SeaBird Exploration Fourth Quarter Presentation 27 February 2015 CEO Dag Reynolds CFO Nils Haugestad
Highlights Financial results Revenues of 28.1 million (22.7 million Q3 2014) EBITDA of negative 28.5 million (negative 2.1 million Q3 2014) EBITDA adjusted for non-recurring items of negative 7.7 million Quarterly observations…
Refinancing
Transaction highlights Converted debt from SBX03 and Perestroika of 96.8 million into SBX04 and newly issued shares Approximately 17 million in vendor obligations converted into equity, debt or written down Pro forma debt at 38.9…
Transaction overview Stakeholders Indebtedness Ownership pre-dilution Ownership post-dilution Figures in USD 000 (except number of shares in thousands) Par value SBX04 Credit facility Unsecured note Number of shares % Number of shares…
Charter hire Voyager Explorer Day rate reduced to 6,200 from 13,200 when vessel used in 2D mode or idle When used in 3D mode, day rate at 13,200 Vessel owner may terminate contract with 30 days notice but not before project…
Funded debt review Debt instruments SBX04 Main terms Tranche A Tranche B Credit facility Unsecured note Amount in millions 5.0 24.3 2.4 2.1 Maturity Feb-18 Feb-18 Feb-18 Jan-18 Coupon 12.00% 6.00% 6.00% 6.00% Amortization Two years…
Vessel utilization Increased contract utilization Vessel utilization 1% 52% in Q4 2014 compared to 35% 100% 0% 0% 8% 2% in Q3 2014 90% 7% 24% Q4 multi-client utilization of 5%, 80% 13% 33% 43% down from 30% in Q3 41% 70% 12%…
Fourth quarter non-recurring costs Asset values tested in light of market environment Other non-recurring costs primarily related to restructuring and lay-up of 3D vessels Provisions and write-offs Figures in USD millions P&L…
Income statement Q4 2014 adjusted for non-recurring costs CONSOLIDATED INTERIM STATEMENT OF INCOME Quarter ended 31 December Non-recurring All figures in USD millions (except for EPS) Adjusted items Reported Restated 2014 2014 2014…
Income statement 2014 adjusted for non-recurring costs CONSOLIDATED INTERIM STATEMENT OF INCOME Year ended 31 December Non-recurring All figures in USD millions (except for EPS) Adjusted items Reported Restated 2014 2014 2014 2013…
Cash flow statement CONSOLIDATED INTERIM STATEMENT OF CASH FLOW Quarter ended Year ended 31 December 31 December All figures in USD millions Restated Restated 2014 2013 2014 2013 Profit/(loss) before income tax (70.7) (8.5) (97.6)…
Pro-forma balance sheet 2014 CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION 31 December Pro-forma transaction Pro-forma All figures in USD millions (except for equity ratio) Reported adjustments balance sheet Restated 2014…
Business review and outlook
Cost reduction effort SG&A Initial SG&A cost savings implemented Number of on-shore staff reduced Dubai relocation nearly complete Cost of sales Procedures under active review Targeting savings of 7 million Cost flexibility…
Backlog development Backlog (USD millions) 300 273 270 262 250 199 200 164 161 151 156 151 150 147 150 100 71 58 53 50 - Dec 2013 Jan 2014 Feb 2014 Mar 2014 Apr 2014 May 2014 Jun 2014 Jul 2014 Aug 2014 Sep 2014…
Fleet update Voyager lay-up Extensive competition; 3D niche market targeted by seismic majors Anticipate reactivation when market recovers Geo Pacific in transit to lay-up Expected to remain idle until redelivery December 2015…
Multi-client overview Multi-client revenues in Q4 of 4.6 million Multi-client revenues by quarter 7 (USD millions) 6,3 Revenues predominantly relate to sales of 6 5,1 2014 surveys 4,6 5 3,7 4 3,2 Multi-client impairment of 5.5…
Multi-client library 2014 surveys 2013 surveys Pre 2013 surveys 23
Market outlook 2D High end (USD thousand) Continued market softness likely to persist 140 in 2015 120 110 110 125 125 110 100 90 80 90 90 90 90 80 Weakness in all segments 60 70 40 2D seismic segment less affected by the 20…
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