SOLSTAD OFFSHORE ASA 2Q 2012 1. Solstad Offshore in brief 2. Highlights YTD 3. Financials 4. Vessels and markets 5. Outlook
SOLSTAD OFFSHORE IN BRIEF Founded in 1964. Head-office in Skudeneshavn, Norway. Operations worldwide The North Sea, Brazil, US Gulf, West Africa, Asia etc. Listed on Oslo Stock Exchange (Ticker: SOFF). A fleet of 50 vessels operated…
2. HIGHLIGHTS
SOFF 1st half 2012 HIGHLIGHTS Freight revenues of NOK 878 mill 2nd quarter 12 / NOK 1,67 billion 1st Half 12 EBITDA 2nd quarter NOK 397 mill (margin of 45%) up from NOK 283 mill 1st quarter 12. Good earning EBITDA margin positively…
3. FINANCIALS
PROFIT AND LOSS ACCOUNTS 2Q 2Q 1H 1H Total (mill NOK) 2012 2011 2012 2012 2011 Total operating income 878 683 1 666 1 352 2 980 Operating expenses -484 -485 -989 -899 -1 910 Ord. Depreciation (1) -114 -184 -231 -361 -758…
OPERATING REVENUE AND EBITDA (Excl. gain on sale of asset) (MNOK)
BALANCE 30 June 2012 1H 1H Total (mill NOK) 2012 2011 2011 Long Term fixed assets 14 535 14 261 14 087 Current Assets 1 495 1 703 1 587 Total Assets 16 031 15 963 15 673 Equity 4 502 4 767 4 416 Long term liabilites 9 190 9 703…
4. VESSELS AND MARKETS
MARKET - Construction Service Vessels (CSV) Subsea market driven by solid fundamentals High tendering activity and contract awards Clients are building substantial backlogs Limited availability of moderen large CSVs. SOFF…
MARKET - Construction Service Vessels (CSV) DLB Norce Endeavour, close to full utilization in 2Q 12 Project with TLO in Malaysia successfully completed Project with PT Timas, Indonesia ongoing to end September-12 Other…
Breakthrough for DLB Norce Endeavour Signed strong long-term charter in Australia Client: Leighton Contractors Pty Ltd Project: Gorgon LNG Jetty and Marine Structures. Gives 100% utilization from October 12 SOFF to provide…
FLEET - Construction Service Vessels (CSV) Quarterly development 450 60 % 400 Represents about 50% of SOFFs 350 50 % % EBITDA margin 300 40 % revenues. NOK mill 250 30 % 200 150 20 % Improved utilization 100…
New CSV ordered Ordered state of the art CSV in partnership with Ocean Installer AS. Limited capex exposure for SOFF, but with option to increase ownership to 50% To be delivered from yard STXOSV, Norway, during 2Q 14. 5 year…
MARKET - Anchor Handling Tug & Supply Vessels (AHTS) Weak North Sea spot market in 2Q, have continued into 3Q. Decent activity, but too many vessels Too many of us wanted to harvest from a promising North Sea market over…
FLEET - Anchor Handling Tug & Supply Vessels (AHTS) 22 AHTSs in operation world wide Range from 5.500 to 32.000 bhp. Quarterly development 400 70 % 350 60 % Our expectations to a strong AHTS segment 300 % EBITDA margin 50…
MARKET - Platform Supply Vessels (PSV) Activity level is high, but too many vessels has entered the market Considerable number of vessels still under construction Put pressure on dayrates Demand will continue to rise as new…
FLEET - Platform Supply Vessels (PSV) Quarterly development Improved operational 140 50 % performance during 2Q 12 120 40 % 100 % EBITDA margin As for 1Q 12, close to full 80 30 % NOK mill utilization during the…
5. MARKET/OUTLOOK
MARKET OUTLOOK A continued high oil price gives E&P budgets on a steady high level. Demand for vessels, equipment and people, will continue to grow. Demand for Subsea construction vessels will continue to be strong as a…
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