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Q1 2012 EARNINGS CALL – Siem Offshore

Siem Offshore · May 8, 2012 · 26 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. Q1 2012 EARNINGS CALL – Siem Offshore – slide 1
    Earnings Presentation First Quarter 2012 CEO Terje Sorensen BD Director Rune Juliussen 8 May 2012
  2. Q1 2012 EARNINGS CALL – Siem Offshore – slide 2
    Highlights First Quarter 2012 Concluded the sale of mid-size PSV, Siem Danis. Extended the bareboat charter for the PSV Hugin Explorer for a period of six years, with charterers option for an additional 1 + 1 year. Awarded contract…
  3. Q1 2012 EARNINGS CALL – Siem Offshore – slide 3
    Subsequent Events Siem Offshore has entered into contracts with STX OSV in Norway for the design and construction of two offshore construction vessels (OCVs). The Company has also secured options for two additional vessels with STX of…
  4. Q1 2012 EARNINGS CALL – Siem Offshore – slide 4
    Income Statement First Quarter Twelve First Quarter Months Ended 2012 2011 2011 Amounts in USD million Unaudited Unaudited Audited Operating revenue 90.9 68.9 340.6 Operating expenses ( 51.1) ( 39.5) ( 182.5) Administration expenses (…
  5. Q1 2012 EARNINGS CALL – Siem Offshore – slide 5
    Comments to First Quarter Income Statement 100% utilization in the MRSV segment. 95% utilization in the PSV segment. Two have sailed to West Africa for work offshore Ghana. 79% utilization in the AHTS segment. Sequentially weaker…
  6. Q1 2012 EARNINGS CALL – Siem Offshore – slide 6
    Operating Margin
  7. Q1 2012 EARNINGS CALL – Siem Offshore – slide 7
    Operating Margin First Quarter Q1 2012 Q1 2011 Operating Amounts in Operating Operating Operating Operating Operating Operating Operating margin % USD million revenue expenses margin margin % revenue expenses margin PSVs 24.2 (…
  8. Q1 2012 EARNINGS CALL – Siem Offshore – slide 8
    Siem Offshore Contractors and Siem WIS Major Breakthrough in Renewables Siem Offshore Contractors (SOC) awarded USD 60 million contract for E.On Germany. Installation of inter-array grid cables for the Amrumbank Offshore Windfarm,…
  9. Q1 2012 EARNINGS CALL – Siem Offshore – slide 9
    Financial Position and Cash Flow
  10. Q1 2012 EARNINGS CALL – Siem Offshore – slide 10
    Statement of Financial Position 31 March 31 March 31 December Amounts in USD million 2012 2011 2011 Unaudited Unaudited Audited Intangible assets 36.8 15.1 35.7 Vessels under construction 83.3 107.8 105.2 Vessels, equipment and other…
  11. Q1 2012 EARNINGS CALL – Siem Offshore – slide 11
    Consolidated Statements of Cash Flows Amounts in USD million 31.03.2012 31.03.2011 31.12.2011 Cash flow from operations Unaudited Unaudited Audited Profit before taxes, excluding interest 34.5 6.5 34.8 Interest paid -5.9 -0.4 -29.1…
  12. Q1 2012 EARNINGS CALL – Siem Offshore – slide 12
    Future Yard Instalments 1Q Amounts in USD million Future Yard Instalments Q2-2012 Q3-2012 Q4-2012 2013 Total OSRVs 9.4 9.0 3.7 0.0 22.2 PSVs 0.0 64.6 0.0 67.4 132.0 Total 9.4 73.7 3.7 67.4 154.2 Debt financing Q2-2012 Q3-2012 Q4-2012…
  13. Q1 2012 EARNINGS CALL – Siem Offshore – slide 13
    Employment and Deliveries Vessels in Operation and Shipbuilding Contracts
  14. Q1 2012 EARNINGS CALL – Siem Offshore – slide 14
    Vessels in Operation PSV Employment 2012 2013 2014 2015 2016 Owner- Vessel 2Q 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 Hanne 100 % Siddis Skipper 51 %…
  15. Q1 2012 EARNINGS CALL – Siem Offshore – slide 15
    Vessels in Operation MRSV Employment 2012 2013 2014 2015 2016 Owner Vessel 2Q 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 % 100 Total…
  16. Q1 2012 EARNINGS CALL – Siem Offshore – slide 16
    Vessels in Operation AHTS Employment 2012 2013 2014 2015 2016 Owner Vessel 2Q 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 %…
  17. Q1 2012 EARNINGS CALL – Siem Offshore – slide 17
    Vessels in Operation Other Employment 2012 2013 2014 2015 2016 Owner- Vessel Type 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q ship Big Orange XVIII WSV 41 % Joides Resolution SPV 100 % 100 Total order backlog in %…
  18. Q1 2012 EARNINGS CALL – Siem Offshore – slide 18
    Shipbuilding Contracts Vessel Deliveries 2012 2013 2014 2015 2016 Owner- Vessel Type 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q ship Brazil, Siem Maragogi OSRV 100 % Contract USD 94 million Brazil, Siem Marataizes OSRV 100 %…
  19. Q1 2012 EARNINGS CALL – Siem Offshore – slide 19
    Market outlook
  20. Q1 2012 EARNINGS CALL – Siem Offshore – slide 20
    Market Outlook Summary North Sea summer season looks promising: Stable/decreasing AHTS fleet. Increased rig activity: UK up seasonally from late Q1, and several rigs entering Norway during 2012. PSV segment somewhat more uncertain -…
  21. Q1 2012 EARNINGS CALL – Siem Offshore – slide 21
    North Sea Vessels Number of AHTS 15k bhp in the North Sea Number of PSV 3,000 dwt working in the North recently reduced. Sea has stabilized around 185 vessels. Increase in AHTS fleet in late 4Q11 mainly due to Strong…
  22. Q1 2012 EARNINGS CALL – Siem Offshore – slide 22
    Demand: North Sea Rigs working (2011 & 2012e) - Usually picks up in the summer +5 rigs +12 rigs Number of semis and drillships working in the Number of Jack-Ups working in the North Sea North Sea up from 33 to 38 during summer…
  23. Q1 2012 EARNINGS CALL – Siem Offshore – slide 23
    Global Rig and FPSO Market Global Drilling Market Global FPSO market Under Construction Working * = Ultra Deep Water (UDW) Total UDW Drilling rigs currently working at 105, up from 59 twelve months ago (-12M). Total North…
  24. Q1 2012 EARNINGS CALL – Siem Offshore – slide 24
    Global AHTS and PSV Market: Utilization ex North Sea 90% = limited immigration risk to North Sea Global Term Demand utilization AHTS 15k Global Term Demand utilization PSV 3,000 dwt bhp currently around 75%. currently at around…
  25. Q1 2012 EARNINGS CALL – Siem Offshore – slide 25
    Appendix 25
  26. Q1 2012 EARNINGS CALL – Siem Offshore – slide 26
    Vessels in Operation Summary Employment Figures in USD mill. 2012 2013 2014 2015 2016 2017= Total PSVs 75%, 51 59%, 40 14%, 8 13%, 8 13%, 8 2 116.1 MRSVs 100%, 35 29%, 13 0%, 0 0%, 0 0%, 0 0 47.9 AHTS vessels 48%, 69 50%, 97 45%, 89…

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