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JANUARY 2015 CORPORATE PRESENTATION – Seabird Exploration Fz Llc

Seabird Exploration Fz Llc · Jan 30, 2015 · 28 slides

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Slides

  1. JANUARY 2015 CORPORATE PRESENTATION – Seabird Exploration Fz Llc – slide 1
    SeaBird Exploration Restructuring presentation 30 January 2015
  2. JANUARY 2015 CORPORATE PRESENTATION – Seabird Exploration Fz Llc – slide 2
    Table of contents I. Transaction overview II. Restructured SeaBird III. Appendix 3
  3. JANUARY 2015 CORPORATE PRESENTATION – Seabird Exploration Fz Llc – slide 3
    I Transaction overview
  4. JANUARY 2015 CORPORATE PRESENTATION – Seabird Exploration Fz Llc – slide 4
    Investment highlights 1 Outstanding SBX03 bond and Perestroika CL treated equal in conversion 20% to Bond and 80% to equity - converted to equity at NOK 0.3/share Improved capital Charter hire and bunker payables partially written off,…
  5. JANUARY 2015 CORPORATE PRESENTATION – Seabird Exploration Fz Llc – slide 5
    Restructuring background and actions 1 SeaBird in SeaBird is in financial distress due to a challenging seismic market financial distress Shortfall of revenues in 3Q14 and 4Q14e 2 Challenging Current debt levels too high…
  6. JANUARY 2015 CORPORATE PRESENTATION – Seabird Exploration Fz Llc – slide 6
    The main components in the restructuring SBX03 bondholders partly converted to equity and Equity USD 64.7m SBX04 bond SBX03 USD 80.9m SBX04 USD 16.2m Perestroika convertible loan of 14.9m treated equally Equity as SBX03 USD 11.9m…
  7. JANUARY 2015 CORPORATE PRESENTATION – Seabird Exploration Fz Llc – slide 7
    Total transaction overview NOK/USD: 7.60 Debt conversion price: 0.30 NOK New Equity issue price: 0.10 NOK Ownership post Instruments Post coversion Ownership warrants Credit facility, SBX04 SBX04 pari passu with Unsecured credit EQ…
  8. JANUARY 2015 CORPORATE PRESENTATION – Seabird Exploration Fz Llc – slide 8
    Transaction terms and timeline Offering details Timetable and Key Terms Transaction: Application period: Private placement of NOK equivalent of USD 8.5 - 12 million January 29, 2015 09:00 CET February 2, 2015 16:30 CET Number of new…
  9. JANUARY 2015 CORPORATE PRESENTATION – Seabird Exploration Fz Llc – slide 9
    Sources and uses & equitization Sources of funds Uses of funds Sources of funds USDm Uses of funds USDm New Bond issue 29.3 General corporate purposes 10.7-14.2 Tranche A (new money) 5.0 Debt, Payables & Fees converted to SBX04…
  10. JANUARY 2015 CORPORATE PRESENTATION – Seabird Exploration Fz Llc – slide 10
    Interest bearing debt significantly reduced Pre transaction debt level Post transaction debt level 6.1 101.9 62.9 14.9 80.9 USDm 39.0 29.3 2.4 2.1 5.1 SBX03 Perestroika Hawk Lease Total IB debt Debt reduction…
  11. JANUARY 2015 CORPORATE PRESENTATION – Seabird Exploration Fz Llc – slide 11
    Trade payables significantly reduced Trade payables pre(1) and post transaction 22.0 39.7 26.3 - USD 17m in conversion and write-offs USDm - USD 10.7-14.2m from new money used to decrease trade payables over a period of…
  12. JANUARY 2015 CORPORATE PRESENTATION – Seabird Exploration Fz Llc – slide 12
    Backlog Firm contracts Backlog Vessel Expected Expected Amount (USDm) Vessel Client/Project months start-up completion (USD millions) Up to 6 vessels TGS Nopec - Mexico / US East 40 Q1 2015 88 300 coast (MIN program) 273 270 Aquila…
  13. JANUARY 2015 CORPORATE PRESENTATION – Seabird Exploration Fz Llc – slide 13
    Estimated P&L INCOME STATEMENT All figures in USD millions Q1 2015e Q2 2015e Q3 2015e Q4 2015e 2015e 2016e Contract revenue 27.2 37.4 39.7 37.7 142.1 141.8 MC revenue 2.0 2.0 2.0 2.0 8.0 16.5 Total revenue 29.2 39.4 41.7 39.7 150.1…
  14. JANUARY 2015 CORPORATE PRESENTATION – Seabird Exploration Fz Llc – slide 14
    Possible vessel allocation 2015-2016 Vessel 2015 2016 2017 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Aquila Explorer APAC APAC APAC Northern Explorer EAM E NSA NSA NSA Mediterranean Harrier Explorer Source APAC TGS Mexico TGS US East…
