SeaBird Exploration PLC SBX Second Quarter 2011 18th August 2011 0800 CET Continental Hotel Oslo
Disclaimer All statements contained in this presentation that are not statements of historical facts, including statements on projected operating results, financial position, business strategy and other plans and objectives for future…
Highlights Q2 2011 & Update The Ocean Bottom Node (OBN) survey with Hugin Explorer and Munin Explorer on Rosebank west of Shetland for Chevron North Sea Ltd commenced on 20 April 2011 and the performance has been in accordance with…
Q2 vessel developments & update OBN Utilization in Q2-11 was 88% after allowing for yard stay in April. Hugin Explorer and Munin Explorer commenced the Rosebank survey on 20 April and completed 16 August. With rolling phases across…
Q2 vessel developments & update 2D/3DSW Utilization was 62% in Q2-11 after allowing for yard and idle time. Aquila Explorer (89%) continues to work in Australasia market with good utilisation and is fixed until mid October 2011…
Fleet Prospects To mid April To mid April To end June To mid April To end May
OBN Contract Awards Track Record 09Aug2011 April 2008 SeaBird First OBN Contract Contract value: USD 25m Location: West Africa, Angola Water Depths: 1400m Performance: operationally challenging due to handling systems and battery…
Outlook OBN Five supermajors have now awarded 7 separate contracts to SeaBird due to reliability with combined seabed sensor coupling and acoustic communication between vessel and each node allowing QC of node operation during the…
Financials Q2 2011 10
Consolidated Income Statement 2nd Quarter 2011 Y ear ended Quarter ended 30 June Six months ended 30 June 31 Dec All figures in USD 1,000 2011 2010 2011 2010 2010 Revenue 44 128 50 205 65 362 116 185 197 026 Charter hire and operating…
Sequential Development Revenues USD millions Utilization Q2 up to 69% from 40 % in Q1 and from Utilization % 51% in Q4 2010 70 90 % 80 % Increased revenue Q2 to USD 44 mill , from USD 60 70 % 21 mill in Q1 and USD 38 mill in Q4…
Opex Development SG&A (sales, general admin) includes provision Cost development USD millions for bad debt for: Q4 2008 USD 4.1mill 55,0 Q1 2009 USD 0.7mill 50,0 Q2 2009 USD 1.4mill 45,0 SG&A Q4 2010 USD 2.0mill 5,8 40,0 11,4 7,1…
Sequential Development Q2 2011 improved EBITDA as OBN operation EBITDA resumed 20 April after mobilisation and idle mode USD millions since start of December 2010. Also improved utilisation on 2D and Shallow water 3D in Q2. 24 21 22…
Consolidated Balance Sheet As of 30 June As of 31 Dec All figures in USD 1,000 2011 2010 2010 Non-current Tangible assets 274 909 324 000 283 622 Non-current Intangible assets 27 644 26 167 26 568 Other current assets 39 447 46…
Consolidated Cash Flow Six months ended 30 Year end Quarter ended 30 June June 31 Dec All figures in USD 1,000 2011 2010 2011 2010 2010 Net cash from operating activities 1 078 4 166 (34 251) 16 838 5 224 Capital Expenditures (7…
Multiclient by SeaBird SeaBird participates with Multiclient Providers where all or part of the Multiclient sales come later SeaBird is not pursuing Multiclient activity, but participates if ordinary 2D direct client seismic work is…
Latest Financial Restructuring 15 Sep 2010: NOK 120 million Perestroika Convertible 3 years,1% interest (PIK), NOK 3.35 conv. price, 35.8 mill shares Changed Jan 2011: 4 years Changed Mar 2011:Value USD 21.5 mill, Conv. price/share:…
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