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AUGUST 2012 CORPORATE PRESENTATION – Farstad Shipping Asa

Farstad Shipping Asa · Aug 22, 2012 · 44 slides

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Slides

  1. AUGUST 2012 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 1
    Agenda Company Structure Shareholder matters Financial Matters and Values Business Focus Competitors, Market, Prospects The Fleet and Employment Presentation August 22nd 2012 CEO Karl-Johan Bakken CFO Torstein L. Stavseng
  2. AUGUST 2012 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 2
    Farstad Shipping brief summary No of vessels in operation: 54 (29 AHTS, 22 PSV, 3 Subsea) No of newbuilds: 11 (4 AHTS, 7 PSV) No of employees offshore: 1.800 No of employees onshore: 200 Market value fleet (excl. newbuilds):…
  3. AUGUST 2012 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 3
    Farstad Shipping ASA Listed since 1988 Largest shareholders (20.08.12) No of shares % Tyrholm & Farstad AS 15 796 199 40,5 Folketrygdfondet 3 951 600 10,1 Brown Brothers Harriman Fidelity FLPS 3 200 000 8,2 Pareto Aksje Norge 1 668…
  4. AUGUST 2012 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 4
    Farstad Shipping Company structure Farstad Shipping ASA 100% 100% 100% 100% 100% 100% 100% 100% Farstad Shipping Farstad Shipping Pte.Ltd Farstad Farstad Shipping SA Farstad Shipping Ltd Farstad Farstad (Indian Pacific)…
  5. AUGUST 2012 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 5
    Result 2nd Quarter 2012 (NOK mill.) Res 2Q-11 Res 2Q-12 A disappointing North Sea market Operating income 871,2 933,1 New contracts Profit on sale of assets 3,5 0,6 Sale of Lady Gerda Total operating income 874,6 933,7 Changes in the…
  6. AUGUST 2012 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 6
    Development result - Quarterly Operating income excl. sale of assets Mill NOK 1 200,0 1 000,0 800,0 600,0 400,0 200,0 0,0 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 2007 543,3 569,4 558,4 635,2…
  7. AUGUST 2012 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 7
    Development result Quarterly EBITDA excl. profit from sale of vessels Mill NOK 600,0 500,0 400,0 300,0 200,0 100,0 0,0 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 2007 266,9 277,8 262,8 361,3 2008 319,7…
  8. AUGUST 2012 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 8
    Development result Quarterly EBIT excl. profit from sale of vessels Mill NOK 500,0 450,0 400,0 350,0 300,0 250,0 200,0 150,0 100,0 50,0 0,0 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 2007 188,7 193,7 176,0…
  9. AUGUST 2012 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 9
    Development result Quarterly (NOK mill.) 2Q-11 3Q-11 4Q-11 1Q-12 2Q-12 Operating income excl. sale of vessels 871,2 959,9 961,0 916,3 933,1 Crewing expenses vessels 338,5 353,9 364,5 375,4 360,9 Other operating expenses vessels 131,4…
  10. AUGUST 2012 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 10
    Result 30.06. 2012 (NOK mill.) Res.30.6.11 Res.30.6.12 Operating income 1 664,0 1 849,4 Profit on sale of fixed assets 3,5 (10,3) Total operating income 1 667,5 1 839,2 Crewing expenses vessels 671,2 736,2 Other operating expenses…
  11. AUGUST 2012 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 11
    Result 2Q and 30.06.12 Sorted by segment Operating income- sorted by segment OPERATING INCOME *) 2. quarter 2. quarter 1.1-30.06 1.1-30.06 1.1-31.12 2012 2011 2012 2011 2011 Northwest Eurpoe Brasil Indian Pacific Other Markets 100 %…
  12. AUGUST 2012 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 12
    Result 2Q and 30.06.12 Comprehensive Income/Equity STATEMENT OF 2. quarter 2. quarter 2. quarter 1.1-30.06 1.1-31.12 COMPREHENSIVE INCOME 2012 2011 2012 2011 2011 Result 44 032 119 678 157 755 210 110 568 448 Other comprehensive…
  13. AUGUST 2012 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 13
