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Q2 2011 EARNINGS CALL – Siem Offshore

Siem Offshore · Aug 25, 2011 · 29 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Q2 2011 EARNINGS CALL – Siem Offshore – slide 1
    Earnings Presentation Second Quarter 2011 CEO Terje Sorensen Vice President Rune Juliussen 25 August 2011
  2. Q2 2011 EARNINGS CALL – Siem Offshore – slide 2
    Highlights first six months 2011 Completion of AHTS newbuilding program and delivery of the eighth AHTS vessel Siem Amethyst. Acquisition of one large-size PSV through the 51% owned subsidiary Siem Meling DA. The vessel has…
  3. Q2 2011 EARNINGS CALL – Siem Offshore – slide 3
    Subsequent Events Siem Offshore acquired the remaining 50% share in Overseas Drilling Ltd, which owns the scientific core drilling vessel JOIDES Resolution. 3
  4. Q2 2011 EARNINGS CALL – Siem Offshore – slide 4
    Income Statement Q2 Year Ended Q2 January - June 31 December 2011 2010 2011 2010 2010 Amounts in USD million Unaudited Unaudited Unaudited Unaudited Audited Operating Revenue 78,6 59,6 147,5 109,4 228,3 Operating expenses ( 45,1) (…
  5. Q2 2011 EARNINGS CALL – Siem Offshore – slide 5
    Comments to Q2 Income Statement 100% utilization in the MRSV segment. 87% utilization in the PSV segment caused by 105 days off-hire related to start-up of Greenland campaign for Cairn. Partly offset by revenue from a termination…
  6. Q2 2011 EARNINGS CALL – Siem Offshore – slide 6
    Operating Margin
  7. Q2 2011 EARNINGS CALL – Siem Offshore – slide 7
    Operating Margin Q2 Q2 2011 Q2 2010 Amounts in Operating Operating Operating Operating Operating Operating USD million revenue expenses margin revenue expenses margin PSVs 23,8 ( 11,5) 12,2 25,3 ( 10,7) 14,6 MRSVs 14,3 ( 5,9) 8,4 16,8 (…
  8. Q2 2011 EARNINGS CALL – Siem Offshore – slide 8
    Cable Installation Segment Middle East market has been even slower in 2011 than anticipated. As a result, no installation work has been performed since the HHI contract was completed in March. Marketing and commercial efforts…
  9. Q2 2011 EARNINGS CALL – Siem Offshore – slide 9
    Siem WIS Successful qualification program in accordance to the API Specification on the PCD system. Now in the process to qualify the PCD system to an even more stringent requirement, in order to meet some of the major oil & gas…
  10. Q2 2011 EARNINGS CALL – Siem Offshore – slide 10
    JOIDES Resolution Increased ownership in ODL from 50% to 100% Purchase price of USD 22.5 million for the remaining 50% ownership interest in the debt-free company ODL. The transaction was effective on 31 July 2011 with financial…
  11. Q2 2011 EARNINGS CALL – Siem Offshore – slide 11
    Associated Companies Amounts in USD million Q2 Six months ended Result from assiciated companies 2011 2010 2011 2010 Overseas Drilling Ltd. (50%) 1,7 1,5 3,6 3,7 KS Big Orange XVlll (41.33%) ( 0,2) 0,1 ( 0,1) ( 0,1) Ocean Commander KS…
  12. Q2 2011 EARNINGS CALL – Siem Offshore – slide 12
    Financial Position and Cash Flow
  13. Q2 2011 EARNINGS CALL – Siem Offshore – slide 13
    Statement of Financial Position First Half 2011 Amounts in USD million 30 June 30 June 31 December 2011 2010 2010 Unaudited Unaudited Audited Intangible assets 35,5 14,0 15,2 Vessels under construction 93,2 195,8 106,0 Vessels,…
  14. Q2 2011 EARNINGS CALL – Siem Offshore – slide 14
    Consolidated Statement of Cash Flows First Half 2011 Amounts in USD million 30.06.2011 31.12.2010 Cash flow from operations Unaudited Audited Profit before taxes, excluding interest 19,6 23,7 Interest paid -10,1 -12,8 Depreciation and…
  15. Q2 2011 EARNINGS CALL – Siem Offshore – slide 15
