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Q4 2010 EARNINGS CALL – Siem Offshore

Siem Offshore · Feb 24, 2011 · 22 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 2010 EARNINGS CALL – Siem Offshore – slide 1
    Earnings Presentation Fourth Quarter 2010 CEO Terje Sorensen CFO Dagfinn Lie 24 February 2011
  2. Q4 2010 EARNINGS CALL – Siem Offshore – slide 2
    Highlights Fourth Quarter 2010 PSV Siem Mollie was sold in December and the Company recorded a net gain of USD 7 million in the fourth quarter. Delivery of the seventh AHTS vessel, the Siem Diamond, owned by the Company and the…
  3. Q4 2010 EARNINGS CALL – Siem Offshore – slide 3
    Subsequent Events Delivery of the second AHTS vessel, the Siem Opal , to the pool partner, Singa Star. Sale of the Companys minority shareholding of 34% in the company, WellCem AS, at a price equal to cost. One year contract…
  4. Q4 2010 EARNINGS CALL – Siem Offshore – slide 4
    Income Statement Q4 January - December 2010 2009 2010 2009 Amounts in USD million Unaudited Unaudited Unaudited Audited Operating Revenue 60.9 49.2 228.3 183.6 Operating expenses ( 34.9) ( 33.4) ( 127.6) ( 106.0) Administration expenses…
  5. Q4 2010 EARNINGS CALL – Siem Offshore – slide 5
    Operating Margin
  6. Q4 2010 EARNINGS CALL – Siem Offshore – slide 6
    Operating Margin Q4 Q4 2010 Q4 2009 Amounts in Operating Operating Operating Operating Operating Operating USD million revenue expenses margin revenue expenses margin PSV 26.7 ( 10.8) 15.9 21.9 ( 11.1) 10.8 MRSV 14.1 ( 5.1) 9.0 18.0 (…
  7. Q4 2010 EARNINGS CALL – Siem Offshore – slide 7
    Siem WIS Status applications The main focus within Siem WIS has been to improve the Pressure Control Device (the PCD) based on the experiences from the Gullfaks C operation for Statoil. These improvements are important to qualify the…
  8. Q4 2010 EARNINGS CALL – Siem Offshore – slide 8
    Associated Companies Amounts in USD million Q4 31 December Result from assiciated companies 2010 2009 2010 2009 Overseas Drilling Ltd. (50%) 2.2 2.5 8.0 6.3 KS Big Orange XVlll (41.33%) ( 0.9) 0.6 ( 0.2) 0.2 Ocean Commander KS (35%)…
  9. Q4 2010 EARNINGS CALL – Siem Offshore – slide 9
    Financial Position and Cash Flow
  10. Q4 2010 EARNINGS CALL – Siem Offshore – slide 10
    Statement of Financial Position 31 December 31 December Amounts in USD million 2010 2009 Unaudited Audited Intangible assets 15.2 14.1 Vessels under construction 106.0 208.5 Vessels. equipment and other 1,287.9 762.5 CIRR loan deposits…
  11. Q4 2010 EARNINGS CALL – Siem Offshore – slide 11
    Consolidated Statement of Cash Flows Amounts in USD million 31.12.2010 31.12.2009 Cash flow from operations Unaudited Audited Profit /(loss) before taxes, excluding interest 23.7 106.6 Depreciation and amortization 59.3 37.2 Effect of…
  12. Q4 2010 EARNINGS CALL – Siem Offshore – slide 12
    Future Yard Instalments Amounts in USD million Future yard Q1-2011 Q2-2011 Q3-2011 Q4-2011 2012 2013 2014 Total instalments AHTS Vessels 0.0 83.2 0.0 0.0 0.0 0.0 0.0 83.2 FCVs and FSVs 2.1 0.4 0.0 0.0 0.0 0.0 0.0 2.5 OSRVs 13.0 9.4 8.4…
  13. Q4 2010 EARNINGS CALL – Siem Offshore – slide 13
    Debt Facilities (forecasted) Amounts in USD million Q1-2011 Q2-2011 Q3-2011 Q4-2011 2012 2013 2014 Total Debt facilities Open balance 810.2 768.7 827.1 819.1 794.1 769.2 752.0 810.2 Drawings 1) 1.2 84.1 37.7 2.8 78.7 62.6 0.0 267.1…
  14. Q4 2010 EARNINGS CALL – Siem Offshore – slide 14
    Employment and Deliveries Vessels in Operation and Shipbuilding Contracts
  15. Q4 2010 EARNINGS CALL – Siem Offshore – slide 15
    Vessels in Operation PSV Employment 2011 2012 2013 2014 2015 Owner- Vessel 1Q 2Q 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 Danis 100 % Siem Hanne 100 %…
  16. Q4 2010 EARNINGS CALL – Siem Offshore – slide 16
    Vessels in Operation MRSV and AHTS Employment 2011 2012 2013 2014 2015 Owner- Vessel 1Q 2Q 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 % 100…
  17. Q4 2010 EARNINGS CALL – Siem Offshore – slide 17
    Vessels in Operation Other Employment 2011 2012 2013 2014 2015 Owner- Vessel Type 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q ship Big Orange WSV 41 % XVIII Joides SPV 50 % Resolution Total order backlog in % and…
  18. Q4 2010 EARNINGS CALL – Siem Offshore – slide 18
    Shipbuilding Contracts Vessel Deliveries 2011 2012 2013 2014 2015 Owner- Vessel Type 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q ship Siem Amethyst AHTS 100 % Contract USD 23 million Siem Caets FSV 100 % Siem Carajs…
  19. Q4 2010 EARNINGS CALL – Siem Offshore – slide 19
    Market outlook
  20. Q4 2010 EARNINGS CALL – Siem Offshore – slide 20
    Market Outlook The North Sea spot market has been weak during the fourth quarter 2010 as predicted. The North Sea spot market should improve from 2Q10 due to increased activity and vessels leaving for term contract work in other…
  21. Q4 2010 EARNINGS CALL – Siem Offshore – slide 21
    Global Rig and FPSO Market Global Floater market Global FPSO market * = Ultra Deep Water (UDW) Total UDW Drilling rigs currently working at 57, up from 43 twelve months ago (-12M). Total North Sea Floater Rigs currently…
  22. Q4 2010 EARNINGS CALL – Siem Offshore – slide 22
    70 UDW Drilling Rigs under construction Rig Name Construction Status Rig Name Construction Status Rig Name Construction Status 1 Aker Drsh Tbn1 Planned 25 Island Innovator Under Construction 48 Pride Drsh Tbn5 On Order 2 Aker Drsh…

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