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FEBRUARY 2013 CORPORATE PRESENTATION – Farstad Shipping Asa

Farstad Shipping Asa · Feb 15, 2013 · 48 slides

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Slides

  1. FEBRUARY 2013 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 1
    Agenda Company Structure Shareholder matters Financial Matters and Values Business Focus Competitors, Market, Prospects The Fleet and Employment Presentation - February 15th 2013 CEO Karl-Johan Bakken CFO Torstein L. Stavseng
  2. FEBRUARY 2013 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 2
    Farstad Shipping brief summary No of vessels in operation: 57 (28 AHTS, 26 PSV, 3 Subsea) No of newbuilds: 8 (4 AHTS, 3 PSV, 1 Subsea) No of employees offshore: 1.800 No of employees onshore: 200 Market value fleet (excl.…
  3. FEBRUARY 2013 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 3
    Farstad Shipping ASA Listed since 1988 Largest shareholders (08.02.13) No of shares % Tyrholm & Farstad AS 15 796 199 40,5 Folketrygdfondet 3 945 912 10,1 Brown Brothers Harriman Fidelity FLPS 3 200 000 8,2 Pareto Aksje Norge 1 790…
  4. FEBRUARY 2013 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 4
    Farstad Shipping Company structure Farstad Shipping ASA 100% 100% 100% 100% 100% 100% 100% 100% Farstad Shipping Farstad Farstad Shipping SA Farstad Shipping Pte.Ltd Farstad Shipping Ltd Farstad Farstad (Indian Pacific) Farstad…
  5. FEBRUARY 2013 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 5
    Result 4th Quarter 2012 (preliminary) (NOK mill.) Res 4Q-11 Res 4Q-12 A disappointing North Sea market Operating income 961,0 905,8 Delivery of Far Solitaire Profit on sale of fixed assets 13,4 0,0 Accruals Total operating income…
  6. FEBRUARY 2013 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 6
    Development result Quarterly (4Q preliminary) (NOK mill.) 4Q-11 1Q-12 2Q-12 3Q-12 4Q-12 Operating income excl. sale of vessels 961,0 916,3 933,1 958,8 905,8 Crewing expenses vessels 364,5 375,4 360,9 390,0 388,6 Other operating…
  7. FEBRUARY 2013 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 7
    Development result - Quarterly(4Q preliminary) Operating income excl. sale of assets Mill NOK 1 200,0 1 000,0 800,0 600,0 400,0 200,0 0,0 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 2007 543,3…
  8. FEBRUARY 2013 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 8
    Development result Quarterly (4Q preliminary) EBITDA excl. profit from sale of vessels Mill NOK 600,0 500,0 400,0 300,0 200,0 100,0 0,0 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 2007 266,9 277,8…
  9. FEBRUARY 2013 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 9
    Development result Quarterly (4Q preliminary) EBIT excl. profit from sale of vessels Mill NOK 500,0 450,0 400,0 350,0 300,0 250,0 200,0 150,0 100,0 50,0 0,0 1st Quarter 2nd Quarter 3rd Quarter 4th…
  10. FEBRUARY 2013 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 10
    Result 31.12. 2012 (preliminary) All figures excl. profit from sale of vessels (NOK mill.) Res.31.12.11 Res.31.12.12 4 000 60% Operating income 3 584,9 3 714,0 Profit on sale of fixed assets 16,9 (10,3) 3 500 Total operating income…
  11. FEBRUARY 2013 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 11
    Result 4Q and 31.12.12( preliminary) Sorted by segment Operating income- sorted by segment OPERATING INCOME *) 4. quarter 4. quarter 1.1-31.12 1.1-31.12 2012 2011 2012 2011 Northwest Eurpoe Brasil Indian Pacific Other Markets AHTS…
  12. FEBRUARY 2013 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 12
    Result 4Q and 31.12.12 ( preliminary) Sorted by segment EBIT in % of income sorted by vessel type EBIT in % of income sorted by region AHTS PSV SUBSEA Northwest Europe Brazil Indian Pacific 60% 50% 50% 40% 40% 30% 30%…
  13. FEBRUARY 2013 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 13
    Result 4Q and 31.12.12 (4Q preliminary) Comprehensive Income/Equity STATEMENT OF 4. quarter 4. quarter 1.1-31.12 1.1-31.12 COMPREHENSIVE INCOME 2012 2011 2012 2011 Result 31 266 139 730 311 831 568 448 Other comprehensive income:…
  14. FEBRUARY 2013 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 14
    Result 4Q and 31.12.12 (4Q preliminary) Cash Flow STATEMENT OF CASH FLOW 4. quarter 4. quarter 1.1-31.12 1.1-31.12 2012 2011 2012 2011 Cash flow from operating activity 406 290 231 041 1 171 243 1 362 490 Sale of fixed assets 0 27…