    Result 2Q and 30.06.12 Cash Flow STATEMENT OF CASH FLOW 2. quarter 2. quarter 1.1-30.06 1.1-30.06 1.1-31.12 2012 2011 2012 2011 2011 Cash flow from operating activity 176 607 318 513 509 053 470 575 1 362 490 Cash flow from…
  14. AUGUST 2012 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 14
    Balance Sheet 30.06.12 ASSETS 30/06/12 30/06/11 31/12/11 EQUITY AND LIABILITIES 30/06/12 30/06/11 31/12/11 Goodwill 106,1 30,2 112,1 Total equity capital 6 738,8 6 660,8 6 820,2 Vessels etc. 11 317,2 11 081,1 11 524,0 Deferred…
  15. AUGUST 2012 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 15
    Long term debt 30.06.12 - repayment profile 1 200 000 1 000 000 800 000 600 000 400 000 200 000 0 15
  16. AUGUST 2012 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 16
    Farstad Shipping - Values NOK dividend/ share Values NOK/ share 6,00 300 5,00 250 4,00 200 3,00 150 2,00 100 1,00 50 0,00 0 2005 2006 2007 2008 2009 2010 2011 30.06.12 Dividend 3,00 3,00 4,00 5,00…
  17. AUGUST 2012 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 17
    Agenda Company Structure Shareholder matters Financial Matters and Values Business Focus Competitors, Market, Prospects The Fleet and Employment Presentation - August 22nd 2012 CEO Karl-Johan Bakken CFO Torstein L. Stavseng
  18. AUGUST 2012 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 18
    Farstad Shipping - International competitive position backed by the Norwegian maritime cluster Values Business Focus To be a leading provider of Safety minded quality Support Vessel Services to the international Value creative…
  19. AUGUST 2012 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 19
    Farstad Shipping HSEQ LTIF - (No of incidents per mill. work hours ) 14 12 10 8 6 4 2 0 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Farstad…
  20. AUGUST 2012 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 20
    Farstad Shipping August 2012 - 54 vessels 12 PSV lesund 2 SUBSEA Aberdeen 3 AHTS 3 AHTS Singapore Macae Rio 2 PSV 10 AHTS Perth 1 SUBSEA 8 PSV Melbourne 13 AHTS
  21. AUGUST 2012 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 21
    Fleet Structure Supply Vessels Worldwide PSV2.000 dwt AHTS10.000 bhp 740 vessels + 292 newbuilds (39%) 480 vessels + 69 newbuilds (14%) DWT BHP Approx. 45% Approx. 2.700 vessels worldwide 21 23.01.06 Torstein Source:…
  22. AUGUST 2012 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 22
    North Sea PSV - Spot Market (week 34) Source: RS Platou 22
  23. AUGUST 2012 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 23
    North Sea AHTS - Spot Market (week 34) Source: RS Platou 23
  24. AUGUST 2012 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 24
    North Sea Market - 2012 North Sea Market - Utilisation January vs July projections 2011 E-2012 (January) E-2012 (July) 100 % 12.2.12:Captain's Log weekly: YTD low and weak - buy ahead of a strong summer 95 % 12.8.12:…
  25. AUGUST 2012 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 25
    North Sea Market Supply- Demand- Utilisation 350 96 % 95 % 95 % 100 % 93 % 90 % 91 % 91 % 32290 % 305 90 % 300 293 290 278 277 268 80 % 265 252 251 251 Source: ODS- Petrodata/ Farstad, 250 236 241 70 % January 2012 226…
  26. AUGUST 2012 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 26
    North Sea Fleet Supply- Demand- Utilisation 350 100,0% 95,0% 300 90,0% 250 85,0% 200 80,0% 75,0% 150 70,0% 100 65,0% 50 60,0% 0 55,0% Term demand Spot demand Fleet size Total utilisation % Term…
  27. AUGUST 2012 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 27
    AHTS 10.000 BHP and PSV 2.000 DWT Worldwide sorted by owners/ managers No of vessels AHTS = 480 vessels PSV = 740 vessels Newbuilds = 361 vessels Total fleet incl. newbuild count 1581 140 vessels 185 owners. 120 The 46 largest…
  28. AUGUST 2012 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 28
    AHTS 10.000 BHP and PSV 2.000 DWT Worldwide and the Northwest Europe *) PSV 2000 DWT AHTS 10.000 BHP No of vessels No of vessels 800 600 Other markets Northwest Europe Other markets Northwest Europe 700 500 600 400 500…
