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Q3 2013 EARNINGS CALL – Siem Offshore

Siem Offshore · Oct 24, 2013 · 26 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. Q3 2013 EARNINGS CALL – Siem Offshore – slide 1
    Earnings Presentation Third Quarter 2013 CEO Terje Sorensen 24 October 2013
  2. Q3 2013 EARNINGS CALL – Siem Offshore – slide 2
    Highlights 2013 Third Quarter Acquired 50% of Secunda Canada LP, owner and operator of six offshore support vessels on Canadas East Cost. Awarded a 5-year firm contract with two yearly options for the second of its four offshore…
  3. Q3 2013 EARNINGS CALL – Siem Offshore – slide 3
    Income Statement Third Quarter Twelve Third Quarter January - September Months Ended 2013 2012 2013 2012 2012 Amounts in USD million Unaudited Unaudited Unaudited Unaudited Audited Operating revenue 96.7 104.4 268.9 286.2 368.2…
  4. Q3 2013 EARNINGS CALL – Siem Offshore – slide 4
    Adjusted Net Profit Twelve Third Quarter January - September Months Ended 2013 2012 2013 2012 2012 Amounts in USD million Unaudited Unaudited Unaudited Unaudited Audited Net Profit (loss) 23.3 18.2 25.2 24.6 15.4 Unrealized (profit)…
  5. Q3 2013 EARNINGS CALL – Siem Offshore – slide 5
    Comments to Third Quarter Income Statement 100% utilisation of the OSCV fleet. 3 vessels in operation at the end of the quarter. First of four OSCVs under construction delivered in August. All vessels on long-term charters. 83%…
  6. Q3 2013 EARNINGS CALL – Siem Offshore – slide 6
    Operating Margin Third Quarter 3Q 2013 3Q 2012 Amounts in Operating Operating Operating Operating Operating Operating Operating Operating USD million revenue expenses margin margin % revenue expenses margin margin % PSVs 25.4 ( 13.4)…
  7. Q3 2013 EARNINGS CALL – Siem Offshore – slide 7
    Financial Position and Cash Flow
  8. Q3 2013 EARNINGS CALL – Siem Offshore – slide 8
    Statement of Financial Position 30.09.2013 30.09.2012 31.12.2012 Amounts in USD million Unaudited Unaudited Audited Intangible assets 35.9 35.9 36.3 Vessels under construction 119.2 93.7 108.4 Vessels, equipment and capitalized…
  9. Q3 2013 EARNINGS CALL – Siem Offshore – slide 9
    Consolidated Statements of Cash Flows 01.01.2013 - 01.01.2012- 01.01.2012- 30.09.2013 30.09.2012 31.12.2012 Cash flow from operations Unaudited Unaudited Audited Profit before taxes, excluding interest 49.5 51.1 47.9 Interest paid…
  10. Q3 2013 EARNINGS CALL – Siem Offshore – slide 10
    Future Yard Instalments Amounts in USD million Future Yard Instalments Q4-2013 2014 2015 Total ISV 0.0 35.5 0.0 35.5 OSCVs 87.3 180.9 0.0 268.2 OSRVs 5.3 3.3 0.0 8.6 PSVs 6.2 112.3 49.3 167.7 CLV 8.2 4.1 65.9 78.3 Total 107.0 336.1…
  11. Q3 2013 EARNINGS CALL – Siem Offshore – slide 11
    Debt Maturity Profile 2013 (3M) - 2018 No major bullet maturities on bank loans before 2015, limiting refinancing risk Scheduled balloon payment (re-financing) of 6 AHTS vessels in 2015 can be postponed to 2018 subject to profile…
  12. Q3 2013 EARNINGS CALL – Siem Offshore – slide 12
    Siem Offshore Contractors - Submarine power cable activities Agreed a revised schedule with its client, EnBW, incorporating the shift in start date from 2013 to 2014 on the Baltic 2 Offshore Wind Farm (OWF) project due to delays…
  13. Q3 2013 EARNINGS CALL – Siem Offshore – slide 13
