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Q2 2012 EARNINGS CALL – Siem Offshore

Siem Offshore · Aug 23, 2012 · 27 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. Q2 2012 EARNINGS CALL – Siem Offshore – slide 1
    Earnings Presentation Second Quarter 2012 CEO Terje Sorensen 23 August 2012
  2. Q2 2012 EARNINGS CALL – Siem Offshore – slide 2
    Highlights Second Quarter 2012 Awarded the first contract for the Renewable Energy Market at a contract value of approximately USD 60 million. Extended the bareboat charter for the PSV Hugin Explorer for a period of six years. Sold…
  3. Q2 2012 EARNINGS CALL – Siem Offshore – slide 3
    Subsequent Events Sale and delivery of the MRSV Siem Swordfish on 31 July 2012 in line with the charterers purchase option exercised in December 2009. The gross sales proceeds are the equivalent of USD 54 million. 3
  4. Q2 2012 EARNINGS CALL – Siem Offshore – slide 4
    Income Statement Second Quarter Twelve Months Second Quarter January - June Ended 2012 2011 2012 2011 2011 Amounts in USD million Unaudited Unaudited Unaudited Unaudited Audited Operating revenue 90.9 78.6 181.8 147.5 340.6 Operating…
  5. Q2 2012 EARNINGS CALL – Siem Offshore – slide 5
    Comments to Second Quarter Income Statement 100% utilization of the MRSV fleet. All vessels on long-term charters. 98% utilization of the PSV fleet. No exposure to the North Sea spot market during the quarter. 72% utilization of…
  6. Q2 2012 EARNINGS CALL – Siem Offshore – slide 6
    Operating Margin
  7. Q2 2012 EARNINGS CALL – Siem Offshore – slide 7
    Operating Margin Second Quarter Q2 2012 Q2 2011 Operating Amounts in Operating Operating Operating Operating Operating Operating Operating margin % USD million revenue expenses margin margin % revenue expenses margin PSVs 23.5 (…
  8. Q2 2012 EARNINGS CALL – Siem Offshore – slide 8
    Operating Margin First Half First half 2012 First half 2011 Operating Amounts in Operating Operating Operating Operating Operating Operating Operating margin % USD million revenue expenses margin margin % revenue expenses margin…
  9. Q2 2012 EARNINGS CALL – Siem Offshore – slide 9
    Siem Offshore Contractors and Siem WIS Major Breakthrough in Renewables Siem Offshore Contractors (SOC) awarded the first contract for the Renewable Energy Market at a contract value of approximately USD 60 million. Installation of…
  10. Q2 2012 EARNINGS CALL – Siem Offshore – slide 10
    Financial Position and Cash Flow
  11. Q2 2012 EARNINGS CALL – Siem Offshore – slide 11
    Statement of Financial Position 30 June 30 June 31 December Amounts in USD million 2012 2011 2011 Unaudited Unaudited Audited Intangible assets 35.4 35.5 35.7 Vessels under construction 89.4 93.2 105.2 Vessels, equipment and other…
  12. Q2 2012 EARNINGS CALL – Siem Offshore – slide 12
    Consolidated Statements of Cash Flows Amounts in USD million 30.06.2012 30.06.2011 31.12.2011 Cash flow from operations Unaudited Unaudited Audited Profit before taxes, excluding interest 28.4 19.6 34.8 Interest paid (15.4) (10.1) (29.1)…
  13. Q2 2012 EARNINGS CALL – Siem Offshore – slide 13
    Future Yard Instalments 2Q Amounts in USD million Future Yard Instalments Q3-2012 Q4-2012 2013 Total OSCVs 0.0 0.0 174.7 174.7 OSRVs 7.4 6.2 3.2 16.8 PSVs 0.0 64.6 67.4 132.0 Total 7.4 70.8 245.2 323.5 Debt facilities Q3-2012 Q4-2012…
  14. Q2 2012 EARNINGS CALL – Siem Offshore – slide 14
    Employment and Deliveries Vessels in Operation and Shipbuilding Contracts
  15. Q2 2012 EARNINGS CALL – Siem Offshore – slide 15
