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Q4 2011 RESULTS – Mermaid Maritime Public Company Limited

Mermaid Maritime Public Company Limited · Dec 7, 2011 · 24 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. Q4 2011 RESULTS – Mermaid Maritime Public Company Limited – slide 1
    4Q2011 Results Briefing Analyst & Investor Update 7 December 2011
  2. Q4 2011 RESULTS – Mermaid Maritime Public Company Limited – slide 2
    Agenda 1. Introduction 2. Focus Section: AOD Update 3. Subsea Business Review 4. Drilling Business Review 5. Financial Review 6. Questions and Answers 3
  3. Q4 2011 RESULTS – Mermaid Maritime Public Company Limited – slide 3
    1. Introduction Howard Woon Head, Investor Relations 4
  4. Q4 2011 RESULTS – Mermaid Maritime Public Company Limited – slide 4
    Key highlights Mermaid achieved total revenue in FY2011 of Baht 5,543 mil, an increase of Baht 2,066 mil (or 59.4%) from Baht 3,476 mil in FY2010 Increase in revenue driven by increase in subsea utilisation of 69.1% compared to…
  5. Q4 2011 RESULTS – Mermaid Maritime Public Company Limited – slide 5
    Key highlights (cont) Mermaid transferred AODs technical and commercial management agreements to Seadrill Limited in July 2011 AODs Board resolved not to exercise 2nd option for fourth jackup rig. Instead to invest USD 5 mil to…
  6. Q4 2011 RESULTS – Mermaid Maritime Public Company Limited – slide 6
    2. Focus Section: AOD Update Howard Woon Head, Investor Relations 7
  7. Q4 2011 RESULTS – Mermaid Maritime Public Company Limited – slide 7
    Asia Offshore Drilling Update Seadrill Mermaid 33.75% 33.75% Other Investors 29.9.11 32.5% AOD Board resolved not to exercise 2nd 01.07.11 option for 4th rig. To 31.0313 31.09.13 2nd PP successfully 15.07.11 increase water…
  8. Q4 2011 RESULTS – Mermaid Maritime Public Company Limited – slide 8
    Market Outlook Oil prices remain at historically high levels, with higher growth in E&P spending Continue to see strong demand for high specification units that offer superior technical capabilities, operational flexibility and…
  9. Q4 2011 RESULTS – Mermaid Maritime Public Company Limited – slide 9
    3. Subsea Business Review Graham Cooper Commercial Director, Mermaid Offshore Services 10
  10. Q4 2011 RESULTS – Mermaid Maritime Public Company Limited – slide 10
    Subsea Key Highlights o Subsea achieved asset utilisation of 69.1% in 2011 versus 39.5% in 2010. Average day rates increased by 11.7% in US Dollars and 3.0% in Thai Baht o Mermaid Commander completed her biggest diving programme for…
  11. Q4 2011 RESULTS – Mermaid Maritime Public Company Limited – slide 11
    Subsea Tender Update 4Q2011 Fleet utilisation for 4Q2011 shows an increase of 15% over same period in 2010 with improvements for Endurer, Asiana, Improving utiiisation of subsea fleet Sapphire and Challenger. Target 75.3%%…
  12. Q4 2011 RESULTS – Mermaid Maritime Public Company Limited – slide 12
    Markets Outlook Strong Demand Subsea construction market Successful drilling of commercial discoveries will Subsea tree eventually lead to field development tendering Subsea tree awards awards Awards of subsea tree is a proxy of FD…
  13. Q4 2011 RESULTS – Mermaid Maritime Public Company Limited – slide 13
    Charter Rates Outlook Rates weakened further in 2009 DSV rates in 4 scenarios although this was supported by forward coverage & commitments Increasing utilization becomes more important than high rates to maintain…
  14. Q4 2011 RESULTS – Mermaid Maritime Public Company Limited – slide 14
    Subsea Building on Key Positives Mermaid Offshore Services 1 Very favorable 3 Sold mix of subsea assets and ROVs industry response Seascape to the opening of Subtech Singapore office 8 subsea vessels 12 ROVs 4 saturation…
  15. Q4 2011 RESULTS – Mermaid Maritime Public Company Limited – slide 15
    Subsea Key Initiatives Mermaid Offshore Services 1. Improve Management Control High profile Seascape market presence Subtech from Singapore 2. Fiscal Discipline & Control Redefine vessel manning levels Reduce vessel operating…
  16. Q4 2011 RESULTS – Mermaid Maritime Public Company Limited – slide 16
    4. Drilling Business Review James Mcghee Nicol Operations Manager, Mermaid Drilling Limited 17
  17. Q4 2011 RESULTS – Mermaid Maritime Public Company Limited – slide 17
    Drilling Operations Update MTR1 Location: Thailand Status: Waiting next contract award MTR1: An international oil & gas company operating in Indonesia have currently Client: NA accepted MTR1 as an accommodation / work over…
  18. Q4 2011 RESULTS – Mermaid Maritime Public Company Limited – slide 18
    5. Financial Review Siriwan Chamnannarongsak Finance Director 19
  19. Q4 2011 RESULTS – Mermaid Maritime Public Company Limited – slide 19
    Highlights FY2011 Year on Year Comparison Revenue (in THB millions) Net Profit (Loss) (in THB millions) Operating Cash Flow before change in Basic and Diluted EPS working capital (in THB millions) 5,542 3,476 1,495 382…
  20. Q4 2011 RESULTS – Mermaid Maritime Public Company Limited – slide 20
    Sector Breakdown 2010 Service Operating Operating Utilization Description Income Profit/Loss 2011 Margin Rate 4,504.3 Subsea & Survey Inspection, repair and Services maintenance; 2,377.6 69.1% Infrastructure installation 100.9…
  21. Q4 2011 RESULTS – Mermaid Maritime Public Company Limited – slide 21
    FY2011 Profits & Losses All units in THB millions Due to MTR1 and deposits made for new vessel 158.5 (162.5) 147.6 101.1 (20.6) (41.7) (203.7) 523.0 Gross (170.6) Finance Income FY2010 Profit Costs Taxes FY2011 64.7%…
  22. Q4 2011 RESULTS – Mermaid Maritime Public Company Limited – slide 22
    Debt structure Net D/E (Times) Loan Maturity Net gearing (%) Low D/E ratio Units in THB millions allows financial Total loans outstanding flexibility < 1 year continues to decrease throughout FY2011* < 1 year 695.6 556.7 16.8%…
  23. Q4 2011 RESULTS – Mermaid Maritime Public Company Limited – slide 23
    Cash flow Cash & Cash Equivalents 1,450.5 3,742.9 1,352.3 Total cash in hand has decreased mainly due ShortTerm Investments to dividend payment , 334.2 606.3 (fixed deposits) debt repayment and Restricted Deposits at…
  24. Q4 2011 RESULTS – Mermaid Maritime Public Company Limited – slide 24
    6. Questions & Answers 25

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