  15. JANUARY 2015 CORPORATE PRESENTATION – Seabird Exploration Fz Llc – slide 15
    II Restructured SeaBird
  16. JANUARY 2015 CORPORATE PRESENTATION – Seabird Exploration Fz Llc – slide 16
    Company vision and aspiration The most reliable and productive service provider in focus areas, based on low cost operations, experienced crews and unparalleled technology expertise in target segments Global market leader in our…
  17. JANUARY 2015 CORPORATE PRESENTATION – Seabird Exploration Fz Llc – slide 17
    Strategy Three-year plan 1. Continued focus on core operating segments Remain market leader and most productive service provider by continued improvement of marine and seismic operations 2. Renew fleet to maintain global reach and…
  18. JANUARY 2015 CORPORATE PRESENTATION – Seabird Exploration Fz Llc – slide 18
    1. Focus on core markets Key markets 2D and source Niche 3D; shallow water, complex and smaller survey areas Preferred service provider for oil and gas industry Only focused 2D service provider pre-approved by oil majors Recognized…
  19. JANUARY 2015 CORPORATE PRESENTATION – Seabird Exploration Fz Llc – slide 19
    2. Critical mass with renewed fleet Global reach and critical mass Maintain requisite fleet size to uphold market-leading position Optimal fleet size of 7-10 vessels Global reach essential to efficiently serve customers in all markets…
  20. JANUARY 2015 CORPORATE PRESENTATION – Seabird Exploration Fz Llc – slide 20
    3. Restructure to improve efficiency and reduce costs Restructuring of onshore activities Consolidate offices to improve efficiency and cost structure One company with primary functions in Oslo Removing costly expat set-up in Dubai…
  21. JANUARY 2015 CORPORATE PRESENTATION – Seabird Exploration Fz Llc – slide 21
    4. Multi-client; market stabilizer Multi-client is a natural extension of existing business profile Stabilize fluctuations in contract market; optimize vessel utilization Capitalize on attractive investment opportunities Provides…
  22. JANUARY 2015 CORPORATE PRESENTATION – Seabird Exploration Fz Llc – slide 22
    5. Technology; taking 2D to the next level Development of new 2D acquisition technology improves productivity and creates competitive advantage 23
  23. JANUARY 2015 CORPORATE PRESENTATION – Seabird Exploration Fz Llc – slide 23
    6. Capital structure considerations Need to solidify balance sheet to execute on strategic plan Working capital access required to address cyclicality and growth Flexibility for equipment financing Balance sheet improvement reduces…
  24. JANUARY 2015 CORPORATE PRESENTATION – Seabird Exploration Fz Llc – slide 24
    III Appendix
  25. JANUARY 2015 CORPORATE PRESENTATION – Seabird Exploration Fz Llc – slide 25
    Key terms - Senior Secured Bond Issuer: SeaBird Exploration Finance Limited Guarantors: All subsidiaries with some carve-outs. See term sheet for further information USD 29.3 million Tranche A: USD 5.0 million Amount: Tranche B: USD…
  26. JANUARY 2015 CORPORATE PRESENTATION – Seabird Exploration Fz Llc – slide 26
    Legal entities SeaBird Exploration PLC Crewing company Management and Operating companies Vessel companies SeaBird Exploration Asia Baruka Management Ltd SeaBird Exploration Norway AS Aquila Explorer Inc Pacific PTE Ltd…
  27. JANUARY 2015 CORPORATE PRESENTATION – Seabird Exploration Fz Llc – slide 27
    Estimated Balance sheet BALANCE SHEET All figures in USD millions Q4 2014e Q1 2015e Q2 2015e Q3 2015e Q4 2015e 2015e 2016e ASSETS Non current assets Property, plant and equipment 106.7 103.2 100.7 98.8 98.2 98.2 94.2 MultiClient…
  28. JANUARY 2015 CORPORATE PRESENTATION – Seabird Exploration Fz Llc – slide 28
    Estimated Cash flow statement CASH FLOW STATEMENT All figures in USD millions Q1 2015e Q2 2015e Q3 2015e Q4 2015e 2015e 2016e Cash flow generated by/(used for) operations Net profit/ (loss) (5.9) 2.3 4.6 4.4 5.4 28.5 Depreciation,…

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