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Q1 2014 RESULTS – Polarcus

Polarcus · May 14, 2014 · 35 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 RESULTS – Polarcus – slide 1
    Polarcus Limited First Quarter 2014 14 May, 2014 Rolf Ronningen, CEO Tom Henrik Sundby, CFO 1
  2. Q1 2014 RESULTS – Polarcus – slide 2
    Agenda 1 Highlights 2 Financials 3 Operations & Market update 4 Summary & Q&A 5 Appendices 3
  3. Q1 2014 RESULTS – Polarcus – slide 3
    Polarcus today Polarcus Limited Ticker Oslo stock exchange PLCS Fleet of 7 uniform seismic vessels 6 vessels operate in seismic contract Shares issued, million 507.2 and multi-client market 1 vessel on 5 years bareboat charter…
  4. Q1 2014 RESULTS – Polarcus – slide 4
    Key developments Market Spill over effects from the weak Q4 2013 Market recovery with improved industry backlog Confirmation of capacity reductions Polarcus Rock solid operational performance Improved operating cost levels…
  5. Q1 2014 RESULTS – Polarcus – slide 5
    Industry leading assets Uniform fleet with RIGHTSIZE and RIGHTDESIGN N-class Upgraded to 12 streamer vessels in 2014 and 2015 A-class 12 streamer vessels with the industries highest ice class S-class 8 streamer vessels with the…
  6. Q1 2014 RESULTS – Polarcus – slide 6
    Multi-Client library overview High quality broadband projects library centered on UK, Norway and West Africa 5m Final data products now available on 70m existing library Strong late sales forecast behind: Norway APA 2014 (now…
  7. Q1 2014 RESULTS – Polarcus – slide 7
    Agenda 1 Highlights 2 Financials 3 Operations & Market update 4 Summary & Q&A 5 Appendices 8
  8. Q1 2014 RESULTS – Polarcus – slide 8
    First quarter revenues 2014 Revenues declined 16% in the quarter compared to Q1 2013 144.8 -18.3 3.5 -4.8 0.5 -4.3 Contract revenue down 16% to USD 121.4 99.4 million compared to Q1 2013 Management fee increased to USD 127 127…
  9. Q1 2014 RESULTS – Polarcus – slide 9
    First quarter 2014 EBITDA of USD 39.6 million, 33% margin Low revenue partly offset by low operating expenses Waiver received for Q1 debt service ratio covenant EBIT of USD 16.9 million, 14% margin Contract EBIT margin 17% Net…
  10. Q1 2014 RESULTS – Polarcus – slide 10
    Financial results Strong cash flow from operations Quarter ended Year ended positive working capital (In millions of USD) 31-Mar-14 31-Mar-13 31-Dec-13 Revenues 121.4 144.8 532.2 Cost of sales (74.6) (84.8) (293.1) Equity ratio…
  11. Q1 2014 RESULTS – Polarcus – slide 11
    Key financials historic development Revenues EBITDA Margin 200 70 50% 145 60 53 150 40% 121 50 40 100 40 30% 100 30 25 20% 50 20 10% 10 - - 0% Q1-12 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q1-12 Q2-12 Q3-12 Q4-12 Q1-13…
  12. Q1 2014 RESULTS – Polarcus – slide 12
    Fleet Utilization 100% 2% 1% 2% 2% 1% 1% 4% 6% 4% 5% 7% 3% 7% 90% 18% 6% 19% 13% 14% 11% 14% 80% utilization in Q1 8% 80% 19% 2014 3% 13% 13% 10% 10% 16% 4% 70% Yard time for Polarcus 60% Naila upgrade 50% Standby time due…
  13. Q1 2014 RESULTS – Polarcus – slide 13
    Operational efficiency mitigates lower revenue 15 Millions 10 5 9.9 -23.4 1.0 0 -0.9 8.4 -5 -3.2 10.1 -10 -15 Net profit Q1-13 Revenue Operating Depreciation & Net FX Net Interest Other financial Net profit…
  14. Q1 2014 RESULTS – Polarcus – slide 14
    Improved financial flexibility Reset of Q1-14 debt Rolling twelve month debt service MUSD service ratio to 2.1x 108 108 104 98 91 89 87 86 Guarantee facility expanded from USD 10 43 44 42 39 million to USD 20 million 36 36 36…
  15. Q1 2014 RESULTS – Polarcus – slide 15
    Polarcus share information Top 20 Shareholders (as per end April) Listed on the Oslo Stock Shareholder OEP POLARCUS HOLDING Share 85,666,033 % 16.89% Exchange ZICKERMAN HOLDING LTD SKANDINAVISKA ENSKILDA 40,571,476…
  16. Q1 2014 RESULTS – Polarcus – slide 16
    Agenda 1 Highlights 2 Financials 3 Operations & Market update 4 Summary & Q&A 5 Appendices 17
  17. Q1 2014 RESULTS – Polarcus – slide 17
    Operational performance Q1 2014 Vessel position end April 14 Technical downtime < 3% Environmental agenda continuing to secure projects in Australasia Polarcus Naila Barbaros H. Pasa Ultra-wide towing capability delivered…