  29. AUGUST 2012 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 29
    AHTS 10.000 BHP Worldwide sorted by regions No of vessels Jan.-07 Jan.-08 Jan.-09 Jan.-10 Jan.-11 Jan.- 12 July 12 180 167 158 160 150 138 140 120 116 116 107 100 94 88 77 80 71 72 65 64 63 59 61 60 54 56 56 51…
  30. AUGUST 2012 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 30
    PSV 2.000 DWT Worldwide sorted by regions No of vessels Jan.-07 jan-08 Jan.-09 Jan.-10 Jan.-11 Jan.-12 July-12 250 218 202 200 187 179 171 168 158 152 146 150 136 128 123 123 112 114 105 103 105 97 97 100 82 81…
  31. AUGUST 2012 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 31
    Northwest Europe sorted by owners/managers*) AHTS 10.000 BHP and PSV 2.000 DWT No of vessels 25 Number of players: 51 No of PSV=218 No of AHTS=63 Number of vessels: 281 (23%) 20 Number of newbuilds: 62 (17%) 15 21 10 11 7 6…
  32. AUGUST 2012 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 32
    Brazil sorted by owners/managers*) AHTS 10.000 BHP and PSV 2.000 DWT No of vessels 40 No of PSV=137 No of AHTS=100 Number of players: 45 35 Number of vessels: 237 (21%) Number of newbuilds: 38 (11%) 30 25 30 3 20 15 5…
  33. AUGUST 2012 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 33
    Indian Pacific/China sorted by owners/managers*) AHTS 10.000 BHP and PSV 2.000 DWT No of vessels 30 Number of players: 68 No of PSV=105 No of AHTS=167 Number of vessels: 272 (22%) 25 Number of newbuilds 182 (50%) 20 8 15…
  34. AUGUST 2012 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 34
    Australia sorted by owners/managers*) AHTS 10.000 BHP and PSV 2.000 DWT No of vessels 25 Number of players: 10 No of PSV=15 No of AHTS=34 Number of vessels: 49 (4%) 20 Number of newbuilds 0 8 15 10 14 2 5 2 5 4 5 1…
  35. AUGUST 2012 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 35
    Newbuildings sorted by regions AHTS 10.000 BHP and PSV 2.000 DWT No of vessels 120 AHTS = 69 vessels PSV = 292 vessels Subsea=47 100 14 80 60 79 15 40 51 41 8 20 34 1 8 6 4 1 13 13 9 1 2 12 9 4 9 6 8 6 6 4 5…
  36. AUGUST 2012 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 36
    Newbuildings sorted by deliverytime AHTS 10.000 BHP, PSV 2.000 DWT and Subsea Subsea (47 vessels)…
  37. AUGUST 2012 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 37
    PSV 2.000 DWT Worldwide Fleet Growth No of vessels Increase in fleet Total fleet No of vessels Increase in fleet Total fleet 947 1200 1000 933 946 903 1031 1032 900 961 812 1000 800 821 692 664 700 800 692 575 664 600 575…
  38. AUGUST 2012 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 38
    AHTS 10.000 BHP Worldwide Fleet Growth No of vessels No of vessels Increase in fleet Total fleet incl. Newbuilds Increase in fleet Total fleet incl. Newbuilds 600 600 540 548 549 545 547 529 518 500 469 500 469 443 443 401…
  39. AUGUST 2012 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 39
    Farstad Shipping Renewal of the Fleet 39
  40. AUGUST 2012 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 40
    Contract Summary AHTS August 2012 40
  41. AUGUST 2012 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 41
    Contract Summary PSV/ SUBSEA August 2012 41
  42. AUGUST 2012 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 42
    Farstad Shipping Contract Summary Fleet total August 2012 *) Options Term contracts 100 % 80,8%**) 55,9%**) 39,8%**) 28,3%**) 22,1%**) 90 % 80 % 70 % 60 % 50 % 40 % 30 % 20 % 10 % 0% **) AHTS = 80,8% 52,5% 35,5%…
  43. AUGUST 2012 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 43
    Summary Variable oil price but sustaining growth. Growth in all markets. Rate recovery for PSV being further delayed by resurgent new build orders. Limited availability of competent resources. FS well positioned for further…
  44. AUGUST 2012 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 44
    Thank you for your attention The people of Farstad Shipping Our most important resource 44 Better by Far

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