An Oslo Stock Exchange listed shipping company Ticker: OTS CEO: Haico Halbesma CFO: Torbjrn Skulstad Q4 2012 Presentation Oslo 21 February 2013 1 OCEANTEAM SHIPPING ASA Q4 PRESENTATION 2012
CAUTIONARY STATEMENT This presentation contains forward looking information. Forward looking information is based on management assumptions and analysis. Actual experience may differ, and those differences may be material. Forward…
AGENDA Highlights Bond Refinancing Financials Market Outlook Appendix 3 OCEANTEAM SHIPPING ASA Q4 PRESENTATION 2012
HIGHLIGHTS Q4 Revenue from operations USD 16.6 million EBITDA from operations is positive; USDENGINEERING 5.9 million Operating profit of USD 2.2 million REVENUE USD 6,1M EBITDA SD 0,9M EBITDA MARGIN 14% Oceanteam Shipping repaid a…
HIGHLIGHTS Q4 - ENGINEERING JV OceanWind in full operation from its storage base in Velsen, The Netherlands ENGINEERING Oceanteam Shippings equipment base REVENUE and activities USD 6,1Mmoved from Dundee to Velsen EBITDA SD 0,9M…
v Successful refinancing 6 OCEANTEAM SHIPPING ASA Q4 PRESENTATION 2012
DELIVERING ON PROMISES 2009 - 2012 1 Refocus and Renegotiation and conversion of bond loan restructure (2009 - July) Restructuring balance sheet and operations 2 Refinancing of two OTS refinanced CSV BO 101 and CSV Southern Ocean…
NEW BOND vs. CURRENT BOND Current NOK bond called for redemption 23rd November NEW USD bond 2012 NOKm 400 (NOKm 497 incl. call premium) New bond USDm 92.5 Redeemed at 124% Issued at 97.5 % Redemption price increases 9% annually…
BOND REFINANCE IMPLICATIONS Bond loan of USD 92.5 million on balance sheet Net negative equity effect of USD 5 million CF/ Operating implications Repaying USD 87 million in existing NOK 497 million bond loan Repaying USD 1…
BOND REFINANCE NEW DEBT MATURITY PROFILE 10 OCEANTEAM SHIPPING ASA Q4 PRESENTATION 2012
v Company Overview 11 OCEANTEAM SHIPPING ASA Q4 PRESENTATION 2012
COMPANY OVERVIEW ENGINEERING Shipping segment REVENUE USD 7,6M Engineering segment Three CSVs and one LV EBITDA USD 0,6M Focus on Oil & Gas and Offshore through joint ventures plus EBITDA MARGIN 8% Renewables two FSVs Equipment…
CHARTER STATUS Robust backlog with solid clients 13 OCEANTEAM SHIPPING ASA Q4 PRESENTATION 2012
ENGINEERING - SERVICES Wintershall, Relocation of MPP P6-S to Q1-D Hollandia Strukton JV, 10120 Riffgat Offshore Sub Station 14 OCEANTEAM SHIPPING ASA Q4 PRESENTATION 2012
OceanWind Cable Storage Solutions ENGINEERING - STORAGE OceanWind facilitates the submarine cable industry by offering its clients a full and integrated range of services comprising cable storage, cable handling, and cable…
v Financials 16 OCEANTEAM SHIPPING ASA Q4 PRESENTATION 2012
LARGE TAX DEDUCTIBLE LOSSES Norway OTS has confirmed tax loss to carry forward of USD 160 M (NOK 917 M) The CSV vessels comply with the Norwegian Tonnage Tax regime with approx. 0% tax CSV 101, Southern Ocean and LV 105 are under the…
v Market Outlook 24 OCEANTEAM SHIPPING ASA Q4 PRESENTATION 2012
E&P spending to see double digit growth Source: Pareto Research, * - Based on longer term budgets/ spending plans 25 OCEANTEAM SHIPPING ASA Q4 PRESENTATION 2012
H&D is strongest market in growth areas Average annual demand growth expected to be 12% in the H&D surf market H&D Infield pipeline forecast per region 3,500 Asia-Pacific Mediterranean OFFSHORE PIPELAY & SUPPORT MARKET 3,000…
BRAZIL IS THE DOMINATING MARKET FOR H&D REEL-LAY VESSELS H&D reel vessel demand per region Utilisation forecast for pipelay & support vessels 50 160% Transit 45 Asia Pacific Utilisation (300/365 days basis) 140% No. of vessel…
GLOBAL OFFSHORE WIND FARM CABLE DEMAND Inter-array cable demand by year Export cable demand by year 2,500 6,000 Inter array cable length (km) 5,000 2,000 Probability inter- Probability array forecast export forecast Cable…
FOCUS GOING FORWARD Focus Enhance equity instrument with continued focus on high quality assets and balance sheet New investment in high quality assets utilizing the clean capital structure Target markets Large harsh- and deep-water…
THANK YOU Oceanteam Shipping ASA Corporate headquarters Tveitarsveien 12 T +47 55 10 82 40 PO Box 463, Nesttun F +47 55 10 82 49 5853 Bergen E infooceanteam.no Norway WWW.OCEANTEAM.NO 32 OCEANTEAM SHIPPING ASA Q4 PRESENTATION…
v Appendix 1: Company overview 33 OCEANTEAM SHIPPING ASA Q4 PRESENTATION 2012
Our Fleet: SHIPPING CSV Bourbon Oceanteam 101 CSV North Ocean 102 North Ocean Series CSV Southern Ocean High-end deep-water offshore construction & pipe LV North Ocean 105 lay tonnage series FSV Mantarraya FSV Tiburon Proven…
Oil & Gas ENGINEERING - SERVICES Engineering Renewables services KCI is an experienced engineering company focusing on the oil and gas industry, complex structures and the renewable energy industry: Complex Structures Design and…
Selected assets ENGINEERING - EQUIPMENT POOL Oceanteam has an equipment rental division with a deep- water base in Velsen, The Netherlands OTS 10T tensioner Oceanteam provides various equipment for installation and burial of…
v Appendix 2: Bond loan 37 OCEANTEAM SHIPPING ASA Q4 PRESENTATION 2012
NOK BOND LOAN redemption date 23rd November 2012 In 2009 the OTS bond loan was restructured to NOK 400 million. Furthermore, it was added to an incentive structure that would compensate bondholders for the reduction in par value,…
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