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Q2 2012 EARNINGS CALL – Cal Dive International

Cal Dive International · Aug 2, 2012 · 13 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 2012 EARNINGS CALL – Cal Dive International – slide 1
    Cal Dive International 2nd Quarter 2012 Earnings Conference Call
  2. Q2 2012 EARNINGS CALL – Cal Dive International – slide 2
    Forward-Looking Statements This presentation may include forward-looking statements that are generally identifiable through the use of words such as believe, expect, anticipate, intend, plan, estimate, project and similar expressions and…
  3. Q2 2012 EARNINGS CALL – Cal Dive International – slide 3
    Presentation Outline Summary of 2Q 2012 Backlog Discussion of Financial Results Non-GAAP Reconciliations Q&A 3
  4. Q2 2012 EARNINGS CALL – Cal Dive International – slide 4
    Summary of 2Q 2012 Utilization strengthening but with continued pricing pressure. GoM Tropical Storm Debby interruption of operations in June. Repaid 18.2 million of term loan during 2Q. Issued 86.25 million in convertible debt…
  5. Q2 2012 EARNINGS CALL – Cal Dive International – slide 5
    Backlog ( millions) 350 300 250 200 302 150 260 233 238 221 100 191 190 176 178 50 - 2Q 2010 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 2012 2Q 2012 5
  6. Q2 2012 EARNINGS CALL – Cal Dive International – slide 6
    Financial Results (all amounts in thousands, except per share amounts and percentages) Three Months Six Months Ended June 30, Ended June 30, 2012 2011 2012 2011 Revenues 120,321 124,040 180,338 219,471 Gross Profit (Loss)…
  7. Q2 2012 EARNINGS CALL – Cal Dive International – slide 7
    Utilization (The following statistics are for owned vessels only) Three Months Six Months Ended June 30, Ended June 30, 2012 2011 2012 2011 Effective Utilization (1) - Saturation Diving Vessels 72% 60% 63% 54% Surface Diving…
  8. Q2 2012 EARNINGS CALL – Cal Dive International – slide 8
    Revenue Breakdown ( millions) 300 Domestic International 250 200 95 43% 150 46% 77 43% 51 47 48% 100 41% 39% 54% 125 57% 103 52% 50 73 73 57% 59% 61% 0 2Q 2011 2Q 2012 YTD 2Q 2011 YTD 2Q 2012 8
  9. Q2 2012 EARNINGS CALL – Cal Dive International – slide 9
    Convertible Debt Offering 86.25 million convertible debt offering. 83.0 million net proceeds used to repay 60% of term loan outstanding. Unsecured debt used to repay secured debt. Amended the credit facility to exclude convertible…
  10. Q2 2012 EARNINGS CALL – Cal Dive International – slide 10
    Debt Levels ( millions) Net Debt Levels (1) Net Debt to Book Cap. % (2) 350 Horizon Acquisition 35% 34% 300 30% 33% 250 25% 35% 29% 27% 314 27% 200 254 20% 21% 150 15% 183 161 149 100 141 134 10% 50 5% - 0% 2007…
  11. Q2 2012 EARNINGS CALL – Cal Dive International – slide 11
    Liquidity Prior to Convertible Offering Subsequent to Convertible Offering 150 Million Revolver (1) 150 Million Revolver (2) 15m 98m Liquidity: 93m Liquidity: Revolver 10m Pro Revolver 93m Cash 10m 42m Forma 42m Cash 10m…
  12. Q2 2012 EARNINGS CALL – Cal Dive International – slide 12
    Non-GAAP Reconciliations 12
  13. Q2 2012 EARNINGS CALL – Cal Dive International – slide 13
    EBITDA Reconciliations (all amounts in thousands) Three Months Six Months Ended June 30, Ended June 30, 2012 2011 2012 2011 EBITDA (unaudited) 10,672 7,278 (1,357) 5,939 Less: Depreciation & Amortization 15,914 17,476 30,550…

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