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CREDIT SUISSE OIL AND GAS CONFERENCE – Mermaid Maritime Public Company Limited

Mermaid Maritime Public Company Limited · Jan 31, 2012 · 30 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. CREDIT SUISSE OIL AND GAS CONFERENCE – Mermaid Maritime Public Company Limited – slide 1
    Mermaid Maritime Plc Credit Suisse Oil & Gas Conference Tuesday, 31 January 2012 Ritz Carlton, Singapore 1
  2. CREDIT SUISSE OIL AND GAS CONFERENCE – Mermaid Maritime Public Company Limited – slide 2
    Agenda 1. Introduction 2. Subsea Business Overview 3. Drilling Business Overview 4. Asia Offshore Drilling Overview 5. Financial Overview 6. Questions & Answers 3
  3. CREDIT SUISSE OIL AND GAS CONFERENCE – Mermaid Maritime Public Company Limited – slide 3
    1. Introduction 4
  4. CREDIT SUISSE OIL AND GAS CONFERENCE – Mermaid Maritime Public Company Limited – slide 4
    Overview of Mermaid Maritime Plc 29 5 500 Years since Mermaid regions in skilled workers, Maritimes which crews, technicians, establishment Mermaid service providers & operates management SUBSEA BUSINESS DRILLING BUSINESS 8…
  5. CREDIT SUISSE OIL AND GAS CONFERENCE – Mermaid Maritime Public Company Limited – slide 5
    Two Key Businesses to Balance Earnings 6
  6. CREDIT SUISSE OIL AND GAS CONFERENCE – Mermaid Maritime Public Company Limited – slide 6
    Key Milestones 1983 2008 2010 2011 Established in Thailand Acquired Seascape Surveys Acquired Subtech to Participated in 2nd round for access to hydrographic expand subsea services in of fund raising, acquired 2005 and positioning…
  7. CREDIT SUISSE OIL AND GAS CONFERENCE – Mermaid Maritime Public Company Limited – slide 7
    2. Subsea Business Overview 8
  8. CREDIT SUISSE OIL AND GAS CONFERENCE – Mermaid Maritime Public Company Limited – slide 8
    Subsea Services Overview Overview Fleet Mermaid Offshore Services (MOS) provides subsea engineering services including surveying, inspection, repair and maintenance (IRM), light construction and ROV/dive support , to the offshore…
  9. CREDIT SUISSE OIL AND GAS CONFERENCE – Mermaid Maritime Public Company Limited – slide 9
    Strong diving & ROV capabilities Proven track record in diving services Historical operations MOS owns and operates three DP2 DSVs, one DP2 Air and saturation dive systems, ROV systems construction barge fitted with a saturation…
  10. CREDIT SUISSE OIL AND GAS CONFERENCE – Mermaid Maritime Public Company Limited – slide 10
    Incumbent position in key geographies MOS has a strong foothold in its key markets Thailand, Indonesia, and the Middle East MOS can leverage on its strong presence in these three markets to win repeat business with key clients,…
  11. CREDIT SUISSE OIL AND GAS CONFERENCE – Mermaid Maritime Public Company Limited – slide 11
    Subsea Key Highlights o Subsea achieved asset utilisation of 69.1% in 2011 versus 39.5% in 2010. Average day rates increased by 11.7% in US Dollars and 3.0% in Thai Baht o Mermaid Commander completed her biggest diving programme for…
  12. CREDIT SUISSE OIL AND GAS CONFERENCE – Mermaid Maritime Public Company Limited – slide 12
    Subsea Tender Update 4Q2011 Fleet utilisation for 4Q2011 shows an increase of 15% over same period in 2010 with improvements for Endurer, Asiana, Improving utiiisation of subsea fleet Sapphire and Challenger. Target 75.3%%…
  13. CREDIT SUISSE OIL AND GAS CONFERENCE – Mermaid Maritime Public Company Limited – slide 13
    Global oil demand is increasing Global oil demand Oil demand is projected to grow by 1% per year on average All the growth is expected to come from nonOECD countries The transport sector accounts for the majority of…
  14. CREDIT SUISSE OIL AND GAS CONFERENCE – Mermaid Maritime Public Company Limited – slide 14
    Increased E&P spending driven by higher oil prices Strong growth in E&P Oil service companies revenues and E&P spending spending expected the next few years 2008 level of E&P spending is expected to be surpassed in 2011…
  15. CREDIT SUISSE OIL AND GAS CONFERENCE – Mermaid Maritime Public Company Limited – slide 15
    Markets Outlook Strong Demand Subsea construction market Successful drilling of commercial discoveries will Subsea tree eventually lead to field development tendering Subsea tree awards awards Awards of subsea tree is a proxy of FD…
