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AUGUST 2013 CORPORATE PRESENTATION – Farstad Shipping Asa

Farstad Shipping Asa · Aug 22, 2013 · 46 slides

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Slides

  1. AUGUST 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 Farstad Shipping ASA Presentation August 22nd 2013 CEO Karl-Johan Bakken CFO…
  2. AUGUST 2013 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 2
    Farstad Shipping Brief summary No of vessels in operation: 59 (30 AHTS, 26 PSV, 3 Subsea) No of newbuilds: 5 (2 AHTS, 2 PSV, 1 Subsea) No of employees offshore: 1.870 No of employees onshore: 230 Market value fleet (excl.…
  3. AUGUST 2013 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 3
    Farstad Shipping ASA Listed since 1988 Largest shareholders (15.08.13) No of shares % Tyrholm & Farstad AS 15 796 199 40,5 Brown Brothers Harriman Fidelity FLPS 3 200 000 8,2 Folketrygdfondet 2 523 571 6,5 Pareto Aksje Norge 2 053 419…
  4. AUGUST 2013 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 4
    Company structure (August 2013) 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. AUGUST 2013 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 5
    Result 2nd Quarter 2013 (NOK mill.) Res 2Q-12 Res 2Q-13 Increased competition Australia Operating income 933,1 993,0 Delivery of Far Starling Profit on sale of assets 0,6 3,6 Delivery of Far Statesman Total operating income 933,7…
  6. AUGUST 2013 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 6
    Quarterly development (NOK mill.) 2Q-12 3Q-12 4Q-12 1Q-13 2Q-13 Operating income excl. sale of vessels 933,1 958,8 905,8 911,3 993,0 Crewing expenses vessels 360,9 390,0 388,6 374,5 387,8 Other operating expenses vessels 146,4 144,5…
  7. AUGUST 2013 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 7
    Result 30.06.2013 First half year (NOK mill.) Res.30.6.12 Res.30.6.13 Operating income 1 849,4 1 904,3 Profit on sale of fixed assets (10,2) 7,0 Total operating income 1 839,2 1 911,4 Crewing expenses vessels 736,2 762,3 Other…
  8. AUGUST 2013 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 8
    Development result - Quarterly 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 2009 739,0 828,7 863,9 797,0…
  9. AUGUST 2013 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 9
    Development result Quarterly EBITDA 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 Quarter 2009 387,2…
  10. AUGUST 2013 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 10
    Development result Quarterly EBIT excl. profit from sale of vessels Mill NOK 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 Quarter 2009 285,5 335,3 344,6 287,0…
  11. AUGUST 2013 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 11
    Result by segment Operating income- sorted by segment OPERATING INCOME *) 2. quarter 2. quarter 1.1-30.06 1.1-30.06 1.1-31.12 2013 2012 2013 2012 2012 Northwest Eurpoe Brasil Indian Pacific Other Markets AHTS 573 112 561 893 1 124…
  12. AUGUST 2013 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 12
    EBIT margin development by segment EBIT in % of income sorted by vessel type EBIT in % of income sorted by regoin 50% 50% AHTS PSV SUBSEA Northwest Europe Brazil Indian Pacific 40% 40% 30% 30% 20% 20% 10% 10% 0% 0%…
  13. AUGUST 2013 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 13
    Comprehensive Income/Equity STATEMENT OF 2. quarter 2. quarter 1.1-30.06 1.1-30.06 1.1-31.12 COMPREHENSIVE INCOME 2013 2012 2013 2012 2012 Result 4 081 44 032 86 223 157 755 311 831 Other comprehensive income: Change in currency and…
  14. AUGUST 2013 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 14
    Cash Flow STATEMENT OF CASH FLOW 2. quarter 2. quarter 1.1-30.06 1.1-30.06 1.1-31.12 2013 2012 2013 2012 2012 Cash flow from operating activity 284 661 200 103 578 004 502 639 1 171 243 Sale of fixed assets 14 095 15 634 32 857 24…
  15. AUGUST 2013 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 15
    Balance Sheet 30.06.13 ASSETS 30.06.2013 30.06.2012 31.12.2012 Change acc.std, increase pension liabilities per 01.01.13 NOK 73,6 mill. Sale of Lady Cynthia in January. Goodwill 99,9 106,1 100,0 Sale of Lady Kari Ann in May. Vessels…
  16. AUGUST 2013 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 16
    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…
  17. AUGUST 2013 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 17
    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 30.06.13 Dividend 3,00 3,00 4,00 5,00…
  18. AUGUST 2013 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 18
    Long term debt 30.06.13 repayment profile 1 400 000 1 200 000 1 000 000 800 000 600 000 400 000 200 000 0 18
  19. AUGUST 2013 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 19
    Agenda Company Structure Shareholder matters Financial Matters and Values Business Focus Competitors, Market, Prospects The Fleet and Employment Farstad Shipping ASA Presentation - August 22nd 2013 CEO Karl-Johan Bakken CFO…
  20. AUGUST 2013 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 20
    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…
  21. AUGUST 2013 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 21
    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…
  22. AUGUST 2013 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 22
    Newbuild program 22
  23. AUGUST 2013 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 23
