Tom Henrik Sundby, CFO 10 October 2011 www.polarcus.com 1
Polarcus in profile www.polarcus.com 3
Fastest growing marine seismic company Major provider of marine 3D seismic services globally Specialized Arctic offering with incorporated technologies 500+ highly experienced seismic and maritime employees Offices in Dubai,…
Experienced management Rolf Rnningen CEO Geco, PGS, Echo (30 yrs) Tom Henrik Sundby Peter Zickerman CFO EVP & Head of KPMG, Tine (15 yrs) Strategic Investments GeoBird, Echo (15 yrs) Christopher Griffin Paul Hanna VP EHS&Q…
Polarcus business model Pure play high-end 3D/4D towed marine seismic services Estimated Market Share 2013 (by vessels) Outsourced data processing services to GXT Fugro Polarcus 12% 12% BGP Building Multi-Client Projects…
Highlights YTD 2011 Average fleet backlog secured into Q1 2012 Fleet size increased from 3 to 6 high-end 3D vessels 5 year Bareboat Charter Party Agreement with Sovcomflot for 1 vessel Launched first 3D multi-client projects…
Operational highlights / new developments www.polarcus.com 8
Leading by RIGHTDESIGN DYNPOS-AUTR Systems redundancy CLEAN DESIGN IMO Green Passport with DP2 High specification Triple E exhaust catalysts Environmental & Energy Efficiency Sentinel solid streamers ULSTEIN X-BOW Improved…
Seismic major in the making www.polarcus.com 10
First seismic vessel through NSR Polarcus ALIMA NSR Panama Canal Saving Distance 9555 Nm 11,745 Nm 2190 Nm Duration 32 Days 40 Days 8 Days Fuel 1274 m 1566 m 292 m CO2 Emitted 3660 T 4500 T 840 T www.polarcus.com 11
Delivering quality by design RightPlan provides significant results for seismic data quality Focus on holistic geophysical planning to determine optimal acquisition parameters Multiple survey design projects ongoing Polarcus…
Building a multi-client projects library Fast-track entry through partnerships and joint ventures Improved flexibility for vessel scheduling and positioning Long term earnings potential superior to Contract services Financial…
Pole position for Russia Strategic alliance with Sovcomflot, Russia's largest investment grade shipping company that aspires to broaden focus into energy supply Specialists in harsh environments and with a strategic focus on the…
Key financials www.polarcus.com 15
Financial highlights Q2 2011 140.0 122.7 Revenue of USD 65.8 million 120.0 100.0 EBITDA of USD 16.7 million USD millions 80.0 65.8 EBIT of USD 2.9 million 60.0 40.0 Net cash flow from operating activities 30.5…
Improved financial flexibility 1400 Secured USD 410 million fleet bank 1200 facility in Q3 410 1000 12 years maturity with an interest rate of 5.6% Bank loan 180 800 Sale lease back 70 Vendor financing Reduced average…
Outlook www.polarcus.com 18
Views on the seismic market Estimated Supply Growth, by 3D vessels1 (6 streamer + seismic fleet) 58 58 63 66 NW Europe experiencing significantly higher rates 55 and expected to remain strong in 2012 Seismic demand growth of 15 -…
The new Polarcus vessels on time and budget Type: 3D vessel Design: ULSTEIN SX134 Length: (loa) 92.0m Beam: 21.0m Streamer capacity: 14 Speed 16.0 knots Ice class: ICE-1A* Delivery: 2012 www.polarcus.com 20
Extended backlog into Q1 2012 Vessel 2011 2012 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun POLARCUS NADIA POLARCUS NAILA POLARUCS ASIMA Average fleet backlog POLARCUS ALIMA POLARCUS SAMUR POLARCUS SELMA…
PASSIONATE ABOUT SEISMIC Fastest growing marine seismic company New, innovative and efficient 3D fleet Experienced & highly qualified management Pole position for the market recovery www.polarcus.com 22
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