    Vessels in Operation PSV Employment 2012 2013 2014 2015 2016 Owner- Vessel 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q ship Siem Sasha 100 % Siem Sophie 100 % Siem Louisa 100 % Siem Hanne 100 % Siddis Skipper 51 % Siem…
  16. Q2 2012 EARNINGS CALL – Siem Offshore – slide 16
    Vessels in Operation MRSV Employment 2012 2013 2014 2015 2016 Owner Vessel 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q -ship Siem Swordfish 100 % Seven Sisters 100 % Siem Marlin 100 % Adams Vision 100 % Total order…
  17. Q2 2012 EARNINGS CALL – Siem Offshore – slide 17
    Vessels in Operation AHTS Employment 2012 2013 2014 2015 2016 Owner Vessel 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q -ship Siem Pearl 100 % Siem Emerald 100 % Siem Sapphire 100 % Siem Aquamarine 100 % Siem Ruby 100 %…
  18. Q2 2012 EARNINGS CALL – Siem Offshore – slide 18
    Vessels in Operation Other Employment 2012 2013 2014 2015 2016 Owner- Vessel Type 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q ship Big Orange XVIII WSV 41 % Joides Resolution SPV 100 % Total order backlog in % and USD…
  19. Q2 2012 EARNINGS CALL – Siem Offshore – slide 19
    Shipbuilding Contracts Vessel Deliveries 2012 2013 2014 2015 2016 Owner- Vessel Type 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q ship Brazil, Siem Maragogi OSRV 100 % Contract USD 94 million Brazil, Siem Marataizes OSRV 100 %…
  20. Q2 2012 EARNINGS CALL – Siem Offshore – slide 20
    Market outlook
  21. Q2 2012 EARNINGS CALL – Siem Offshore – slide 21
    Market Outlook Summary Current and near term North Sea market for AHTS vessels and PSVs: Weaker than expected spot market in 2Q and up to now. Stable size of North Sea AHTS fleet, but with more vessels operating in the spot market.…
  22. Q2 2012 EARNINGS CALL – Siem Offshore – slide 22
    Global Rig and FPSO Market Global Drilling Market Global FPSO market Under Construction Working * = Ultra Deep Water (UDW) Total UDW Drilling rigs currently working at 109, up from 72 twelve months ago (-12M). Total North Sea…
  23. Q2 2012 EARNINGS CALL – Siem Offshore – slide 23
    Global AHTS and PSV Market: Demand flat last six months, expected up again Global Term Demand utilization AHTS 15k bhp Global Term Demand utilization PSV 3,000 dwt currently around 72%. currently at around 87%. Around 85% excluding…
  24. Q2 2012 EARNINGS CALL – Siem Offshore – slide 24
    North Sea AHTS and PSV Fleet The number of AHTS 15k bhp in the North Sea Number of PSV 3,000 dwt working in the North Sea has decreased in first half of 2012 has increased to around 205 vessels. A larger share of the AHTS15 bhp…
  25. Q2 2012 EARNINGS CALL – Siem Offshore – slide 25
    North Sea AHTS* spot market 2012 AHTS North Sea Term Demand 2Q/3Q AHTS North Sea spot Fleet 2Q/3Q Term demand for AHTS 15,000 bhp has been The lower term demand has resulted in more below expectations for 2Q and 3Q 2012. vessels…
  26. Q2 2012 EARNINGS CALL – Siem Offshore – slide 26
    Demand: North Sea Rigs working (2011 & 2012e) - Rig count continue up in second half of 2012 +5 rigs +5 rigs +12 rigs The number of semis and drillships working in the The number of Jack-Ups working in the North Sea North Sea up…
  27. Q2 2012 EARNINGS CALL – Siem Offshore – slide 27
    Offshore Construction Vessel (OCV) market Global Fleet ROV/MSV/DSV vessels 120m Global X-mas Tree installations +25-85% The Global Fleet of ROV/MSV/DSV Offshore Global number of X-Mas Tree installations as a Construction…

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