    Future Yard Instalments as of 30 June 2011 Amounts in USD million Future yard Q3-2011 Q4-2011 2012 2013 Total instalments AHTS Vessels 0,0 0,0 0,0 0,0 0,0 FCVs and FSVs 1,6 0,0 0,0 0,0 1,6 OSRVs 12,6 9,8 16,4 0,0 38,8 PSVs 0,0 0,0 62,8…
  16. Q2 2011 EARNINGS CALL – Siem Offshore – slide 16
    Employment and Deliveries Vessels in Operation and Shipbuilding Contracts
  17. Q2 2011 EARNINGS CALL – Siem Offshore – slide 17
    Vessels in Operation PSV Employment 2011 2012 2013 2014 2015 Owner- Vessel 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q ship Siem Sasha 100 % Siem Sophie 100 % Siem Louisa 100 % Siem Danis 100 % Siem Hanne 100 % Siddis…
  18. Q2 2011 EARNINGS CALL – Siem Offshore – slide 18
    Vessels in Operation MRSV Employment 2011 2012 2013 2014 2015 Owner- Vessel 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q ship Siem Swordfish 100 % Seven Sisters 100 % Siem Marlin 100 % Adams Vision 100 % Total order…
  19. Q2 2011 EARNINGS CALL – Siem Offshore – slide 19
    Vessels in Operation AHTS Employment 2011 2012 2013 2014 2015 Owner- Vessel 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q ship Siem Pearl 100 % Siem Emerald 100 % Siem Sapphire 100 % Siem Aquamarine 100 % Siem Ruby 100 %…
  20. Q2 2011 EARNINGS CALL – Siem Offshore – slide 20
    Vessels in Operation Other Employment 2011 2012 2013 2014 2015 Owner- Vessel Type 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q ship Big Orange WSV 41 % XVIII Joides SPV 100 % Resolution Total order backlog in % and…
  21. Q2 2011 EARNINGS CALL – Siem Offshore – slide 21
    Shipbuilding Contracts Vessel Deliveries 2011 2012 2013 2014 2015 Owner- Vessel Type 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q ship Siem Caets FSV 100 % Contract USD 23 million Siem Carajs FSV 100 % Contract USD 23…
  22. Q2 2011 EARNINGS CALL – Siem Offshore – slide 22
    Market outlook
  23. Q2 2011 EARNINGS CALL – Siem Offshore – slide 23
    Market outlook summary The North Sea spot market improved sequentially in 2Q11 and 3Q11 shows further strengthening. AHTS vessels with average dayrates of around NOK300.000 and PSVs around NOK150.000. High Fixtures made above…
  24. Q2 2011 EARNINGS CALL – Siem Offshore – slide 24
    Global Rig and FPSO Market Global Drilling Market Global FPSO market * = Ultra Deep Water (UDW) Total UDW Drilling rigs currently working at 75, up from 43 twelve months ago (-12M). Total North Sea Floater Rigs currently…
  25. Q2 2011 EARNINGS CALL – Siem Offshore – slide 25
    North Sea Market Number of AHTS 15k bhp working in the North Number of PSV 3.000 dwt working in the North Sea reduced by 15 vessels since 3Q10 to 45. Sea has stabilized around 180 vessels. Spot Fleet* currently around 25 vessels,…
  26. Q2 2011 EARNINGS CALL – Siem Offshore – slide 26
    Global AHTS and PSV Market Global Term Demand utilization AHTS 15k Global Term Demand utilization PSV 3.000 currently above 80%, highest in three years. currently in high 80s %. Especially strong demand growth in Brazil, but…
  27. Q2 2011 EARNINGS CALL – Siem Offshore – slide 27
    Appendix 27
  28. Q2 2011 EARNINGS CALL – Siem Offshore – slide 28
    Operating Margin First Half First half 2011 First half 2010 Amounts in Operating Operating Operating Operating Operating Operating USD million revenue expenses margin revenue expenses margin PSVs 47,2 ( 23,3) 23,9 45,7 ( 21,3) 24,4…
  29. Q2 2011 EARNINGS CALL – Siem Offshore – slide 29
    Vessels in Operation Summary Employment Figures in USD mill. 2011 2012 2013 2014 2015 2016= Total PSVs 90%, 48 48%, 50 22%, 21 1%, 1 0%, 0 0 120 MRSVs 100%, 28 80%, 36 19%, 8 0%, 0 0%, 0 0 72 AHTS vessels 57%, 52 40%, 75 40%, 75 35%,…

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