1Q2012 Results Briefing Analyst & Investor Update 22 February 2012
Agenda 1. Introduction 2. Focus Section: AOD Market Outlook 3. Subsea Business Review 4. Drilling Business Review 5. Financial Review 6. Questions and Answers 3
1. Introduction Howard Woon Head, Investor Relations 4
An Introduction to the CEO Professional History Over twentyfive years of experience in the offshore oil and gas industry and having worked in many countries, Bruce will bring strong experience and leadership to Mermaid.…
Key highlights Mermaid achieved total revenue in 1Q2012 of Baht 1,151.4 mil, an increase of Baht 38.9 mil, or 3.5%, from Baht 1,112.5 million in 1Q2011. Operating losses reduced by Baht 105.7 mil, an improvement of 87.4% yoy.…
Key highlights (cont) Mermaid generated strong cash flow from operations of Baht 507.4 mil, an increase of 260.9% yoy reflecting improvements in both performance and working capital management. The company continues to reduce our…
2. Focus Section: AOD Market Outlook Howard Woon Head, Investor Relations 8
Market Outlook Oil prices remain at historically high levels, with higher growth in E&P spending Continue to see strong demand for high specification units that offer superior technical capabilities, operational flexibility and…
Jack Up Market Development Jack Up Fleet Expansion Development in No. of Jack Ups Average Day Rates Jack Ups Average Utilization Rates Jack Ups Source: Seadrill SEB Enskilda Nordic Seminar Jan 2012 10
3. Subsea Business Review Graham Cooper Commercial Director, Mermaid Offshore Services 11
Subsea Key Highlights o Subsea achieved asset utilisation of 55.3% in 1Q2012 versus 49.2% in 1Q2011, and revenue of Baht 698.5 mil, a decrease of Baht 76.5% (9.9%) compared to 1Q2011. Average day rates lower by 31.4% primarily due to…
Subsea Tender Update 1Q2012 Fleet utilisation for 1Q2012 shows an Subsea utilization increase of 6.1% over same period in 2011 continues to improve in line with overall market trend Major contracts won include: Target a.…
Increased E&P spending driven by higher oil prices Strong growth in E&P Oil service companies revenues and E&P spending spending expected the next few years 2008 level of E&P spending is expected to be surpassed in 2011…
4. Drilling Business Review James Mcghee Nicol Operations Manager, Mermaid Drilling Limited 15
Drilling Operations Update MTR1 Location: Thailand Status: Waiting next contract award MTR1: Awarded an accommodation / work over support barge contract by Client: NA Chevron Indonesia for 150 day charter at a potential…
5. Financial Review Siriwan Chamnannarongsak Finance Director 17
Financial Highlights 1Q2012 Year on Year Comparison 1Q2012 Revenue (in THB millions) 1Q2012 Net Profit (Loss) (in THB millions) Operating Cash Flow Basic and Diluted EPS (in THB millions) 1,113 1,151 0.18 507 1Q2011…
1Q2012 Sector Breakdown 2011 Service Operating Operating Utilization Description Income Profit/Loss 2012 Margin Rate Inspection, repair and 917.5 Subsea Services maintenance; 845.8 55.3% Infrastructure 49.2% installation;…
1Q2012 Profits & Losses All units in THB millions Extraordinary items Due to due to higher including redundancy US Dollar LIBOR AOD costs of Baht 11.7 million rates Mgmt Fee Reduction of corporate income tax rate, thus the…
Debt structure Units in THB millions 24.2% 23.2% Net D/E (Times) Low D/E ratio 0.32 0.30 Net Gearing (%) Loan Maturity allows financial Total Loans Outstanding flexibility < 1 year Total loans outstanding 2011 1Q2012 continues to…
Cash flow Cash & Cash Equivalents 1,065.2 1,352.4 1,563.4 Cash and cash equivalents increased ShortTerm Investments 15.6 % by Baht 211.0 1,198.4 (fixed deposits) million Restricted Deposits at 330.6 336.2 Financial…
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