OCEANTEAM SHIPPING ASA An Oslo Stock Exchange listed shipping company Ticker: OTS CEO: Haico Halbesma CFO: Torbjrn Skulstad Q4 presentation Oslo 16th February 2012 1
Agenda Company Overview Financials Market Outlook Tax, Bonds & Loans 2
Oceanteam Shipping ASA Company Overview 3
Company overview The Shipping segment owns four vessels through SHIPPING joint ventures plus two smaller crew vessels Solid clients (Oceaneering/BP Angola, Fugro TSM, McDermott) Ship Owning, Revenues of USDm 9.6. EBITDA of USDm 5.7…
Shipping Uniquely flexible North Ocean CSV-series Key specs Southern Ocean (104) High-end deep-water offshore construction tonnage series Length overall 137 m Proven quality in the most demanding and Beam 27 m advanced deep-water…
Fleet list & charter status 6
Global reach Locations Staff Bergen, head office, Norway 5 Amsterdam office, NL 7 Schiedam engineering office, NL 150 Dundee office, UK 5 Monaco office 3 + marine crew Cd Del Carmen office, Mexico 5 + marine crew Locations Operations…
Engineering Oil & Gas Engineering Renewables services Complex Structures Areas of business: Integrated support of Oceanteam Shipping and Client Solutions Integrated support of Oceanteam Joint Ventures and new investments…
Engineering KCI Engineering In-house Design & Engineering Capacity Experienced engineering company focusing on the oil and gas industry, complex structures and the renewable energy industry: Design and build complete oil and gas…
Engineering Equipment rental division Selected equipment Oceanteam has an equipment rental division with a deep-water base in Dundee SMD 3 HD plough Scotland Oceanteam provides various equipment for installation and burial of…
Financials 11
Operational highlights Q4 EBITDA in line with expectations Settlement on contract dispute with renewables operator Continued improved demand for engineering services Oil & Gas Offshore Renewables Reduced equipment utilization…
Subsequent events Q4 CSV Bourbon Oceanteam 101 renewed 3 year firm charter plus 2 x 1 year option with Oceaneering for end client BP Angola Order of 1250t modular carousel system 14
P&L report end Q4 2011 USD 000 Figures in USD '000 Q4 2011 Q4 2010 Cum 2011 Cum 2010 Revenue 15 473 13 132 61 208 46 988 Total operating revenues 15 473 13 132 61 208 46 988 Operating costs (6 333) (5 741) (24 651) (21 784) General…
Balance sheet Q4 2011 USD 000 Unaudited Unaudited Figures in USD' 000 31.12.2011 31.12.2010 Figures in USD' 000 31.12.2011 31.12.2010 Assets Equity and liabilities Intangible assets 19 649 20 852 Total equity 112 958 102 078…
Our Market 19
Strong pipelay market in harsh & deepwater regions Annual demand growth of about 15% expected to 2015 H&D pipelines forecast per region 7,000 Asia-Pacific Mediterranean 6,000 West Africa Latin America 5,000 North America NW…
Strong growth in harsh & deepwater demand H&D Pipelay vessel demand & supply balance 60 Demand *) 50 Fleet 40 Age max 35 years Age max 30 years Vessel years 30 20 10 - 2003 2004 2005 2006 2007 2008 2009 2010…
Growth in all major regions Brazil is main market followed by NW Europe and West Africa H&D reel vessel demand per region 35 Asia Pacific Med. & MIE 30 West Africa Latin America 25 North America No. of vessel years NW…
rket data A large number of old vessels in the subsea fleet North Ocean Series qualified as H&D Reel Lay / Multiservice Vessel No. of vessels Year built Before Type 1980 1980-89 1990-99 2000-09 2010 2011-13 Total Lay Barge 8 3 9 2…
Capacity shortage from 2013 even without scrapping H&D support vessel demand & supply balance 200 180 Demand *) 160 Fleet 140 Age max 35 years 120 Age max 30 years Vessel years 100 80 60 40 20 - 2003 2004 2005…
Offshore renewables is an exciting growth market 4,100km Global Offshore Wind Farm export cable demand Export cable demand by year 6,000 5,000 Probability export forecast Cable length (km) 4,000 Mid-range export 3,000…
Offshore Renewables Global Offshore Wind Farm Inter-array cable demand Inter-array cable demand by year 2,500 1,650km Inter array cable length (km) 2,000 Probability inter- array forecast 1,500 Mid-range inter- array…
Tax, Bonds & loans 27
Tax planning NORWAY OTS has confirmed tax loss to carry forward of USD 144 million (NOK 866 million). The CSV vessels comply with the Norwegian Tonnage Tax regime with approx. 0% tax CSV 101, 104 and 105 are under the NTT regime…
OTS Bond loan OTS A SA ( M N OK) Q4 '10 Q2 '11 Q2 '12 Q2 '13 Q2 '14 Bond loan (400) (400) (400) (400) (400) Call balance (21) (23) (57) (97) (141) OTS bonds 30 Out st anding debt ( OB ) ( 3 9 1) (423) ( 4 57) ( 4 9 7) ( 54 1)…
Focus going forward Target market Continue to focus on the market for large harsh- and deep-water Construction Support Vessels Continue marketing CSVs combined with in-house engineering know-how Continue to grow contract back log…
Thank you 31
Appendix: Bond loan 32
Bond loan In 2009 the OTS bond loan was restructured to NOK 400 million. Furthermore, it was added to an incentive structure that would compensate bondholders for the reduction in par value, consisting of a growing call premium,…
Bond loan The interest rate on the bonds increase every year in mid-December with 100 basis points (= 1%-points). Currently the interest rate is LIBOR + 5.75%-points after 19th of December 2011. If the loan is not redeemed before 19th…
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