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Q2 2011 EARNINGS CALL – Mermaid Maritime Public Company Limited

Mermaid Maritime Public Company Limited · May 30, 2011 · 27 slides

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Slides

  1. Q2 2011 EARNINGS CALL – Mermaid Maritime Public Company Limited – slide 1
    2Q2011 Results Briefing Analyst & Investor Update 30 May 2011
  2. Q2 2011 EARNINGS CALL – Mermaid Maritime Public Company Limited – slide 2
    Agenda 1. Introduction 2. Focus Section: Update on Asia Offshore Drilling 3. Subsea Business Review 4. Drilling Business Review 5. Financial Review 6. Questions and Answers 3
  3. Q2 2011 EARNINGS CALL – Mermaid Maritime Public Company Limited – slide 3
    1. Introduction Denis W. Welch Chief Executive Officer 4
  4. Q2 2011 EARNINGS CALL – Mermaid Maritime Public Company Limited – slide 4
    Key highlights Interim dividend of Thai Baht 0.58 per share was paid on 11 March 2011 in recognition of proceeds from the sale of Mermaids shareholding interests in the KM1 tender rig build project in Malaysia and Mermaids…
  5. Q2 2011 EARNINGS CALL – Mermaid Maritime Public Company Limited – slide 5
    Key highlights (cont) Previous contract for MTR2 ended at the end of March 2011, and she is working on a contract extension pending agreement to extend her future working for 270 days under new and improved contract terms also…
  6. Q2 2011 EARNINGS CALL – Mermaid Maritime Public Company Limited – slide 6
    2. Focus Section: Update on Asia Offshore Drilling Denis Welch Interim Chief Executive Officer, AOD 7
  7. Q2 2011 EARNINGS CALL – Mermaid Maritime Public Company Limited – slide 7
    Asia Offshore Drilling Update Other Investors Mermaid 51% 49% 11.11.10 8.12.10 13.05.11 01.12.12 15.04.13 PP successfully completed, Strike Steel at Keppel Listing application Delivery of first Delivery of second Mermaid…
  8. Q2 2011 EARNINGS CALL – Mermaid Maritime Public Company Limited – slide 8
    Asia Offshore Drilling Company Structure Mermaid Maritime Plc. Other Investors (Thailand) 49% 51% Corporate Management Agreement Technical & Commercial Management Agreement As AODs activites increase, a complete management team…
  9. Q2 2011 EARNINGS CALL – Mermaid Maritime Public Company Limited – slide 9
    The KFELS MOD V BClass Design Proven design and solid track record with wide geographical application. Preferred design by major drilling companies. 24 MOD V BClass delivered by KFELS since 2006 with zero late deliveries and 14 ahead…
  10. Q2 2011 EARNINGS CALL – Mermaid Maritime Public Company Limited – slide 10
    Turnkey contract from Keppel FELS Construction Contract Options Turnkey contract for delivery of two jackup rigs in Independent options for two additional units December 2012 and March 2013 each at fixed price 20% down payment and 80%…
  11. Q2 2011 EARNINGS CALL – Mermaid Maritime Public Company Limited – slide 11
    Construction Progress Steel cutting for the first rig started on 8 December 2010, and progress is on schedule All critical equipment for the first jackup has been ordered and on schedule for delivery by the end of 2011,…
  12. Q2 2011 EARNINGS CALL – Mermaid Maritime Public Company Limited – slide 12
    Force Majeure Event On 11th Mar 2011, an 8.8 magnitude earthquake hit Japan, northeast of Tokyo, and set off a tsunami. These set of unfortunate events caused damage to Japans infrastructure (transportation and public…
  13. Q2 2011 EARNINGS CALL – Mermaid Maritime Public Company Limited – slide 13
    The Management & Commercial Agreements Corporate Management Agreement Mermaid will provide management and administrative services, such as accounting and human resources to AOD for USD 2,000 per day (lump sum of USD 300,000 was…
