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Q1 2014 FINANCIAL RESULT – Dolphin Geophysical Asa

Dolphin Geophysical Asa · May 14, 2014 · 33 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 2014 FINANCIAL RESULT – Dolphin Geophysical Asa – slide 1
    Ahead with momentum Corporate Presentation 14th May 2014 Unaudited 1st quarter 2014 Financial Result By Atle Jacobsen (CEO) & Erik Hokholt (CFO)
  2. Q1 2014 FINANCIAL RESULT – Dolphin Geophysical Asa – slide 2
    Table of contents I. Highlights for Q1 2014 II. Financials III. Operational status, market update and outlook 3
  3. Q1 2014 FINANCIAL RESULT – Dolphin Geophysical Asa – slide 3
    Atle Jacobsen, Dolphin Group CEO, commented for Q1 Im very pleased that we were able to deliver a record 1st quarter in terms of both revenue and backlog, and that we have succeeded manoeuvering the company back in to profitability…
  4. Q1 2014 FINANCIAL RESULT – Dolphin Geophysical Asa – slide 4
    QUARTERLY HIGHLIGHTS Q1 2014 Revenues of USD 80.2 million, compared to USD 69.1 million in Q1 2013 EBITDA of USD 22.7 million (28,3%), compared to USD 22.9 million in Q1 2013 EBIT of USD 13.0 million (16,2%) compared to USD 13.8…
  5. Q1 2014 FINANCIAL RESULT – Dolphin Geophysical Asa – slide 5
    Dolphin financials - quarterly developments (USDmillion) 8.0 Revenues of USD 80.2 million, compared to USD 69.1 million in Q1 2013 EBITDA of USD 22.7 million (28,3%), compared to USD 22.9 million in Q1 2013 EBIT of USD 13.0…
  6. Q1 2014 FINANCIAL RESULT – Dolphin Geophysical Asa – slide 6
    Our high-end 3D capacity more than doubles within 12 months ILLUSTRATIVE Revenues USD million Revenues are growing with an SuperDuke (March 15) expanding fleet Polar Marquis ( Mid May 14) 2014 target 400 247 Sanco Sword…
  7. Q1 2014 FINANCIAL RESULT – Dolphin Geophysical Asa – slide 7
    Dolphin operational update ready for North Sea summer season Sanco Sword (Multi-Client) Polar Duke (Contract) Bergen Artemis Arctic Oslo (Contract) London Houston Sanco Swift Artemis Atlantic (Contract) (Contract)…
  8. Q1 2014 FINANCIAL RESULT – Dolphin Geophysical Asa – slide 8
    2014 Dolphin vessel schedule (for illustration purposes*) Vessel JAN FEB MAR APR MAY JUNE JULY AUG SEPT OCT NOV DEC Polar Duke India North Sea South America Polar Duchess Australia Indian Ocean Artemis Arctic India North Sea Artemis…
  9. Q1 2014 FINANCIAL RESULT – Dolphin Geophysical Asa – slide 9
    Table of contents I. Highlights for Q1 2014 II. Financials III. Operational status, market update and outlook 10
  10. Q1 2014 FINANCIAL RESULT – Dolphin Geophysical Asa – slide 10
    Dolphin growing as planned, a very good start on a new year Key Financials Figures Q1 2014 Historical high quarterly Q1 2014 Q1 2013 Year 2013 Year 2012 revenues In millions of USD Net operating revenues 80.2 69.1 246.5 221.3 Ebit…
  11. Q1 2014 FINANCIAL RESULT – Dolphin Geophysical Asa – slide 11
    Continued high contract vs Multi-Client revenues Quarterly revenue split Revenue (USDm) 30.1 34.6 50.0 61.2 75.5 69.1 68.4 70.1 38.8 80.2 100% 4% 1% 1% 2% 2% Other 14% 10% 11% 11% 9% 90% 13% 19% 32% 26% Multi-Client 80% 70%…
  12. Q1 2014 FINANCIAL RESULT – Dolphin Geophysical Asa – slide 12
    Dolphin Multi-Client seismic data assets - BV of USD 96 million 120 Library book value 96 100 86 Attractive Multi-Client library and well positioned 80 61 60 Investments are made in attractive exploration 46 37 39 41 areas; North…
  13. Q1 2014 FINANCIAL RESULT – Dolphin Geophysical Asa – slide 13
    Distribution of revenues and Multi-Client library performance Q1 2014 Q1 2013 Year 2013 In millions of USD Unaudited Unaudited Audited Geophysical: Historical high contract revenues in Marine Exclusive contracts 75.3 60.0 209.4 Q1.14…
  14. Q1 2014 FINANCIAL RESULT – Dolphin Geophysical Asa – slide 14
    First quarter with high Investment and financing activities Dolphin Cash Flow as per Q1 2014 Q1 2014 Q1 2013 Year 2013 In thousands of USD Unaudited Unaudited Audited Operating Activities Solid cash flow from operations Profi t before ta…
  15. Q1 2014 FINANCIAL RESULT – Dolphin Geophysical Asa – slide 15
    Dolphin with a well structured Balance Sheet, to meet expected growth (USD millions) Balance Sheet Q4 2013 Q1 2014 Asset-light balance sheet Modern and new seismic equipment MC Library in attractive E&P areas Receivables with Oil…
  16. Q1 2014 FINANCIAL RESULT – Dolphin Geophysical Asa – slide 16
    Multi-Client Investments per Vintage Focus on 3D Multi-Client data Vintage distribution reflect large 3D investments in 2H 2013 Larger portion of WIP data will be N processed and ready for sale during 2014 n Lifetime gross…
  17. Q1 2014 FINANCIAL RESULT – Dolphin Geophysical Asa – slide 17
