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Q3 2011 EARNINGS CALL – Cal Dive International

Cal Dive International · Nov 2, 2011 · 12 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. Q3 2011 EARNINGS CALL – Cal Dive International – slide 1
    Cal Dive International 3rd Quarter 2011 Earnings Conference Call
  2. Q3 2011 EARNINGS CALL – Cal Dive International – slide 2
    Presentation Outline Summary of 3Q 2011 Results Backlog Discussion of Financial Results Non-GAAP Reconciliations Questions & Answers 3
  3. Q3 2011 EARNINGS CALL – Cal Dive International – slide 3
    Summary of 3Q Results Increased utilization from 2Q 11 due to seasonality in GoM. Lower activity levels compared to 3Q 10 due to lack of cleanup work in GoM relating to Macondo incident. Strong profitability in Australia for diving…
  4. Q3 2011 EARNINGS CALL – Cal Dive International – slide 4
    Backlog ( millions) 350 300 250 200 302 150 233 221 100 183 191 191 190 176 50 4Q 2009 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 5
  5. Q3 2011 EARNINGS CALL – Cal Dive International – slide 5
    Financial Results (all amounts in thousands, except per share amounts and percentages) Three Months Nine Months Ended September 30, Ended September 30, 2011 2010 2011 2010 Revenues 132,906 193,793 352,377 375,428 Gross Profit…
  6. Q3 2011 EARNINGS CALL – Cal Dive International – slide 6
    Utilization (The following statistics are for owned and operated vessels only) Three Months Nine Months Ended September 30, Ended September 30, 2011 2010 2011 2010 Effective Utilization(1) - Saturation Diving Vessels 67% 88%…
  7. Q3 2011 EARNINGS CALL – Cal Dive International – slide 7
    International Revenue ( millions) 100% 32 60 90% 35 130 80% 70% 60% 50% 162 315 40% 98 222 30% 20% 10% 0% 3Q 2010 3Q 2011 YTD 3Q 2010 YTD 3Q 2011 Domestic International 8
  8. Q3 2011 EARNINGS CALL – Cal Dive International – slide 8
    Credit Facility Amendment Amendment provides enhanced financial flexibility and available liquidity. Revolver size reduced to 150 million, 75 million for 1Q 12. Max permitted leverage ratio increased as follows: 4Q 11 - 5.00x 1Q 12…
  9. Q3 2011 EARNINGS CALL – Cal Dive International – slide 9
    Debt Levels Net Debt Levels (1) Net Debt to Book Cap. % (2) ( millions) 350 Horizon Acquisition 35% 300 33% 30% 250 30% 25% 35% 27% 314 27% 200 254 20% 35% 150 21% 183 178 15% 183 155 100 141 10% 50…
  10. Q3 2011 EARNINGS CALL – Cal Dive International – slide 10
    Liquidity 150 Million Revolver* 35 MM 52 MM Cash at 9/30/2011: 7 Million *Revolver size temporarily steps down to 75 million for 1Q12 and then subsequently returns 63 MM to 150 million. Effective Revolver…
  11. Q3 2011 EARNINGS CALL – Cal Dive International – slide 11
    NonGAAP Reconciliations 12
  12. Q3 2011 EARNINGS CALL – Cal Dive International – slide 12
    EBITDA Reconciliations (all amounts in thousands) Three Months Nine Months Ended September 30, Ended September 30, 2011 2010 2011 2010 EBITDA (unaudited) 18,363 50,330 24,303 52,184 Less: Depreciation & Amortization 16,816…

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