  16. CREDIT SUISSE OIL AND GAS CONFERENCE – Mermaid Maritime Public Company Limited – slide 16
    Charter Rates Outlook Rates weakened further in 2009 DSV rates in 4 scenarios although this was supported by forward coverage & commitments Increasing utilization becomes more important than high rates to maintain…
  17. CREDIT SUISSE OIL AND GAS CONFERENCE – Mermaid Maritime Public Company Limited – slide 17
    3. Drilling Business Overview 18
  18. CREDIT SUISSE OIL AND GAS CONFERENCE – Mermaid Maritime Public Company Limited – slide 18
    Tender Market North Sea 22 tender rigs No tender rig 17 working UKCS/ 5 in Shipyard or idle, activity North Sea 4 contracts in 2010 had age limits Middle East GoM Asia Pacific GOM No tender including rig activity SE…
  19. CREDIT SUISSE OIL AND GAS CONFERENCE – Mermaid Maritime Public Company Limited – slide 19
    Drilling Operations Key Highlights MTR1 Location: Thailand Status: Waiting next contract award MTR1: An international oil & gas company operating in Indonesia have currently Client: NA accepted MTR1 as an accommodation / work…
  20. CREDIT SUISSE OIL AND GAS CONFERENCE – Mermaid Maritime Public Company Limited – slide 20
    4. Asia Offshore Drilling Overview 21
  21. CREDIT SUISSE OIL AND GAS CONFERENCE – Mermaid Maritime Public Company Limited – slide 21
    Asia Offshore Drilling Update Seadrill Mermaid 33.75% 33.75% Other Investors 29.9.11 32.5% AOD Board resolved not to exercise 2nd 01.07.11 option for 4th rig. To 31.0313 31.09.13 2nd PP successfully 15.07.11 increase water…
  22. CREDIT SUISSE OIL AND GAS CONFERENCE – Mermaid Maritime Public Company Limited – slide 22
    Asia Offshore Drilling Company Structure Seadrill Limited 33.75% Mermaid Maritime Plc. (Thailand) 33.75% Corporate Management Agreement Technical & Commercial Management Agreement Other Investors As AODs activites increase, a…
  23. CREDIT SUISSE OIL AND GAS CONFERENCE – Mermaid Maritime Public Company Limited – slide 23
    Market Outlook Oil prices remain at historically high levels, with higher growth in E&P spending Continue to see strong demand for high specification units that offer superior technical capabilities, operational flexibility and…
  24. CREDIT SUISSE OIL AND GAS CONFERENCE – Mermaid Maritime Public Company Limited – slide 24
    5. Financial Overview Note: All figures presented in currencies other than THB are strictly for illustrative purpose only using exchange rate of 1 USD: 30.59 Baht 25
  25. CREDIT SUISSE OIL AND GAS CONFERENCE – Mermaid Maritime Public Company Limited – slide 25
    Highlights FY2011 Year on Year Comparison Revenue (in THB millions) Net Profit (Loss) (in THB millions) Operating Cash Flow before change in Basic and Diluted EPS working capital (in THB millions) 5,542 3,476 1,495 382…
  26. CREDIT SUISSE OIL AND GAS CONFERENCE – Mermaid Maritime Public Company Limited – slide 26
    Sector Breakdown 2010 Service Operating Operating Utilization Description Income Profit/Loss 2011 Margin Rate 4,504.3 Subsea & Survey Inspection, repair and Services maintenance; 2,377.6 69.1% Infrastructure installation 100.9…
  27. CREDIT SUISSE OIL AND GAS CONFERENCE – Mermaid Maritime Public Company Limited – slide 27
    FY2011 Profits & Losses All units in THB millions Due to MTR1 and deposits made for new vessel 158.5 (162.5) 147.6 101.1 (20.6) (41.7) (203.7) 523.0 Gross (170.6) Finance Income FY2010 Profit Costs Taxes FY2011 64.7%…
  28. CREDIT SUISSE OIL AND GAS CONFERENCE – Mermaid Maritime Public Company Limited – slide 28
    Debt structure Net D/E (Times) Loan Maturity Net gearing (%) Low D/E ratio Units in THB millions allows financial Total loans outstanding flexibility < 1 year continues to decrease throughout FY2011* < 1 year 695.6 556.7 16.8%…
  29. CREDIT SUISSE OIL AND GAS CONFERENCE – Mermaid Maritime Public Company Limited – slide 29
    Cash flow Cash & Cash Equivalents 1,450.5 3,742.9 1,352.3 Total cash in hand has decreased mainly due ShortTerm Investments to dividend payment , 334.2 606.3 (fixed deposits) debt repayment and Restricted Deposits at…
  30. CREDIT SUISSE OIL AND GAS CONFERENCE – Mermaid Maritime Public Company Limited – slide 30
    6. Questions & Answers 31

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