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Q1 2014 EARNINGS CALL – Siem Offshore

Siem Offshore · May 5, 2014 · 26 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Q1 2014 EARNINGS CALL – Siem Offshore – slide 1
    Earnings Presentation First Quarter 2014 CEO Terje Sorensen 5 May 2014
  2. Q1 2014 EARNINGS CALL – Siem Offshore – slide 2
    Highlights First Quarter 2014 Result and Finance First quarter 2014 operating revenue of USD 94.4 million and operating margin of USD 36.9 million (39%), an increase from USD 79.8 million and USD 19.1 million (24%) in first quarter…
  3. Q1 2014 EARNINGS CALL – Siem Offshore – slide 3
    Highlights First Quarter 2014 Contracts and order of new vessels Ordered two well-intervention vessels scheduled for delivery in first and third quarter 2016. The two vessels shall be built at the Flensburger shipyard in Germany. Both…
  4. Q1 2014 EARNINGS CALL – Siem Offshore – slide 4
    Subsequent Events The Annual General Meeting held 2 May 2014 approved payment of NOK 0.10 per share in dividends for Fiscal 2013. Siem Offshore Contractors GmbH (SOC), a wholly owned subsidiary of Siem Offshore Inc. was awarded a…
  5. Q1 2014 EARNINGS CALL – Siem Offshore – slide 5
    Income Statement First Quarter First Quarter Twelve Months Ended 2014 2013 2013 2012 Amounts in USD million Unaudited Unaudited Audited Audited Operating revenue 94.4 79.8 364.0 368.2 Operating expenses ( 46.5) ( 49.2) ( 190.6) (…
  6. Q1 2014 EARNINGS CALL – Siem Offshore – slide 6
    Adjusted Net Profit First Quarter Twelve Months Ended 2014 2013 2013 2012 Amounts in USD million Unaudited Unaudited Audited Audited Net Profit (loss) 17.8 18.8 21.5 15.4 Unrealized (profit) loss on currency derivatives (6.5) 4.5…
  7. Q1 2014 EARNINGS CALL – Siem Offshore – slide 7
    Comments to First Quarter Income Statement 94% utilisation of the OSCV fleet. 4 vessels in operation at the end of the quarter. All vessels on long-term charters. The OSCVs recorded 46 days commercial off-hire related to dry-docking…
  8. Q1 2014 EARNINGS CALL – Siem Offshore – slide 8
    Operating Margin First Quarter 1Q 2014 1Q 2013 Amounts in Operating Operating Operating Operating Operating Operating Operating Operating USD million revenue expenses margin margin % revenue expenses margin margin % PSVs [2] 22.9 (…
  9. Q1 2014 EARNINGS CALL – Siem Offshore – slide 9
    Financial Position and Cash Flow
  10. Q1 2014 EARNINGS CALL – Siem Offshore – slide 10
    Statement of Financial Position 31.03.2014 31.03.2013 31.12.2013 31.12.2012 Amounts in USD million Unaudited Unaudited Audited Audited Intangible assets 29.5 35.4 29.7 36.3 Vessels under construction 146.3 120.9 127.7 108.4 Vessels,…
  11. Q1 2014 EARNINGS CALL – Siem Offshore – slide 11
    Consolidated Statements of Cash Flows 01.01.2014 - 01.01.2013 - 01.01.2013 - 31.03.2014 31.03.2013 31.12.2013 Cash flow from operations Unaudited Unaudited Audited Profit before taxes, excluding interest 27.2 25.4 49.2 Interest paid…
  12. Q1 2014 EARNINGS CALL – Siem Offshore – slide 12
    Scheduled Debt Maturity Profile 9M 2014 - 2019 Comments: 1. The graph reflects committed and assumed mortgage debt for all 15 vessels under construction per end of 1Q 14. 2. Gross debt expected to peak in 2016 based on existing…
  13. Q1 2014 EARNINGS CALL – Siem Offshore – slide 13
    Future Yard Instalments per end 1Q 2014 Amounts in USD million Future Yard Instalments 2014 2015 2016 Total The Company has secured ISV 44.0 0.0 0.0 44.0 mortgage debt financing for 9 of OSCVs 194.7 0.0 0.0 194.7 15 vessels under…
