SeaBird Exploration Third Quarter Presentation 28 November 2014 CEO Dag Reynolds CFO Nils Haugestad
Highlights Financial results Revenues of 22.7 million (44.7 million Q2 2014) EBITDA of negative 2.1 million (positive 12.6 million Q2 2014) Quarterly observations Market softness impacting results and utilization Reduction in…
Vessel utilization 100% 1% 3% 0% 2% Increased multi-client utilization 8% 13% 90% 24% 7% 30% in Q3 2014 compared to 13% 4% 33% in Q2 2014 80% 13% 41% 70% 12% Q3 contract utilization of 35%, down from 72% in Q2 60% 3% Transit…
Improving backlog Firm contracts1) Backlog Vessel Expected Expected Amount (USD (USD millions) Vessel Client/Project months start-up completion millions) TGS Nopec - Mexico / US East coast (MIN program) 40 Q1 2015 88 Up to 6 vessels…
Income statement CONSOLIDATED INTERIM STATEMENT OF INCOME Quarter ended Nine months ended 30 September 30 September All figures in USD millions (except for EPS) Restated Restated 2014 2013 2014 2013 Contract 16.4 49.1 87.9 132.6…
Cash flow statement CONSOLIDATED INTERIM STATEMENT OF CASH FLOW Quarter ended Nine months ended 30 September 30 September All figures in USD millions Restated Restated 2014 2013 2014 2013 Profit/(loss) before income tax (19.5) 3.4…
Balance sheet CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION As of As of 30 September 31 December All figures in USD millions (except for equity ratio) Restated Restated 2014 2013 2013 Property, plant and equipment 112.9 129.4…
Multi-client update Multi-client revenues in Q3 of 6.3 million Multi-client revenues by quarter 8 (USD millions) 6,3 Revenues from eight different projects 6 5,1 Predominantly relates to prefunding for 3,7 4 3,2 2014 surveys…
Refinancing update Status update Hawk Explorer lease extended to 29 February 2016 Perestroika convertible bond (14.9 million) and SBX03 bond (81.9 million) classified as short term debt due to breach of covenants Revaluation of SBX03…
Review of financing COVENANT RESTRICTIONS Equity USD millions AP +60 ratio Cash 30 September 2014 6.8 16.1% 10.0* Restrictions 30 September 2014 < 2.5 25.0% 10.0 *Includes 3.5 million of restricted cash Funded debt profile (USD…
Restructure to improve efficiency and reduce costs Restructuring of onshore activities Targeted savings (USDm) Consolidate offices to improve efficiency and cost structure One company with primary functions in Oslo Run-rate Removing…
Excess 3D supply in 2D market Approximately thirteen vessels up to Vessels removed or converted to source in 2013 Vessel Owner/Operator Operational streamer capacity 12-streamers operating in SeaBird's Geo Barents CGG 8 core segments…
Fleet review SeaBird natural market leader in 2D and niche 3D Vessel lease agreements extended Hawk Explorer lease extended until February 2016; the remaining principal of 6.2 million to be repaid over the remaining lease period…
TGS letter of award Expected start-up in 1H 2015 Up to six vessels active for a period of up to three years Revenues estimated at 88 - 176 million Minimum 150,000 km, up to 300,000 km Approximately 40-80 vessel months…
Multi-client developments Increased multi-client activity in the quarter Three multi-client projects completed and two commenced in the third quarter Geo Pacific completed 3D project in West Africa early September Voyager Explorer…
Philippines multi-client surveys Pinatubo broadband 2D seismic survey in the West Luzon Basin North-West of the Philippines 3,474 km of seismic data aquired Pinatubo Survey completed August 2014 Includes coverage over the PECR5…
Rockall multi-client survey 2D broadband seismic survey in the North Rockall Basin West of the Hebrides 4,775 km of seismic data aquired in two phase Survey compeleted August 2014 Seismic survey is matching the 28th UK offshore…
South Porcupine multi-client survey 2D broadband seismic survey in the South Porcupine Basin offshore South-West Ireland 4,878 km of seismic data aquired Survey compeleted October 2014 Final processed data available to clients…
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