  14. Q2 2011 EARNINGS CALL – Mermaid Maritime Public Company Limited – slide 14
    Strong demand despite recent newbuild orders Firm rig deliveries ex Keppel & PPL (20112014) 2011 2012 2013 2014 2020 68 cold stacked jackups projected Evidence for day rates reflecting 150200 new jackup to never enter the market…
  15. Q2 2011 EARNINGS CALL – Mermaid Maritime Public Company Limited – slide 15
    3. Subsea Business Review Tom Springall Director 16
  16. Q2 2011 EARNINGS CALL – Mermaid Maritime Public Company Limited – slide 16
    Subsea Key Highlights 54.1% utilization achieved in 2Q2011 despite this being the worst performing season historically in line with our strategy to increase utilisation through competitive pricing Order book increased over the…
  17. Q2 2011 EARNINGS CALL – Mermaid Maritime Public Company Limited – slide 17
    Subsea Tender Update Improved fleet utilisation at the prevailing market rates Current bids in progress USD 300 mil [1] Contracts won during 2Q2011 worth USD 50 mil primarily in key markets of Asia Pacific & Middle East Current…
  18. Q2 2011 EARNINGS CALL – Mermaid Maritime Public Company Limited – slide 18
    Subsea Business Strategy Mermaid Offshore Services Seascape High profile Subtech market presence from Singapore 2011 2012 2013 Improve Increase added Leverage key utilization value services clients Improve soft Reduce…
  19. Q2 2011 EARNINGS CALL – Mermaid Maritime Public Company Limited – slide 19
    4. Drilling Business Review Steve Lenz Executive Director, Mermaid Drilling Limited 20
  20. Q2 2011 EARNINGS CALL – Mermaid Maritime Public Company Limited – slide 20
    Drilling Operations Update MTR1 Location: Thailand Status: Waiting next contract award MTR1: Currently awaiting a decision on Client: NA proposals on a contract for her to be employed as an accommodation barge by Chevron…
  21. Q2 2011 EARNINGS CALL – Mermaid Maritime Public Company Limited – slide 21
    5. Financial Review Howard Woon Investor Relations 22
  22. Q2 2011 EARNINGS CALL – Mermaid Maritime Public Company Limited – slide 22
    Financial Highlights 2Q2011 Year on Year Comparison 2Q2011Revenue (in THB millions) 2Q2011 Net Profit (Loss) (in THB millions) Operating Cash Flow Basic and Diluted EPS (in THB millions) 1,144 719 259 2Q2010 2Q2011 2Q2010…
  23. Q2 2011 EARNINGS CALL – Mermaid Maritime Public Company Limited – slide 23
    2Q2011 Sector Breakdown 2010 Service Operating Operating Utilization Description Income Profit/Loss 2011 Margin Rate 794.32 Inspection, repair and maintenance; 54.1% Subsea Services 437.38 Infrastructure 28.3% installation;…
  24. Q2 2011 EARNINGS CALL – Mermaid Maritime Public Company Limited – slide 24
    2Q2011 Profits & Losses All units in THB millions Share of Forex Net gains Profits of Gross Mgmt Other Admin gains on PPE investments Finance Income 2Q2010 Profit income income Expenses (losses) disposals in associates Costs…
  25. Q2 2011 EARNINGS CALL – Mermaid Maritime Public Company Limited – slide 25
    Debt structure Net D/E (Times) Loan Maturity Net gearing (%) Low D/E ratio Units in THB millions allows financial Total loans outstanding flexibility continues to decrease < 1 year during 1H2011 < 1 year 696.6 617.9 13.5% 16.82%…
  26. Q2 2011 EARNINGS CALL – Mermaid Maritime Public Company Limited – slide 26
    Cash flow Cash & Cash Equivalents 1,450.5 3,742.9 1,019.1 573.2 Total cash in hand has ShortTerm Investments decreased mainly due 334.2 606.3 644.9 905.9 (fixed deposits) to dividend payment , debt repayment and All units in…
  27. Q2 2011 EARNINGS CALL – Mermaid Maritime Public Company Limited – slide 27
    6. Questions & Answers 28

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