    Siem WIS The planned operations on Gullfaks for the PCD 3000 has been put on-hold due to new data of the pore pressure prognosis which changed the clients strategy on drilling. Signed a back-to-back contract with M-I Swaco, a…
  14. Q3 2013 EARNINGS CALL – Siem Offshore – slide 14
    Secunda Canada LP (Secunda) - Siem Offshore acquired 50% of Secunda in third quarter 2013 Siem Offshore acquired 50 percent ownership in Key data and financials on Secunda Secunda on 9th of September 2013 at a purchase Fleet: 6…
  15. Q3 2013 EARNINGS CALL – Siem Offshore – slide 15
    Employment and Deliveries Vessels in Operation and Shipbuilding Contracts
  16. Q3 2013 EARNINGS CALL – Siem Offshore – slide 16
    Fleet overview - 36 vessels in operation and 10 vessels under construction Vessels in operation Vessels under construction (Delivery 2013, 2014 & 2015) AHTS OSCV OSCV OSRV 101) 3 3 2 Core Drilling Vessel PSV (3,300 4,700…
  17. Q3 2013 EARNINGS CALL – Siem Offshore – slide 17
    Employment Vessels in operation 2013 2014 2015 2016 Vessel Type Ownership 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Siem Sasha PSV 100 % Siem Sophie PSV 100 % Siem Louisa PSV 100 % Siem Hanne PSV 100 % Siddis Skipper PSV 51 % Siem…
  18. Q3 2013 EARNINGS CALL – Siem Offshore – slide 18
    Employment Vessels in operation (cont.) 2013 2014 2015 2016 Vessel Type Ownership 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Big Orange XVIII WSV 41 % Joides Resolution SPV 100 % Burin Sea AHTS 50% Panuke Sea PSV 50% Ryan Leet MPSV 50%…
  19. Q3 2013 EARNINGS CALL – Siem Offshore – slide 19
    Employment Vessels under construction 2013 2014 2015 2016 Vessel Type Ownership 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Brazil, Siem Maragogi OSRV 100 % Brazil, Siem Marataizes OSRV 100 % Brazil Siem Giant PSV 100 % Norway, Siem…
  20. Q3 2013 EARNINGS CALL – Siem Offshore – slide 20
    Market Outlook
  21. Q3 2013 EARNINGS CALL – Siem Offshore – slide 21
    Market Outlook Summary Current and near term North Sea market for AHTS vessels and PSVs: Seasonally increased activity supported utilization and spot market fixture rates for high-end AHTS vessels in the North Sea during most of the…
  22. Q3 2013 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 128, up from 111 twelve months ago (-12M). Total North…
  23. Q3 2013 EARNINGS CALL – Siem Offshore – slide 23
    Global AHTS and PSV Market - Increased global term demand from drilling support activity Y/Y Global term demand utilisation for AHTS 15k bhp Global Term Demand utilisation PSV 3,000 dwt currently at approximately 78%. currently at…
  24. Q3 2013 EARNINGS CALL – Siem Offshore – slide 24
    North Sea AHTS and PSV Fleet The number of AHTS 15k bhp operating in the The current number of PSVs 3,000 dwt operating North Sea has been relatively stable YTD. in the North Sea at approximately 215 vessels. Current operating…
  25. Q3 2013 EARNINGS CALL – Siem Offshore – slide 25
    Demand: North Sea Rigs working - Number of working floaters increasing following new entries +1 rig y/y + flat y/y The number of semis and drillships working in the The number of jack-ups working in the North Sea is North Sea…
  26. Q3 2013 EARNINGS CALL – Siem Offshore – slide 26
    Offshore Construction Vessel (OCV) market Global Fleet ROV/MSV/DSV vessels 120m Global X-mas Tree installations + 10 - 50% The Global Fleet of ROV/MSV/DSV Offshore Global number of X-mas Tree installations as a Construction…

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