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Q4 2013 FINANCIAL RESULT – Dolphin Geophysical Asa

Dolphin Geophysical Asa · Feb 19, 2014 · 37 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. Q4 2013 FINANCIAL RESULT – Dolphin Geophysical Asa – slide 1
    Dolphin uses a weak quarter to expand internationally and secure a current backlog of USD 220 million Corporate Presentation 19th February 2014 Unaudited 4th quarter and full year 2013 Financial Result By Atle Jacobsen (CEO) &…
  2. Q4 2013 FINANCIAL RESULT – Dolphin Geophysical Asa – slide 2
    Table of contents I. Highlights and financials for Q4 2013 II. Company overview III. Market update 3
  3. Q4 2013 FINANCIAL RESULT – Dolphin Geophysical Asa – slide 3
    Atle Jacobsen, Dolphin Group CEO, commented for Q4 Dolphin has since September expressed our concern over a slow-down in seismic demand, which would have an effect on the seismic industry in general and specifically for Dolphin in Q4 2013…
  4. Q4 2013 FINANCIAL RESULT – Dolphin Geophysical Asa – slide 4
    QUARTERLY HIGHLIGHTS Q4 2013 Revenues of USD 38.8 million, compared to USD 75.5 million in Q4 2012 EBITDA of USD 3.4 million, compared to USD 26.5 million in Q4 2012 EBIT of USD*) -13.6 million compared to USD 16.3 million in Q4 2012…
  5. Q4 2013 FINANCIAL RESULT – Dolphin Geophysical Asa – slide 5
    Dolphin financials - quarterly developments (USDmillion) Q4 - Revenues of USD 38.8 million, compared to USD 75.5 million in Q4 2012 Q4 - EBITDA of USD 3.4 million, compared to USD 26.5 million in Q4 2012 Q4 - EBIT of USD -13.6 million…
  6. Q4 2013 FINANCIAL RESULT – Dolphin Geophysical Asa – slide 6
    Continued high contract vs Multi-Client revenues Quarterly revenue split Revenue (USDm) 30.1 34.6 50.1 61.2 75.5 69.2 68.4 70.1 38.8 100% 4% 1% 1% 2% 1% Other 14% 10% 11% 11% 9% 90% 13% 19% 32% 26% Multi-Client 80% 70% revenues*…
  7. Q4 2013 FINANCIAL RESULT – Dolphin Geophysical Asa – slide 7
    Distribution of revenues and Multi-Client library performance Q4 2013 Q4 2012 Year 2013 Year 2012 In millions of USD Unaudited Unaudited Unaudited Audited Low Q4 utilisation negatively Geophysical Contract 29.3 65.3 209.4 171.7…
  8. Q4 2013 FINANCIAL RESULT – Dolphin Geophysical Asa – slide 8
    Dolphin growing as planned, solid balance sheet and equity position Key Financials Figures Q4 and full year 2013 results Q4 2013 Q4 2012 Year 2013 Year 2012 Continued growth YoY In millions of USD Net operating revenues 38.8 75.5…
  9. Q4 2013 FINANCIAL RESULT – Dolphin Geophysical Asa – slide 9
    Dolphin continued to strengthen its Balance Sheet in 2013 (USD millions) Seismic Other current equipment Assets Asset-light balance sheet (492) Cash Modern and new seismic equipment Intangible Attractive MC Library (13) Oil…
  10. Q4 2013 FINANCIAL RESULT – Dolphin Geophysical Asa – slide 10
    Strong cash position entering into 2014 Dolphin Cash Flow as per Q4 2013 Q4 2013 Q4 2012 Year 2013 In thousands of USD Unaudited Unaudited Unaudited Operating Activities Profi t before ta x -16,736 14,386 19,753 Despite a weak Q4,…
  11. Q4 2013 FINANCIAL RESULT – Dolphin Geophysical Asa – slide 11
    Dolphin Multi-Client seismic data assets - BV of USD 86 million Attractive Multi-Client library, well 90 Library book value 86 positioned and built on limited cash 80 resources 70 61 60 50 41 46 Investments are made in attractive 37 39…
  12. Q4 2013 FINANCIAL RESULT – Dolphin Geophysical Asa – slide 12
    Investments per Vintage (USD millions) 51 50 42 80% 100% 40 Total Gross 84% Investment of 128 49% Total NBV of 86 30 24 100% Prudent build-up 20 88% Healthy balance 10 between amortisation 10 60% and NBV 0 40% 2010…
