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Q2 2013 EARNINGS CALL – Polarcus

Polarcus · Jul 24, 2013 · 31 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 2013 EARNINGS CALL – Polarcus – slide 1
    Polarcus Limited 24 July, 2013 Rolf Ronningen, CEO Tom Henrik Sundby, CFO www.polarcus.com 1
  2. Q2 2013 EARNINGS CALL – Polarcus – slide 2
    Agenda 1 Highlights 2 Financials 3 Operations & Market update 4 Summary & Q&A 5 Appendices www.polarcus.com 3
  3. Q2 2013 EARNINGS CALL – Polarcus – slide 3
    LONG TRANSITS HIT EARNINGS HIGHLIGHTS Q2 2013: Revenues of USD 130.5 million, up 14% from Q2 2012 EBITDA of USD 51.1 million, up 19% from Q2 2012 EBIT of USD 26.7 million, up 22% from Q2 2012 Net Cash Flow from operating activities…
  4. Q2 2013 EARNINGS CALL – Polarcus – slide 4
    Agenda 1 Highlights 2 Financials 3 Operations & Market update 4 Summary & Q&A 5 Appendices www.polarcus.com 5
  5. Q2 2013 EARNINGS CALL – Polarcus – slide 5
    Consolidated income statement Quarter ended Six months ended Year ended (In thousands of USD) 30-Jun-13 30-Jun-12 30-Jun-13 30-Jun-12 31-Dec-12 Revenues Contract revenue 119,723 108,867 255,521 204,296 495,338 Multi-client revenue…
  6. Q2 2013 EARNINGS CALL – Polarcus – slide 6
    Cash flow Quarter ended Six months ended Year ended (In thousands of USD) 30-Jun-13 30-Jun-12 30-Jun-13 30-Jun-12 31-Dec-12 Cash flows from operating activities Profit/(loss) for the period 6,281 3,414 16,139 (7,991) 9,829…
  7. Q2 2013 EARNINGS CALL – Polarcus – slide 7
    Key financials Quarter ended Six months ended Year ended (In millions of USD) 30-Jun-13 30-Jun-12 30-Jun-13 30-Jun-12 31-Dec-12 Revenues 130.5 114.3 275.3 214.2 529.3 Vessel operating expenses (71.3) (65.3) (155.4) (133.3) (312.7)…
  8. Q2 2013 EARNINGS CALL – Polarcus – slide 8
    - 10 20 30 40 50 60 70 (10) - 100 150 200 50 Q1-10 Q1-10 Q2-10 www.polarcus.com Q2-10 Q3-10 Q3-10 Q4-10 Q4-10 Q1-11 Q1-11 Q2-11 Q2-11 Q3-11 Q3-11 EBITDA Q4-11 Q4-11 Revenues Q1-12 Q1-12…
  9. Q2 2013 EARNINGS CALL – Polarcus – slide 9
    Fleet Utilization 85% in Q2 - 13 100% 1% 2% 3% 2% 1% 2% 2% 1% 4% 5% 3% 4% 10% 10% 10% 7% 13% 7% 13% 14% 90% 13% 16% 18% 6% 19% 17% 9% 25% 8% 80% 13% 13% 8% 3% 35% 70% 16% 30% 60% Yard stay (including shakedown) 50%…
  10. Q2 2013 EARNINGS CALL – Polarcus – slide 10
    Refinancing New debt maturity profile USD 95 million unsecured bond with 8% interest to refinance: USD 60 million 2nd lien 2011/2016 125 bond with 12.5% interest 95 120 110 (repurchasing USD 35 million 2008/2013 The vessels…
  11. Q2 2013 EARNINGS CALL – Polarcus – slide 11
    Polarcus share information Top 20 Shareholders (as per 08 July) Listed on the Oslo Stock Shareholder ZICKERMAN HOLDING LT Share 40,571,476 % 8.00 Exchange VARMA MUTUAL PENSION 23,648,025 4.66 ZICKERMAN GROUP LTD 22,948,081…
  12. Q2 2013 EARNINGS CALL – Polarcus – slide 12
    Agenda 1 Highlights 2 Financials 3 Operations & Market update 4 Summary & Q&A 5 Appendices www.polarcus.com 13
  13. Q2 2013 EARNINGS CALL – Polarcus – slide 13
    Operational performance End June Technical downtime < 5% for Q2 Polarcus Asima Completion of 12 month Woodside Polarcus Nadia project in Q2 (22,000 sq.km in 11 months) Polarcus Amani Production record of 2900sq.km Polarcus…
  14. Q2 2013 EARNINGS CALL – Polarcus – slide 14
    Polarcus Nadia & Naila propulsion upgrade Polarcus Nadia and Naila are the only vessels with thruster units in the PLCS fleet. Upgrade to Berg Propulsion Twin Fin conventional straight shaft is planned for H1 and H2 2014 CAPEX of…
  15. Q2 2013 EARNINGS CALL – Polarcus – slide 15
    Multi-client library in the making MC Project Library of 25,000 km 3D data USD 10.8 million prefunding negatively impacted by delays in UK block awards Delayed revenue from Africa projects library Two new UK MC projects…
  16. Q2 2013 EARNINGS CALL – Polarcus – slide 16
