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Q3 2010 REPORT – Polarcus

Polarcus · Nov 2, 2010 · 19 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. Q3 2010 REPORT – Polarcus – slide 1
    Polarcus Limited, 02 Nov 2010 Rolf Ronningen, CEO Polarcus Tom Henrik Sundby, CFO Polarcus
  2. Q3 2010 REPORT – Polarcus – slide 2
    Highlights Q3 2010 Solid operational performance 5 months backlog, Q1 2011 fully booked POLARCUS ASIMA commenced production in September POLARCUS SAMUR upgraded from six to eight streamers POLARCUS ALIMA financed and…
  3. Q3 2010 REPORT – Polarcus – slide 3
    Agenda 1 Financials 2 Operations & Market update 3 Summary 4 Q&A 2010 Polarcus Limited www.polarcus.com Slide 4
  4. Q3 2010 REPORT – Polarcus – slide 4
    Financials highlights 35 30.8 30 Revenue of USD 30.8 million 25 24.8 EBITDA of USD 8.5 million 20 USD Millions EBIT of USD 2.3 million 15 10.8 Vessel utilization of 79% 10 8.5 4.6 5 0 Q1 Q2 Q3 -5 -3.7 Revenue…
  5. Q3 2010 REPORT – Polarcus – slide 5
    Consolidated income statement Quarter ended Nine months ended Year ended 30-Sep-10 30-Sep-09 30-Sep-10 30-Sep-09 31-Dec-09 (In thousands of USD) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) Revenues 30,806 - 66,408 - -…
  6. Q3 2010 REPORT – Polarcus – slide 6
    CAPEX cash flow Q3 2010 180,000,000 160,000,000 140,000,000 Q1-11 E 120,000,000 Q4-10 E 100,000,000 Q3-10 80,000,000 Q2-10 60,000,000 Q1-10 40,000,000 Q4-09 20,000,000 - Polarcus Nadia Polarcus Naila Polarcus Samur Polarcus…
  7. Q3 2010 REPORT – Polarcus – slide 7
    New financing secured 1000 900 135 800 70 USD 60 million new equity 700 Bank loan USD 80 million bond at 12.5 % 180 600 Vendor financing interest, 5 years 500 170 USD 55 million bank loan at Sale lease-back 400 approximately…
  8. Q3 2010 REPORT – Polarcus – slide 8
    Agenda 1 Financials 2 Operations & Market update 3 Summary 4 Q&A 2010 Polarcus Limited www.polarcus.com Slide 9
  9. Q3 2010 REPORT – Polarcus – slide 9
    POLARCUS NADIA Operational update TGS-NOPEC, Liberia: Completed 17 May 2010 10 x 7200m 100m streamer separation 5188 km2 in 110 days production (47 km2 / day) Complex crew change and re-supply logistics in remote area 100% complete…
  10. Q3 2010 REPORT – Polarcus – slide 10
    POLARCUS NAILA Operational update Noble Energy, Cameroon: Completed 20 May 2010 10 x 6000m 100m streamer separation 1573 km2 in 37 days production (43 km2 / day) to meet our requirements of full fold coverage in 15m of water with a…
  11. Q3 2010 REPORT – Polarcus – slide 11
    POLARCUS ASIMA Operational update Rosneft, Black Sea: Operations in Progress First PLCS 12-streamer operation 12 x 6000m 100m streamer separation 2069 km2, estimated duration 2.5 months Vessel delivered 31 August 2010 Mobilized…
  12. Q3 2010 REPORT – Polarcus – slide 12
    25% Increased revenue POLARCUS SAMUR Upgrade to 8 streamers Projected 25% revenue increase CAPEX increase of USD 3 million Maintained delivery date of Q4 2010 Capable of deploying 8 streamers with lateral separations of 25 - 200 m…
  13. Q3 2010 REPORT – Polarcus – slide 13
    First Pass 3D First Pass 3D 10 streamers x 6000m with 6 - 8 streamers by 6000m with 100m lateral separations 200m lateral separations 900m wide spread over the ground 1,000 1,400m wide spread over the ground Introducing First…
  14. Q3 2010 REPORT – Polarcus – slide 14
    Cost effective 3D exploration First Pass 3D Cost effective approach to data acquisition in frontier regions Good quality data with resolution close to conventional 3D Easily interleaved to upgrade to reservoir Conventional 3D…
  15. Q3 2010 REPORT – Polarcus – slide 15
    Backlog firmed up through Q1 2011 Vessel 2010 2011 Q1 Q2 Q3 Q4 Q1 Q2 POLARCUS NADIA TGS South America POLARCUS NAILA T Noble Gassnova Nexen Gassnova OMV OMEL Eni TBA SW Africa POLARCUS ASIMA T Rosneft South America POLARCUS SAMUR…
  16. Q3 2010 REPORT – Polarcus – slide 16
    Agenda 1 Financials 2 Operations & Market update 3 Summary 4 Q&A 2010 Polarcus Limited www.polarcus.com Slide 17
  17. Q3 2010 REPORT – Polarcus – slide 17
    Summary Solid operational performance with 3 vessels 5 months backlog, Q1 2011 fully booked Fleet, capabilities, and track record growing Uniquely positioned for a sector recovery POLARCUS NADIA 2010 Polarcus Limited…
  18. Q3 2010 REPORT – Polarcus – slide 18
    Agenda 1 Financials 2 Operations & Market update 3 Summary 4 Q&A 2009 Polarcus Limited www.polarcus.com Slide 19
  19. Q3 2010 REPORT – Polarcus – slide 19

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