2nd Quarter/1st half 2013 1. Solstad Offshore in brief 2. Highlights YTD 3. Financials 4. Vessels and markets 5. Outlook
1. SOLSTAD OFFSHORE IN BRIEF Founded in 1964. In offshore since 1973. Operations worldwide North Sea, Brazil, US Gulf, West Africa, Asia, Australia etc. Listed on Oslo Stock Exchange (Ticker: SOFF). Main office in Skudeneshavn and…
2. SOLSTAD OFFSHORE HIGHLIGHTS 30.06.2013 Good earning margins and stable underlying values Operational & financial highlights 2Q 2013 / 1st Half 2013 Net revenues NOK 909 mill incl. gain on sale NOK 36 mill. Adjusted EBITDA NOK 409…
Good earning HIGHLIGHTS 30.06.2013 (CONT.) margins and stable underlying values Post Q2 2013 events Client exercised their option to purchase CSV Normand Clough. Limited accounting effect as booked value equals sales price Positive…
THE SOLSTAD OFFSHORE FLEET (49 VESSELS IN OPERATION) Vessels: 21 Newbuild: 2 Skudeneshavn Aberdeen Vessels: 2 Vessels: 4 Manila Kuala Lumpur Singapore Vessels: 3 Vessels: 6 Rio de Janeiro Vessels: 1 Vessels:…
3. FINANCIALS
OPERATING REVENUE AND EBITDA (EX. RESULT FROM SALE OF ASSETS / INCL. SHARE IN JV)
PROFIT & LOSS ACCOUNTS 30. June 2013 2Q 2Q 1H 1H Total (Mill NOK) 2013 2012 2013 2012 2012 Total Operating Income 909 878 1.707 1.666 3 362 Operating expenses (492) (484) (1.018) (989) (1 924) Ord. Depreciation (109) (114) (217)…
BALANCE 30. June 2013 2013 2012 2012 (Mill NOK) 30.06 30.06 31.12 Long Term fixed assets 13 282 14 535 13 086 Current assets 1 905 1 495 1 624 Total assets (1) 15 187 16 030 14 710 Equity 4 700 4 402 4 608 Long Term liabilites…
SOLSTAD OFFSHORE ASA - VALUES & DIVIDEND
4. VESSELS AND MARKETS
THE SOLSTAD FLEET MARKET SEGMENTS
THE SOLSTAD FLEET MARKET SEGMENTS 1)Based broker valuations as of 30.06.2013 with SOFFs 50% share in Normand Installer and Normand Oceanic
MARKET Construction Service Vessels (CSV) Subsea market driven by solid fundamentals High tendering activity and contract awards The large subsea players are building substantial backlogs SOFF - strong position & favorable market…
FLEET Construction Service Vessels (CSV) Strong world wide subsea activity 96% utilization during 2Q 13 Operational highlights Normand Flower 3 year firm TC with Oceaneering SapuraClough exercised their option to purchase…
MARKET Anchor Handling Tug & Supply (AHTS) Improved marked conditions in the North Sea spot- market through 2Q 13 Signed several new contracts for the Asia-fleet at improved terms. Positive medium to long term outlook Large…
FLEET Anchor Handling Tug & Supply (AHTS) 21 AHTSs in operation world wide Range from 5.500 to 32.000 bhp Some 80% utilization in 2Q 13 Operational highlights 2Q 13 Completed sale of the 85 built Normand Mjolne Currently 5…
MARKET Platform Supply Vessels (PSV) Activity level is high, High tendering activity Improvement in day rates Demand will continue to rise as new drilling rigs and production units begin their operations Still many new vessels…
FLEET Platform Supply Vessels (PSV) Operational highlights 2Q 13 Positive market development YTD 82% utilization Backlog further improved during 2Q 13 Normand Trym and Normand Vibran secured 4 year contracts with Petrobras,…
5. MARKET/OUTLOOK
FUTURE OUTLOOK A continued high oil price gives E&P budgets on a steady high level Demand for vessels, equipment and people, will continue to grow Strong focus on keeping cost on a competitive level Demand for Subsea construction…
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