Polarcus Limited First Quarter Report 2011 Dubai, UAE Rolf Ronningen, CEO Tom Henrik Sundby, CFO www.polarcus.com 1
Highlights Q1 2011 Revenue of USD 48.0 million and EBITDA of USD 4.6 million with three vessels in operation Positive net cash flow from operating activities of USD 12.2 million Q1 results impacted by unusually difficult operating…
Financial highlights 140.0 122.7 Revenue of USD 48.0 million 120.0 EBITDA of USD 4.6 million 100.0 EBIT of USD -4.7 million 80.0 USD millions Net cash flow from operating 60.0 48.0 activities USD 12.2 million 40.0…
Consolidated income statement Quarter ended Year ended 31-Mar-11 31-Mar-10 31-Dec-10 (In thousands of USD) Notes (Unaudited) (Unaudited) (Audited) Revenues Operating revenues 48,034 10,767 119,256 Other income - - 3,478 Total…
CAPEX cash flow Q1 2011 180.0 168.0 168.0 165.9 160.0 135.2 140.0 127.8 Q2-12 E USD Millions 120.0 Q1-12 E Q4-11 E 100.0 Q3-11 E 80.0 Q2-11 E Q1-11 A 60.0 YTD 2010 40.0 20.0 - Polarcus Samur Polarcus Alima…
Total financing 1400 1200 Secured USD 1.147 billion in total 180 1000 USD 125 million raised in a 70 Sale lease back Convertible Bond in April 800 135 Vendor 2.875% interest 160 Bank loan Convertibles 600 32.5%…
Debt Overview Debt Security Balance, 31 Tenure Maturity Interest Mar 2011 90m Sale Nadia USD 87.1m 10 years Sep-19 12% leaseback 90m Sale lease Naila USD 87.2m 10 years Oct-19 12% back 55m HY bond Samur USD 55m 5 years Jul-13…
Changes to guiding 2011 Due to increase in fuel prices we make the following changes to the opex guiding: Opex Nadia, Naila, Asima & Alima increased with USD 5k to USD 95k-105k Opex Samur & Selma increased with USD 5k to USD…
Share information Share Performance Top 20 Shareholders (as per 26 Apr) Shareholder Share % 9 12000 DRYDOCKS WORLD LLC 37,500,000.00 9.15 ZICKERMAN HOLDING LT (share lending activity) 30,551,616.00 6.46 8 AWILCO INVEST AS (share…
Polarcus Nadia Operational update Rockhopper-Desire, Falkland Islands: 8 x 5500m 100m streamer separation Extreme weather conditions causing some downtime Propulsion system issue lead to technical downtime and higher operating…
Polarcus Asima Operational update Rockhopper-Desire, Falkland Islands: 100% complete 10 x 5500m 100m streamer separation Arrived on prospect in January Completed 70% of defined survey area (as of 31 March) Extreme weather…
Polarcus Naila Operational update Tap Oil, Ghana: Completed 10 x 8100m 100m streamer separation Project completed with excellent client feedback Test line shot successfully for prospective client en route Namibia Costs…
Polarcus Alima Operational update Delivery 21 March Delayed departure awaiting permits for India Shakedown period from 7 to 16 April offshore Sri Lanka Reliance India Ltd, India 10 x 8000m 125m separation Currently…
Polarcus Samur Operational update Departed Dubai 3 March Arrived Namibia on 27 March 8 x 8100m 150m separation Turnkey project Commenced production 8 April www.polarcus.com 17
Polarcus Selma update Funded and reacquired in April Delivery Q3 2011 www.polarcus.com 18
Technical improvements to in-sea equipment Improved tow-leaders Improved wide-tow handling Improvement to source reliability Implementation program to be completed by end May www.polarcus.com 19
Extended backlog to end Q3 2011 Vessel 2011 2012 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun POLARCUS NADIA POLARCUS NAILA POLARUCS POLARCUS ASIMA ALIMA Average fleet backlog POLARCUS SAMUR POLARCUS…
Summary Continuing to deliver on growth strategy Q1 results impacted by unusually difficult operating conditions Successfully addressing technical issues Extending backlog through Q3 including first multi-client project Track…
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