  18. Q1 2014 RESULTS – Polarcus – slide 18
    Polarcus Naila upgraded to 12 streamer vessel Upgrade enables vessel to tow ultra-wide 12 streamer spreads Conversion of propulsion system at USD 12 million Major productivity and class enhancements at USD 11 million Back in…
  19. Q1 2014 RESULTS – Polarcus – slide 19
    Multi-client expanding into new frontiers Frontier 4,000 sq. km First Pass project in the Porcupine Basin, offshore Ireland Strong prefunding from Providence Resources, operator of Drombeg High interest due to Irish Atlantic…
  20. Q1 2014 RESULTS – Polarcus – slide 20
    Global fleet capacity stabilizing Streamer No. Vessels Company Vessel cap. 1 Dolphin Sanco Swift 12 1 PGS Ramform Titan 16 Net vessel growth neutral -1 Reflect Geowave Comander -8 2013 -1 CGG Geo Atlantic -8 -1 CGG Veritas…
  21. Q1 2014 RESULTS – Polarcus – slide 21
    Robust offshore 3D seismic E&P demand Barclays Research expects global E&P upstream CAPEX to further increase to 2015 Marine seismic representing Capital Spending (USD Millions) 1.5% of Global E&P spend E&P growth revised down…
  22. Q1 2014 RESULTS – Polarcus – slide 22
    Global seismic outlook North America: Increased focus Russian Arctic: Rosneft & from Supermajors and WAZ Gazprom work awarded surveys in Canada and GoM NW Europe: Solid MC and contract outlook for 2014 (Ireland, Norway, UK)…
  23. Q1 2014 RESULTS – Polarcus – slide 23
    Backlog Received contract tenders in USD million (As of end April) USD 250 million contract backlog* 400 Millions end April 350 Contract pricing expected flat for 300 2014 over 2013 250 Booked capacity Q2 2014 - 95%…
  24. Q1 2014 RESULTS – Polarcus – slide 24
    Polarcus guidance for 2014 reiterated EBITDA in the range of USD 230-250 million Multi-client cash investments in the range of USD 55-65 million; Prefunding level of 70% expected Vessel related capital expenditure in the range…
  25. Q1 2014 RESULTS – Polarcus – slide 25
    Agenda 1 Highlights 2 Financials 3 Operations & Market update 4 Summary & Q&A 5 Appendices 26
  26. Q1 2014 RESULTS – Polarcus – slide 26
    RIGHTSIZE, RIGHTDESIGN, RIGHTPLAN Industry leading assets Strong operational performance Cost leadership 27
  27. Q1 2014 RESULTS – Polarcus – slide 27
    Agenda 1 Highlights 2 Financials 3 Operations & Market update 4 Summary & Q&A 5 Appendices 28
  28. Q1 2014 RESULTS – Polarcus – slide 28
    Income statement Quarter ended Year ended (In thousands of USD) 31-Mar-14 31-Mar-13 31-Dec-13 Revenues Contract revenue 116,241 135,798 496,422 Multi-client revenue 4,759 9,051 33,748 Other income 413 (78) 2,075 Total Revenues 121,413…
  29. Q1 2014 RESULTS – Polarcus – slide 29
    Balance Sheet (In thousands of USD) 31-Mar-14 31-Mar-13 31-Dec-13 ASSETS Non Current Assets Property, plant and equipment 964,081 991,181 972,802 Multi-client project library 98,157 61,450 88,704 Investments in joint ventures 2,480 2,668…
  30. Q1 2014 RESULTS – Polarcus – slide 30
    Cash flow Quarter ended Year ended (In thousands of USD) 31-Mar-14 31-Mar-13 31-Dec-13 Cash flows from operating activities Profit for the period 962 9,858 43,466 Adjustment for: Depreciation and amortization 22,672 21,741 93,795…
  31. Q1 2014 RESULTS – Polarcus – slide 31
    Debt overview Balance Debt Security Size Tenure Maturity Interest % 31 Mar 2014 Unsecured bond Unsecured NOK 230m NOK 226m 3 years Nov-14 14.00% Unsecured bond Unsecured USD 95m USD 95m 5 years Jun-18 8.00% Senior secured…
  32. Q1 2014 RESULTS – Polarcus – slide 32
    Debt maturity profile Bank debt Sale leaseback USD 125m CB USD 95m bond NOK 230m bond 110 (repurchasing 125 The vessels is Optional) 95 120 40 7 7 9 12 10 6 30 30 30 30 30 30 30 2014 2015 2016 2017 2018 2019…
  33. Q1 2014 RESULTS – Polarcus – slide 33
    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…
  34. Q1 2014 RESULTS – Polarcus – slide 34
    Pioneering environmental leadership DNVs Triple-E is a voluntary environmental performance rating scheme for ships, independent of class, age and flag 1 Key measures of Energy & Environmental Efficiency : 2 Leading Environmental…
  35. Q1 2014 RESULTS – Polarcus – slide 35
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