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CITIS GLOBAL ENERGY AND UTILITIES CONFERENCE – Gulfmark Offshore, Inc.

Gulfmark Offshore, Inc. · May 14, 2013 · 26 slides

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Slides

  1. CITIS GLOBAL ENERGY AND UTILITIES CONFERENCE – Gulfmark Offshore, Inc. – slide 1
    GulfMark Offshore, Inc Citi Global Energy & Utilities Conference
  2. CITIS GLOBAL ENERGY AND UTILITIES CONFERENCE – Gulfmark Offshore, Inc. – slide 2
  3. CITIS GLOBAL ENERGY AND UTILITIES CONFERENCE – Gulfmark Offshore, Inc. – slide 3
    Long Term Revenue & EBITDA (in millions of dollars) 700 700 600 600 500 500 400 400 300 300 200 200 100 100 0 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 TTM Revenue EBITDA* *…
  4. CITIS GLOBAL ENERGY AND UTILITIES CONFERENCE – Gulfmark Offshore, Inc. – slide 4
    Long Term Revenue & EBITDA (in millions of dollars) 700 700 Pro Forma for July 1, 2008 Acquisition 600 600 Prior Up-Cycle Incremental EBITDA Margins Average 72% 500 500 Substantial Fleet Upgrades Since 2008 400 400 11 New…
  5. CITIS GLOBAL ENERGY AND UTILITIES CONFERENCE – Gulfmark Offshore, Inc. – slide 5
    Total Revenue in Backlog (in thousands of dollars) 1,000,000 25,000 900,000 22,500 800,000 Day Rate in 20,000 Backlog 700,000 17,500 Day Rate in Backlog Dollars in Backlog 600,000 15,000 500,000 12,500 400,000…
  6. CITIS GLOBAL ENERGY AND UTILITIES CONFERENCE – Gulfmark Offshore, Inc. – slide 6
    Global Vessel Diversification North Sea Worldwide PSV 19 PSV 48 US Gulf SpV 1 AHTS 17 PSV 15 FSV 3 FSV 2 SpV 2 Total 70 SE Asia Mexico PSV 4 West Africa AHTS 2 4 AHTS 12 AHTS 1 PSV 1 Australia PSV 1 Trinidad Gulf of Mexico…
  7. CITIS GLOBAL ENERGY AND UTILITIES CONFERENCE – Gulfmark Offshore, Inc. – slide 7
    The GulfMark Fleet 8
  8. CITIS GLOBAL ENERGY AND UTILITIES CONFERENCE – Gulfmark Offshore, Inc. – slide 8
    Number of Vessels Built 9 10 11 12 13 14 15 16 0 1 2 3 4 5 6 7 8 9 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 Vessels in Current…
  9. CITIS GLOBAL ENERGY AND UTILITIES CONFERENCE – Gulfmark Offshore, Inc. – slide 9
    Building For Our Future Significant number of new generation rigs on order Increasing Activity both in the North Sea and New Frontiers Industry call for higher specification vessels to meet increasing regulatory demands: Deeper…
  10. CITIS GLOBAL ENERGY AND UTILITIES CONFERENCE – Gulfmark Offshore, Inc. – slide 10
    New Build Program Overview Two MMC 887 300 Class DP 2 (Europe) One MMC 879 280 Class DP2 (Europe) Two UT 755 XL 250 Class DP2 (Europe) Two ST-216 300 Class Arctic DP2 (Europe) Two 280 Class PSV DP2 (US) Two 300 Class PSV DP2…
  11. CITIS GLOBAL ENERGY AND UTILITIES CONFERENCE – Gulfmark Offshore, Inc. – slide 11
    New Build and Vessel Enhancement Program Summary North Sea 7 Newbuild Vessels North Sea vessels hedged in EUR DP2 Green PSVs (300 Class (2), 300 Class Arctic (2), 280 Class (1), 250 Class (2)) Staggered delivery of Newbuilds- 3Q…
  12. CITIS GLOBAL ENERGY AND UTILITIES CONFERENCE – Gulfmark Offshore, Inc. – slide 12
    New Build and Vessel Enhancement Program Summary, Contd Phase 1: 190 to 230 Six Vessels Completed 2011-13 Avg. Cost Per Vessel 2.4 million Avg. Incremental Days Out of Service 77 Estimated Payback Period (Including 13 months…
  13. CITIS GLOBAL ENERGY AND UTILITIES CONFERENCE – Gulfmark Offshore, Inc. – slide 13
