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Q4 2012 REPORT – Polarcus

Polarcus · Feb 12, 2013 · 33 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. Q4 2012 REPORT – Polarcus – slide 1
    Polarcus Limited 12 February, 2013 Rolf Ronningen, CEO Tom Henrik Sundby, CFO www.polarcus.com 1
  2. Q4 2012 REPORT – Polarcus – slide 2
    Agenda 1 Highlights 2 Financials 3 Operations & Market update 4 Summary & Q&A 5 Appendices www.polarcus.com 3
  3. Q4 2012 REPORT – Polarcus – slide 3
    IMPROVED DAY-RATES; MULTI-CLIENT BREAKTHROUGH Financial Highlights: Revenues of USD 140.4 million in Q4 12, USD 529.3 million for 2012 EBITDA of USD 56.6 million in Q4 12, USD 190.3 million for 2012 USD 19.6 million Multi-Client…
  4. Q4 2012 REPORT – Polarcus – slide 4
    Agenda 1 Highlights 2 Financials 3 Operations & Market update 4 Summary & Q&A 5 Appendices www.polarcus.com 5
  5. Q4 2012 REPORT – Polarcus – slide 5
    Consolidated income statement Quarter ended Year ended (In thousands of USD) 31-Dec-12 31-Dec-11 31-Dec-12 31-Dec-11 Revenues Contract revenue 120,810 98,639 495,218 274,757 Multi-client revenue 19,580 3,029 29,897 20,571 Other…
  6. Q4 2012 REPORT – Polarcus – slide 6
    Cash flow Quarter ended Year ended (In thousands of USD) 31-Dec-12 31-Dec-11 31-Dec-12 31-Dec-11 Cash flows from operating activities Profit/(loss) for the period (3,254) (2,242) 9,829 (31,499) Adjustment for: Depreciation,…
  7. Q4 2012 REPORT – Polarcus – slide 7
    Key financials Quarter ended Year ended (In USD millions) 31-Dec-12 31-Dec-11 31-Dec-12 31-Dec-11 Revenues 140.4 104.9 529.3 298.6 Vessel operating expenses (75.5) (68.8) (312.7) (199.5) EBITDA 56.6 31.1 190.3 76.3 EBIT…
  8. Q4 2012 REPORT – Polarcus – slide 8
    - 10 20 30 40 60 70 50 (10) - 100 150 200 50 Q1-10 Q1-10 www.polarcus.com Q2-10 Q2-10 Q3-10 Q3-10 Q4-10 Q4-10 21.2 56.3 Q1-11 Q1-11 Q2-11 Q2-11 EBITDA Q3-11 Revenues Q3-11 Q4-11…
  9. Q4 2012 REPORT – Polarcus – slide 9
    Key financials historic development YOY Revenues EBIT 600 125 19% 500 100 400 75 300 529.3 50 98.8 200 298.6 100 25 5% 122.7 3.6 15.5 - - FY-10 FY-11 FY-12 FY-10 FY-11 FY-12 EBITDA Cash from operations 36% 200 225…
  10. Q4 2012 REPORT – Polarcus – slide 10
    Fleet Utilization 85% in 2012 100% 1% 2% 3% 2% 1% 2% 2% 4% 5% 3% 4% 10% 10% 10% 7% 13% 7% 13% 90% 13% 16% 18% 6% 19% 17% 9% 25% 8% 80% 9% 8% 3% 35% 70% 16% 30% 60% Yard stay (including shakedown) 50% Transit 89%…
  11. Q4 2012 REPORT – Polarcus – slide 11
    Rationale for MUSD 213 TPAO transaction Strengthens balance sheet Frees up cash to grow Multi-Client business Maintains economies of scale through a 3 year management contract Opens access to a new market Polarcus Samur…
  12. Q4 2012 REPORT – Polarcus – slide 12
    Vessel sale cash flow 160 Millions 140 120 45 100 80 20 134 9 60 40 60 20 - Vessel price Bank repayment Bond repayment Transaction cost Free cash www.polarcus.com 13
  13. Q4 2012 REPORT – Polarcus – slide 13
    Gross debt profile Vessel sale completed 11 Feb 900 Millions 837 2012 800 750 689 700 669 USD 65 million of debt 600 612 548 repayment on handover 515 500 USD 45 million of the USD 410 400 380 351 million fleet…
  14. Q4 2012 REPORT – Polarcus – slide 14
    Polarcus Share Top 20 Shareholders (as per 04 February) Listed on the Oslo Stock Shareholder ZICKERMAN HOLDING LT Share 40,571,476 % 8.00 Exchange ZICKERMAN GROUP LTD 22,948,081 4.52 VARMA MUTUAL PENSION 22,648,025 4.47…
  15. Q4 2012 REPORT – Polarcus – slide 15
    Agenda 1 Highlights 2 Financials 3 Operations & Market update 4 Summary & Q&A 5 Appendices www.polarcus.com 16
  16. Q4 2012 REPORT – Polarcus – slide 16
    Rock solid operational performance 25% project awards in Arctic / ESSA Polarcus Samur Polarcus Selma Polarcus Naila Polarcus Nadia Polarcus Asima Polarcus Adira Fleet highlights 2012 Polarcus Alima - Technical…
  17. Q4 2012 REPORT – Polarcus – slide 17
