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Q3 2014 EARNINGS CALL – Siem Offshore

Siem Offshore · Oct 23, 2014 · 23 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. Q3 2014 EARNINGS CALL – Siem Offshore – slide 1
    Earnings Presentation Third Quarter 2014 CEO Terje Sorensen 23 October 2014
  2. Q3 2014 EARNINGS CALL – Siem Offshore – slide 2
    Highlights Third Quarter 2014 Result and Finance Third quarter 2014 operating revenue of USD 145.0 million and operating margin of USD 59.3 million (41%), an increase from USD 96.7 million and USD 44.1 million (46%) in third quarter…
  3. Q3 2014 EARNINGS CALL – Siem Offshore – slide 3
    Highlights Third Quarter 2014 Yard delivery and sale of vessels The 2007-built PSV Siem Sailor was sold and delivered in July 2014 for a price of USD 48 million. The sale represents a gain of USD 11 million, and a net cash effect of…
  4. Q3 2014 EARNINGS CALL – Siem Offshore – slide 4
    Comments to Third Quarter Income Statement 100% utilisation of the OSCV fleet. 6 vessels in operation at the end of the quarter. All vessels on long-term charters. One vessel was delivered from yard during the quarter. 98%…
  5. Q3 2014 EARNINGS CALL – Siem Offshore – slide 5
    Operating Margin Third Quarter 3Q 2014 3Q 2013 Amounts in Operating Operating Operating Operating Operating Operating Operating Operating USD million revenue expenses margin margin % revenue expenses margin margin % PSVs [2] 29.8 (…
  6. Q3 2014 EARNINGS CALL – Siem Offshore – slide 6
    Income Statement Third Quarter Third Quarter Nine Months Ended 2014 2013 2014 2013 2013 Amounts in USD million Unaudited Unaudited Unaudited Unaudited Audited Operating revenue 145.0 96.7 353.6 268.9 364.0 Operating expenses (…
  7. Q3 2014 EARNINGS CALL – Siem Offshore – slide 7
    Adjusted Net Profit Third Quarter Nine Months Ended 2014 2013 2014 2013 2013 Amounts in USD million Unaudited Unaudited Unaudited Unaudited Audited Net Profit (loss) 25.3 23.3 55.2 25.2 21.5 Unrealized (profit) loss on currency…
  8. Q3 2014 EARNINGS CALL – Siem Offshore – slide 8
    Financial Position and Cash Flow
  9. Q3 2014 EARNINGS CALL – Siem Offshore – slide 9
    Statement of Financial Position 30.09.2014 30.09.2013 31.12.2013 Amounts in USD million Unaudited Unaudited Audited Intangible assets 27.0 29.7 29.7 Vessels under construction 170.6 119.2 127.7 Vessels, equipment and capitalized…
  10. Q3 2014 EARNINGS CALL – Siem Offshore – slide 10
    Consolidated Statements of Cash Flows 01.01.2014 - 01.01.2013 - 01.01.2013 - 30.09.2014 30.09.2013 31.12.2013 Cash flow from operations Unaudited Unaudited Audited Profit before taxes, excluding interest 89.4 49.5 49.2 Interest paid…
  11. Q3 2014 EARNINGS CALL – Siem Offshore – slide 11
    Scheduled Debt Maturity Profile 4Q 2014 - 2019 Comments: 1. The graph reflects committed and assumed mortgage debt for all 10 vessels(1) under construction per end of 3Q 14. 2. Gross debt expected to peak in 2016 based on existing…
  12. Q3 2014 EARNINGS CALL – Siem Offshore – slide 12
    Future Yard Instalments per end 3Q 2014 Amounts in USD million Future Yard Instalments 2014 2015 2016 Total The Company has secured mortgage debt financing for OSRVs 10.0 7.2 0.0 17.2 seven of the ten wholly-owned PSVs 55.0 101.3 82.4…
  13. Q3 2014 EARNINGS CALL – Siem Offshore – slide 13
    Future Yard Instalments and Debt Financing - From 3Q 2014 until year end 2016 Total financing gap in the period 3Q 2014-16 of approx. USD 80 million Assumed new mortgage debt of approx. USD 130 million FRN 14/19…
  14. Q3 2014 EARNINGS CALL – Siem Offshore – slide 14
    Siem Offshore Contractors - Submarine power cable activities by main projects Amrumbank West OWF Baltic 2 OWF Nordsee One Nordsee One OWF Awarded Mar, 2012 Feb, 2013 Dec, 2012 Apr, 2014 Installation of 86 Installation of 86…
  15. Q3 2014 EARNINGS CALL – Siem Offshore – slide 15
    Siem WIS The drilling operation on Maersk Gallant for Statoils Romeo project is ongoing and the managed pressure drilling (MPD) operation will commence shortly. The latest update indicates mobilisation of the pressure control device…
  16. Q3 2014 EARNINGS CALL – Siem Offshore – slide 16
    Employment and Deliveries Vessels in Operation and Shipbuilding Contracts
  17. Q3 2014 EARNINGS CALL – Siem Offshore – slide 17
    Fleet in Operation - Currently 44 Vessels in Operation Vessels in operation 101) AHTS Vessels 6 OSCV 112) PSV (3,600 5,100 dwt) 18 Other vessels Scientific Core Drilling Vessel 1 4) 5) Canadian Other fleet vessels 63)…
  18. Q3 2014 EARNINGS CALL – Siem Offshore – slide 18
    Employment Vessels in operation 2014 2015 2016 2017 1) Employment for Siddis Mariner includes firm time Vessel Type Ownership 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q charter for Siem Offshore Contractors. Siem Sasha PSV 100 % Siem…
  19. Q3 2014 EARNINGS CALL – Siem Offshore – slide 19
    Employment Vessels in operation (cont.) 2014 2015 2016 2017 Vessel Type Ownership 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Big Orange XVIII WSV 41 % Joides Resolution SPV 100 % Burin Sea AHTS 50% Panuke Sea PSV 50% Ryan Leet MPSV 50%…
  20. Q3 2014 EARNINGS CALL – Siem Offshore – slide 20
    Vessels under Construction - 11 Vessels to be Delivered Next 3 Years, including one vessel in Secunda 2014 2015 2016 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q OSRV, Siem Maragogi OSRV, Siem Marataizes PSV DF, Siem Symphony CLV,…
  21. Q3 2014 EARNINGS CALL – Siem Offshore – slide 21
    Employment - Vessels under construction 2014 2015 2016 2017 Vessel Type Ownership 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Brazil, Siem Maragogi OSRV 100% Brazil, Siem Marataizes OSRV 100% Norway, Siem Symphony PSV 100% Poland, Siem…
  22. Q3 2014 EARNINGS CALL – Siem Offshore – slide 22
    Market Outlook
  23. Q3 2014 EARNINGS CALL – Siem Offshore – slide 23
    Market Outlook Summary The North Sea spot market for the fourth quarter is expected to continue to be volatile for AHTS vessels. The North Sea PSV market was fairly strong for the majority of the third quarter, but the momentum…

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