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CAPITAL ONE SOUTHCOAST ENERGY CONFERENCE – Gulfmark Offshore, Inc.

Gulfmark Offshore, Inc. · Dec 6, 2011 · 27 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. CAPITAL ONE SOUTHCOAST ENERGY CONFERENCE – Gulfmark Offshore, Inc. – slide 1
    GulfMark Offshore, Inc Capital One Southcoast Energy Conference
  2. CAPITAL ONE SOUTHCOAST ENERGY CONFERENCE – Gulfmark Offshore, Inc. – slide 2
    Total Revenue in Backlog (in thousands of dollars) 1,000,000 25,000 900,000 22,500 800,000 20,000 700,000 17,500 600,000 15,000 500,000 12,500 400,000 10,000 300,000 7,500 Dollars in Backlog 200,000 5,000…
  3. CAPITAL ONE SOUTHCOAST ENERGY CONFERENCE – Gulfmark Offshore, Inc. – slide 3
    Global Vessel Diversification North Sea Worldwide PSV 20 PSV 46 US Gulf AHTS 1 AHTS 17 SpV 1 FSV/Crew 8 PSV 10 FSV/Crew 3 SpV 2 Total 73 Mexico SE Asia West Africa AHTS 2 4 PSV 3 Crew 1 AHTS 2 AHTS 11 Trinidad PSV 6 Gulf of…
  4. CAPITAL ONE SOUTHCOAST ENERGY CONFERENCE – Gulfmark Offshore, Inc. – slide 4
    Current Debt Structure 160 million Sr. Notes, 7.75% Matures July 2014 Current Call Premium of 1.292%, or 2.1 million 200 million Term-Loan, LIBOR+2.5%, 141.7 million Outstanding Goes to Current Classification on December 31…
  5. CAPITAL ONE SOUTHCOAST ENERGY CONFERENCE – Gulfmark Offshore, Inc. – slide 5
    Consistent Reduction in Net Debt Position 500,000 40% 450,000 Net-Debt to 35% Total Book 400,000 Capitalization Net-Debt Finalization of Previous New-Build 30% 350,000 Program 25% 300,000 250,000 20% 200,000…
  6. CAPITAL ONE SOUTHCOAST ENERGY CONFERENCE – Gulfmark Offshore, Inc. – slide 6
    Benefits of Geographic Diversification 7
  7. CAPITAL ONE SOUTHCOAST ENERGY CONFERENCE – Gulfmark Offshore, Inc. – slide 7
    Gulf of Mexico: Deepwater Utilization on Recovery Decreased Exposure to U.S. Gulf of Mexico by Approximately 50% Lower Utilization, but also Lower Revenue Exposure in the U.S. Gulf of Mexico Option Value of Positioning Vessels on…
  8. CAPITAL ONE SOUTHCOAST ENERGY CONFERENCE – Gulfmark Offshore, Inc. – slide 8
    Long Term Revenue & EBITDA (in millions of dollars) 700 700 Revenue EBITDA* 600 600 500 500 400 400 300 300 200 200 100 100 0 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 TTM * Note: Adjusted…
  9. CAPITAL ONE SOUTHCOAST ENERGY CONFERENCE – Gulfmark Offshore, Inc. – slide 9
    Strong Customer Base Smaller Independents & Others Super Majors & 31% National Oil Companies 43% Majors & Large Independents 26% Note: Percentages Based on Vessel Count as of September 28, 2011 10
  10. CAPITAL ONE SOUTHCOAST ENERGY CONFERENCE – Gulfmark Offshore, Inc. – slide 10
    The GulfMark Fleet 11
  11. CAPITAL ONE SOUTHCOAST ENERGY CONFERENCE – Gulfmark Offshore, Inc. – slide 11
    Young & Versatile Fleet Number of Vessels We Built Per Year 16 16 15 Pre 15 14 1990 14 7% Number of Vessels Built 13 13 12 1990 -1999 12 11 16% 11 10 Built or Aquired 10 9 Since Jan 2000 9 8 8 7 77% 7 6 6 5 5 4 4 3…
  12. CAPITAL ONE SOUTHCOAST ENERGY CONFERENCE – Gulfmark Offshore, Inc. – slide 12
    Vessel Dispositions Demonstrate Long-Term Value Sales Price as Year a Percentage Vessel of Year Age at Sales Original of Original Name Sale Built Disposal Price Cost Cost Highland Pioneer 2011 1983 28 2,850,000 4,699,301 61% North…
  13. CAPITAL ONE SOUTHCOAST ENERGY CONFERENCE – Gulfmark Offshore, Inc. – slide 13
    Worldwide Vessel Fleet by Category 1400 1400 1200 1200 1000 1000 800 800 600 600 GulfMark Vessel Focus 400 400 200 200 0 0 AHTS XL PSV Large PSV Medium AHTS Large AHTS Medium AHTS Small PSV Small Vessel…
