4Q 2012 & PRELIMINARY ACCOUNTS 2012 1. Solstad Offshore in brief 2. Highlights YTD 3. Financials 4. Vessels and markets 5. Outlook
SOLSTAD OFFSHORE IN BRIEF Founded in 1964. Head-office in Skudeneshavn, Norway. Operations worldwide The North Sea, Brazil, US Gulf, West Africa, Asia etc. Listed on Oslo Stock Exchange (Ticker: SOFF). Main office in Skudeneshavn and…
THE SOLSTAD OFFSHORE FLEET (50 VESSELS IN OPERATION) Vessels: 20 Newbuild: 2 Skudeneshavn Aberdeen Vessels: 5 Vessels: 4 Manila Kuala Lumpur Singapore Vessels: 2 Vessels: 5 Rio de Janeiro Vessels: 1 Vessels:…
SOLSTAD OFFSHORE HIGHLIGHTS 31.12.12 Good earning Major transactions 2012 margins and stable Tookvalues underlying delivery of one newbuild PSV LNG (Normand Arctic) Declared purchase option on two smaller AHTS (Nor Captain and Nor…
SOLSTAD OFFSHORE HIGHLIGHTS 31.12.12 Good earning margins and stable underlying values Operational & Commercial highlights 4Q 2012 Large NS spot exposure during quarter Norce Endeavour started contract with Leighton Contractors…
3. FINANCIALS
OPERATING REVENUE AND EBITDA (EX. GAIN ON SALE OF ASSET / INCL. SHARE IN JV)
PROFIT & LOSS ACCOUNTS 31. December 2012 4Q 4Q Total Total (Mill NOK) 2012 2011 2012 2011 Total Operating Income 759 823 3 362 2 980 Operating expenses (479) (542) (1 928) (1 910) Ord. Depreciation (1) (156) (200) (494) (758)…
BALANCE 31. December 2012 2012 2011 (Mill NOK) 31.12 31.12 Long Term fixed assets 13 056 14 087 Current assets 1 605 1 582 Total assets (1) 14 661 15 673 Equity 4 643 4 416 Long Term liabilites 7 122 9 601 Current liabilites…
THE SOLSTAD FLEET MARKET SEGMENTS 1)Based broker valuations as of 30.12.2012 with SOFFs 50% share in Normand Installer and Normand Oceanic
MARKET Construction Service Vessels (CSV) Subsea market driven by solid fundamentals High tendering activity and contract awards Clients are building substantial backlogs Limited availability of modern large CSVs. SOFF has…
MARKET Construction Service Vessels (CSV) Ordered a medium sized CSV for long term contract with Reach Subsea ASA Favourable delivery time in May 14 Cost price NOK 600 mill 5 year T/C with a total contract value NOK 650 mill…
FLEET Construction Service Vessels (CSV) Margins 4Q 12 negatively affected by seasonal inactivity 86% utilization Good operational performance Completion of seasonal contracts Normand Baltic, Normand Mermaid and Normand Pioneer…
MARKET Anchor Handling Tug & Supply (AHTS) Weak North spot market continued through 4Q Decent activity but too many vessels Volatile winter season expected also for 1Q 13 Positive medium to long term outlook Large number of DW…
FLEET Anchor Handling Tug & Supply (AHTS) 22 AHTSs in operation world wide Range from 5.500 to 32.000 bhp 88% utilization in 4Q 2012 Operational highlights 4Q 2012 Completed planned dry-docking of 3 vessels 4 vessels traded the…
MARKET Platform Supply Vessels (PSV) Activity level is high, High tendering activity Rates are picking up Demand will continue to rise as new drilling rigs and production units begin their operations Many new vessels are…
FLEET Platform Supply Vessels (PSV) Operational highlights 4Q 2012 Margins negatively influenced by oversupply, low utilization and day rates in NS spot marked 3 vessels traded the spot market throughout the quarter 89%…
5. MARKET/OUTLOOK
FUTURE OUTLOOK A continued high oil price gives E&P budgets on a steady high level Demand for vessels, equipment and people, will continue to grow Strong focus on keeping cost on a competitive level Demand for Subsea construction…
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