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Q4 2011 EARNINGS CALL – Polarcus

Polarcus · Feb 29, 2012 · 21 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. Q4 2011 EARNINGS CALL – Polarcus – slide 1
    Polarcus Limited 29 February, 2012 Rolf Ronningen, CEO Tom Henrik Sundby, CFO www.polarcus.com 1
  2. Q4 2011 EARNINGS CALL – Polarcus – slide 2
    Agenda 1 Highlights 2 Financials 3 Operations & Market update 4 Summary & Q&A www.polarcus.com 3
  3. Q4 2011 EARNINGS CALL – Polarcus – slide 3
    Polarcus a seismic major Major provider of marine 3D seismic services globally Specialized Arctic offering with incorporated technologies 500+ highly experienced seismic and maritime employees Offices in Dubai, London, Houston,…
  4. Q4 2011 EARNINGS CALL – Polarcus – slide 4
    Resilient performance, Arctic breakthrough Revenues of USD 104.9 M in Q4 11, USD 298.6 M for the full year EBITDA of USD 31.1 M in Q4 11, USD 76.3 M for the full year Doubled the fleet from 3 to 6 vessels Strong operational…
  5. Q4 2011 EARNINGS CALL – Polarcus – slide 5
    Agenda 1 Highlights 2 Financials 3 Operations & Market update 4 Summary & Q&A www.polarcus.com 6
  6. Q4 2011 EARNINGS CALL – Polarcus – slide 6
    Financial highlights in Q4 2011 Revenues of USD 104.9 M, 350.0 up 86% from Q4 10 298.6 300.0 EBITDA of USD 31.1 M, up 47% from Q4 10 250.0 EBIT of USD 12.8 M, USD millions 200.0 up 62% from Q4 10 150.0 Net Cash Flow…
  7. Q4 2011 EARNINGS CALL – Polarcus – slide 7
    Fleet Utilization 100% 90% 80% 70% 60% Yard stay (including shakedown) 50% Transit Multi-Client Seismic Contract 40% Exclusive Seismic Contract 30% 20% 10% 0% Q1-10 Q2-10 Q3-10 Q4-10 Q1-11 Q2-11 Q3-11 Q4-11…
  8. Q4 2011 EARNINGS CALL – Polarcus – slide 8
    Consolidated income statement Quarter ended Year ended 31-Dec-11 31-Dec-10 31-Dec-11 31-Dec-10 (In thousands of USD) Notes (Unaudited) (Unaudited) (Unaudited) (Audited) Revenues Contract revenue 98,639 52,848 274,757 119,256…
  9. Q4 2011 EARNINGS CALL – Polarcus – slide 9
    Key financials Quarter ended Year ended (In USD millions) 31-Dec-11 31-Dec-10 31-Dec-11 31-Dec-10 Revenues 104.9 56.3 298.6 122.7 Vessel operating expenses (66.4) (27.5) (188.9) (67.1) EBITDA 31.1 21.2 76.3 30.5 EBIT excluding…
  10. Q4 2011 EARNINGS CALL – Polarcus – slide 10
    Funding Financing of USD 1.45 B secured 1600 NOK 230 M new equity at premium and 1400 NOK 230 M unsecured bond issue in Q4 2011 410 1200 USD 275 M of USD 410 M fleet bank facility 1000 40 Bank loan to be drawn in 2012:…
  11. Q4 2011 EARNINGS CALL – Polarcus – slide 11
    Share information Share Performance Top 20 Shareholders (as per 23 Feb) Shareholder Share % 9.00 10 Million shares turnover SEB ENSKILDA ASA EGE 40,000,000 8.56 NOK SABARO INVESTMENTS L 39,602,834 8.48 8.00 9 DRYDOCKS…
  12. Q4 2011 EARNINGS CALL – Polarcus – slide 12
    Agenda 1 Highlights 2 Financials 3 Operations & Market update 4 Summary & Q&A www.polarcus.com 13
  13. Q4 2011 EARNINGS CALL – Polarcus – slide 13
    RIGHTPLAN, RIGHTSIZE, RIGHTDESIGN Fleet Key Features All new and uniform fleet Reduced noise and vibrations Ice class 1A (except Nadia & Naila ICE C) POLARCUS NADIA & POLARCUS ASIMA & POLARCUS SAMUR & POLARCUS NAILA POLARCUS…
  14. Q4 2011 EARNINGS CALL – Polarcus – slide 14
    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…
  15. Q4 2011 EARNINGS CALL – Polarcus – slide 15
    RIGHTPLAN delivers outstanding quality Planning starts with the geological objectives Outstanding seismic data quality time RightPlan provides the geophysical solution and again, endorsed by our clients Operational excellence…
  16. Q4 2011 EARNINGS CALL – Polarcus – slide 16
    Operational highlights Technical downtime improvement Technical challenges have been 22.4% addressed during 2011 Significant improvements in technical performance throughout the year 7.5% 6.8% 5.8% All vessels delivering…
  17. Q4 2011 EARNINGS CALL – Polarcus – slide 17
    Strengthening backlog Vessel 2011 2012 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec POLARCUS NADIA POLARCUS NAILA POLARUCS ASIMA Average fleet backlog POLARCUS ALIMA POLARCUS SAMUR V. TIKHONOV POLARCUS…
  18. Q4 2011 EARNINGS CALL – Polarcus – slide 18
    Arctic breakthrough Arctic Alaska 93 BBOE Large unexplored region 380 BBOE Russian Arctic equivalent to 27% of estimated world 229 BBOE reserves Twice the size of North West Europe East Canada that held 1/3 of the global fleet…
  19. Q4 2011 EARNINGS CALL – Polarcus – slide 19
    Strong market outlook Estimated Supply Growth, by 3D vessels1 (6 streamer + seismic fleet) 58 59 61 63 Estimated E&P growth of 15 - 20% in 2012 55 Seismic fleet growth of net 3% in 2012 25% of the global fleet have an average…
  20. Q4 2011 EARNINGS CALL – Polarcus – slide 20
    2012 Outlook & Guidance Improved market rates in 2012 driven by strong H2 Fleet OPEX USD 100 k 120 k / day SG&A of USD 40 M for the year (inclusive of all office overhead cost) Vessel new build CAPEX balance USD 300 M Vessel…
  21. Q4 2011 EARNINGS CALL – Polarcus – slide 21
    Summary & Q&A Doubling of the fleet in 2011, from 3 to 6 high-end 3D vessels Timely delivery of two additional vessels in H1 2012 A resilient performance in a challenging Q4 2011 The tightening market is a strong indication of a…

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