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Q2 2011 EARNINGS CALL – Polarcus

Polarcus · Jul 26, 2011 · 15 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 2011 EARNINGS CALL – Polarcus – slide 1
    Polarcus Limited Dubai, UAE Rolf Ronningen, CEO Tom Henrik Sundby, CFO www.polarcus.com 1
  2. Q2 2011 EARNINGS CALL – Polarcus – slide 2
    Highlights Q2 2011 Continued growth with 5 vessels in operation Revenue of USD 65.8 million, EBITDA of USD 16.7 million and EBIT of USD 2.9 million Positive net cash flow from operating activities of USD 4.7 million Solid…
  3. Q2 2011 EARNINGS CALL – Polarcus – slide 3
    Agenda 1 Financials 2 Operations & Market update 3 Summary 4 Q&A www.polarcus.com 4
  4. Q2 2011 EARNINGS CALL – Polarcus – slide 4
    Financial highlights 140.0 122.7 Revenue of USD 65.8 million 120.0 EBITDA of USD 16.7 million 100.0 EBIT of USD 2.9 million USD millions 80.0 Net cash flow from operating 65.8 activities USD 4.7 million 60.0…
  5. Q2 2011 EARNINGS CALL – Polarcus – slide 5
    Consolidated income statement Quarter ended Six months ended Year ended 30-Jun-11 30-Jun-10 30-Jun-11 30-Jun-10 31-Dec-10 (In thousands of USD) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) Revenues Operating revenues…
  6. Q2 2011 EARNINGS CALL – Polarcus – slide 6
    Key financials Quarter ended Six months ended Year end 30-June-11 30-June-10 30-June-11 30-June-10 2010 USD million Revenues 65.8 24.8 113.8 35.6 122.7 Vessel operating expenses (40.7) (14.6) (76.3) (23.7) (67.1) EBITDA 16.7…
  7. Q2 2011 EARNINGS CALL – Polarcus – slide 7
    Improved financial position 1600 Total financing of USD 1.37 billion 1400 secured New fleet bank facility of USD 410 1200 410 million secured Improved maturity profile 1000 Bank loan Sale lease back Improved cash flow through…
  8. Q2 2011 EARNINGS CALL – Polarcus – slide 8
    Debt overview Debt Security Size Balance, 31 Tenure Maturity Interest May 2011 Sale leaseback Nadia & Naila USD 180m USD 174m 10 years Sep-19 12% 55m HY bond Samur USD 55m 5 years Jul-13 13% 55m HY bond Convertible bond…
  9. Q2 2011 EARNINGS CALL – Polarcus – slide 9
    Share information Share Performance Top 20 Shareholders (as per 21 Jul) Shareholder Share % 9.00 12,000 DRYDOCKS WORLD LLC 37,500,000 9.15 ZICKERMAN HOLDING LT (share lending activity) 34,104,199 8.32 8.00 AWILCO INVEST AS (share…
  10. Q2 2011 EARNINGS CALL – Polarcus – slide 10
    Agenda 1 Financials 2 Operations & Market update 3 Summary 4 Q&A www.polarcus.com 12
  11. Q2 2011 EARNINGS CALL – Polarcus – slide 11
    Operational highlights POLARCUS AMANI POLARCUS ASIMA POLARCUS ADIRA Solid production from all vessels POLARCUS NADIA POLARCUS SAMUR Nadia on Polarcus first Multi-Client POLARCUS ALIMA survey Q1 technical issues addressed,…
  12. Q2 2011 EARNINGS CALL – Polarcus – slide 12
    Extended backlog into Q4 2011 Vessel 2011 2012 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun POLARCUS NADIA POLARCUS NAILA POLARCUS POLARCUS ASIMA ALIMA Average fleet backlog POLARCUS SAMUR POLARCUS…
  13. Q2 2011 EARNINGS CALL – Polarcus – slide 13
    Limited supply growth Estimated Market Share 2013 The forward projections currently include 8 vessels (60 streamers) with average age of 27 years that Polarcus believes are stacking candidates. (by vessels) Fugro Estimated Supply…
  14. Q2 2011 EARNINGS CALL – Polarcus – slide 14
    Agenda 1 Financials 2 Operations & Market update 3 Summary 4 Q&A www.polarcus.com 16
  15. Q2 2011 EARNINGS CALL – Polarcus – slide 15
    Summary & Q&A Continued delivery on growth strategy Improved financial flexibility and reduced finance cost Successfully addressed operational and technical issues Extended backlog including projects for Super Majors…

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