Skip to main content Q3 2013 EARNINGS CALL – Dolphin Geophysical Asa Investor Presentation | Shale Experts
Loading...
Pm

Q3 2013 EARNINGS CALL – Dolphin Geophysical Asa

Dolphin Geophysical Asa · Nov 13, 2013 · 33 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 – Dolphin Geophysical Asa – slide 1
    Dolphin improves operating margins and creates strong visibility through USD 140 million backlog Corporate Presentation 13th November 2013 Unaudited 3rd quarter and 9 months 2013 Financial Result By Atle Jacobsen (CEO) & Erik…
  2. Q3 2013 EARNINGS CALL – Dolphin Geophysical Asa – slide 2
    Table of contents I. Highlights and financials for Q3 2013 II. Company overview III. Market update 3
  3. Q3 2013 EARNINGS CALL – Dolphin Geophysical Asa – slide 3
    Atle Jacobsen, Dolphin Group CEO, commented for Q3 Dolphin delivered solid operating margins for third quarter with EBIT of 25%, driven by improved contract prices and high vessel efficiency. As for the entire seismic industry, Dolphin…
  4. Q3 2013 EARNINGS CALL – Dolphin Geophysical Asa – slide 4
    HIGHLIGHTS QUARTERLY HIGHLIGHTS Q3 2013 Revenues of USD 70 million and YTD of USD 208 million EBITDA of USD 26.4 million (38%) and YTD of 72.5 million (35%) EBIT of USD 17.4 million (25%) and YTD of 45.0 million (22%) Net Income…
  5. Q3 2013 EARNINGS CALL – Dolphin Geophysical Asa – slide 5
    Dolphin financials - quarterly developments (USDmillion) Q3 - Revenues of USD 70.1 million, compared to USD 61.2 million in Q3 2012 Q3 - EBITDA of USD 26.4 million (38%), compared to USD 28.9 million in Q3 2012 Q3 - EBIT of USD…
  6. Q3 2013 EARNINGS CALL – Dolphin Geophysical Asa – slide 6
    Continued high contract vs Multi-Client revenues Quarterly revenue split Revenue (USDm) 30.1 34.6 50.1 61.2 75.5 69.2 68.4 70.1 100% 4% 1% 1% 2% Other 14% 10% 11% 11% 9% 90% 13% 32% 26% Multi-Client 80% 70% revenues* 60% 50%…
  7. Q3 2013 EARNINGS CALL – Dolphin Geophysical Asa – slide 7
    Distribution of revenues and Multi-Client library performance In millions of USD Q3 2013 Q3 2012 YTD 2013 YTD 2012 Year 2012 Strong contract sales for Q3, Geophysical Contract 61.8 44.5 180.1 106.4 171.7 due to efficient operations MCS…
  8. Q3 2013 EARNINGS CALL – Dolphin Geophysical Asa – slide 8
    Significant growth in Revenues and profit YoY Key Financials Figures Q3 and first nine months 2013 results Q3 2013 Q3 2012 YTD 2013 Year 2012 Significant growth YoY Amount in USD million Net operating revenues 70.1 61.2 207.7 221.3…
  9. Q3 2013 EARNINGS CALL – Dolphin Geophysical Asa – slide 9
    Solid cash-flow from operations in Q3 Dolphin CashFlow as per Q3 2013 Q3 2013 Q3 2012 YTD 2013 In thousands of USD Unaudited Unaudited Unaudited Solid cash-flow from operations Operating Activities USD 31 million Profi t before tax…
  10. Q3 2013 EARNINGS CALL – Dolphin Geophysical Asa – slide 10
    Dolphin Multi-Client seismic data assets - BV of USD 61 million 70 Library book value 61 60 Attractive Multi-Client library, well 50 41 46 positioned and built on limited cash- 37 39 40 investments 30 21 20 13 Healthy balance between…
  11. Q3 2013 EARNINGS CALL – Dolphin Geophysical Asa – slide 11
    New DnB/SR-Bank loan facility of USD 93 million Key facts: Dolphin benefits: USD 50 million undrawn 1. Facility to be used for Polar LIBOR + 400 bpts Marquis and Sanco Sword Minor adjustments to covenants*: 2. Structure allows for…
  12. Q3 2013 EARNINGS CALL – Dolphin Geophysical Asa – slide 12
    Dolphin has a history of strong value creation Dec 2010: Oct 2011: Feb 2013: Private Placement Private Placement Private Placement NOK 391m at NOK 2.5 NOK 215m at NOK 3.0 NOK 226m at NOK 7.4 Strong value creation, executing on 3,000…
  13. Q3 2013 EARNINGS CALL – Dolphin Geophysical Asa – slide 13
    Table of contents I. Highlights and Financials for Q3 2013 II. Company overview III. Market update 14
  14. Q3 2013 EARNINGS CALL – Dolphin Geophysical Asa – slide 14
    Dolphin Group at a glance A full service marine geophysical company providing high quality: Contract seismic Multi-Client Processing Long-term charter of a fleet of eight seismic vessels: Long-term charter of seven modern 3D…
  15. Q3 2013 EARNINGS CALL – Dolphin Geophysical Asa – slide 15
    Focus on operational efficiency and shareholder value Business Strategy Position Dolphin as a pure play exposure to the seismic market through Pure play seismic contract seismic, Multi-Client and seismic data processing market exposure…
  16. Q3 2013 EARNINGS CALL – Dolphin Geophysical Asa – slide 16
    Dolphin Group Business segments MARINE MULTI-CLIENT PROCESSING EXPANDING MODERN FLEET GROWING MULTI-CLIENT FULL ONSHORE AND OFFSHORE DATA LIBRARY PROCESSING SERVICE In production Library of modern 2D and In house software…
  17. Q3 2013 EARNINGS CALL – Dolphin Geophysical Asa – slide 17
