SOLSTAD OFFSHORE ASA 4Q 2011 1. Solstad Offshore in brief 2. Highlights 2011 3. Financials 4. Vessels and markets 5. Outlook
SOLSTAD OFFSHORE IN BRIEF Head-office in Skudeneshavn, Norway. Branch offices in Aberdeen, Rio de Janeiro, Singapore and Perth Owner/operator of a fleet of 50 offshore service vessels Total 1,650 onshore and offshore personnel…
2. HIGHLIGHTS
SOFF HIGHLIGHTS - 31.12.2011 100% ownership in SOAPAC Ltd (eks NOR Offshore Ltd) 2 large CSVs delivered from yard in 2011 - Normand Oceanic and NorCE Endeavour Key highlights 2011 Last newbuilding, Normand Arctic (large LNG PSV)…
3. FINANCIALS
PROFIT AND LOSS ACCOUNTS 4Q 4Q Totalt Total (mill NOK) 2011 2010 2011 2010 Total operating income 856 707 3 049 2 617 Gain on sale -13 Operating expenses -554 -497 -1 943 -1 639 Ord. depreciation -204 -185 -772 -639 Impairment…
OPERATING REVENUE AND EBITDA (Excl. gain on sale of asset) (MNOK)
BALANCE 31 December 2011 Totalt Totalt (mill NOK) 2011 2010 Long Term fixed assets 14 251 13 886 Current Assets 1 596 1 681 Total Assets 15 847 15 566 Equity 4 416 4 989 Long term liabilites 9 882 7 613 Current Liabilites* 1…
4. VESSELS AND MARKETS
MARKET - Construction Service Vessels (CSV) Subsea activity on a high level and increasing High tendering activity and contract awards Clients are building substantial backlogs Limited availability of CSVs Solstad have…
MARKET - Construction Service Vessels (CSV) DLB Norce Endeavour Successful completion of second project in December-11 / Januar-12. Secured 40 100 days of work in Indonesia from July-12. High tendering activity Presently…
FLEET - Construction Service Vessels (CSV) 19 CSVs in operation with strong Quarterly development counterparts Long term contracts with all the major subsea players EBITDA margin 4Q negativly influenced by Utilization/day…
MARKET - Anchor Handling Tug & Supply Vessels (AHTS) Improved rates and utilisation Volatile spot-market Strong long term outlook Large number of deep water rigs to enter the market in coming years North Sea activity to pick…
FLEET - Anchor Handling Tug & Supply Vessels (AHTS) 22 AHTSs in operation world wide Quarterly development Range from 5.500 to 32.000 bhp. Represents approx. 40% of total turnover 43% EBITDA margin in 4Q 11 Periodically strong…
MARKET - Platform Supply Vessels (PSV) Increased demand for PSVs, but supply side continue to rise. Considerable number of vessels still under construction Large number of new drilling rigs, production units and pipelaying…
FLEET - Platform Supply Vessels (PSV) Quarterly development 9 PSVs in operation Normand Arctic delivered from yard early Jan. 12 3 + 5 months to Statoil Contiued good performance during 4Q 11 Annual development Full…
5. MARKET/OUTLOOK
MARKET OUTLOOK Steady high oil price E&P budgets expected to be on a steady high level Demand for large vessels driven by higher deepwater activity and increased number of floating production and drilling units Size and complexity…
MARKET OUTLOOK - Segments Construction Service Vessels (CSV) High tendering and engineering activity gives busy execution years from 2012 onwards Limited number of modern CSVs under construction Anchor Handeling Tug & Supply…
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