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Q2 2013 EARNINGS CALL – Siem Offshore

Siem Offshore · Aug 22, 2013 · 25 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 2013 EARNINGS CALL – Siem Offshore – slide 1
    Earnings Presentation Second Quarter 2013 CEO Terje Sorensen 22 August 2013 1
  2. Q2 2013 EARNINGS CALL – Siem Offshore – slide 2
    Highlights 2013 Second Quarter Revenue and utilisation for the AHTS fleet continued an upward trend. Awarded a charter contract for a new dual fuel large-size PSV to AS Norske Shell, for a firm period of three year, with charters…
  3. Q2 2013 EARNINGS CALL – Siem Offshore – slide 3
    Income Statement Second Quarter Twelve Second Quarter January - June Months Ended 2013 2012 2013 2012 2012 Amounts in USD million Unaudited Unaudited Unaudited Unaudited Audited Operating revenue 92.5 90.9 172.3 181.8 368.2…
  4. Q2 2013 EARNINGS CALL – Siem Offshore – slide 4
    Adjusted Net Profit Twelve Second Quarter January - June Months Ended 2013 2012 2013 2012 2012 Amounts in USD million Unaudited Unaudited Unaudited Unaudited Audited Net Profit (loss) ( 16.9) ( 17.7) 1.9 6.4 15.4 Unrealized (profit)…
  5. Q2 2013 EARNINGS CALL – Siem Offshore – slide 5
    Comments to Second Quarter Income Statement 100% utilisation of the MRSV fleet. All vessels on long-term charters. 85% utilisation of the PSV fleet. 7 of 12 vessels on long-term charters. One large-size PSV built in Brazil was…
  6. Q2 2013 EARNINGS CALL – Siem Offshore – slide 6
    Operating Margin Second Quarter Q2 2013 Q2 2012 Amounts in Operating Operating Operating Operating Operating Operating Operating Operating USD million revenue expenses margin margin % revenue expenses margin margin % PSVs 24.8 ( 12.9)…
  7. Q2 2013 EARNINGS CALL – Siem Offshore – slide 7
    Financial Position and Cash Flow
  8. Q2 2013 EARNINGS CALL – Siem Offshore – slide 8
    Statement of Financial Position 30.06.2013 30.06.2012 31.12.2012 Amounts in USD million Unaudited Unaudited Audited Intangible assets 35.4 35.4 36.3 Vessels under construction 110.4 89.4 108.4 Vessels, equipment and capitalized…
  9. Q2 2013 EARNINGS CALL – Siem Offshore – slide 9
    Consolidated Statements of Cash Flows 01.01.2013 - 01.01.2012- 01.01.2012- 30.06.2013 30.06.2012 31.12.2012 Cash flow from operations Unaudited Unaudited Audited Profit before taxes, excluding interest 17.9 28.4 47.9 Interest paid…
  10. Q2 2013 EARNINGS CALL – Siem Offshore – slide 10
    Future Yard Instalments Amounts in USD million Future Yard Instalments Q3-2013 Q4-2013 2014 2015 Total ISV 2.2 0.0 35.4 0.0 37.6 OSCVs 84.9 89.5 177.9 0.0 352.3 OSRVs 3.3 4.9 0.0 0.0 8.2 PSVs 3.0 3.0 107.3 0.0 113.3 CLV 0.0 8.0 4.0 63.8…
  11. Q2 2013 EARNINGS CALL – Siem Offshore – slide 11
    Debt Maturity Profile 2013 (6M) - 2018 No major bullet maturities on bank loans before 2015, limiting refinancing risk Scheduled balloon payment (re-financing) of 6 AHTS vessels in 2015 can be postponed to 2018 subject to profile…
  12. Q2 2013 EARNINGS CALL – Siem Offshore – slide 12
    Siem Offshore Contractors - Submarine power cable activities Undertaken pre-installation activities on the Baltic 2 Offshore Wind Farm (OWF) project of EnBW during second quarter 2013 Instructed by its client to delay the scheduled…
  13. Q2 2013 EARNINGS CALL – Siem Offshore – slide 13
    Siem WIS Signed a back-to-back contract with M-I Swaco, a Schlumberger company, for the Gudrun and Valemon field in the North Sea. The offshore operation is scheduled for execution in second quarter 2014. The new PCD 5000 systems will…
  14. Q2 2013 EARNINGS CALL – Siem Offshore – slide 14
    Employment and Deliveries Vessels in Operation and Shipbuilding Contracts
  15. Q2 2013 EARNINGS CALL – Siem Offshore – slide 15
    Fleet overview - 37 vessels in operation and 11 vessels under construction Vessels in operation Vessels under construction (Delivery 2013, 2014 & 2015) AHTS OSCV OSCV OSRV 101) 2 4 2 Core Drilling Vessel PSV (3,300 4,700…
  16. Q2 2013 EARNINGS CALL – Siem Offshore – slide 16
    Employment Vessels in operation 2013 2014 2015 2016 Vessel Type Ownership 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Siem Sasha PSV 100 % Siem Sophie PSV 100 % Siem Louisa PSV 100 % Siem Hanne PSV 100 % Siddis Skipper PSV 51 % Siem…
  17. Q2 2013 EARNINGS CALL – Siem Offshore – slide 17
    Employment Vessels in operation (cont.) 2013 2014 2015 2016 Vessel Type Ownership 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Big Orange XVIII WSV 41 % Joides Resolution SPV 100 % Total order backlog in % and USD mill. 100% 14 42%…
  18. Q2 2013 EARNINGS CALL – Siem Offshore – slide 18
    Employment Vessels under construction 2013 2014 2015 2016 Vessel Type Ownership 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Brazil, Siem Maragogi OSRV 100 % Contract USD 94 million Brazil, Siem Marataizes OSRV 100 % Contract USD 94…
  19. Q2 2013 EARNINGS CALL – Siem Offshore – slide 19
    Market Outlook
  20. Q2 2013 EARNINGS CALL – Siem Offshore – slide 20
    Market Outlook Summary Current and near term North Sea market for AHTS vessels and PSVs: The number of AHTS 15k bhp operating in the North Sea currently stabilizing at 50 vessels. Seasonally increased term demand for AHTS 15k bhp…
  21. Q2 2013 EARNINGS CALL – Siem Offshore – slide 21
    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 118, up from 109 twelve months ago (-12M). Total North…
  22. Q2 2013 EARNINGS CALL – Siem Offshore – slide 22
    Global AHTS and PSV Market - Increased term demand from drilling support activity Y/Y Global term demand utilisation for AHTS 15k bhp Global Term Demand utilisation PSV 3,000 dwt currently at approximately 78%. currently at…
  23. Q2 2013 EARNINGS CALL – Siem Offshore – slide 23
    North Sea AHTS and PSV Fleet The number of AHTS 15k bhp operating in the The current number of PSVs 3,000 dwt operating North Sea was relatively stable during 1H 2013. in the North Sea at approximately 205 vessels. Current…
  24. Q2 2013 EARNINGS CALL – Siem Offshore – slide 24
    Demand: North Sea Rigs working - Number of working floaters increasing following new entries +1 rig y/y +2 rigs y/y The number of semis and drillships working in the The number of jack-ups working in the North Sea is North Sea…
  25. Q2 2013 EARNINGS CALL – Siem Offshore – slide 25
    Offshore Construction Vessel (OCV) market Global Fleet ROV/MSV/DSV vessels 120m Global X-mas Tree installations + 45 -100% The Global Fleet of ROV/MSV/DSV Offshore Global number of X-mas Tree installations as a Construction…

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