    Farstad Shipping fleet distribution August 2013 59 vessels 10 PSV lesund 4 AHTS Aberdeen 1 SUBSEA 2 AHTS Singapore 2 AHTS 2 PSV Macae Rio 4 PSV 10 AHTS Perth 2 SUBSEA 10 PSV Melbourne 12 AHTS 23
  24. AUGUST 2013 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 24
    Contract Summary AHTS August 2013 24
  25. AUGUST 2013 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 25
    Contract Summary PSV/ SUBSEA August 2013 25
  26. AUGUST 2013 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 26
    Farstad Shipping Contract Summary Fleet total August 2013 *) Options Term contracts 100% 80,8%**) 49,5%**) 35,5%**) 26,6%**) 22,3%**) 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% **) AHTS = 78,6% 42,1% 30,2% 25,9% 19,5%…
  27. AUGUST 2013 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 27
    Fleet Structure Supply Vessels Worldwide PSV2.000 dwt AHTS10.000 bhp 808 vessels + 316 newbuilds (39%) 494 vessels + 49 newbuilds (10%) DWT BHP Approx. 43% Approx. 3.000 vessels worldwide 27 23.01.06 Torstein L.…
  28. AUGUST 2013 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 28
    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…
  29. AUGUST 2013 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 29
    AHTS 10.000 BHP Worldwide sorted by regions Jan.-09 Jan.-10 Jan.-11 Jan.- 12 Jan.-13 July 13 No of vessels 200 180 173 165 158 160 150 138 140 120 116 116 104 106 100 94 77 80 71 65 67 66 64 64 63 59 60 56…
  30. AUGUST 2013 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 30
    PSV 2.000 DWT Worldwide sorted by regions No of vessels Jan.-09 Jan.-10 Jan.-11 Jan.-12 Jan.-13 July-13 250 226 227 202 200 187 179 171 164 149 152 152 153 150 128 123 123 112 114 103 106 97 97 100 90 88 82 81…
  31. AUGUST 2013 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 31
    AHTS 10.000 BHP and PSV 2.000 DWT Worldwide sorted by owners/ managers No of vessels AHTS = 494 vessels PSV = 808 vessels Newbuilds = 365 vessels Total fleet incl. newbuild count 1667 160 vessels 201 owners. 140 The 42 largest…
  32. AUGUST 2013 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 32
    Northwest Europe sorted by owners/managers*) AHTS 10.000 BHP and PSV 2.000 DWT No of vessels 25 Number of players: 50 No of PSV=227 No of AHTS=63 Number of vessels: 290 (22,3%) 20 Number of newbuilds: 23 (6,3%) 15 6 10 21…
  33. AUGUST 2013 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 33
    Brazil sorted by owners/managers*) AHTS 10.000 BHP and PSV 2.000 DWT No of vessels 50 No of PSV=148 No of AHTS=97 45 Number of players: 40 Number of vessels: 245 (18,8%) 40 Number of newbuilds: 38 (10,4%) 35 30 25 35…
  34. AUGUST 2013 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 34
    Indian Pacific/China sorted by owners/managers*) AHTS 10.000 BHP and PSV 2.000 DWT No of vessels 30 Number of players: 69 No of PSV=103 No of AHTS=173 Number of vessels: 276 (21,3%) 25 Number of newbuilds 196 (53,7%) 20…
  35. AUGUST 2013 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 35
    Australia/New Zealand sorted by owners/managers*) AHTS 10.000 BHP and PSV 2.000 DWT No of vessels 25 Number of players: 12 No of PSV=20 No of AHTS=28 Number of vessels: 48 (2,2%) 20 Number of newbuilds 0 10 15 10 12…
  36. AUGUST 2013 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 36
    North Sea AHTS - Spot Market (week 34) Source: RS Platou 36
  37. AUGUST 2013 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 37
    North Sea PSV - Spot Market (week 34) Source: RS Platou 37
  38. AUGUST 2013 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 38
    Worldwide semisubmersible market 38 Source: Carnegie August 2013
  39. AUGUST 2013 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 39
    North Sea Fleet - Supply- Demand- Utilisation Average supply Average demand Average utilisation 350 100% 90% 91% 91% 90% 91% 90% 90% 303 300 300 294 305 277 326 332 332 293 268 80% 278 251 250 70% Boat- years 60%…
  40. AUGUST 2013 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 40
    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…
  41. AUGUST 2013 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 41
    Newbuildings sorted by regions AHTS 10.000 BHP, PSV 2.000 DWT and Subsea No of vessels AHTS = 49 vessels PSV = 316 vessels Subsea=49 160 140 8 120 100 80 120 60 40 69 1 25 20 35 5 19 12 1 14 13 10 9 1 8 5 4 8 5 6 3 4…
  42. AUGUST 2013 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 42
    Newbuildings sorted by deliverytime AHTS 10.000 BHP, PSV 2.000 DWT and Subsea Subsea (49 vessels)…
  43. AUGUST 2013 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 43
    AHTS 10.000 BHP Worldwide Fleet Growth No of vessels Increase in fleet Total fleet incl. Newbuilds No of vessels Increase in fleet Total fleet incl. Newbuilds 600 600 535 544 545 541 543 524 500 469 481 500 469 481 443 443…
  44. AUGUST 2013 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 44
    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 1059 1123 1124 1045 1087 942 932 1000 1000 755 755 800 800 692 692 664 664 575 575…
  45. AUGUST 2013 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 45
    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…
  46. AUGUST 2013 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 46
    Takk for oppmerksomheten Better by Far 46

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