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Q2 2014 EARNINGS CALL – Dolphin Geophysical Asa

Dolphin Geophysical Asa · Aug 20, 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. Q2 2014 EARNINGS CALL – Dolphin Geophysical Asa – slide 1
    Dolphin with historically high Q2 revenues and strong future growth supported by a USD 300 million backlog Corporate Presentation 20 August 2014 Unaudited second quarter 2014 Financial Result By Atle Jacobsen (CEO) & Erik Hokholt…
  2. Q2 2014 EARNINGS CALL – Dolphin Geophysical Asa – slide 2
    Table of contents I. Highlights for Q2 2014 II. Financials III. Operational status, market update and outlook 3
  3. Q2 2014 EARNINGS CALL – Dolphin Geophysical Asa – slide 3
    Atle Jacobsen, Dolphin Group CEO, commented for Q2 The second quarter has been the most eventful quarter in the history of the company, with significant challenges to our entire organisation, both onshore and offshore. Thanks to a…
  4. Q2 2014 EARNINGS CALL – Dolphin Geophysical Asa – slide 4
    QUARTERLY HIGHLIGHTS Q2 2014 Quarterly highlights Q2 2014 Revenues of USD 101.0 million, compared to USD 68.4 million in Q2 2013 EBITDA of USD 30.3 million (30,0%), compared to USD 23.3 million in Q2 2013 EBIT of USD 14.2 million…
  5. Q2 2014 EARNINGS CALL – Dolphin Geophysical Asa – slide 5
    Dolphin financials - quarterly developments (USDmillion) Revenues of USD 101.0 million, compared to USD 68.4 million in Q2 2013 EBITDA of USD 30.3 million (30,0%), compared to USD 23.3 million in Q2 2013 EBIT of USD 14.2 million…
  6. Q2 2014 EARNINGS CALL – Dolphin Geophysical Asa – slide 6
    Earnings capacity increased with 40% in H1 2014 ILLUSTRATIVE Revenues USD million Revenues are growing with an Polar Empress (March 15) expanding fleet 2014 target 400 Polar Marquis 247 Sanco Sword 221 98 181 2011…
  7. Q2 2014 EARNINGS CALL – Dolphin Geophysical Asa – slide 7
    Dolphin operational update in position for the winter season Artemis Atlantic (Contract) Bergen Oslo Sanco Sword (Contract) London Houston Artemis Arctic (Contract) Polar Duke Sanco Swift (Contract) (Contract)…
  8. Q2 2014 EARNINGS CALL – Dolphin Geophysical Asa – slide 8
    2014-2015 Dolphin vessel schedule (for illustration purposes*) Schedule comments: Total backlog including Multi-Client prefunding of more than USD 300 million* as per 1 August 2014; 100% covered in Q3, approximately 75% in Q4 and…
  9. Q2 2014 EARNINGS CALL – Dolphin Geophysical Asa – slide 9
    Table of contents I. Highlights for Q2 2014 II. Financials III. Operational status, market update and outlook 10
  10. Q2 2014 EARNINGS CALL – Dolphin Geophysical Asa – slide 10
    Dolphin growing as planned Key Financials Figures Q2 2014 Q2 2014 Q2 2013 YTD 2014 Year 2013 Year 2012 Historically high revenues In millions of USD Net operating revenues 101.0 68.4 181.1 246.5 221.3 Healthy EBITDA and EBIT EBITDA…
  11. Q2 2014 EARNINGS CALL – Dolphin Geophysical Asa – slide 11
    High contract revenues versus 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% 9% 2% 1% Other 14% 10% 11% 11% 15% 90% 13% 19% 32% 26% Multi-Client 80%…
  12. Q2 2014 EARNINGS CALL – Dolphin Geophysical Asa – slide 12
    Distribution of revenues and Multi-Client library performance Q2 2014 YTD 2014 Year 2013 In millions of USD Unaudited Unaudited Audited Historically high contract revenues Geophysical: Marine Exclusive contracts 83.2 158.5 209.4…
  13. Q2 2014 EARNINGS CALL – Dolphin Geophysical Asa – slide 13
    Dolphin Multi-Client seismic data assets - BV of USD 108 million 120 Library book value 108 Attractive and new Multi-Client library, well 96 100 86 positioned 80 61 Investments are made in focused exploration 60 39 41 46 areas;…
  14. Q2 2014 EARNINGS CALL – Dolphin Geophysical Asa – slide 14
    Multi-Client Investments per Vintage Dolphin is building a Multi-Client business, focusing on 2D and 3D seismic data 70 100% 60 86% Vintage distribution reflect a young and fresh library 50 N 100% n 3D Majority of work in…
  15. Q2 2014 EARNINGS CALL – Dolphin Geophysical Asa – slide 15
    Second quarter cash-flow reflecting delivery of two new vessels Dolphin Cash Flow as per Q2 2014 Q2 2014 Q2 2013 YTD 2014 Positive cash flow from operations in a Operating Activities Profit before tax 9.8 10.5 17.9 period rigging and…
