SOLSTAD OFFSHORE ASA 1Q 2012 1. Solstad Offshore in brief 2. Highlights YTD 3. Financials 4. Vessels and markets 5. Outlook
SOLSTAD OFFSHORE IN BRIEF Founded in 1964. Head-office in Skudeneshavn, Norway. Operations worldwide The North Sea, Brazil, US Gulf, West Africa, Asia etc. Listed on Oslo Stock Exchange (Ticker: SOFF). A fleet of 50 vessels operated…
2. HIGHLIGHTS
SOFF 1Q 2012 HIGHLIGHTS Freight revenues of NOK 788 mill EBITDA NOK 288 mill (margin of 37%). Stable underlying Margin influenced by downtime and spot market seasonality values Book equity ratio 30% (NOK 4,5 billion) / Value…
3. FINANCIALS
PROFIT AND LOSS ACCOUNTS 1Q 1Q Total (mill NOK) 2012 2011 2011 Total operating income 788 669 2 980 Operating expenses -505 -414 -1 910 Ord. Depreciation (1) -117 -176 -758 Impairment -160 Joint venture & Assosiated companies (2)…
OPERATING REVENUE AND EBITDA (Excl. gain on sale of asset) (MNOK)
BALANCE 31 March 2012 1Q 1Q Total (mill NOK) 2012 2011 2011 Long Term fixed assets 14.246 14.310 14.087 Current Assets 1.386 2.049 1.587 Total Assets 15.632 16.360 15.673 Equity 4.466 5.027 4.416 Long term liabilites 9.509 9.732…
4. VESSELS AND MARKETS
MARKET - Construction Service Vessels (CSV) Subsea activity on a high level and increasing High tendering activity and contract awards Clients are building substantial backlogs Limited availability of CSVs Favourable market…
MARKET - Construction Service Vessels (CSV) DLB Norce Endeavour Fully booked until end 3Q 12 Have started pipe lay and platform installation project for TL Offshore. Will thereafter start directly on a project with PT Timas,…
FLEET - Construction Service Vessels (CSV) 19 CSVs in operation with strong Quarterly development counterparts Long term contracts with all the major subsea players Sale of 50% stake in N. Oceanic. Firm period extended to 5…
MARKET - Anchor Handling Tug & Supply Vessels (AHTS) Improved rates and utilisation going forward Strong long term outlook Large number of deep water rigs to enter the market in coming years North Sea activity to pick up…
FLEET - Anchor Handling Tug & Supply Vessels (AHTS) 22 AHTSs in operation world wide Quarterly development Range from 5.500 to 32.000 bhp. 1Q 12 margins influenced by volatile spot- market 1985-built AHTS Normand Draupne…
MARKET - Platform Supply Vessels (PSV) Increased demand for PSVs, but supply side continue to rise. Considerable number of vessels still under construction Large number of new drilling rigs, production units and pipelaying…
FLEET - Platform Supply Vessels (PSV) Quarterly development 9 PSVs in operation Normand Arctic delivered from yard early Jan. 12 Normand Aurora new 5 year t/c with Total Continued good performance during 1Q 12 Annual…
5. MARKET/OUTLOOK
MARKET OUTLOOK Steady high oil price E&P budgets expected to be on a steady high level Demand for large vessels driven by higher deepwater activity and increased number of floating production and drilling units Size and complexity…
MARKET OUTLOOK - Segments Construction Service Vessels (CSV) High tendering and engineering activity gives busy execution years from 2012 onwards Limited number of modern CSVs under construction Anchor Handeling Tug & Supply…
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