POSITIVE TREND CONTINUES An Oslo Stock Exchange listed shipping company Ticker: OTS CEO: Haico Halbesma CFO: Torbjrn Skulstad Oslo 29th August g 2011 1
Agenda Company overview Financials Tax, Tax bonds & loans Market Outlook 2
Operational highlights Q2 All large Construction Support Vessel in full operations Seasonal equipment utilization as anticipated FOREX fluctuations remain but EBITDA development in line with expectations Demand for large CSVs…
Financial highlights Q2 EBITDA USD 6.7 million, up 52% Operating O revenues USD S 16.3 million, up 28 % Operating PROFIT USD 2.8 2 8 million FOREX effect negative USD 1.2 million Q2 2011 Q1 2011 EBITDA / Revenue %…
Subsequent events Q3 CSV North Ocean 105 hull successfully launched on August g 12th Vessel delivery expected early Q2 2012 CSV North Ocean 200 series design completed and IPRs secured CSV North Ocean 200 series building…
IIntroducing t d i Oceanteam Shipping 6
Our mission Creating value through: Building and operating a fleet of large and advanced Construction Service Vessels Providing complex offshore support / vessel solutions Integrating seamless engineering know-how and a pool of…
Uniquely flexible North Ocean CSV-series High-end deepwater offshore construction Building and operational economics tonnage g series Experienced in house engineering team turn vessels Prepared for the most demanding and into complex…
Engineering I Oil & Gas Engineering Renewables services Complex Structures Areas of business: teg ated support Integrated suppo t o of Ocea tea Shipping Oceanteam S pp g and a dC e t So Client ut o s Solutions…
Product developement Key features CSV North Ocean 200 Series S100 S200 ENHANCED Length over all (m) 132 140.9 Length between perpendicular (m) 120 136 5 136.5 Beam (m) 27 28 p (m) Depth ( ) 9.7 10.7 Draught Design (m) 6.7 7…
Inhouse Design & Engineering Capacity e.g. Technip Apache II based on CSV North Ocean 103 12
Engineering II Equipment & Renewables Offshore Base Deepwater Offshore & Storage Base Base, Dundee Dundee, Scotland, Scotland UK High quality storage of equipment & cable Maintenance & repair services Mobilization base…
Fleet CSV Bourbon Oceanteam 101 Ownership Backlog Certified Built 2007 LoA 127m 50 % Oceanteam Shipping ASA Shell Brazil Lta upto 31/12/2010 Beam 27 m Dwt Dwt 7 000t 7.000t 50 % Bourbon Offshore Norway AS Time Charter, BP Angola BV…
Fleet list & charter status 15
Fi Financials i l 16
Key figures Q2 2011 USD 000 F ig ur es in U SD millio n Q2 2 0 11 Q1 2 0 11 T o t al o p er at ing r evenues 16 ,3 12 ,7 Operating costs (6,6) (5,6) EB IT D A 6 ,7 4 ,4 TOTAL Q2 TOTAL Q1 Segm ent inform ation SHIPPING…
Balance sheet Q1 2011 E it & Li Equity Liabilities biliti USD 000 Unaudited 30.06.2011 31.12.2010 Equity and liabilities p Share capital 1 291 1 291 Retained earnings 13 294 23 632 Revaluation reserve 2 82 803 77 155 Total equity 97…
T Tax, Bonds B d & loans l 21
Tax planning p g NORWAY OTS has cconfirmed tax loss to carry forward of USD 117 million (NOK 700 million). ) The CSV vessel complies to the Norwegian Tonnage Tax regime with approx. 0% tax CSV 101,, 104 and 105 are under the NTT…
OTS Bond loan OTS A SA ( M N OK) Q4 '10 Q2 '11 Q2 '12 Q2 '13 Q2 '14 Bond loan (400) (400) (400) (400) (400) Call balance ((21)) ((23)) ((57)) ((97)) ((141)) OTS bonds 30 Out st and ing debt deb t ( OB ) ( 3 9 1) (423) ( 4 57) (…
OTS Bond loan Exchange rate effects 2011 USD 6.1 million hit on equity USD/ NOK USD/ NOK 5,9000 5,8000 5,8000 5,7000 5,6000 5,5000 USD/ NOK 5,4000 5,3000 5,2000 5,1000 31 12 2010 31.12.2010 30 06 2011…
O Market Our M k t 25
rket data North Ocean Series qualified as H&D Reel Lay / Multiservice Vessel DP2 fleet by y age g No. of vessels Year built Before yp Type 1980 1980-89 1990-99 2000-09 2010 2011-13 Total Lay Barge 8 3 9 2 13 35 Reel Lay Vessels 3 8…
Significant fleet growth in 2011 due to delivery of pre credit crunch orders No. of vessels Year Type yp 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Lay Barges 13 14 14 15 15 18 20 21 25 30 34 35 35 Reel lay…
Utilisation for subsea vessels by age profile - Vessels built before 1980 are clearly not attractive Utilisation for subsea vessels (DP2+) 110% 100% days basis) 90% Utilisation (300/365 d 80% Before 1980 70% 198089…
Harsh & Deepwater pipeline outlook Average annual demand growth of about 15% is expected up to 2015 H&D pipelines forecast per region 7,000 AsiaPacific Mediterranean 6,000 West Africa Latin America 5,000 , North America…
Harsh & Deepwater pipeline outlook Nearly no overcapacity from 2013 even without decommissioning H&D Pipelay vessel demand & supply balance 50 4 45 Demand *) 40 Fleet 35 Age max 35 years Age max 35 years essel years…
Global DP2+ Pipelay & Support vessel market outlook Global offshore DP2+ Pipelay & support vessel market 400 120% 350 350 Idl Idle 100% Other demand 300 Opex Vessel yearrs (300 days bassis) n (300/365 basiss) 250 250…
Focus going forward Target market 9 Continued focus on H&D large Construction Support Vessel segment 9 Continue marketing of seamlessly integrated complex operations with CSVs and in-house engineering know-how Initiate next…
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