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Q1 2011 EARNINGS CALL – Cal Dive International

Cal Dive International · May 4, 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. Q1 2011 EARNINGS CALL – Cal Dive International – slide 1
    Cal Dive International 1st Quarter 2011 Earnings Conference Call
  2. Q1 2011 EARNINGS CALL – Cal Dive International – slide 2
    Presentation Outline Summary of 1Q 2011 Results Backlog Discussion of Financial Results Credit Facility Renewal Non-GAAP Reconciliations Questions & Answers 3
  3. Q1 2011 EARNINGS CALL – Cal Dive International – slide 3
    Summary of 1Q Results General improvement in activity levels. Construction project in Bahamas and diving related work in Australia. Solid Backlog at end of quarter. Typical seasonality in 1Q. Permitting activity still slow but…
  4. Q1 2011 EARNINGS CALL – Cal Dive International – slide 4
    Backlog ( millions) 350 300 250 200 302 150 233 191 191 190 100 183 50 4Q 2009 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 5
  5. Q1 2011 EARNINGS CALL – Cal Dive International – slide 5
    Financial Results (all amounts in thousands, except per share amounts and percentages) 1st Quarter 2011 2010 Revenues 95,431 57,418 Gross Loss (7,226) (15,409) Margins (8%) (27%) Net Loss (18,745) (19,129) Margins (20%)…
  6. Q1 2011 EARNINGS CALL – Cal Dive International – slide 6
    Utilization 1st Quarter 2011 2010 Effective Utilization (1) - Saturation Diving Vessels 48% 39% Surface Diving Vessels 34% 22% Construction Barges 15% 6% Total Fleet 30% 22% Calendar Day Utilization - Saturation Diving Vessels…
  7. Q1 2011 EARNINGS CALL – Cal Dive International – slide 7
    International Revenue ( millions) 1Q 2011 51 54% 44 46% 1Q 2010 13 44 23% 77% Domestic International 8
  8. Q1 2011 EARNINGS CALL – Cal Dive International – slide 8
    Debt Levels ( millions) Net Debt Levels (1) Net Debt to Book Cap. % (2) 350 Horizon Acquisition 35% 300 30% 250 25% 30% 35% 27% 314 254 27% 200 20% 150 21% 183 15% 155 100 141 10% 50 5% 0% 2007 2008 2009 2010…
  9. Q1 2011 EARNINGS CALL – Cal Dive International – slide 9
    Liquidity ( millions) Liquidity Positions 400 354 348 334 350 300 261 243 250 293 273 296 200 150 252 218 100 50 61 61 52 25 9 2007 2008 2009 2010 1Q 2011 Cash Revolver Borrowing Capacity 10
  10. Q1 2011 EARNINGS CALL – Cal Dive International – slide 10
    Credit Facility Renewal 5 year facility: 150 million term loan; 300 million revolver. Scheduled term loan principal payments significantly reduced. No payments until June 30, 2012; 2 million per quarter until June 30, 2013; 4…
  11. Q1 2011 EARNINGS CALL – Cal Dive International – slide 11
    NonGAAP Reconciliations 12
  12. Q1 2011 EARNINGS CALL – Cal Dive International – slide 12
    EBITDA Reconciliations (all amounts in thousands) 1st Quarter 2011 2010 EBITDA (unaudited) (1,338) (8,490) Less: Depreciation & Amortization 16,876 18,262 Less: Non-Cash Stock Comp. Expense 2,281 1,783 Less: Net Interest…

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