Overview of GMS Operator of a fleet of self-propelled Self-Elevating Support Vessels (SESVs) Provides a stable platform from which clients perform a wide range of activities throughout the lifecycle of the offshore oil, gas and…
Our Strategic Focus Continued strong demand for GMS SESVs Fleet Expansion Complete 2014 2016 new build programme Intention to continue to grow the fleet over time Design, build and maintain a technologically advanced flexible fleet…
2014 Full Year Results Highlights Continued strong operational results High SESV fleet utilisation of 97% 2 new contract wins for existing vessels 4 new contract wins for new build vessels 3 significant contract extensions from…
Financial Review John Brown, CFO 8
Trading Summary (USm) Full Year 2014 Full year 2013 % Change Revenue 196.6 184.3 7% Gross Profit 126.5 118.8 6% General & Administrative Expenses * 19.7 12.6 Adjusted EBITDA ** 124.8 124.7 0% Adjusted EBITDA Margin 64% 68%…
2014 Revenue Analysis By Region By Activity (2013 - 20%) 13% (2013 - 42%) (2013 - 16%) 36% 10% (2013 - 58%) (2013 - 64%) 64% 77% Oil and Gas - Opex led Activities MENA Oil and Gas - Capex led Activities Europe Renewable…
Primary SESV Operational Indicators Small Class Large Class Total SESVs 2014 2013 2014 2013 2014 2013 Average daily charter rate excluding hotel services 38 38 100 112 (US000s) Utilisation 99% 95% 88% 88% 97% 94% Average…
Funding Summary (USm) At 31 December 2014 At 31 December 2013 Cash at Bank 59.5 46.9 Bank Debt 249.2 265.3 Obligations under finance leases 83.9 88.8 Net Debt 273.6 307.2 US 140.7 million costs capitalised on the new…
Financial Summary Significant revenue visibility from strong contract order book Current fleet expansion plans fully-financed Prudently managing the finances of the business Business performance supported by a sustainable capital…
Operating Review Duncan Anderson, CEO 14
Operational Highlights Demand for the Groups SESVs continues to be strong 2 new contract wins for existing vessels 4 new contract wins for new build vessels 3 significant contract extensions from existing clients Continued high…
Order Book of Contracts as at 1 March 2015 SESVs contract duration 2015 2016 2017 2018 2019 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Total secured backlog: US 707m Large Vessels E1 Firm: US 380 m E2 E3 Options: US…
New Build Deliveries Period of Commercial Vessel Market Demand Down Time Zero Enterprise Zero Pepper Zero Shamal Direct control of construction and investment process Cheaper build means better placed to secure…
Remainder of Fleet Expansion Programme to End of 2016 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 New SESVs Pepper (Enhanced Small) delivered in March 2015 Shamal (Mid-Size) Scirocco (Mid-Size) Sharqi (Mid-Size) Evolution (Large)…
Fleet Expansion Capex Completing 2014 to 2016 Capex plan communicated at IPO will increase the fleet by 66% to 15 SESVs US m 2015 2016 Total Large Class construction 48 41 89 Mid-Size Class construction* 80 6 86 Intended…
A Favourable Position to Continue to Grow Healthy Backlog Provides good revenue visibility Focus on Brownfield Opex-led Backlog contracts are all Opex-based Activities Our vessels can reduce our clients costs Strong client…
Summary - Well-Positioned for Growth Our 2014 2016 new build programme, which is fully-financed, is on schedule and will help drive significant growth We continue to see strong demand for our SESVs as a cost-effective solution for our…
Thank You. Any Questions 22
Appendices Page Clients 24 Fleet Overview High specification on premium fleet 25 Fleet Overview Three classes of vessels serve a range of client needs 26 Market Overview 27 Small Class SESV Overview 28 Mid-Size Class SESV…
Clients - A well-diversified blue chip client base Oil and Gas Renewable Energy 24
Fleet Overview High specification premium fleet Comparative Vessel Capabilities GMS Vessel Advantage Mobility Fleet self-propelled Rig move Faster jacking time Flexibility and Accurate Large and Mid-Sized Cost Positioning both…
Fleet Overview Three classes of vessels serve a range of client needs Small Class Mid-Size Class Large Class 8 units 3 units under construction 3 units + 1 to be constructed Avg age: 11 yrs (7 yrs excl Naashi) Avg age: N/A Avg…
Market Overview Existing regions Potential markets in due course Installed O&G platforms Installed wind turbines Market dominance in MENA Successful entry into Northwest Europe with Large Class vessels Significant scope…
Small Class SESV Overview The backbone of the GMS fleet Main crane 36-45 tonnes Wrtsil jacking design Oil & gas lifting Proven technology with high reliability and flexibility 45m water depth Units constantly tested and very well…
Mid-Size Class SESV Overview Next generation addition to the GMS fleet Main crane Gusto MSC NG1800-X jacking design 150 tonne main 15 tonne auxiliary Proven technology with high reliability and flexibility Accommodation Units…
Large Class SESV Overview The flagship of the GMS fleet Gusto MSC 2500X design Main crane Offering higher technical and 300 tonnes & 400 tonnes operational capabilities Heavy oil & gas lifting Wind turbine installation Harsh…
GMS In-House Construction Facility GMS ENTERPRISE CONSTRUCTION FACILITY AT MUSSAFAH BASE IN THE UAE Mussafah base is the HQ of GMS, strategically located on the waterfront of the Mussafah industrial area in Abu Dhabi 34,820m2…
Significant Barriers to Entry Successfully operating SESVs in GMS markets has a number of challenges for new entrants and incumbents: Operational Track Record Essential to Secure Contracts 1 NOC pre-qualification 1 2 years…
New Build Programme 6 months 12 months 1 2 3 4 Procurement of Vessel Components Hull Construction Assembly Commissioning Components are produced Hulls and steel structures The project management The operations department from…
Historic Results Operational and financial performance - a successful track record (1) Calculated as net profit before tax plus depreciation of property, plant and equipment, amortization of intangibles and dry docking expenditure,…
Estimated Total Market Demand SESVs are well-placed to win market share from alternative providers Cost Advantage of SESVs over other types of Significant expansion opportunity vessel of up to 1.4m / move SESVs perform…
Board Composition Simon Heale (Chairman) Duncan Anderson Independent Non-Executive Chairman Chief Executive Officer Non-Executive Chairman at Kaz Minerals plc Joined GMS in 2007 Multiple previous directorships and Previously COO of…
Enquiries Tel: +971 (2) 502 8888 John Brown Group Chief Financial Officer Catherine Zych Investor Relations Manager Gulf Marine Services Mussafah Base P.O. Box 46046 Abu Dhabi UAE www.gmsuae.com 37
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