1st Quarter 2013 1. Solstad Offshore in brief 2. Highlights YTD 3. Financials 4. Vessels and markets 5. Outlook
SOLSTAD OFFSHORE IN BRIEF Founded in 1964. In offshore since 1973. Operations worldwide The North Sea, Brazil, US Gulf, West Africa, Asia etc. Listed on Oslo Stock Exchange (Ticker: SOFF). Main office in Skudeneshavn and branch…
SOLSTAD OFFSHORE HIGHLIGHTS 31.03.2013 Good earning margins and stable underlying values Financial & Operational Highlights 1Q 2013 Net freight revenues NOK 798 mill Adjusted EBITDA NOK 299 mill / Adjusted EBITDA margin 36% Margin…
Good earning HIGHLIGHTS 31.03.2013 CONT. margins and stable underlying values Post Q1 2013 events Agreement for sale of AHTS Normand Mjolne. Gain on sale, NOK 35 mill, to be booked in 2Q 13 Sale of shares in training center ResQ AS.…
THE SOLSTAD OFFSHORE FLEET (50 VESSELS IN OPERATION) Vessels: 22 Newbuild: 2 Skudeneshavn Aberdeen Vessels: 3 Vessels: 4 Manila Kuala Lumpur Singapore Vessels: 2 Vessels: 5 Rio de Janeiro Vessels: 1 Vessels:…
3. FINANCIALS
OPERATING REVENUE AND EBITDA (EX. GAIN ON SALE OF ASSET / INCL. SHARE IN JV)
PROFIT & LOSS ACCOUNTS 31.March 2013 1Q 1Q Total (Mill NOK) 2013 2012 2012 Total Operating Income 798 788 3 362 Operating expenses (526) (505) (1 928) Ord. Depreciation (1) (108) (117) (494) Impairment 0 0 (91) Joint Venture &…
BALANCE 31.March 2013 2013 2012 2012 (Mill NOK) 31.03 31.03 31.12 Long Term fixed assets 13 187 14 246 13 086 Current assets 1 655 1 386 1 624 Total assets (1) 14 879 15 632 14 710 Equity 4 591 4 466 4 608 Long Term liabilites…
SOLSTAD OFFSHORE ASA - VALUES & DIVIDEND
4. VESSELS AND MARKETS
THE SOLSTAD FLEET MARKET SEGMENTS
THE SOLSTAD FLEET MARKET SEGMENTS 1)Based broker valuations as of 30.12.2012 with SOFFs 50% share in Normand Installer and Normand Oceanic
MARKET Construction Service Vessels (CSV) Subsea market driven by solid fundamentals High tendering activity and contract awards Clients are building substantial backlogs Limited availability of modern large CSVs. - But, mid sized…
MARKET Construction Service Vessels (CSV) Two advanced CSVs under construction for delivery 2Q 14 Both secured 5 year term contracts from delivery TBN Normand Reach, 5 years TC with reach Subsea ASA. - Contract value: NOK 650 mill.…
MARKET Construction Service Vessels (CSV) Margins in the CSV segment was negatively affected by off-hire on DLB Norce Endeavour Crane repair gave in total about 5 weeks off-hire period. Remote operational location and strict…
FLEET Construction Service Vessels (CSV) Winter season slow as expected But still 88% utilization due to majority of vessels on long term contracts Normand Baltic, Normand Mermaid and Normand Pioneer all with full utilization from…
MARKET Anchor Handling Tug & Supply (AHTS) Volatile North Sea spot market also through 1Q 13 Decent activity but too many vessels Positive medium to long term outlook Large number of DW rigs to enter market in coming years…
FLEET Anchor Handling Tug & Supply (AHTS) 22 AHTSs in operation world wide Range from 5.500 to 32.000 bhp 84% utilization in 1Q 2013 Operational highlights 1Q 13 Completed planned dry-docking of 2 vessels Normand Ferking fixed to…
MARKET Platform Supply Vessels (PSV) Activity level is high, High tendering activity Rates are picking up Demand will continue to rise as new drilling rigs and production units begin their operations Still many new vessels to…
FLEET Platform Supply Vessels (PSV) Operational highlights 1Q 13 Positive development in market during first 4 months of 2013 5 PSVs in planned periodic maintenance during the quarter 82% utilization Improved backlog during 1Q…
5. MARKET/OUTLOOK
FUTURE OUTLOOK A continued high oil price gives E&P budgets on a steady high level Demand for vessels, equipment and people, will continue to grow Strong focus on keeping cost on a competitive level Demand for Subsea construction…
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