SeaBird Exploration Second Quarter 2012 17 August 2012
Forward-looking statements 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…
Highlights Financial results Revenues of 48.7 million, up 120% from Q2 2011 EBITDA of 17.2 million, up from USD 0.2 million in Q2 2011 EBIT of 7.7 million compared with negative 8.5 million for Q2 2011 Vessel utilization at 74%…
Highlights (continued) We are continuing to develop our multi-client business We sold three licenses from our library this quarter and started work on one new project From time-to-time we may review the sale of portions of our…
Financial summary
Income statement Quarter ended Six months ended 30 June 30 June USD millions (except for EPS) 2012 2011 2012 2011 Contract 43.6 19.3 68.8 34.9 Multi-client 5.1 2.9 14.2 3.9 Total revenues 48.7 22.2 83.0 38.8 Cost of sales (27.6)…
Cash flow statement Quarter ended Six months ended 30 June 30 June USD millions 2012 2011 2012 2011 Profit/(loss) before income tax 4.8 (19.3) (7.4) (41.7) Non cash items 12.2 10.4 26.4 22.4 Working capital adjustments (13.2) 9.0…
Balance sheet As of 30 June USD millions 2012 2011 Property, plant and equipment 134.4 259.8 Multi-client library 9.6 10.8 Other non-current assets 1.3 31.9 Inventories 4.5 6.0 Trade receivables 32.9 21.3 Other current assets 12.8 12.1…
Quarterly financial comparison Contract revenues have Revenues continuing operations (USD millions) been steadily improving 55,0 48.7 Higher vessel utilization 50,0 45,0 40,0 Fleet composition, with 35,0 34.3 the Voyager…
Funded debt profile USD millions Face value Book value Coupon Maturity Bond loan - SBX 03 89.9 76.6 6.00% 19 December 2015 Perestroika convertible loan 14.9 12.0 1.00% 22 September 2014 Hawk Explorer finance lease 14.9 14.9 10.87% 31…
Business overview
Restructuring and repositioning The focus on improving our cost structure is now paying off SG&A has come down considerably and is now in line with management targets We are actively reviewing our operating expenses and cost reduction…
SeaBird strength and market position SeaBird is a global leader in the 2D and shallow-water 3D seismic market sectors The company is uniquely positioned to work globally towards the multinational oil companies and independent…
Fleet developments We had two routine dockings during the second quarter Munin Explorer and Aquila Explorer Both dockings were completed on time and on budget In addition, we equipped the Harrier Explorer with 12 km solid streamer…
Ultra long offset 2D SeaBird has been instrumental in the development of new acquisition technology -This is the Wide Azimuth equivalent to the 2D market 20 km cable with continuous recording Sub salt Sub basalt Refraction seismic…
Continued solid backlog In light of the solid global demand, backlog remains comfortably above 100 million While we worked though a significant portion of the backlog during the second quarter, continued client demand has allowed us…
Tier-one customer relations SeaBird has a roster of global relationships with tier-1 sector operators We actively work with most major oil companies as well as multi-client operations There are also solid relationships with a large…
Market conditions and outlook We continue to see strong customer demand and anticipate that this continues out the second half of the year We would expect customer demand to continue to come from both oil companies and multi-client…
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