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FEBRUARY 2015 CORPORATE PRESENTATION – Dolphin Geophysical Asa

Dolphin Geophysical Asa · Feb 18, 2015 · 35 slides

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Slides

  1. FEBRUARY 2015 CORPORATE PRESENTATION – Dolphin Geophysical Asa – slide 1
  2. FEBRUARY 2015 CORPORATE PRESENTATION – Dolphin Geophysical Asa – slide 2
    Dolphin Group ASA Unaudited Q4 and 2014 preliminary Full-Year Presentation 18 February 2014 Atle Jacobsen (CEO) & Erik Hokholt (CFO) Dolphin reports an overall strong 2014, with total revenues of USD 440 million and pre-tax profit…
  3. FEBRUARY 2015 CORPORATE PRESENTATION – Dolphin Geophysical Asa – slide 3
    Table of contents I. Highlights for Q4 and preliminary Full-Year 2014 results II. Financials III. Operational status and market outlook IV. Appendix www.dolphingeo.com 4
  4. FEBRUARY 2015 CORPORATE PRESENTATION – Dolphin Geophysical Asa – slide 4
    Atle Jacobsen, CEO, commented for Q4 Im very pleased to report that 2014 was an overall strong year for Dolphin. The year ended with total revenues of USD 440 million, a group EBIT margin of 12% and net profit before tax of USD 35…
  5. FEBRUARY 2015 CORPORATE PRESENTATION – Dolphin Geophysical Asa – slide 5
    Highlights Preliminary Full-Year Full-Year 2014 vs. (2013) Financial Revenues of USD 440.2 million (USD 246.5 million) EBITDA of USD 124.8 million (28.4%) (USD 76.0 million ) EBIT of USD 54.6 million (12.4%) (USD 31.4 million) Profit…
  6. FEBRUARY 2015 CORPORATE PRESENTATION – Dolphin Geophysical Asa – slide 6
    Highlights Q4 Q4 2014 vs. (Q4 2013) Financial Revenues of USD 130.5 million (USD 38.8 million) EBITDA of USD 33.6 million (25.7%) (USD 3.4 million) EBIT of USD 6.4 million (4.9%) (USD -13.6 million ) Profit before tax of USD 0.5…
  7. FEBRUARY 2015 CORPORATE PRESENTATION – Dolphin Geophysical Asa – slide 7
    Key financials - quarterly developments (USD Million) Net operating revenues EBITDA Revenue growth to record high USD 130.5 million, despite a challenging market EBITDA of USD 33.6 million (26%) at high level, due to successful…
  8. FEBRUARY 2015 CORPORATE PRESENTATION – Dolphin Geophysical Asa – slide 8
    Solid backlog avoided spot market for winter season (USD Million) Backlog quarterly development* USD 285 million as of 1 Feb 2015 Well covered for the next quarters - 95% covered for Q1 15 - 80% covered for Q2 15 - 62% covered…
  9. FEBRUARY 2015 CORPORATE PRESENTATION – Dolphin Geophysical Asa – slide 9
    Table of contents I. Highlights for Q4 and preliminary Full-Year 2014 results II. Financials III. Operational status and market outlook IV. Appendix www.dolphingeo.com 10
  10. FEBRUARY 2015 CORPORATE PRESENTATION – Dolphin Geophysical Asa – slide 10
    Profit & Loss Statement (USD Million) Q4 2014 Q4 2013 Year 2014 Year 2013 Unaudited Unaudited Unaudited Audited Record revenues Net Operating Revenues 130.5 38.8 440.2 246.5 Contract EBIT margin was Operating Expenses Cost of sales…
  11. FEBRUARY 2015 CORPORATE PRESENTATION – Dolphin Geophysical Asa – slide 11
    Revenue distribution Q4 2014 Q4 2013 Year 2014 Year 2013 In millions of USD Unaudited Unaudited Unaudited Audited Geophysical: Marine Contract 98.4 29.3 375.7 209.4 Multi-Client prefunding 5.0 3.8 26.0 19.7 Multi-Client late sales…
  12. FEBRUARY 2015 CORPORATE PRESENTATION – Dolphin Geophysical Asa – slide 12
