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FEBRUARY 2014 CORPORATE PRESENTATION – Farstad Shipping Asa

Farstad Shipping Asa · Feb 27, 2014 · 49 slides

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Slides

  1. FEBRUARY 2014 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 - February 27th 2014 CEO Karl-Johan Bakken CFO Torstein L. Stavseng
  2. FEBRUARY 2014 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 2
    Farstad Shipping Brief summary No of vessels in operation: 59 (31 AHTS, 25 PSV, 3 Subsea) No of newbuilds: 5 (1 AHTS, 2 PSV, 2 Subsea) No of employees offshore: 1.965 No of employees onshore: 235 Market value fleet (excl.…
  3. FEBRUARY 2014 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 3
    Farstad Shipping ASA Listed since 1988 Largest shareholders (24 February 14)
  4. FEBRUARY 2014 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 4
    Farstad Shipping Company structure (February 2014) Farstad Shipping ASA 100% 100% 100% 100% 100% 100% 100% 100% Farstad Shipping Farstad Farstad Farstad Shipping SA Farstad Shipping Pte.Ltd Farstad Shipping Ltd Farstad (Indian…
  5. FEBRUARY 2014 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 5
    Result 4th Quarter 2013 (preliminary) (NOK mill.) Res 4Q-12 Res 4Q-13 A disappointing quarter in the North Sea Operating income 905,8 1 029,4 Australia and Brazil as expected Profit on sale of fixed assets 0,0 0,0 Increase in cost =…
  6. FEBRUARY 2014 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 6
    Result 31.12. 2013 (preliminary) (NOK mill.) Res. 31.12.12 Res. 31.12.13 4 500 60% Operating income 3 714,0 4 007,2 4 000 Profit on sale of fixed assets (10,3) 7,0 50% Total operating income 3 703,8 4 014,2 3 500 Crewing expenses…
  7. FEBRUARY 2014 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 7
    Development result Quarterly (4Q preliminary) (NOK mill.) 4Q-12 1Q-13 2Q-13 3Q-13 4Q-13 Operating income excl. sale of vessels 905,8 911,3 993,0 1 073,5 1 029,4 Crewing expenses vessels 388,6 374,5 387,8 397,7 409,8 Other operating…
  8. FEBRUARY 2014 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 8
    Development result - Quarterly(4Q preliminary) 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 2009 739,0…
  9. FEBRUARY 2014 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 9
    Development result Quarterly Mill NOK EBITDA excl. profit from sale of vessels 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 2009 387,2 445,5…
  10. FEBRUARY 2014 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 10
    Development result - Quarterly(4Q preliminary) Mill NOK EBIT excl. profit from sale of vessels 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 2009 285,5…
  11. FEBRUARY 2014 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 11
    Result by segment (4Q preliminary) Operating income- sorted by segment OPERATING INCOME *) 4. quarter 4. quarter 1.1-31.12 1.1-31.12 1.1-31.12 Northwest Eurpoe Brasil Indian Pacific Other Markets 2013 2012 2013 2012 2011 100% 3,7…
  12. FEBRUARY 2014 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 12
    EBIT margin development by segment (4Q preliminary) EBIT in % of income sorted by vessel type EBIT in % of income sorted by regoin 50% 50% AHTS PSV SUBSEA Northwest Europe Brazil Indian Pacific 40% 40% 30% 30% 20% 20% 10%…
  13. FEBRUARY 2014 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 13
    Comprehensive Income/Equity (4Q preliminary) STATEMENT OF 4. quarter 4. quarter 1.1-31.12 1.1-31.12 1.1-31.12 COMPREHENSIVE INCOME 2013 2012 2013 2012 2011 Result 46 710 31 266 260 124 311 831 568 448 Other comprehensive income:…
  14. FEBRUARY 2014 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 14
    Result 4Q and 31.12.13 (4Q preliminary) Cash Flow STATEMENT OF CASH FLOW 4. quarter 4. quarter 1.1-31.12 1.1-31.12 1.1-31.12 2013 2012 2013 2012 2011 Cash flow from operating activity 575 207 406 290 1 529 059 1 171 243 1 362…
  15. FEBRUARY 2014 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 15
    Balance Sheet 31.12.13 (preliminary) ASSETS 31.12.2013 31.12.2012 31.12.2011 Sale of Lady Cynthia in January Sale of Lady Kari Ann in May Goodwill 96,8 100,0 112,1 Delivery of Far Spica in January Vessels etc. 13 871,2 12 120,7 11…