    Our high-end 3D capacity more than doubles within 12 months ILLUSTRATIVE Revenues USD million Revenues SuperDuke (Mar 15) are growing with an Sanco Sword (Mar 14) expanding fleet Polar Marquis (April 14) 300 221 208…
  18. Q3 2013 EARNINGS CALL – Dolphin Geophysical Asa – slide 18
    Four high-end 3D seismic vessels to be delivered in 2013-2015 complementing one of the industrys most modern fleets Artemis Atlantic (2D) Polar Duchess (3D, 12-14 str) Sanco Swift (3D, 16 str) Sanco Sword (3D, 16 str) Delivered May…
  19. Q3 2013 EARNINGS CALL – Dolphin Geophysical Asa – slide 19
    One of the most modern fleets in the seismic industry Age distribution of marine seismic 3D fleet (including newbuild orders) 2010 2011 2012 2013 2014 2015 2014 2012 2010 2008 2006 Median fleet age (including newbuild orders) :…
  20. Q3 2013 EARNINGS CALL – Dolphin Geophysical Asa – slide 20
    Q3 Vessel schedule (for illustration purposes) Vessel JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUNE JULY Polar Duke North Sea Med India North Sea Polar Duchess Med Artemis Arctic North Sea Med India North Sea Artemis Atlantic…
  21. Q3 2013 EARNINGS CALL – Dolphin Geophysical Asa – slide 21
    Current Geographic presence all positioned in the North Sea Barents Sea Artemis Arctic (contract) 3,000 km2 3D MC WoS/Faroes 2,050 km 2D MC Artemis Atlantic North Sea Bergen 5,000 km2 3D MC Oslo Central Graben London Deepwater…
  22. Q3 2013 EARNINGS CALL – Dolphin Geophysical Asa – slide 22
    Multi-Client status Q3 projects UtStord High Resolution 3D UtStord 3D survey extension from 3,200 km2 to 5,060 km2 but with a lower pre-funding rate This new MC survey is adjacent to the Johan Sverdrup Field UtStord Area Award of…
  23. Q3 2013 EARNINGS CALL – Dolphin Geophysical Asa – slide 23
    Multi-Client in the Barentsea started in October Maud Basin SHarp BroadBand 3D Covers about 3,300 km2 of mostly open acreage potentially in the Norwegian 23rd Licensing Round About 1/3 already acquired and in processing This…
  24. Q3 2013 EARNINGS CALL – Dolphin Geophysical Asa – slide 24
    Dolphin to begin Olho de Boi 3D survey offshore Brazil in November Dolphin in partnership with TGS is poised begin acquisition of a 5,000 km2 3D SHarp Broadband survey utilising the Sanco Swift. Processing is to be completed by TGS…
  25. Q3 2013 EARNINGS CALL – Dolphin Geophysical Asa – slide 25
    Processing status Financials Revenue shift towards Multi-Client as expected Q4 will see an uplift in external revenue Building backlog for 2014 Sub-salt PSDM Acquisition of assets from Quantum Geoservices PTE Permanent presence in…
  26. Q3 2013 EARNINGS CALL – Dolphin Geophysical Asa – slide 26
    Dolphin broadband technology - SHarp Accepted by the industry Proven case histories Recognition of AVO and processing advantages over other broadband techniques Calm sea Close to 50% of all Dolphin surveys acquired by Dolphin are…
  27. Q3 2013 EARNINGS CALL – Dolphin Geophysical Asa – slide 27
    Table of contents I. Highlights and financials for Q3 2013 II. Company overview III. Market update IV. Market update V. Market update 28
  28. Q3 2013 EARNINGS CALL – Dolphin Geophysical Asa – slide 28
    Dolphin exhibits full commitment to Brazil Regulatory permits from the ANP for the entire Brasilian coastline have been secured Pending proposals for multiple surveys representing over 49,000 km2 of SHarp Broadband 3D seismic with…
  29. Q3 2013 EARNINGS CALL – Dolphin Geophysical Asa – slide 29
    2013 - 2014 Global market outlook Seasonally Q4-Q1 slow down in the demand causing lower utilisation and downwards pressure on rates Slow award process combined with several projects moved out in time due to permitting or client…
  30. Q3 2013 EARNINGS CALL – Dolphin Geophysical Asa – slide 30
    Dolphin - assumptions and guidance for 2013 (unchanged from release 8th January) New Vessel capacity to be delivered on time and budget Sanco Swift (3D, 14-16 str.) on TC, end July 2013 Polar Marquis (3D, 12-14 str.) expected on TC,…
  31. Q3 2013 EARNINGS CALL – Dolphin Geophysical Asa – slide 31
    Questions and Answer Session Questions and Answer Session
  32. Q3 2013 EARNINGS CALL – Dolphin Geophysical Asa – slide 32
    Financial covenants applicable to Dolphin Definition Loan Facility DOLP01 Free and available USD 10m < USD 10m < Liquidity cash and equivalents USD 15m < from May 2014 Equity ratio Total Equity/Total Assets 40% < 35% < TIBD/…
  33. Q3 2013 EARNINGS CALL – Dolphin Geophysical Asa – slide 33
    Dolphin time-charter commitments culminated in 2012 Minimum operational leasing obligations *) *) Including all operating seismic vessels and the new committed vessels; Geo Atlantic, Sanco Sword and Super Duke Figures on top of…

From the store

Browse maps, data & reports in the Shale Experts store