    Asset-light balance sheet (USD Million) YE 2014 YE 2013 Comments on assets: Asset-light balance sheet Increase in seismic equipment for the new vessels Sanco Sword and Polar Marquis. Other current assets increased due to high…
  13. FEBRUARY 2015 CORPORATE PRESENTATION – Dolphin Geophysical Asa – slide 13
    Asset-light business model limited off-balance sheet commitments Annual minimum operational leasing obligations (USD million) USD 185 million reduced commitment from 2012 to 2015 374 336 Includes all seismic vessels (Polar Empress…
  14. FEBRUARY 2015 CORPORATE PRESENTATION – Dolphin Geophysical Asa – slide 14
    Cash flow detailed (USD Million) Q4 2014 Q4 2013 Year 2014 Year 2013 Unaudited Unaudited Unaudited Audited Operating Activities Profi t before tax 0.5 -16.7 34.7 19.8 Q4 comments: Depreci a tion a nd wri te-down 14.6 8.4 47.2 26.8…
  15. FEBRUARY 2015 CORPORATE PRESENTATION – Dolphin Geophysical Asa – slide 15
    Multi-Client net sales higher than cash investments Net cash investment vs. MC net sales Net Book Value Comments: Comments: Achieved target for 2014 of Net MC Sales cash Net Book Value of library reduced in Q4 investment Dolphin…
  16. FEBRUARY 2015 CORPORATE PRESENTATION – Dolphin Geophysical Asa – slide 16
    Multi-Client investments and NBV per vintage USD million Performed detailed review of all MC library vintages at year-end 2014 Additional project write- down of USD 3.6 million N made in Q4 2014 n Average amortisation rate of…
  17. FEBRUARY 2015 CORPORATE PRESENTATION – Dolphin Geophysical Asa – slide 17
    Dolphin has a history of strong value creation Dec 2010: Oct 2011: Feb 2013: Private Placement Private Placement Private Placement Focus on delivering shareholder value NOK 391m at NOK 2.5 NOK 215m at NOK 3.0 NOK 226m at NOK 7.4 3.000…
  18. FEBRUARY 2015 CORPORATE PRESENTATION – Dolphin Geophysical Asa – slide 18
    Table of contents I. Highlights for Q4 and preliminary Full-Year 2014 results II. Financials III. Operational status and market outlook IV. Appendix www.dolphingeo.com 19
  19. FEBRUARY 2015 CORPORATE PRESENTATION – Dolphin Geophysical Asa – slide 19
    Business lines Marine Contract Multi-Client Processing & Imaging Processing Software Expanding modern fleet Growing Multi-Client Full onshore & offshore Land & marine seismic data library processing & imaging processing software In…
  20. FEBRUARY 2015 CORPORATE PRESENTATION – Dolphin Geophysical Asa – slide 20
    Rapid and successful fleet expansion one vessel to go Polar Duke (3D, 12-14 str) Polar Duchess (3D, 12-14 str) Sanco Swift (3D, 16 str) Polar Marquis (3D , 14 str) Delivered May 2011 Delivered April 2012 Delivered July 2013…
  21. FEBRUARY 2015 CORPORATE PRESENTATION – Dolphin Geophysical Asa – slide 21
    Dolphin is asset-light with flexible Time-Charter commitments Vessel Firm initial period/Options 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Artemis Atlantic TC firm 4 years from May '11 April…
  22. FEBRUARY 2015 CORPORATE PRESENTATION – Dolphin Geophysical Asa – slide 22
    Dolphin retains market position Market shares ( of vessels 3D fleet) Market shares ( of practical streamers 3D fleet) 68 654 65 636 Other 12% Other 10% 594 596 15% 13% 566 4% 56 5% 55 55 12% 12% 7% 12% 12% 6% 13% 16% 16% 16%…
  23. FEBRUARY 2015 CORPORATE PRESENTATION – Dolphin Geophysical Asa – slide 23
    Dolphin fleet - among the most powerful vessels in the industry 25% 12% High End Increased market share in 14+ streamer market - higher margin www.dolphingeo.com 24
  24. FEBRUARY 2015 CORPORATE PRESENTATION – Dolphin Geophysical Asa – slide 24