    Multi-Client outgrows contract sales Multi-Client statistics and outlook 14000 Average 15% YOY growth in global multi- client (MC) sales over the past 15 years 12000 Global MC sales reaching USD 4bn or 10000 50% of offshore…
  18. Q4 2012 REPORT – Polarcus – slide 18
    Building a world-class multi-client library Over 9,500 sq. km 3D MC projects + 11,000 sq. km 3D data brokerage New broadband MC projects in 2013 combining PLCS deep tow acquisition with GXTs WiBand technology increasing…
  19. Q4 2012 REPORT – Polarcus – slide 19
    Home run for PLCS Catcher Multi-Client PLCS Catcher MC program acquired over 2011 / 2012, in excess of 4,000 sq. km UK 27th Round awards announced on 25 October 2012 Awards made for 75% of open acreage within the PLCS Catcher…
  20. Q4 2012 REPORT – Polarcus – slide 20
    Global 3D Seismic fleet capacity Fleet age profile 2012 3% 1 - 5 years Estimated seismic fleet growth 2013 25% 6 - 10 years 2015 net 2% YOY assuming four vessels being stacked 11 - 15 years 46% 10% 16 - 19 years Lead time for…
  21. Q4 2012 REPORT – Polarcus – slide 21
    E&P setting a new record at USD 644 Billion Global E&P Spend 7-12% E&P growth expected 900 800 YOY for the coming few years 700 Billion USD 600 500 400 300 Marine seismic representing 200 100 3% of Global Offshore E&P…
  22. Q4 2012 REPORT – Polarcus – slide 22
    Well positioned for global activity drivers NW Europe: Consistent high Russian Arctic: Rosneft and Canada/Alaska: Increased focus activity for MC and Contract Gazprom awarded new acreage, in from Supermajors and new WAZ behind active…
  23. Q4 2012 REPORT – Polarcus – slide 23
    Backlog at improved day rates Received contract tenders in USD million USD 265 million contract backlog* 400 Millions 350 OPEX for 2013 within range of USD 110k-130k/day 300 New contracts closed within range 250 of USD…
  24. Q4 2012 REPORT – Polarcus – slide 24
    Agenda 1 Highlights 2 Financials 3 Operations & Market update 4 Summary & Q&A 5 Appendices www.polarcus.com 25
  25. Q4 2012 REPORT – Polarcus – slide 25
    RIGHTSIZE, RIGHTDESIGN, RIGHTPLAN Multi-Client breakthrough Improved day rates All time high 3D activity expected in 2013 www.polarcus.com 26
  26. Q4 2012 REPORT – Polarcus – slide 26
    Agenda 1 Highlights 2 Financials 3 Operations & Market update 4 Summary & Q&A 5 Appendices www.polarcus.com 27
  27. Q4 2012 REPORT – Polarcus – slide 27
    Polarcus in brief Seven high-end 3D seismic vessels equiv. 11% market share Youngest most uniform fleet in industry 500+ professionals and global presence State of the art technology with complete broadband solution…
  28. Q4 2012 REPORT – Polarcus – slide 28
    RIGHTSIZE RIGHTDESIGN RIGHTPLAN Polarcus Fleet New and uniform vessel fleet Reduced noise and vibrations POLARCUS NADIA & POLARCUS NAILA POLARCUS SAMUR & Vyacheslav Tikhonov Ice class 1A 12 Streamer 3D vessel 8 Streamer 3D…
  29. Q4 2012 REPORT – Polarcus – slide 29
    Polarcus offering First High Base- High 4D Multi- Multi- Arctic Multi Pass Density line 4D density Monitor vessel vessel Operations Azimuth Wide tow 3D 4D 3D 4D Monitor Vessel + Equipment Personnel + Procedures Acquisition…
  30. Q4 2012 REPORT – Polarcus – slide 30
    Awards through RIGHTDESIGN DYNPOS-AUTR Systems redundancy CLEAN DESIGN IMO Green Passport with DP2 High specification Triple E exhaust catalysts Environmental & Energy Efficiency Sentinel solid streamers ULSTEIN X-BOW…
  31. Q4 2012 REPORT – Polarcus – slide 31
    Pioneering environmental leadership DNVs Triple-E is a voluntary environmental performance rating scheme for ships, independent of class, age and flag 1 Key measures of Energy & Environmental Efficiency : 2 Leading Environmental…
  32. Q4 2012 REPORT – Polarcus – slide 32
    Debt overview Balance Debt Security Size Tenure Maturity Interest 31 Dec 2012 Vendor financing Seismic Equipment USD 70m USD 11m 2.5 years Jun-13 8.00% Convertible bond Unsecured USD 35m USD 35m 5 years Jul-13 8.50% Unsecured…
  33. Q4 2012 REPORT – Polarcus – slide 33
    www.polarcus.com 34

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