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HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Gulfmark Offshore, Inc.

Gulfmark Offshore, Inc. · Mar 3, 2014 · 27 slides

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Slides

  1. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Gulfmark Offshore, Inc. – slide 1
    Howard Weil 42nd Annual Energy Conference March 2014 1 GulfMark Offshore, Inc. NYSE:GLF GULFMARK.COM
  2. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Gulfmark Offshore, Inc. – slide 2
    Long Term Revenue & EBITDA 700 100% Utilization 90% 600 80% Company Guidance 500 In Millions of U.S. Dollars 70% 60% 400 50% 300 40% 200 30% 20% 100 10% 0 0% Revenue EBITDA* Utilization * Adjusted for…
  3. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Gulfmark Offshore, Inc. – slide 3
    Global Vessel Diversification WORLDWIDE NORWAY UK PSV 53 PSV 2 PSV 22 US GULF AHTS 17 PSV 17 SpV 1 FSV 3 DENMARK FSV 1 AHTS 1 SpV 2 PSV 2 BRUNEI Total 75 MEXICO PSV 1 VIETNAM AHTS 2 MYANMAR AHTS 7 FSV 1 AHTS 1 PSV 2…
  4. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Gulfmark Offshore, Inc. – slide 4
    THE GULFMARK FLEET 55
  5. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Gulfmark Offshore, Inc. – slide 5
    6 6 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 Vessel Vintage by Year 1982 Vessels in Current Fleet 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 Young & Versatile Fleet 1994…
  6. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Gulfmark Offshore, Inc. – slide 6
    A Changing Environment Significant number of new generation rigs allows for increased: Deepwater activity Activity in remote drilling locations Harsh environment activity Industry and regulatory call for higher specification…
  7. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Gulfmark Offshore, Inc. – slide 7
    Market Leading Arctic Class New Builds 8 8
  8. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Gulfmark Offshore, Inc. – slide 8
    New Construction Delivery Schedule 300 Class Europe 887 DEFENDER DELIVERED - July 10, 2013 300 Class Arctic Europe Arctic POMOR DELIVERED - July 26, 2013 280 Class Europe 879 CHIEFTAIN DELIVERED - September 14, 2013 300 Class…
  9. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Gulfmark Offshore, Inc. – slide 9
    Vessel Enhancement Program Phase I: 190 Class to 230 Class Six Vessels Completed 2011-13 Avg. Cost per vessel 2.4 million Avg. Incremental days out of 77 service Estimated payback period 13 months Return on capital 93% Phase II:…
  10. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Gulfmark Offshore, Inc. – slide 10
    Vessel Enhancement Completion Schedule Phase II Enhancement Program: Eight 210 Class PSVs lengthened to 260 Class DEFENDER POMOR St. Louis ST. LOUIS CHIEFTAIN COMPLETED September 30, 2013 DEFENDER Toulouse GUARDIAN TOULOUSE…
  11. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Gulfmark Offshore, Inc. – slide 11
    Secondary Market Vessel Purchases Active in secondary market for appropriate vessels Average one vessel purchase per year for last three years Two in 2012: one 2010-built DP2 PSV for US GoM and one 2006-built DP2 PSV for UK North…
  12. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Gulfmark Offshore, Inc. – slide 12
    DEMAND DRIVERS 13 13
  13. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Gulfmark Offshore, Inc. – slide 13
    Rig Count Growth North Sea FLOATING RIGS Active 43 Scheduled Arrivals/Activations 8 (through 2015) % Increase 19% JACKUPS Active 38 Scheduled Arrivals 8 (through 2015) % Increase 21% Source: IHS Petrodata as of…
  14. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Gulfmark Offshore, Inc. – slide 14
    Floating Rig Count Growth U.S. GoM FLOATING RIGS IN U.S. GOM Contracted 43 Scheduled Net Additions 14 (through Q4 2015) % Increase 33% Source: IHS Petrodata as of 3/19/14 15 15
  15. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Gulfmark Offshore, Inc. – slide 15
    Vessel To Rig Ratio U.S. Gulf of Mexico 10.0 1 Historic Forecast 9.0 0.9 8.3 8.1 8.0 0.8 7.0 6.5 0.7 6.0 0.6 5.3 5.2 5.0 5.0 4.5 4.5 4.5 4.4 4.6 4.5 0.5 4.4 4.3 4.4 4.4 4.4 4.4 4.3 4.0 0.4 3.0 0.3 2.0 0.2…
  16. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Gulfmark Offshore, Inc. – slide 16
    FINANCIAL INFORMATION 17 17
  17. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Gulfmark Offshore, Inc. – slide 17
    2013 GulfMark Revenue by Region (in millions of U.S. dollars) 2013 Revenue 455 Million 2013 Revenue - 65 2013 EBITDA - 29 SE Asia Americas 2013 Revenue - 205 North Sea 2013 EBITDA - 89 2013 Revenue - 185 2013 EBITDA - 69…
  18. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Gulfmark Offshore, Inc. – slide 18
    Day Rate in Backlog Remains Strong 1,000,000 25,000 Dollars in Backlog, in thousands of U.S. Dollars 900,000 22,500 Day Rate in Backlog 800,000 20,000 700,000 17,500 Day Rate in Backlog 600,000 15,000 500,000…
  19. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Gulfmark Offshore, Inc. – slide 19
    Net Debt Position 500,000 35% Net-Debt to Total 450,000 Book Capitalization Target Range 30% 400,000 Net-Debt 350,000 25% 300,000 20% 250,000 15% 200,000 150,000 10% 100,000 5% 50,000 0 0% Q4 Q1 Q2 Q3 Q4 Q1 Q2…
  20. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Gulfmark Offshore, Inc. – slide 20
    2014 - 2015 Non-Operating Uses of Cash (in millions of U.S. dollars) Use 2014E 2015E New Build Program 98 12 Acquisitions & Enhancements 67 10 Sub-Total 165 22 Dividends 26 26 Total Cash Uses 191 48 21
  21. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Gulfmark Offshore, Inc. – slide 21
    GulfMark Investment Highlights Focus on safe operations Geographically diversified OSV company Executing focused growth strategy Sound capital structure 22
  22. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Gulfmark Offshore, Inc. – slide 22
    LEADERS IN GLOBAL OFFSHORE MARINE SERVICES 23 GulfMark Offshore, Inc. NYSE:GLF GULFMARK.COM
  23. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Gulfmark Offshore, Inc. – slide 23
    Reconciliation Of Adjusted EBITDA 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Net (loss) income 0.5 (4.6) 38.4 89.7 99.0 183.8 50.6 (34.7) 49.9 19.3 70.6 Interest expense, net 12.8 17.0 18.4 14.4 4.8 12.8 19.9 20.7 21.6…
  24. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Gulfmark Offshore, Inc. – slide 24
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  25. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Gulfmark Offshore, Inc. – slide 25
    26 26
  26. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Gulfmark Offshore, Inc. – slide 26
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  27. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Gulfmark Offshore, Inc. – slide 27
    THE DIFFERENCE IS OUR PEOPLE 28

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