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Q2 2012 EARNINGS CALL – Polarcus

Polarcus · Jul 31, 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. Q2 2012 EARNINGS CALL – Polarcus – slide 1
    Polarcus Limited 31 July, 2012 Rolf Ronningen, CEO Tom Henrik Sundby, CFO www.polarcus.com 1
  2. Q2 2012 EARNINGS CALL – Polarcus – slide 2
    Agenda 1 Highlights 2 Financials 3 Operations & Market update 4 Summary & Q&A www.polarcus.com 3
  3. Q2 2012 EARNINGS CALL – Polarcus – slide 3
    Polarcus Making the RIGHTCHOICES 8 high-end 3D seismic vessels representing 12% market share Youngest most uniform fleet in industry 500+ professionals and global presence State of the art technology with complete broadband…
  4. Q2 2012 EARNINGS CALL – Polarcus – slide 4
    Delivering high utilization Highlights Q2 2012: Revenues of USD 114.3 million, up 74% from Q2 11 EBITDA of USD 42.9 million, up 157% from Q2 11 EBIT of USD 21.9 million, up 657% from Q2 11 Net Cash Flow from operating activities…
  5. Q2 2012 EARNINGS CALL – Polarcus – slide 5
    Agenda 1 Highlights 2 Financials 3 Operations & Market update 4 Summary & Q&A www.polarcus.com 6
  6. Q2 2012 EARNINGS CALL – Polarcus – slide 6
    Consolidated income statement Quarter ended Six months ended Year ended (In thousands of USD) Notes 30-Jun-12 30-Jun-11 30-Jun-12 30-Jun-11 31-Dec-11 Revenues Contract revenue 108,867 65,792 204,176 113,826 274,757 Multi-client…
  7. Q2 2012 EARNINGS CALL – Polarcus – slide 7
    Key financials Quarter ended Six months ended Year ended (In USD millions) 30-Jun-12 30-Jun-11 30-Jun-12 30-Jun-11 31-Dec-11 Revenues 114.3 65.8 214.3 113.8 298.6 Vessel operating expenses (65.3) (43.5) (133.3) (81.5) (199.5)…
  8. Q2 2012 EARNINGS CALL – Polarcus – slide 8
    Key financials historic development Revenues EBIT 140,00 25,00 120,00 20,00 100,00 15,00 80,00 60,00 10,00 40,00 5,00 20,00 - - (5,00) (10,00) EBITDA Cash from operations 50,00 60,00 40,00 50,00 40,00 30,00 30,00…
  9. Q2 2012 EARNINGS CALL – Polarcus – slide 9
    Fleet Utilization 100% 1% 2% 3% 2% 4% 5% 3% 4% 10% 10% 10% 13% 7% 90% 0% 13% 16% 18% 17% 9% 0% 25% 8% 80% 0% 0% 3% 8% 35% 0% 70% 30% 60% 0% Yard stay (including shakedown) 50% Transit 89% Multi-Client Seismic…
  10. Q2 2012 EARNINGS CALL – Polarcus – slide 10
    Funding Total financing of USD 1.5 B secured 1600 USD 47M of USD 410 M fleet bank facility 1400 was drawn on 19 June 2012. 410 At the same time the 13% USD 55 million 1200 Samur bond was repaid with a breakage cost of USD 7.2…
  11. Q2 2012 EARNINGS CALL – Polarcus – slide 11
    PLCS on Oslo Bors main list from 20 June Share Performance Top 20 Shareholders (as per 25 Jul) Shareholder Share % 9,00 10 Million shares turnover SABARO INVESTMENTS L 66,400,000 13.09% NOK 2 ZICKERMAN HOLDING LT…
  12. Q2 2012 EARNINGS CALL – Polarcus – slide 12
    Agenda 1 Highlights 2 Financials 3 Operations & Market update 4 Summary & Q&A www.polarcus.com 13
  13. Q2 2012 EARNINGS CALL – Polarcus – slide 13
    RIGHTSIZE, RIGHTDESIGN, RIGHTPLAN Fleet Polarcus Amani and Polarcus Adira delivered on time and on budget POLARCUS NADIA & POLARCUS SAMUR & POLARCUS NAILA Vyacheslav Tikhonov 12 Streamer 3D vessel 8 Streamer 3D vessel Reduced…
  14. Q2 2012 EARNINGS CALL – Polarcus – slide 14
    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…
  15. Q2 2012 EARNINGS CALL – Polarcus – slide 15
    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. Now with a broadband…
  16. Q2 2012 EARNINGS CALL – Polarcus – slide 16
    25% project awards in Arctic / ESSA Polarcus Naila Polarcus Amani Polarcus Asima Polarcus Adira Polarcus Samur Polarcus Selma* Current vessel locations Awarded surveys Polarcus Alima Arctic and ESSA (Environmentally…
  17. Q2 2012 EARNINGS CALL – Polarcus – slide 17
    Arctic Operations 2012 Polarcus Amani 6 x 7km 200m Shell 4600 sq.km Polarcus Samur 6 x 7km 200m Shell 4600 sq.km Polarcus Asima 10/12 x 6km 100m Maersk Oil 2000 sq.km www.polarcus.com 18
  18. Q2 2012 EARNINGS CALL – Polarcus – slide 18
    Strong market outlook Estimated Supply Growth, by 3D vessels1 (6 streamer + seismic fleet) 61 63 58 55 59 10-15% E&P growth expected Year on Year Oil price remains well above exploration threshold 2009 2010 2011 2012e 2013e…
  19. Q2 2012 EARNINGS CALL – Polarcus – slide 19
    Extended backlog at improved day rates 400 Millions Received contract tenders in USD million USD 325 M contract backlog* 350 300 New contracts closed at improved day rates YoY 250 200 3 vessels in Arctic in Q3 150…
  20. Q2 2012 EARNINGS CALL – Polarcus – slide 20
    RIGHTSIZE, RIGHTDESIGN, RIGHTPLAN High vessel utilization in Q2 2012 Timely delivery of 2 additional vessels in H1 2012 Extended backlog at improved day rates With 8 vessels, Polarcus is in pole position for the sector…

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