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Q1 2012 EARNINGS CALL – Polarcus

Polarcus · Apr 27, 2012 · 20 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 2012 EARNINGS CALL – Polarcus – slide 1
    Polarcus Limited 27 April, 2012 Rolf Ronningen, CEO Tom Henrik Sundby, CFO www.polarcus.com 1
  2. Q1 2012 EARNINGS CALL – Polarcus – slide 2
    Agenda 1 Highlights 2 Financials 3 Operations & Market update 4 Summary & Q&A www.polarcus.com 3
  3. Q1 2012 EARNINGS CALL – Polarcus – slide 3
    Polarcus a seismic major Major provider of marine 3D seismic services globally Specialized Arctic offering with incorporated technologies 500+ highly experienced seismic and maritime employees Offices in Dubai, London, Houston,…
  4. Q1 2012 EARNINGS CALL – Polarcus – slide 4
    Challenging quarter, improving outlook Revenues of USD 99.9 million, up 108% from Q1 11 EBITDA of USD 26.3 million, up 471% from Q1 11 EBIT of USD 9.6 million vs. USD (4.7) million in Q1 11 Net Cash Flow from operating activities…
  5. Q1 2012 EARNINGS CALL – Polarcus – slide 5
    Agenda 1 Highlights 2 Financials 3 Operations & Market update 4 Summary & Q&A www.polarcus.com 6
  6. Q1 2012 EARNINGS CALL – Polarcus – slide 6
    Consolidated income statement Quarter ended Year ended 31-Mar-12 31-Mar-11 31-Dec-11 (In thousands of USD) Notes (Unaudited) (Unaudited) (Audited) Revenues Contract revenue 95,309 48,034 274,757 Multi-client revenue 892 - 20,571…
  7. Q1 2012 EARNINGS CALL – Polarcus – slide 7
    Key financials Quarter ended Year ended (In USD millions) 31-Mar-12 31-Mar-11 31-Dec-11 Revenues 99.9 48.0 298.6 Vessel operating expenses (64.8) (35.6) (188.9) EBITDA 26.3 4.6 76.3 EBIT 9.6 (4.7) 15.5 Net Financial…
  8. Q1 2012 EARNINGS CALL – Polarcus – slide 8
    Key financials historic development Revenues EBIT 120.00 15.00 100.00 10.00 80.00 5.00 60.00 40.00 - Q1-10 Q2-10 Q3-10 Q4-10 Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 20.00 (5.00) - Q1-10 Q2-10 Q3-10 Q4-10 Q1-11 Q2-11 Q3-11 Q4-11…
  9. Q1 2012 EARNINGS CALL – Polarcus – slide 9
    Fleet Utilization 100% 1% 2% 3% 3% 4% 4% 4% 10% 10% 10% 13% 90% 14% 17% 19% 21% 9% 25% 80% 35% 9% 4% 70% 33% 60% Standby Yard stay (including shakedown) 50% Transit 89% 85% Multi-Client Seismic Contract 40% 81% 79%…
  10. Q1 2012 EARNINGS CALL – Polarcus – slide 10
    Funding Total financing of USD 1.5 B secured 1600 NOK 232 M (USD 40.5 M) in new equity 1400 during Q1 2012 410 1200 USD 114 M of USD 410 M fleet bank facility 40 Bank loan was drawn on 29 March 2012 at delivery of 1000…
  11. Q1 2012 EARNINGS CALL – Polarcus – slide 11
    Heading for the main list Share Performance Top 20 Shareholders (as per 24 Apr) Shareholder Share % 9.00 10 SABARO INVESTMENTS L 46,902,834 9.25 NOK Million shares turnover ZICKERMAN HOLDING LT 40,571,476 8.00 9 SEB ENSKILDA…
  12. Q1 2012 EARNINGS CALL – Polarcus – slide 12
    Agenda 1 Highlights 2 Financials 3 Operations & Market update 4 Summary & Q&A www.polarcus.com 13
  13. Q1 2012 EARNINGS CALL – Polarcus – slide 13
    RIGHTPLAN, RIGHTSIZE, RIGHTDESIGN Fleet Key Features All new and uniform fleet Reduced noise and vibrations POLARCUS NADIA & POLARCUS NAILA POLARCUS SAMUR & Vyacheslav Tikhonov Ice class 1A (except Nadia & Naila ICE C) 12…
  14. Q1 2012 EARNINGS CALL – Polarcus – slide 14
    RIGHTSIZE approach to fleet strategy Polarcus fleet strategy (10+ streamer) Competition new build strategy (10+ streamer) 3 vessels CAPEX USD 500 M 2 vessel CAPEX USD 500 M Standard request in tenders Average 11.3 streamers towed…
  15. Q1 2012 EARNINGS CALL – Polarcus – slide 15
    Awards through RIGHTDESIGN DYNPOS-AUTR Systems redundancy CLEAN DESIGN IMO Green Passport with DP2 High specification Triple E exhaust catalysts Environmental & Energy Efficiency Sentinel solid streamers ULSTEIN X-BOW…
  16. Q1 2012 EARNINGS CALL – Polarcus – slide 16
    RIGHTPLAN delivers outstanding quality Planning starts with the geological objectives Outstanding seismic data quality time RightPlan provides the geophysical solution and again, endorsed by our clients Operational excellence…
  17. Q1 2012 EARNINGS CALL – Polarcus – slide 17
    91,500 sq.km of high end projects First High Base- High 4D Multi- Multi- Arctic Wide / Pass Density line 4D density Monitor vessel vessel Operations Multi 3D 4D 3D 4D Azimuth Monitor Vessel + Equipment Personnel + Procedures…
  18. Q1 2012 EARNINGS CALL – Polarcus – slide 18
    Strengthening backlog Vessel 2011 2012 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec POLARCUS NADIA POLARCUS NAILA POLARUCS ASIMA Average fleet backlog POLARCUS ALIMA POLARCUS SAMUR V. TIKHONOV POLARCUS…
  19. Q1 2012 EARNINGS CALL – Polarcus – slide 19
    Strong market outlook Estimated Supply Growth, by 3D vessels1 (6 streamer + seismic fleet) 58 59 61 63 Estimated E&P growth of 15 - 20% in 2012 55 Seismic fleet growth of net 3% in 2012 25% of the global fleet have an average…
  20. Q1 2012 EARNINGS CALL – Polarcus – slide 20
    RIGHTSIZE, RIGHTDESIGN, RIGHTPLAN New frontiers opening with significant activity Timely delivery of 2 additional vessels in H1 2012 Arctic design features and geophysical excellence securing awards With 8 vessels, Polarcus is…

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