  15. FEBRUARY 2013 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 15
    Balance Sheet 31.12.12 (4Q preliminary) ASSETS 31.12.2012 31.12.2011 31.12.2010 Sale of Lady Audrey in March Sale of Lady Valisia in March Goodwill 100,0 112,1 30,2 Sale of Lady Gerda in May Vessels etc. 12 120,7 11 524,0 11 278,7…
  16. FEBRUARY 2013 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 16
    Return on Equity and Capital Employed (preliminary) 40,0 % 36,1 % 35,0 % 31,1 % 30,0 % 24,2 % 25,0 % 23,6 % 22,8 % 20,0 % 17,1 % 17,0 % 16,4 % 14,7 % 15,0 % 13,0 % 12,0 % 11,7 % 11,3 % 8,5 % 10,0 % 8,5 % 7,8 % 7,9 %…
  17. FEBRUARY 2013 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 17
    Market values vessels -free of charter and available in the market Mill. NOK Mill. NOK 575 575 Average decrease in values of 550 550 525 525 Farstad fleet in 2008: 2,5% 500 500 (Values peaked summer 2008) 475 475 450 450 425 425…
  18. FEBRUARY 2013 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 18
    Farstad Shipping - Values NOK dividend/ share Values NOK/ share 6,00 300 5,00 250 4,00 200 3,00 150 2,00 100 1,00 50 0,00 0 2005 2006 2007 2008 2009 2010 2011 2012*) Dividend 3,00 3,00 4,00 5,00 3,00 4,00…
  19. FEBRUARY 2013 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 19
    Long term debt 31.12.12 - repayment profile 1 400 000 1 200 000 1 000 000 800 000 600 000 400 000 200 000 0 19
  20. FEBRUARY 2013 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 20
    Agenda Company Structure Shareholder matters Financial Matters and Values Business Focus Competitors, Market, Prospects The Fleet and Employment Presentation - February 15th 2013 CEO Karl-Johan Bakken CFO Torstein L. Stavseng
  21. FEBRUARY 2013 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 21
    Farstad Shipping - International competitive position backed by the Norwegian maritime cluster Values Business Focus To be a leading provider of Safety minded quality Support Vessel Services to the international Value creative…
  22. FEBRUARY 2013 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 22
    Farstad Shipping HSEQ LTIF - (No of incidents per mill. work hours ) 14 Farstad Fleet - Lost Time Incidents 12 10 8 6 4 2 0 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005…
  23. FEBRUARY 2013 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 23
    Farstad Shipping Newbuild program 23
  24. FEBRUARY 2013 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 24
    Farstad Shipping Newbuild program 24
  25. FEBRUARY 2013 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 25
    Farstad Shipping fleet distribution February 2013 - 57 vessels 13 PSV lesund 2 AHTS Aberdeen 1 SUBSEA 2 PSV 2 AHTS Singapore Macae Rio 3 PSV 10 AHTS Perth 2 SUBSEA 8 PSV Melbourne 14 AHTS
  26. FEBRUARY 2013 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 26
    Contract Summary AHTS February 2013 26
  27. FEBRUARY 2013 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 27
    Contract Summary PSV/ SUBSEA February 2013 27
  28. FEBRUARY 2013 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 28
    Farstad Shipping Contract Summary Fleet total February 2013 *) Options Term contracts 100% 64,5%**) 41,9%**) 31,0%**) 23,0%**) 19,1%**) 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% **) AHTS = 58,6% 35,4% 27,1% 25,0% 19,5%…
  29. FEBRUARY 2013 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 29
    Fleet Structure Supply Vessels Worldwide PSV2.000 dwt AHTS10.000 bhp 755 vessels + 304 newbuilds (40%) 481 vessels + 64 newbuilds (13%) DWT BHP Approx. 43% Approx. 2.900 vessels worldwide 29 23.01.06 Torstein Source:…
  30. FEBRUARY 2013 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 30
    AHTS 10.000 BHP and PSV 2.000 DWT Worldwide sorted by owners/ managers No of vessels AHTS = 481 vessels PSV = 755 vessels Newbuilds = 368 vessels Total fleet incl. newbuild count 1604 140 vessels 178 owners. 120 The 43 largest…
  31. FEBRUARY 2013 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 31
    Northwest Europe sorted by owners/managers*) AHTS 10.000 BHP and PSV 2.000 DWT No of vessels 25 Number of players: 52 No of PSV=226 No of AHTS=64 Number of vessels: 290 (23,5%) 20 Number of newbuilds: 33 (9%) 15 21 7 10 11…
  32. FEBRUARY 2013 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 32