    Multi-Client increased importance in soft contract market 2014 review Gohta Discovery Alta Discovery Sales from Brazil, Norway, UK and North-West Africa Delayed Norwegian 23rd licencing round resulted in lower sales in the Barents…
  25. FEBRUARY 2015 CORPORATE PRESENTATION – Dolphin Geophysical Asa – slide 25
    Multi-Client surveys in the right areas Maud Gulspurv ZULU well Gohta Wide spatial 3D Sharp Broadband Seismic UtStord 3D, 5000km2, east of Johan Sverdrup coverage Zulu is first exploration well in PL 674 Several…
  26. FEBRUARY 2015 CORPORATE PRESENTATION – Dolphin Geophysical Asa – slide 26
    Processing & Imaging a critical success factor Makes Dolphin a fully integrated marine geophysical contractor Our people, our software, our hardware Marine Processing Multi- Processing centres in Houston, London and Contract &…
  27. FEBRUARY 2015 CORPORATE PRESENTATION – Dolphin Geophysical Asa – slide 27
    Market outlook 2015 Macro Sharp oil price decline last 6 months Continuing sanctions against Russia E&P spend and seismic Reduction in E&P spend Slowdown in tender activity, resulting in increased pricing pressure and lower…
  28. FEBRUARY 2015 CORPORATE PRESENTATION – Dolphin Geophysical Asa – slide 28
    Market outlook 2015 (continued) Current market snapshot: Still low visibility in all regions for H1 2015 Starting to see tender activity recovering from extremely low levels mainly for H2 2015 Asia/Pacific best market, almost in…
  29. FEBRUARY 2015 CORPORATE PRESENTATION – Dolphin Geophysical Asa – slide 29
    2015 Guidance summary* Dolphins full year revenue is expected to exceed USD 500 million for 2015, representing a growth of 15-20% from 2014 The Dolphin Multi-Client investments will primarily be made in prospective offshore areas.…
  30. FEBRUARY 2015 CORPORATE PRESENTATION – Dolphin Geophysical Asa – slide 30
    Question & Answer Session 31
  31. FEBRUARY 2015 CORPORATE PRESENTATION – Dolphin Geophysical Asa – slide 31
    Table of contents I. Highlights for Q4 and preliminary Full-Year 2014 results II. Financials III. Operational status and market outlook IV. Appendix www.dolphingeo.com 32
  32. FEBRUARY 2015 CORPORATE PRESENTATION – Dolphin Geophysical Asa – slide 32
    2014 original guidance - successfully delivered Two new high-capacity vessels, Sanco Sword and Polar Marquis delivered V Revenues expected to exceed USD 400 million for 2014 V Multi-Client investment in prospective areas offshore…
  33. FEBRUARY 2015 CORPORATE PRESENTATION – Dolphin Geophysical Asa – slide 33
    Dolphin detailed assumptions and guidance for 2015 (Official on 8 Jan 2015 New Vessel capacity to be delivered on time and budget Reiterated on18 Feb 2015) Polar Empress (3D, 14-22 str.) to be delivered end April 2015 Pricing, costs,…
  34. FEBRUARY 2015 CORPORATE PRESENTATION – Dolphin Geophysical Asa – slide 34
    Financial Covenants* / fully compliant as per 31/12/2014 Definitions** Loan Facility Bonds Liquidity Unrestricted cash USD 15m USD 10m and equivalents Equity ratio Total Equity/Total Assets 35% 35% Gearing ratio NIBD/ EBITDA <…
  35. FEBRUARY 2015 CORPORATE PRESENTATION – Dolphin Geophysical Asa – slide 35
    IBD with earliest major maturity in November 2016 Debt Security Size Balance 31/12/14 Tenure Maturity Interest Bond Dolp01 Unsecured NOK 400,000,000 USD 70,500,000 4 years Nov-16 3M Nibor + 775 Bond Dolp02 Unsecured NOK 500,000,000…

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