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Q3 2012 REPORT – Polarcus

Polarcus · Nov 13, 2012 · 29 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 2012 REPORT – Polarcus – slide 1
    Polarcus Limited 13 November, 2012 Rolf Ronningen, CEO Tom Henrik Sundby, CFO www.polarcus.com 1
  2. Q3 2012 REPORT – Polarcus – slide 2
    Agenda 1 Highlights 2 Financials 3 Operations & Market update 4 Summary & Q&A 5 Appendices www.polarcus.com 3
  3. Q3 2012 REPORT – Polarcus – slide 3
    ARCTIC PROGRAMS A RESOUNDING SUCCESS Financial Highlights Q3 2012: Revenues of USD 174.6 million, up 119% from Q3 11 EBITDA of USD 64.6 million, up 170% from Q3 11 EBIT of USD 39.7 million, up 763% from Q3 11 Net Cash Flow from…
  4. Q3 2012 REPORT – Polarcus – slide 4
    Agenda 1 Highlights 2 Financials 3 Operations & Market update 4 Summary & Q&A 5 Appendices www.polarcus.com 5
  5. Q3 2012 REPORT – Polarcus – slide 5
    Consolidated income statement Quarter ended Nine months ended Year ended (In thousands of USD) Notes 30-Sep-12 30-Sep-11 30-Sep-12 30-Sep-11 31-Dec-11 Revenues Contract revenue 170,232 62,292 374,408 176,118 274,757 Multi-client…
  6. Q3 2012 REPORT – Polarcus – slide 6
    Cash flow Quarter ended Nine months ended Year ended (In thousands of USD) 30-Sep-12 30-Sep-11 30-Sep-12 30-Sep-11 Dec-11 Cash flows from operating activities Profit/(loss) for the period 21,074 (5,861) 13,083 (29,257) (31,499)…
  7. Q3 2012 REPORT – Polarcus – slide 7
    Key financials Quarter ended Nine months ended Year ended (In USD millions) 30-Sep-12 30-Sep-11 30-Sep-12 30-Sep-11 31-Dec-11 Revenues 174.6 79.8 388.9 193.7 298.6 Vessel operating expenses (103.8) (49.4) (237.2) (130.6) (199.5)…
  8. Q3 2012 REPORT – Polarcus – slide 8
    Key financials historic development Revenues EBIT 174.6 180.00 50.00 23% 39.7 140.00 40.00 30.00 100.00 79.8 20.00 60.00 6% 10.00 4.6 20.00 - Q1-10 Q2-10 Q3-10 Q4-10 Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 Q2-12 Q3-12 Q1-10 Q2-10…
  9. Q3 2012 REPORT – Polarcus – slide 9
    Fleet Utilization 87% YTD 100% 1% 2% 3% 2% 1% 4% 5% 3% 4% 10% 10% 10% 7% 13% 7% 90% 13% 16% 18% 6% 17% 9% 25% 8% 80% 8% 3% 35% 70% 30% 60% Yard stay (including shakedown) 50% Transit 89% Multi-Client Seismic Contract…
  10. Q3 2012 REPORT – Polarcus – slide 10
    Funding overview 1600 1400 Total funding of USD 1.5 B 410 1200 Continued de-levering by repayment of 40 USD 14 million in principal debt in Q3 1000 Bank loan 2012 180 Unsecured Bonds Sale lease back 800 70 80 Vendor…
  11. Q3 2012 REPORT – Polarcus – slide 11
    Deliver & Delever strategy Delivering improved margins Delevering corporate debt 8 vessels in operation Debt reduced to USD 837 million by y/e Optimizes utilization Average interest rate 7.5% Provides economies of scale Steady…
  12. Q3 2012 REPORT – Polarcus – slide 12
    Polarcus Share Top 20 Shareholders (as per 31 Oct) Listed on the Oslo Stock Shareholder ZICKERMAN HOLDING LT Share 40,571,476 % 8.00 Exchange DRYDOCKS WORLD LLC ZICKERMAN GROUP LTD 37,500,000 22,948,081 7.39 4.52 VARMA…
  13. Q3 2012 REPORT – Polarcus – slide 13
    Agenda 1 Highlights 2 Financials 3 Operations & Market update 4 Summary & Q&A 5 Appendices www.polarcus.com 14
  14. Q3 2012 REPORT – Polarcus – slide 14
    Global player specializing in Arctic & ESSA 25% project awards in Arctic / ESSA Polarcus Samur Polarcus Selma* Polarcus Adira Polarcus Naila Current vessel locations Polarcus Nadia Completed surveys Polarcus Asima…
  15. Q3 2012 REPORT – Polarcus – slide 15