  13. Q4 2013 FINANCIAL RESULT – Dolphin Geophysical Asa – slide 13
    Dolphin has a history of strong value creation Dec 2010: Oct 2011: Feb 2013: Private Placement Private Placement Private Placement Strong value creation, executing on NOK 391m at NOK 2.5 NOK 215m at NOK 3.0 NOK 226m at NOK 7.4 3.000…
  14. Q4 2013 FINANCIAL RESULT – Dolphin Geophysical Asa – slide 14
    Table of contents I. Highlights and Financials for Q4 2013 II. Company overview III. Market update 15
  15. Q4 2013 FINANCIAL RESULT – Dolphin Geophysical Asa – slide 15
    Dolphin Group Business segments MARINE MULTI-CLIENT PROCESSING EXPANDING MODERN FLEET GROWING MULTI-CLIENT FULL ONSHORE AND OFFSHORE DATA LIBRARY PROCESSING SERVICE In production Library of modern 2D and In house software…
  16. Q4 2013 FINANCIAL RESULT – Dolphin Geophysical Asa – slide 16
    Focus on operational efficiency and shareholder value Business Strategy Position Dolphin as a pure play exposure to the seismic market through Pure play seismic contract seismic, Multi-Client and seismic data processing market exposure…
  17. Q4 2013 FINANCIAL RESULT – Dolphin Geophysical Asa – slide 17
    Our high-end 3D capacity more than doubles within 15 months ILLUSTRATIVE Revenues USD million Revenues are growing with an SuperDuke (Mar 15) expanding fleet Sanco Sword (April 14) 2014 target 400 Polar Marquis ( end April…
  18. Q4 2013 FINANCIAL RESULT – Dolphin Geophysical Asa – slide 18
    Four high-end 3D seismic vessels to be delivered in 2013-2015 complementing one of the industrys most modern fleets Artemis Atlantic (2D) Polar Duchess (3D, 12-14 str) Sanco Swift (3D, 16 str) Sanco Sword (3D, 16 str) Delivered May…
  19. Q4 2013 FINANCIAL RESULT – Dolphin Geophysical Asa – slide 19
    One of the most modern fleets in the seismic industry Age distribution of marine seismic 3D fleet (including newbuild orders) 2011 2012 2013 2014 2015 2016 Geo Atlantic is upgraded to a high-end 3D 2014 vessel and changes name to…
  20. Q4 2013 FINANCIAL RESULT – Dolphin Geophysical Asa – slide 20
    Dolphin is one of the fastest growing marine 3D seismic vessel operators and will be the fourth largest player in 2015 Market shares ( of practical streamers 3D fleet) CAGR 13E-15E 666 710 692 716 0.4% The difficult Q4-Q1 market…
  21. Q4 2013 FINANCIAL RESULT – Dolphin Geophysical Asa – slide 21
    Multi-Client Projects - Status & Strategy Build on an asset portfolio that over time will enhance the robustness of our business model Areas of focus: North Sea, Barents Sea West Africa Brazil Joint Venture to diversify the…
  22. Q4 2013 FINANCIAL RESULT – Dolphin Geophysical Asa – slide 22
    Q4 2013 Multi-Client status Q4 late sales lower than expected due to our clients not buying data early for the upcoming rounds Annual revenue of USD 28 million Commenced acquisition of Maud Basin SHarp 3D with good Pre-Funding for…
  23. Q4 2013 FINANCIAL RESULT – Dolphin Geophysical Asa – slide 23
    Multi-Client in the Barent Sea started in October Maud Basin SHarp Broadband 3D Covers about 3,300 km2 of mostly open acreage potentially in the Norwegian 23rd licensing round About 1/3 already acquired and in processing This…
  24. Q4 2013 FINANCIAL RESULT – Dolphin Geophysical Asa – slide 24
    Dolphin started first 3D Multi-Client survey in Brazil in November Dolphin in partnership with TGS has begun acquisition of a 5,000 km2 3D SHarp Broadband survey utilising the Sanco Swift. Processing is to be completed by TGS This…
  25. Q4 2013 FINANCIAL RESULT – Dolphin Geophysical Asa – slide 25