  16. FEBRUARY 2014 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 16
    Return on Equity and Capital Employed (preliminary) 15,0 % 10,0 % 8,5 % 7,8 % 7,9 % 6,7 % 6,3 % 5,8 % 5,0 % 4,6 % 3,8 % 0,0 % 2010 2011 2012 2013 ROE ROCE') ROCE: EBIT divided by (Equity+net interestbearing…
  17. FEBRUARY 2014 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 17
    Long term debt repayment profile 1 400 000 1 200 000 1 000 000 800 000 600 000 400 000 200 000 0 17
  18. FEBRUARY 2014 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 18
    Market values vessels -free of charter and available in the market Mill. NOK Mill. NOK 575 575 Average decrease in values of 550 550 525 525 Farstad fleet in 2008: 2,5% (Values peaked summer 2008) 500 500 475 475 450 450 425…
  19. FEBRUARY 2014 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 19
    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 2012 2013*) Dividend 3,00 3,00 4,00 5,00…
  20. FEBRUARY 2014 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 20
    Agenda Company Structure Shareholder matters Financial Matters and Values Business Focus Competitors, Market, Prospects The Fleet and Employment Presentation - February 27th 2014 CEO Karl-Johan Bakken CFO Torstein L. Stavseng
  21. FEBRUARY 2014 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 21
    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…
  22. FEBRUARY 2014 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 22
    Farstad Shipping HSEQ LTIF - (No of incidents per mill. work hours ) 14 Farstad Fleet - Lost Time Incidents 12 10 8 6 4 2 0 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005…
  23. FEBRUARY 2014 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 23
    Newbuild program 23
  24. FEBRUARY 2014 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 24
    Farstad Shipping fleet distribution February 2014 - 59 vessels 10 PSV lesund 4 AHTS Aberdeen 1 SUBSEA 5 AHTS Singapore 1 PSV Macae Rio 4 PSV 11 AHTS Perth 2 SUBSEA 10 PSV Melbourne 11 AHTS
  25. FEBRUARY 2014 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 25
    Contract Summary AHTS February 2014 25
  26. FEBRUARY 2014 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 26
    Contract Summary PSV/SUBSEA February 2014 26
  27. FEBRUARY 2014 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 27
    Farstad Shipping Contract Summary Fleet total*) February 2014 Options Term contracts 100% 65,9%**) 42,9%**) 29,3%**) 24,4%**) 19,9%**) 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% **) AHTS = 60,0% 36,2% 25,9% 20,8% 14,7%…
  28. FEBRUARY 2014 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 28
    Fleet Structure Supply Vessels Worldwide PSV2.000 dwt AHTS10.000 bhp 895 vessels + 331 newbuilds (37%) 503 vessels + 48 newbuilds (9,5%) DWT BHP Approx. 45% Approx. 3.100 vessels worldwide 28 23.01.06 Torstein L.…
  29. FEBRUARY 2014 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 29
    AHTS 10.000 BHP and PSV 2.000 DWT Worldwide sorted by owners/ managers No of vessels AHTS = 503 vessels PSV = 895 vessels Newbuilds = 379 vessels Total fleet incl. newbuild count 1777 160 vessels 207 owners. 140 The 43 largest…
  30. FEBRUARY 2014 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 30
    Northwest Europe sorted by owners/managers*) AHTS 10.000 BHP and PSV 2.000 DWT No of vessels 30 Number of players: 55 No of PSV=245 No of AHTS=69 Number of vessels: 314 (22,5%) 25 Number of newbuilds: 20 (5,3%) 20 15 23 6…
  31. FEBRUARY 2014 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 31
    Brazil sorted by owners/managers*) AHTS 10.000 BHP and PSV 2.000 DWT No of vessels 50 No of PSV=161 No of AHTS=84 45 Number of players: 40 Number of vessels: 245 (17,5%) 40 Number of newbuilds: 41 (10,8%) 35 30 25 37…
  32. FEBRUARY 2014 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 32
    Indian Pacific/China sorted by owners/managers*) AHTS 10.000 BHP and PSV 2.000 DWT No of vessels 30 Number of players: 76 No of PSV=120 No of AHTS=185 Number of vessels: 305 (21,8%) 25 Number of newbuilds 226 (59,6%) 20 10 7…
