345 363 326 326 349 345 340 335 338 306 311 300…
  7. MARCH 2011 CORPORATE PRESENTATION – Solstad Offshore Asa – slide 7
    PROFIT AND LOSS ACCOUNTS 4Q 4Q 31.des 31.des (mill NOK) 2010 2009 2010 2009 Total operating income 707 560 2 617 2 529 Operating expenses -497 -355 -1 639 -1 332 Result from acc.comp 0 -5 3 -2 Ord. depreciation -185 -183 -639 -649…
  8. MARCH 2011 CORPORATE PRESENTATION – Solstad Offshore Asa – slide 8
    BALANCE PER 31.12.2010 NOK mill 16 000 1 656 1 859 14 000 12 000 1187 2293 10 000 8 550 8 000 6449 13 860 6 000 9974 4 000 4 992 4630 2 000 0 Assets 2010 Assets 2009 Eq/Liabil.2010 Eq/Liabil.2009 Assets Current…
  9. MARCH 2011 CORPORATE PRESENTATION – Solstad Offshore Asa – slide 9
    SHARE PRICE - LARGEST OWNERS 140 180,000 Top 15 Holder Name % Out 1 SOFF INVEST AS 36.8 160,000 120 2 ODIN FORVALTNING AS 9.4 3 IVAN II AS 6.24 140,000 4 SKAGEN FUNDS 5.93 100 120,000 5 SOLSTAD INVEST AS 4.93 Share Price -…
  10. MARCH 2011 CORPORATE PRESENTATION – Solstad Offshore Asa – slide 10
    3. FLEET AND MARKETS 10
  11. MARCH 2011 CORPORATE PRESENTATION – Solstad Offshore Asa – slide 11
    MARKET - Construction Service Vessels (CSV) Increased tendering activity and contract awards Clients are building substantial backlogs Market looks favourable from 2012 onwards 2011, fill in year Winter season 2010/11…
  12. MARCH 2011 CORPORATE PRESENTATION – Solstad Offshore Asa – slide 12
    FLEET - Construction Service Vessels (CSV) 15 CSVs in operation + 1 under construction. On time & on Quarterly development budget 350 70 % 300 60 % Normand Pacific delivered 5th % EBITDA margin 250 50 % November 2010:…
  13. MARCH 2011 CORPORATE PRESENTATION – Solstad Offshore Asa – slide 13
    Construction Service Vessels (CSV) CSV Fleet: 15 vessels in operation 1 New building CSV TBN Del. Seven Installer Flower Subsea 04/2011 Mermaid Clipper Cutter Baltic Pioneer Progress Tonjer Pacific Clough Fortress…
  14. MARCH 2011 CORPORATE PRESENTATION – Solstad Offshore Asa – slide 14
    MARKET - Anchor Handling Tug & Supply Vessels (AHTS) Rates and utilisation weak. Seasonal recovery expected Long term outlook is strong. - Large number of deep water rigs to enter the market in 11/12/13 - North Sea activity to…
  15. MARCH 2011 CORPORATE PRESENTATION – Solstad Offshore Asa – slide 15
    FLEET - Anchor Handling Tug & Supply Vessels (AHTS) Quarterly development 15 AHTSs in operation world wide 1.400 65 % 1.200 60 % % EBITDA margin 1.000 55 % Two state of the art AHTSs, NOK mill 800 50 % N.…
  16. MARCH 2011 CORPORATE PRESENTATION – Solstad Offshore Asa – slide 16
    FLEET - Anchor Handling Tug & Supply Vessels (AHTS) AHTS Fleet: 15 vessels Atlantic Borg Draupne Drott Titan Ferking Ivan Prosper Jarl Master Mariner Mjolne Neptun Skarven Ranger 16
  17. MARCH 2011 CORPORATE PRESENTATION – Solstad Offshore Asa – slide 17
    MARKET - Platform Supply Vessels (PSV) Increased pipe-lay activity world wide Large number of new drilling rigs and production units requires logistical support Many North Sea vessels have mobilized to Brazil and other…
  18. MARCH 2011 CORPORATE PRESENTATION – Solstad Offshore Asa – slide 18
    FLEET - Platform Supply Vessels (PSV) Quarterly development 8 PSVs in operation 120 100 90 % 80 % 70 % 80 % EBITDA margin 60 % 50 % NOK mill 7 of 8 PSVs in the Solstad 60 40 40 % 30 % fleet have full…
  19. MARCH 2011 CORPORATE PRESENTATION – Solstad Offshore Asa – slide 19
    FLEET - Platform Supply Vessels (PSV) PSV Fleet: 8 Vessels 1 New build Aurora Carrier Flipper Skipper STX Del. 11 Vester Corona Trym Vibran 19
  20. MARCH 2011 CORPORATE PRESENTATION – Solstad Offshore Asa – slide 20
    NOR OFFSHORE Ltd (Singapore) SOFF increased ownership share to 59.1% Operates a young fleet of vessels - 2 CSVs and 7 AHTSs Operating income and EBITDA negatively impacted by low day rates / utilzation from 2 AHTSs trading the…
  21. MARCH 2011 CORPORATE PRESENTATION – Solstad Offshore Asa – slide 21
    SOLSTAD OFFSHORE Ltda 100% owned Brazilian shipping company located in Rio de Janeiro Operates and administer 8 vessels currently working in Brazil Staff of 15 people located in new offices in Rio & Maca Important with local…
  22. MARCH 2011 CORPORATE PRESENTATION – Solstad Offshore Asa – slide 22
    The Solstad Offshore Fleet Solstad Shipping - 38 vessels Under construction 2 vessels Nor Offshore - 9 vessels Under construction 1 vessels 22
  23. MARCH 2011 CORPORATE PRESENTATION – Solstad Offshore Asa – slide 23
    4. MARKET/OUTLOOK 23
  24. MARCH 2011 CORPORATE PRESENTATION – Solstad Offshore Asa – slide 24
    MARKET OUTLOOK Steady high oilprice E&P budgets expected to be on a steady high level Demand for large vessels driven by higher deepwater activity and increased number of floating production and drilling units Size and…
  25. MARCH 2011 CORPORATE PRESENTATION – Solstad Offshore Asa – slide 25
    MARKET OUTLOOK (cont) - Segments Construction Service Vessels (CSV) High tendering and engineering activity giving busy execution years from 2012 onwards Limited number of modern CSVs available Anchor Handeling Tug & Supply…
  26. MARCH 2011 CORPORATE PRESENTATION – Solstad Offshore Asa – slide 26
    THANK YOU 26

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