    Strong order backlog, de-risked in 3 regional markets (USDMill.) 260 Order backlog of USD 260 million by May 1st 2014 Dolphin backlog increased significantly over the last 4 quarters Contracted vessel capacity - 100% covered…
  18. Q1 2014 FINANCIAL RESULT – Dolphin Geophysical Asa – slide 18
    Dolphin has a history of strong value creation Dec 2010: Oct 2011: Feb 2013: Private Placement Private Placement Private Placement Strong value creation, executing on NOK 391m at NOK 2.5 NOK 215m at NOK 3.0 NOK 226m at NOK 7.4 3,000…
  19. Q1 2014 FINANCIAL RESULT – Dolphin Geophysical Asa – slide 19
    Table of contents I. Highlights for Q1 2014 II. Financials III. Operational status, market update and outlook IV. Market update V. Market update 20
  20. Q1 2014 FINANCIAL RESULT – Dolphin Geophysical Asa – slide 20
    Dolphin Group Business segments MARINE MULTI-CLIENT PROCESSING EXPANDING MODERN FLEET GROWING MULTI-CLIENT FULL ONSHORE AND OFFSHORE DATA LIBRARY PROCESSING SERVICE In production Library of modern 2D and In house software…
  21. Q1 2014 FINANCIAL RESULT – Dolphin Geophysical Asa – slide 21
    Four high-end 3D seismic vessels to be delivered in 2014-2015 complementing one of the industrys most modern fleets Artemis Atlantic (2D) Polar Duchess (3D, 12-14 str) Sanco Swift (3D, 16 str) Polar Marquis (3D , 14 str) Delivered…
  22. Q1 2014 FINANCIAL RESULT – Dolphin Geophysical Asa – slide 22
    One of the most modern fleet in the seismic industry Age distribution of marine seismic 3D fleet (including newbuild orders) 2011 2012 2013 2014 2015 2016 Geo Atlantic is upgraded to a high-end 3D 2014 vessel and changes name to…
  23. Q1 2014 FINANCIAL RESULT – Dolphin Geophysical Asa – slide 23
    Dolphin is one of the fastest growing marine seismic company and will be the fourth largest player in 2015 Market shares ( of practical streamers 3D fleet) CAGR 13E-15E 666 710 692 716 0.4% The difficult Q4-Q1 market environment…
  24. Q1 2014 FINANCIAL RESULT – Dolphin Geophysical Asa – slide 24
    Delivering powerful solutions and higher margins High End Increased market share in 14+ streamer market higher margin 25
  25. Q1 2014 FINANCIAL RESULT – Dolphin Geophysical Asa – slide 25
    Dolphin Multi-Client business and strategy Build on an asset portfolio that over time will enhance the robustness of our business model Areas of focus: - North Sea, Barents Sea - West Africa - Brazil Joint Venture/cooperations…
  26. Q1 2014 FINANCIAL RESULT – Dolphin Geophysical Asa – slide 26
    2014 Multi-Client - expectations Commenced acquisition of Gohta SHarp 3D over both Norwegian APA 2014 and 23rd Round acreage About 95% of UtStord 3D open block coverage now in APA Round Completed first SHarp MC 3D in Brazil 50%…
  27. Q1 2014 FINANCIAL RESULT – Dolphin Geophysical Asa – slide 27
    Processing & Imaging continued organic growth Record revenue of USD 2.2 millions with strong emphasis on higher margin external work Backlog increased to USD 4.5 millions as of May 1st Q2 will see increased emphasis on…
  28. Q1 2014 FINANCIAL RESULT – Dolphin Geophysical Asa – slide 28
    2014 Global market outlook Current backlog secured at healthy contract rates in the range 280k -330k USD/day The visibility for high-capacity vessels continues to strengthen and seasonal Q4/Q1 weakness less likely Tendering for…
  29. Q1 2014 FINANCIAL RESULT – Dolphin Geophysical Asa – slide 29
    2014 Guidance - summary (fulldetailed guidancein appendix) Sanco Sword was taken on-hire in end March and Polar Marquis will be taken on-hire mid May. Dolphins full year revenue is expected to exceed USD 400 million for 2014 The…
  30. Q1 2014 FINANCIAL RESULT – Dolphin Geophysical Asa – slide 30
    Question and answer session 31
  31. Q1 2014 FINANCIAL RESULT – Dolphin Geophysical Asa – slide 31
    Dolphin detailed assumptions and guidance for 2014 (updatedasper31March) New Vessel capacity to be delivered on time and budget Sanco Sword (3D, 14-16 str.) delivered end March 2014 Polar Marquis (3D, 12-14 str.) expected delivery, mid…
  32. Q1 2014 FINANCIAL RESULT – Dolphin Geophysical Asa – slide 32
    Dolphin time-charter commitments culminated in 2012 Minimum operational leasing obligations - calculated on annual basis as per 31 March 2014 *) *) Including all operating seismic vessels and the new vessels to be delivered, Polar…
  33. Q1 2014 FINANCIAL RESULT – Dolphin Geophysical Asa – slide 33
    Financial covenants applicable to Dolphin Definition Loan Facility DOLP01 / DOLP02 Free and available USD 10m USD 10m Liquidity cash and equivalents USD 15m from May 2014 Equity ratio Total Equity/Total Assets 40% 35% TIBD*/…

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