    Building For Our Future: 2013 & Beyond (U.S. dollars, in millions) Initial Estimated Estimated Vessels Under Operating Construction Average Annual Implied EBITDA Construction Vessel Type Region Cost EBITDA Multiple 300 Class…
  14. CITIS GLOBAL ENERGY AND UTILITIES CONFERENCE – Gulfmark Offshore, Inc. – slide 14
    New Build Delivery Schedule 300 Class Europe 300 Class Artic Europe 280 Class Europe 300 Class Europe 280 Class US 250 Class Europe 280 Class US 300 Class Artic Europe 250 Class Europe 300 Class US 300 Class US…
  15. CITIS GLOBAL ENERGY AND UTILITIES CONFERENCE – Gulfmark Offshore, Inc. – slide 15
    Market Drivers 16
  16. CITIS GLOBAL ENERGY AND UTILITIES CONFERENCE – Gulfmark Offshore, Inc. – slide 16
    Rig Growth in the North Sea Floating Rigs Active 42 Scheduled Arrivals/Activations 15 (through 2015) % Increase 36% Jackups Active 42 Scheduled Arrivals (through 2015) 11 % Increase 26% Source: IHS Petrodata , Carnegie…
  17. CITIS GLOBAL ENERGY AND UTILITIES CONFERENCE – Gulfmark Offshore, Inc. – slide 17
    Rig Growth in the North Sea 70 Jackups 70 Maersk XL Maersk XL Enhanced 3, ENSCO 121, Enhanced 1 West Linus Seadrill TBA 2 60 Noble Regina Allen Noble Sam Maersk XL Seadrill TBA 60 Enhanced 2 ENSCO 120 Turner 1 Prospecter 1…
  18. CITIS GLOBAL ENERGY AND UTILITIES CONFERENCE – Gulfmark Offshore, Inc. – slide 18
    Floating Rig Growth in the U.S. GOM Floating Rigs in U.S. GOM Active 36 Scheduled Arrivals (through Q1 2016) 20 % Increase 56% Source: IHS Petrodata 19
  19. CITIS GLOBAL ENERGY AND UTILITIES CONFERENCE – Gulfmark Offshore, Inc. – slide 19
    Floating Rig Growth in the U.S. GOM 60 Transocean TBN 2 60 Rowan Renaissance Transocean Noble Bob Douglas, Noble Tom Madden TBN 1 Maersk Deepwater Advanced 2, West Neptune Deepwater Invictus, Pacific Sharav 50 Sevan UDW 3, 50 Noble…
  20. CITIS GLOBAL ENERGY AND UTILITIES CONFERENCE – Gulfmark Offshore, Inc. – slide 20
    Worldwide Sub Sea Driving the Future Sub Sea Activity is Continuing to Expand Subsea Demand Expected to Increase 33% and Annual Expenditure double to 20.3 Billion by 2016 Set to Top 124 Billion Over Next Five Years Double the Total…
  21. CITIS GLOBAL ENERGY AND UTILITIES CONFERENCE – Gulfmark Offshore, Inc. – slide 21
    Financial Information 22
  22. CITIS GLOBAL ENERGY AND UTILITIES CONFERENCE – Gulfmark Offshore, Inc. – slide 22
    Net Debt Position 500,000 40% 450,000 Net-Debt to 35% Total Book Initiation of Current 400,000 Capitalization New-Build Program Net-Debt Finalization of Previous New- 30% 350,000 Build Program 25% 300,000 250,000 20%…
  23. CITIS GLOBAL ENERGY AND UTILITIES CONFERENCE – Gulfmark Offshore, Inc. – slide 23
    Investment Highlights Industry Leaders in QHSE Performance & People Development Global Presence and Diverse Operations Expertise Financial Stability & Flexibility to Pursue Opportunities Growth through Both Acquisition and New…
  24. CITIS GLOBAL ENERGY AND UTILITIES CONFERENCE – Gulfmark Offshore, Inc. – slide 24
    Reconciliation of Adjusted EBITDA 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 TTM Net (loss) income 0.5 (4.6) 38.4 89.7 99.0 183.8 50.6 (34.7) 49.9 19.3 25.0 Interest expense, net 12.8 17.0 18.4 14.4 4.8 12.8 19.9 20.7…
  25. CITIS GLOBAL ENERGY AND UTILITIES CONFERENCE – Gulfmark Offshore, Inc. – slide 25
    26
  26. CITIS GLOBAL ENERGY AND UTILITIES CONFERENCE – Gulfmark Offshore, Inc. – slide 26
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