SeaBird Exploration PLC SBX First Quarter 2011 4th May 2011 Continental Hotel Oslo
Disclaimer All statements contained in this presentation that are not statements of historical facts, including statements on projected operating results, financial position, business strategy and other plans and objectives for future…
Highlights Q1 2011 SeaBird entered into a Cooperation Agreement with Petroleum Geo-Services ASA (PGS) on 26 January 2011 and PGS invested in a NOK 240 million convertible loan. Subsequent to this, two representatives of PGS were…
Post Q1 vessel developments 2D/3DSW Aquila Explorer continues to work in Australasia market with good utilisation and is fixed until mid August 2011 on one MC survey followed by one contract survey Osprey Explorer is now operating…
Post Q1 vessel developments OBN Hugin Explorer and Munin Explorer commenced the Rosebank survey 3 weeks earlier than scheduled. By end April over 200 node stations had been deployed and shooting commenced. Completion is expected mid…
Vessel Employment / Backlog
Outlook 2D/3DSW The outlook for contracts has increased in 2011 but has been generally of short term duration during 2010 and looks to continue into H1-11. Competition remains strong from low end operators and from underbidding…
SeaBird OBN Contract Awards and Track Record October 2008 to April 2009 SeaBird First OBN Contract Client: TOTAL Angola Contract value: USD 25m Location: West Africa, Angola Water Depths: 1400m Performance: operationally challenging…
Outlook OBN Five supermajors have now awarded 6 separate contracts to SeaBird due to reliability with combined seabed sensor coupling and acoustic communication between vessel and each node allowing QC of node operation during the…
OBN Crew 2 Update SeaBird has issued an LOI for the building of a node handling vessel for delivery Q2/Q3 2012, subject to final contract terms and conditions A shipyard has been shortlisted and negotiations are finalised…
Financials Q1 2011 11
Consolidated Income Statement 1st Quarter 2011 Quarter ended 31 Dec Year ended 31 Dec All figures in USD 1,000 2011 2010 2010 Revenue 21 233 65 980 197 026 Charter hire and operating expenses (23 601) (39 692) (134 896) Selling,…
Consolidated Income Statement 1st Quarter 2011 Quarter ended 31 Dec Year ended 31 Dec All figures in USD 1,000 2011 2010 2010 Revenue 21 233 65 980 197 026 Charter hire and operating expenses (23 601) (39 692) (134 896) Selling,…
Sequential Development Revenues Utilization Q1 down to 49% from 51% in Q4, from USD millions 66% in Q3, Utilization % 70 90 % Decreased revenue Q1: USD 21 mill , from USD 38 60 80 % mill in Q4, from Q3: USD 43mill 70 % 50 60 %…
Opex Development SG&A (sales, general admin) includes provision for bad debt for: Cost development Q4 2008 USD 4.1mill USD millions Q1 2009 USD 0.7mill Q2 2009 USD 1.4mill 55,0 Q4 2010 USD 2.0mill 50,0 45,0 Q1 - Q2 2010 Opex cost…
Sequential Development Q1 2010 best EBITDA since Q2 2008 mainly due EBITDA to high efficiency for the OBN operation in Nigeria USD millions ending 20 April 2010. 24 Q2 2010 reduction due to less margins on the OBN 20 21 20…
Perestroika and PGS convertible loans Accounting implications according to IFRS in Q1 2011 NOK 240 million convertible loan from PGS issued and life of convertible loan from Perestroika increased from three to four years on 25 January…
Consolidated Balance Sheet As of 31 March As of 31 Dec All figures in USD 1,000 2011 2010 2010 Non-current Tangible assets 276 819 331 542 283 622 Non-current Intangible assets 27 363 26 496 26 568 Other current assets 35 426 50…
Consolidated Cash Flow Quarter ended 31 Mar Year ended 31 Dec All figures in USD 1,000 2011 2010 2010 Net cash from operating activities (35 330) 12 672 5 224 Capital Expenditures (1 229) (665) (11 971) Borrowings 23 714 (11 433) (5…
Multiclient by SeaBird SeaBird participates with Multiclient Providers where all or part of the Multiclient sales come later SeaBird is not pursuing Multiclient activity, but participates if ordinary 2D direct client seismic work is…
Latest Financial Restructuring 15 Sep 2010: NOK 120 million Perestroika Convertible 3 years,1% interest (PIK), NOK 3.35 conv. price, 35.8 mill shares Changed Jan 2011: 4 years Changed Mar 2011:Value USD 21.5 mill, Conv. price/share:…
Maturity of borrowings 45 40 68,4 35 Prior to debt 30 restructuring 25 Note 2013 January 2011 20 showing full year 30,5 15 10 13,1 5 2,3 2,3 2,3 2,3 2,3 2,3 3,8 0 0,7 0,8 0,8 0,8 0,8 0,9 0,9 0,9 1,0 1,0 1,1 1,1 Q1…
For further questions contact CEO Tim Isden E-mail: tim.isdensbexp.com Ph. (971) 504 539075 or CFO Kai Solberg-Hansen E-mail: kai.solberg-hansensbexp.com Ph.(47)920 51455 23 23
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