  16. Q2 2014 EARNINGS CALL – Dolphin Geophysical Asa – slide 16
    Dolphin with a well structured Balance Sheet, to meet expected growth (USD million) Balance Sheet Q2 2014 Q4 2013 Asset-light balance sheet Modern and new seismic equipment MC Library in attractive E&P areas IBD includes bonds…
  17. Q2 2014 EARNINGS CALL – Dolphin Geophysical Asa – slide 17
    Strong order backlog, de-risked in 3 regional markets (USDMill.) Order backlog of USD 300 million by 1 August 2014 Dolphin backlog increased significantly over the last 5 quarters Contracted vessel capacity - 100% covered for…
  18. Q2 2014 EARNINGS CALL – 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. Q2 2014 EARNINGS CALL – Dolphin Geophysical Asa – slide 19
    Table of contents I. Highlights for Q2 2014 II. Financials III. Operational status, market update and outlook IV. Market update V. Market update 20
  20. Q2 2014 EARNINGS CALL – 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. Q2 2014 EARNINGS CALL – Dolphin Geophysical Asa – slide 21
    Rapid and successful fleet expansion one vessel to go Artemis Atlantic (2D) Polar Duchess (3D, 12-14 str) Sanco Swift (3D, 16 str) Polar Marquis (3D , 14 str) Delivered May 2011 Delivered April 2012 Delivered July 2013 Delivered…
  22. Q2 2014 EARNINGS CALL – 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. Q2 2014 EARNINGS CALL – 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 challenging market environment has…
  24. Q2 2014 EARNINGS CALL – Dolphin Geophysical Asa – slide 24
    Delivering powerful solutions High End Increased market share in 14+ streamer market higher margin 25
  25. Q2 2014 EARNINGS CALL – Dolphin Geophysical Asa – slide 25
    Fastest seismic fleet time is money Kts. Cruising speed for 10+ streamer fleet 20.0 19.0 18.0 Average Dolphin 17.0 16.0 20% 15.0 Average Competition 14.0 13.0 12.0 11.0 10.0 9.0 Higher transit speed improves utilisation higher…
  26. Q2 2014 EARNINGS CALL – Dolphin Geophysical Asa – slide 26
    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…
  27. Q2 2014 EARNINGS CALL – Dolphin Geophysical Asa – slide 27
    Multi-Client Status Late Sales lower than expected due to client budget constrains and delayed Gohta investments Structure Completed of Barents Sea acquisition of Gohta SHarp 3D over both Norwegian APA 2014 and 23rd Round…
  28. Q2 2014 EARNINGS CALL – Dolphin Geophysical Asa – slide 28
    Processing & Imaging preparing for further growth Financials Revenue of USD 2.1 million Emphasis on Multi-Client processing in the quarter Record external backlog over USD 10 million Increased external revenue expected in Q3 and…
  29. Q2 2014 EARNINGS CALL – Dolphin Geophysical Asa – slide 29
    2014 Global market outlook Current backlog secured at healthy contract rates in the range 280k -330k USD/day Highly competitive and selective contract 3D market Contract rates are under pressure in the seasonal North Sea Africa…
  30. Q2 2014 EARNINGS CALL – Dolphin Geophysical Asa – slide 30
    Mexico opening up Round Zero (Pemex) results announced last week Round One announced offering 39 Offshore Exploration Blocks in H1 2015 Estimated offshore volume of 16,000 sq.km Rounds Two through Five to be announced before end…
  31. Q2 2014 EARNINGS CALL – Dolphin Geophysical Asa – slide 31
    2014 Guidance - summary (fulldetailed guidancein appendix) Polar Marquis was taken on-hire end May and came into steady production by early July Dolphins full year revenue is expected to exceed USD 400 million for 2014 The Dolphin…
  32. Q2 2014 EARNINGS CALL – Dolphin Geophysical Asa – slide 32
    Question and answer session 33
  33. Q2 2014 EARNINGS CALL – Dolphin Geophysical Asa – slide 33
    Dolphin detailed assumptions and guidance for 2014 (updatedasper30June) 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.) delivered, end May…
  34. Q2 2014 EARNINGS CALL – Dolphin Geophysical Asa – slide 34
    Dolphin time-charter commitments culminated in 2012 Minimum operational leasing obligations - calculated on annual basis as per 30 June 2014 *) *) Including all operating seismic vessels and the new vessels to be delivered, Polar…
  35. Q2 2014 EARNINGS CALL – Dolphin Geophysical Asa – slide 35
    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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