    Global 3D Seismic Fleet Capacity No. Vessels Company Vessel Streamer cap. Estimated seismic fleet growth 2013 2015 net 2013 +1 PGS Ramform Titan 16 2% YOY assuming vessel retirement +1 Dolphin Sanco Swift 12 +1 PGS Ramform…
  17. Q2 2013 EARNINGS CALL – Polarcus – slide 17
    Robust E&P demand USD/bbl Comfort zone Brent crude oil Double digit E&P growth 140 expected YOY for the coming 120 100 few years 80 60 Marine seismic representing 40 20 3% of Global Offshore E&P 0 spend 2007 Report…
  18. Q2 2013 EARNINGS CALL – Polarcus – slide 18
    Global seismic outlook Russian Arctic: Rosneft & Gazprom awarded extensive acreage North America: Increased focus NW Europe: Consistent high from Supermajors and new WAZ activity for MC and Contract surveys in Nova Scotia behind active…
  19. Q2 2013 EARNINGS CALL – Polarcus – slide 19
    Russia 3D market outlook 2013-18 Russian Arctic offshore surface area 6.2 million km ( 4 x the size of GOM) Rosneft & Gazprom JV partners Exxon, Statoil, ENI, Shell and many others Russian Arctic potentially holds 10X the BOE of the…
  20. Q2 2013 EARNINGS CALL – Polarcus – slide 20
    Backlog Received contract tenders in USD million (As of mid July) USD 260 million contract backlog* 400 Millions 350 New contracts closed in the range of 300 USD 260k-330k/day 250 Booked capacity Q3 2013 - 95% 200…
  21. Q2 2013 EARNINGS CALL – Polarcus – slide 21
    Guiding 2013 OPEX of USD 120k-130k in North Sea, but excluding other geographical uplifts CAPEX Investments of USD 65 million includes USD 9 million of thruster upgrades Multi-client cash investments of USD 50 million…
  22. Q2 2013 EARNINGS CALL – Polarcus – slide 22
    Agenda 1 Highlights 2 Financials 3 Operations & Market update 4 Summary & Q&A 5 Appendices www.polarcus.com 23
  23. Q2 2013 EARNINGS CALL – Polarcus – slide 23
    RIGHTSIZE, RIGHTDESIGN, RIGHTPLAN Strong operational performance Refinancing with lower interest rates Focus on improving margins and generating cash www.polarcus.com 24
  24. Q2 2013 EARNINGS CALL – Polarcus – slide 24
    Agenda 1 Highlights 2 Financials 3 Operations & Market update 4 Summary & Q&A 5 Appendices www.polarcus.com 25
  25. Q2 2013 EARNINGS CALL – Polarcus – slide 25
    Polarcus in brief Seven high-end 3D seismic vessels equiv. 11% market share Youngest most uniform fleet in industry 500+ professionals and global presence State of the art technology with complete broadband solution…
  26. Q2 2013 EARNINGS CALL – Polarcus – slide 26
    RIGHTSIZE RIGHTDESIGN RIGHTPLAN Polarcus Nadia Polarcus Naila Polarcus Asima Polarcus Alima Type 3D Vessel Type 3D Vessel Type 3D Vessel Type 3D Vessel Design Ulstein SX124 Design Ulstein SX124 Design Ulstein SX134 Design Ulstein…
  27. Q2 2013 EARNINGS CALL – Polarcus – slide 27
    Polarcus offering First High Base- High 4D Multi- Multi- Arctic Multi Pass Density line 4D density Monitor vessel vessel Operations Azimuth Wide tow 3D 4D 3D 4D Monitor Vessel + Equipment Personnel + Procedures Acquisition…
  28. Q2 2013 EARNINGS CALL – Polarcus – slide 28
    Awards through RIGHTDESIGN DYNPOS-AUTR Systems redundancy CLEAN DESIGN IMO Green Passport with DP2 High specification Triple E exhaust catalysts Environmental & Energy Efficiency Sentinel solid streamers ULSTEIN X-BOW…
  29. Q2 2013 EARNINGS CALL – Polarcus – slide 29
    Pioneering environmental leadership DNVs Triple-E is a voluntary environmental performance rating scheme for ships, independent of class, age and flag 1 Key measures of Energy & Environmental Efficiency : 2 Leading Environmental…
  30. Q2 2013 EARNINGS CALL – Polarcus – slide 30
    Debt overview Balance Debt Security Size Tenure Maturity Interest 30 June 2013 Convertible bond Unsecured USD 35m USD 35m 5 years Jul-13 8.50% Unsecured bond Unsecured NOK 230m NOK 230m 3 years Nov-14 14.00% Unsecured bond…
  31. Q2 2013 EARNINGS CALL – Polarcus – slide 31
    www.polarcus.com 32

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