  14. CAPITAL ONE SOUTHCOAST ENERGY CONFERENCE – Gulfmark Offshore, Inc. – slide 14
    Building For Our Future Significant number of new generation rigs on order Increasing Activity both in the North Sea and New Frontiers Industry call for higher specification vessels to meet increasing regulatory demands: Deeper…
  15. CAPITAL ONE SOUTHCOAST ENERGY CONFERENCE – Gulfmark Offshore, Inc. – slide 15
    New Build Program Announced Two MMC 887 CD 1000m Deck Area DP II MAIN PARTICULARS Remontowa Shipyard, Poland Large Cargo Capacities LOA 88.93 m Delivery Q2/2013 Q3/2013 Beam 18.80 m Depth 7.40 m DWT 5100 T Max Draft 6.05 m…
  16. CAPITAL ONE SOUTHCOAST ENERGY CONFERENCE – Gulfmark Offshore, Inc. – slide 16
    New Build Program Contd One MMC 879 CD 846m Deck Area DPII MAIN PARTICULARS Remontowa Shipyard, Poland Large Cargo Capacities LOA 79.45 m Delivery Q3/2013 Beam 16.80 m Depth 7.40 m DWT 4000 T Max Dr 6.00 m Speed 14.00 kts FiFi…
  17. CAPITAL ONE SOUTHCOAST ENERGY CONFERENCE – Gulfmark Offshore, Inc. – slide 17
    New Build Program Contd Two UT 755 XL 715m Deck Area DPII MAIN PARTICULARS Rosetti Shipyard, Italy Large Cargo Capacities LOA 74.95 m Delivery Q4/2013 Q1/2014 Beam 16.00 m Depth 7.00 m DWT 3000 T Max Dr 5.80 m Speed 14.50 kts…
  18. CAPITAL ONE SOUTHCOAST ENERGY CONFERENCE – Gulfmark Offshore, Inc. – slide 18
    New Build Program Contd One ST-216 Arctic 1050m Deck Area DPII MAIN PARTICULARS Siemek A/S Shipyard, Flekkefjord, Norway Large Cargo Capacities LOA 92.60 m Delivery Q2/2013 Beam 19.20 m Depth 8.40 m DWT 4700 T Max Dr 6.85 m…
  19. CAPITAL ONE SOUTHCOAST ENERGY CONFERENCE – Gulfmark Offshore, Inc. – slide 19
    Planned Locations for New Build Vessels (Map of North Sea) 20
  20. CAPITAL ONE SOUTHCOAST ENERGY CONFERENCE – Gulfmark Offshore, Inc. – slide 20
    Financial Information 21
  21. CAPITAL ONE SOUTHCOAST ENERGY CONFERENCE – Gulfmark Offshore, Inc. – slide 21
    2011 by Quarter Actual and Consensus (in thousands of dollars) (in thousands) Q1 Q2 Q3 Q4 2011 (Actual) (Actual) (Actual) (Consensus*) (Consensus*) Revenues 81,289 96,911 103,778 103,700 385,678 Direct operating expenses 44,318 55%…
  22. CAPITAL ONE SOUTHCOAST ENERGY CONFERENCE – Gulfmark Offshore, Inc. – slide 22
    Quarter Ended September 30, 2011 (in thousands of dollars, excluding special items) Consolidating Income Statement for the Three Months Ended Sep 30, 2011 Southeast North Sea Asia Americas Total Revenues 49,176 16,660 37,942 103,778…
  23. CAPITAL ONE SOUTHCOAST ENERGY CONFERENCE – Gulfmark Offshore, Inc. – slide 23
    Investment Highlights Industry Leaders in HSE Performance & People Development Strong Demand for Modern Offshore Marine Equipment Global Presence and Operations Expertise Financial Stability & Flexibility to Pursue…
  24. CAPITAL ONE SOUTHCOAST ENERGY CONFERENCE – Gulfmark Offshore, Inc. – slide 24
    Reconciliation of Adjusted EBITDA TTM 2002 2003 2004 2005 2006 2007 2008 2009 2010 Q3 2011 Net (loss) income 24.0 0.5 (4.6) 38.4 89.7 99.0 183.8 50.6 (34.7) 41.5 Interest expense, net 10.9 12.8 17.0 18.4 14.4 4.8 12.8 19.9 20.7…
  25. CAPITAL ONE SOUTHCOAST ENERGY CONFERENCE – Gulfmark Offshore, Inc. – slide 25
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  26. CAPITAL ONE SOUTHCOAST ENERGY CONFERENCE – Gulfmark Offshore, Inc. – slide 26
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  27. CAPITAL ONE SOUTHCOAST ENERGY CONFERENCE – Gulfmark Offshore, Inc. – slide 27
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