    2012 Arctic program: a resounding success 10 000 sq km acquired in ice infested waters Two vessels in First Pass mode Low technical downtime Ice management executed to plan to optimise acquisition window www.polarcus.com 16
  16. Q3 2012 REPORT – Polarcus – slide 16
    Ice management key to Arctic success Extensive support vessel fleet supporting logistics & ice management Ice-1A Support Fleet Dynamic ice management critical due to the high concentration of icebergs www.polarcus.com 17
  17. Q3 2012 REPORT – Polarcus – slide 17
    Arctic strategy pays off Ice Class 1A vessels: 8 vessel months in Baffin Bay RIGHTSIZE Optimum 3D spreads providing top tier performance Importance of Arctic vessel technology acknowledged Emissions reduction in focus by clients…
  18. Q3 2012 REPORT – Polarcus – slide 18
    Polarcus Catcher MC & UK 27th Round UK 27th Round block awards announced on 25 October 2012 Majority of blocks surveyed by the PLCS Catcher MC program awarded* Well established and reputable block operators Opportunity for…
  19. Q3 2012 REPORT – Polarcus – slide 19
    Global 3D Seismic fleet capacity Fleet age profile 2012 3% 1 - 5 years Estimated seismic fleet growth 2013 25% 6 - 10 years 2015 net 2% Year on Year assuming 4 vessels being stacked 11 - 15 years 46% 10% 16 - 19 years 16% 20+…
  20. Q3 2012 REPORT – Polarcus – slide 20
    Backlog at improved day rates Received contract tenders in USD million Tender activity remains high 400 350 USD 280 M contract backlog* 300 250 New contracts closed at 200 improved day rates YoY 150 10-15% E&P growth…
  21. Q3 2012 REPORT – Polarcus – slide 21
    Agenda 1 Highlights 2 Financials 3 Operations & Market update 4 Summary & Q&A 5 Appendices www.polarcus.com 22
  22. Q3 2012 REPORT – Polarcus – slide 22
    RIGHTSIZE, RIGHTDESIGN, RIGHTPLAN Delivering & delevering Successful execution in true Arctic environment Polarcus strategy continues to pay off www.polarcus.com 23
  23. Q3 2012 REPORT – Polarcus – slide 23
    Agenda 1 Highlights 2 Financials 3 Operations & Market update 4 Summary & Q&A 5 Appendices www.polarcus.com 24
  24. Q3 2012 REPORT – Polarcus – slide 24
    Polarcus in brief 8 high-end 3D seismic vessels representing 12% market share Youngest most uniform fleet in industry 500+ professionals and global presence State of the art technology with complete broadband solution…
  25. Q3 2012 REPORT – Polarcus – slide 25
    Polarcus Fleet 8 new and uniform 3D seismic vessels in operation Polarcus Amani and Polarcus Adira POLARCUS NADIA & POLARCUS SAMUR & delivered on time and on budget POLARCUS NAILA Vyacheslav Tikhonov 12 Streamer 3D vessel 8…
  26. Q3 2012 REPORT – Polarcus – slide 26
    Polarcus offering First High Base- High 4D Multi- Multi- Arctic Multi Pass Density line 4D density Monitor vessel vessel Operations Azimuth Wide tow 3D 4D 3D 4D Monitor Vessel + Equipment Personnel + Procedures Acquisition…
  27. Q3 2012 REPORT – Polarcus – slide 27
    Awards through RIGHTDESIGN DYNPOS-AUTR Systems redundancy CLEAN DESIGN IMO Green Passport with DP2 High specification Triple E exhaust catalysts Environmental & Energy Efficiency Sentinel solid streamers ULSTEIN X-BOW…
  28. Q3 2012 REPORT – Polarcus – slide 28
    Debt overview Balance Debt Security Size Tenure Maturity Interest 30 Sep 2012 Vendor Financing Seismic Equipment USD 70m USD 13m 2.5 years Jun-13 8% Convertible Bond Unsecured USD 35m USD 35m 5 years Jul-13 8.50% Unsecured…
  29. Q3 2012 REPORT – Polarcus – slide 29
    www.polarcus.com 30

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