    Brazil sorted by owners/managers*) AHTS 10.000 BHP and PSV 2.000 DWT No of vessels 45 No of PSV=146 No of AHTS=94 Number of players: 43 40 Number of vessels: 240 (19,5%) Number of newbuilds: 39 (10,5%) 35 30 25 31 20 3…
  33. FEBRUARY 2013 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 33
    Indian Pacific/China sorted by owners/managers*) AHTS 10.000 BHP and PSV 2.000 DWT No of vessels 30 Number of players: 65 No of PSV=90 No of AHTS=165 Number of vessels: 232 (19%) 25 Number of newbuilds 199 (54%) 20 10 15…
  34. FEBRUARY 2013 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 34
    Australia sorted by owners/managers*) AHTS 10.000 BHP and PSV 2.000 DWT No of vessels 25 Number of players: 11 No of PSV=16 No of AHTS=34 Number of vessels: 47 (3,8%) 20 Number of newbuilds 0 8 15 10 14 5 2 6 2 3 2…
  35. FEBRUARY 2013 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 35
    AHTS 10.000 BHP and PSV 2.000 DWT Worldwide and the Northwest Europe *) PSV 2000 DWT AHTS 10.000 BHP No of vessels No of vessels 900 600 Other markets Northwest Europe Other markets Northwest Europe 800 500 700 600 400…
  36. FEBRUARY 2013 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 36
    AHTS 10.000 BHP Worldwide sorted by regions No of vessels Jan.-08 Jan.-09 Jan.-10 Jan.-11 Jan.- 12 July 12 Jan.-13 180 167 165 158 160 150 138 140 120 116 116 107 104 100 94 88 77 80 71 65 67 64 63 64 59 61…
  37. FEBRUARY 2013 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 37
    PSV 2.000 DWT Worldwide sorted by regions No of vessels jan-08 Jan.-09 Jan.-10 Jan.-11 Jan.-12 July-12 Jan.-13 250 226 218 202 200 187 179 171 168 149 152 152 146 150 136 128 123 123 112 114 103 105 97 97 100…
  38. FEBRUARY 2013 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 38
    North Sea AHTS - Spot Market (week 07) Source: RS Platou 38
  39. FEBRUARY 2013 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 39
    North Sea PSV - Spot Market (week 07) Source: RS Platou 39
  40. FEBRUARY 2013 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 40
    10 20 30 40 50 60 70 80 0 jan/ 06 apr/ 06 jul/ 06 okt/ 06 Norway jan/ 07 Source: Carnegie February 2013 apr/ 07 jul/ 07 North America okt/ 07 jan/ 08 apr/ 08 jul/ 08 FLOATERS: Working rigs -…
  41. FEBRUARY 2013 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 41
    North Sea Fleet Supply- Demand- Utilisation 350 95% 95% 341 100% 90% 91% 91% 32690% 87% 305 90% 293 294 295 300 278 277 265 268 80% 252 251 251 250 241 70% Boat- years 60% 200 50% 150 40% 30% 100 20% 50 10%…
  42. FEBRUARY 2013 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 42
    North Sea Fleet Supply- Demand- Utilisation 350 100,0% 95,0% 300 90,0% 250 85,0% 200 80,0% 75,0% 150 70,0% 100 65,0% 50 60,0% 0 55,0% Term demand Spot demand Fleet size Total utilisation % Term…
  43. FEBRUARY 2013 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 43
    Newbuildings sorted by regions AHTS 10.000 BHP and PSV 2.000 DWT, Subsea No of vessels AHTS = 64 vessels PSV = 304 vessels Subsea=51 140 120 14 100 80 60 96 40 19 60 1 5 20 28 36 10 1 3 2 12 8 13 13 12 13 9 7…
  44. FEBRUARY 2013 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 44
    Newbuildings sorted by deliverytime AHTS 10.000 BHP, PSV 2.000 DWT and Subsea Subsea (51 vessels)…
  45. FEBRUARY 2013 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 45
    AHTS 10.000 BHP Worldwide Fleet Growth No of vessels No of vessels Increase in fleet Total fleet incl. Newbuilds Increase in fleet Total fleet incl. Newbuilds 600 600 547 535 544 545 545 529 500 469 481 500 469 443 443 401…
  46. FEBRUARY 2013 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 46
    PSV 2.000 DWT Worldwide Fleet Growth No of vessels Increase in fleet Total fleet No of vessels Increase in fleet Total fleet 1200 1200 1045 1059 933 946 947 942 1000 903 1000 812 755 800 800 692 692 664 664 575 575 600…
  47. FEBRUARY 2013 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 47
    Summary Oil price in a positive territory. In general increased demand in the offshore market. Continued growth in subsea segment. AHTS segment still under pressure. Oversupply in PSV segment. Limited availability of competent…
  48. FEBRUARY 2013 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 48
    Takk for oppmerksomheten Better by Far 48

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