  14. Q1 2014 EARNINGS CALL – Siem Offshore – slide 14
    Future Yard Instalments and Debt Financing 2014-2016 Total financing gap in the period 2014-16 of approx. USD 60 million FRN 14/19 Assumed new mortgage debt of approx. USD 500 million FRN 14/19 Comments: 1. The graph…
  15. Q1 2014 EARNINGS CALL – Siem Offshore – slide 15
    Siem Offshore Contractors - Submarine power cable activities Awarded the contract for the turnkey EPIC package of the inner array grid cable system of the Nordsee One OWF, a project developed by RWE Innogy GmbH (RWEI). The marine…
  16. Q1 2014 EARNINGS CALL – Siem Offshore – slide 16
    Siem Offshore Contractors - Submarine power cable activities by main projects Amrumbank West OWF Baltic 2 OWF Nordsee One Nordsee One OWF Awarded Mar, 2012 Feb, 2013 Dec, 2012 Apr, 2014 Installation of 86 Installation of 80…
  17. Q1 2014 EARNINGS CALL – Siem Offshore – slide 17
    Siem WIS The Romeo and Julius projects for Statoil in the North Sea are in the final phase of the preparation work. The drilling rig has commenced the yard stay and started preparation work in late April and the current mobilisation…
  18. Q1 2014 EARNINGS CALL – Siem Offshore – slide 18
    Secunda Canada LP (Secunda) - Siem Offshore owns 50% of Secunda after an acquisition in 3Q 2013 Financials Key data and financials on Secunda Fleet: 6 offshore support vessels The 50% ownership interest in Secunda is Offices: Halifax…
  19. Q1 2014 EARNINGS CALL – Siem Offshore – slide 19
    Employment and Deliveries Vessels in Operation and Shipbuilding Contracts
  20. Q1 2014 EARNINGS CALL – Siem Offshore – slide 20
    Fleet in Operation - 43 Vessels in Operation Vessels in operation 101) AHTS Vessels 4 OSCV 112) PSV (3,600 5,100 dwt) 18 Other vessels Scientific Core Drilling Vessel 1 Average age of 2 years Canadian Other fleet…
  21. Q1 2014 EARNINGS CALL – Siem Offshore – slide 21
    Employment Vessels in operation 2014 2015 2016 2017 Vessel Type Ownership 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Siem Sasha PSV 100 % Siem Sophie PSV 100 % Siem Louisa PSV 100 % Siem Hanne PSV 100 % Siem Carrier PSV 100 % Siem…
  22. Q1 2014 EARNINGS CALL – Siem Offshore – slide 22
    Employment Vessels in operation (cont.) 2014 2015 2016 2017 Vessel Type Ownership 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Big Orange XVIII WSV 41 % Joides Resolution SPV 100 % Burin Sea AHTS 50% Panuke Sea PSV 50% Ryan Leet MPSV…
  23. Q1 2014 EARNINGS CALL – Siem Offshore – slide 23
    Vessels under Construction - 14 Vessels to be Delivered Next 3 Years, ex Siem Moxie which was delivered 7th of April 2014. 2014 2015 2016 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q OSRV, Siem Maragogi OSRV, Siem Marataizes PSV, Siem…
  24. Q1 2014 EARNINGS CALL – Siem Offshore – slide 24
    Employment - Vessels under construction 2014 2015 2016 2017 Vessel Type Ownership 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Brazil, Siem Maragogi OSRV 100 % Brazil, Siem Marataizes OSRV 100 % Brazil Siem Giant PSV 100 % Norway,…
  25. Q1 2014 EARNINGS CALL – Siem Offshore – slide 25
    Market Outlook
  26. Q1 2014 EARNINGS CALL – Siem Offshore – slide 26
    Market Outlook Summary Current and near term North Sea market : During the first quarter, the Company experienced a volatile market for the high-end AHTS vessels in the North Sea. The beginning of the quarter was positively…

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