    Dolphin Multi-Client library USD 128 million invested Norwegian North Barents Sea SHarp Sea 6,000 km2 3D MC 5,100 km2 3D MC Faroes-Shetland SHarp Well Tie Barents Sea 2,150 km 2D MC 2,000 km2 3D MC Bergen UK/Norway SHarp Well Tie…
  26. Q4 2013 FINANCIAL RESULT – Dolphin Geophysical Asa – slide 26
    Data Processing Strategy Full service marine seismic company Process Multi-Client data to control quality and timing Process & re-process proprietary data Capture the full value of all surveys Build sufficient capacity for growing…
  27. Q4 2013 FINANCIAL RESULT – Dolphin Geophysical Asa – slide 27
    Data Processing Status 2013 Annual external revenue of USD 6.5 million 26 new external software licences sold in 2013 bringing the total to 85 Additional senior staff recruited to strengthen Singapore and UK centres and support 2014…
  28. Q4 2013 FINANCIAL RESULT – Dolphin Geophysical Asa – slide 28
    Dolphin going worldwide in 2014 Sanco Sword (under construction) Bergen Oslo London Houston Artemis Arctic (Contract) Singapore Polar Duke Polar Marquis (Contract) (under construction) Sanco Swift (Multi-Client)…
  29. Q4 2013 FINANCIAL RESULT – Dolphin Geophysical Asa – slide 29
    Table of contents I. Highlights and financials for Q4 2013 II. Company overview III. Market update IV. Market update V. Market update 30
  30. Q4 2013 FINANCIAL RESULT – Dolphin Geophysical Asa – slide 30
    High oil prices continuing to drive demand for marine seismic spending Seismic market expected to grow strongly fuelled by and oil price well above the budgeting price 16.000 450.000 16.000 120 14.000 400.000 14.000 Global seismic…
  31. Q4 2013 FINANCIAL RESULT – Dolphin Geophysical Asa – slide 31
    2014 Dolphin vessel schedule (for illustration purposes*) Vessel OCT NOV DEC JAN FEB MAR APR MAY JUNE JULY AUG SEPT OCT NOV DEC Polar Duke Med India North Sea Polar Duchess Australia Artemis Arctic Med India North Sea Artemis Atlantic…
  32. Q4 2013 FINANCIAL RESULT – Dolphin Geophysical Asa – slide 32
    2014 Global market outlook Q4-Q1 slow down in global demand, were causing lower utilisation and pressure on rates. Also Multi-Client sales and pre-funding was negatively effected The visibility for high-capacity vessels have…
  33. Q4 2013 FINANCIAL RESULT – Dolphin Geophysical Asa – slide 33
    2014 Guidance - summary (fulldetailed guidanceI in appendix) Through the introduction of the new high-capacity vessels, Sanco Sword and Polar Marquis to the market in April, the Dolphin full year revenue is expected to exceed USD 400…
  34. Q4 2013 FINANCIAL RESULT – Dolphin Geophysical Asa – slide 34
    Questions and Answer Session
  35. Q4 2013 FINANCIAL RESULT – Dolphin Geophysical Asa – slide 35
    Dolphin detailed assumptions and guidance for 2014 as per 8 January New Vessel capacity to be delivered on time and budget Sanco Sword (3D, 14-16 str.) expected delivery, early April 2014 Polar Marquis (3D, 12-14 str.) expected…
  36. Q4 2013 FINANCIAL RESULT – Dolphin Geophysical Asa – slide 36
    Dolphin time-charter commitments culminated in 2012 Minimum operational leasing obligations as per 31 December 2013 *) 400 Future374minimum operational leasing obligations, Year End 2011-2019 350 336 300 269 250 248 182 74 203…
  37. Q4 2013 FINANCIAL RESULT – Dolphin Geophysical Asa – slide 37
    Financial covenants applicable to Dolphin Definition Loan Facility DOLP01 / DOLP02 Free and available USD 10m USD 10m Liquidity cash and equivalents USD 15m from May 2014 Equity ratio Total Equity/Total Assets 40% 35% TIBD*/…

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