  33. FEBRUARY 2014 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 33
    Australia/New Zealand sorted by owners/managers*) AHTS 10.000 BHP and PSV 2.000 DWT No of vessels 25 Number of players: 11 No of PSV=20 No of AHTS=28 Number of vessels: 48 (3,4%) 20 Number of newbuilds 0 10 15 10 5 11…
  34. FEBRUARY 2014 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 34
    AHTS 10.000 BHP and PSV 2.000 DWT West/East-Africa sorted by owners/managers*) No of vessels No of PSV=115 No of AHTS=70 40 Number of players: 47 35 Number of vessels: 185(13,2%) Number of newbuilds 0 30 25 29 20 22 15 2…
  35. FEBRUARY 2014 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 35
    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 1000 600 Other markets Northwest Europe Other markets Northwest Europe 900 500 800 700 400…
  36. FEBRUARY 2014 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 36
    AHTS 10.000 BHP Worldwide sorted by regions No of vessels Jan.-10 Jan.-11 Jan.- 12 Jan.-13 Jan.-14 200 185 180 165 158 160 150 138 140 120 116 104 100 94 95 77 80 71 69 70 65 67 64 64 60 56 53 45 46 41…
  37. FEBRUARY 2014 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 37
    PSV 2.000 DWT Worldwide sorted by regions No of vessels Jan.-10 Jan.-11 Jan.-12 Jan.-13 Jan.-14 300 245 250 226 202 200 187 190 179 169 149 152 152 150 128 123 123 120 114 115 97 97 100 90 88 82 81 77 78…
  38. FEBRUARY 2014 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 38
    North Sea AHTS - Spot Market (week 07) Source: RS Platou 38
  39. FEBRUARY 2014 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 39
    North Sea PSV - Spot Market (week 07) Source: RS Platou 39
  40. FEBRUARY 2014 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 40
    number of floating rigs 0 10 20 30 40 60 70 80 50 jan/ 06 apr/ 06 jul/ 06 *Includes Mexico okt/ 06 Norway jan/ 07 apr/ 07 Source: Carnegie February 2014 jul/ 07 North America* okt/ 07 jan/ 08…
  41. FEBRUARY 2014 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 41
    North Sea Fleet Supply- Demand- Utilisation 400 100% 91% 91% 91% 92% 90% 90% 347 90% 350 331 326 318 305 80% 300 293 294 300 278 277 268 70% Boat- years 251 250 60% 200 50% 40% 150 30% 100 20% 50…
  42. FEBRUARY 2014 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 42
    North Sea Fleet Supply- Demand- Utilisation 350 100,0% 95,0% 300 90,0% 250 85,0% 200 80,0% 150 75,0% 70,0% 100 65,0% 50 60,0% 0 55,0% Term demand Spot demand Fleet size Total utilisation % Term utilization…
  43. FEBRUARY 2014 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 43
    Subsea demand Source: IHS 43
  44. FEBRUARY 2014 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 44
    Newbuildings sorted by regions AHTS 10.000 BHP, PSV 2.000 DWT and Subsea AHTS = 48 vessels PSV = 331 vessels Subsea=64 No of vessels 180 9 160 140 120 100 147 80 4 60 40 3 71 23 5 20 36 21 16 1 15 10 10 9 2 1 2 5 4…
  45. FEBRUARY 2014 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 45
    Newbuildings sorted by deliverytime AHTS 10.000 BHP, PSV 2.000 DWT and Subsea 120 Subsea (64 vessels)…
  46. FEBRUARY 2014 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 46
    AHTS 10.000 BHP Worldwide Fleet Growth No of vessels Increase in fleet Total fleet incl. Newbuilds No of vessels Increase in fleet Total fleet incl. Newbuilds 600 600 535 544 545 550 551 538 481 503 500 469 481 500 469 443…
  47. FEBRUARY 2014 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 47
    PSV 2.000 DWT Worldwide Fleet Growth No of vessels Increase in fleet Total fleet No of vessels Increase in fleet Total fleet 1400 1400 1210 1226 1200 1200 1128 1045 1059 942 1000 1000 895 755 755 800 692 800 692 664 664…
  48. FEBRUARY 2014 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 48
    Summary (February 2014) Oil price in a positive territory. Increased demand in the offshore market. Continued growth in subsea segment. Increased customer cost focus AHTS segment still under pressure. Oversupply in PSV segment.…
  49. FEBRUARY 2014 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 49
    Takk for oppmerksomheten Better by Far 49

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