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MAY 2011 CORPORATE PRESENTATION – Solstad Offshore Asa

Solstad Offshore Asa · May 24, 2011 · 29 slides

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Slides

  1. MAY 2011 CORPORATE PRESENTATION – Solstad Offshore Asa – slide 1
    SOLSTAD OFFSHORE ASA
  2. MAY 2011 CORPORATE PRESENTATION – Solstad Offshore Asa – slide 2
    SOLSTAD OFFSHORE ASA 24. May 2011 By Lars Peder Solstad and Sven Stakkestad 1. Company overview 2. Highlights etc 3. Finance 4. Vessels and markets 5. Outlook
  3. MAY 2011 CORPORATE PRESENTATION – Solstad Offshore Asa – slide 3
    1. COMPANY OVERVIEW
  4. MAY 2011 CORPORATE PRESENTATION – Solstad Offshore Asa – slide 4
    SOLSTAD OFFSHORE IN BRIEF Founded in 1964. Head-office in Skudeneshavn, Norway. Operations worldwide The North Sea, Brazil, US. Gulf, West Africa, Asia etc. Listed on Oslo Stock Exchange (Ticker: SOFF). A fleet of 50 vessels…
  5. MAY 2011 CORPORATE PRESENTATION – Solstad Offshore Asa – slide 5
    2. HIGHLIGHTS
  6. MAY 2011 CORPORATE PRESENTATION – Solstad Offshore Asa – slide 6
    SOFF 1Q 2011 HIGHLIGHTS Freight revenues NOK 682 mill (including NOK 13 mill from gain on sale of assets) Stable earning EBITDA NOK 248 mill representing a margin of 37% (30% in 4Q 10) margins and solid Book equity ratio of 30% (1Q…
  7. MAY 2011 CORPORATE PRESENTATION – Solstad Offshore Asa – slide 7
    3. FINANCIALS
  8. MAY 2011 CORPORATE PRESENTATION – Solstad Offshore Asa – slide 8
    OPERATING REVENUE AND EBITDA (Excl. gain on sale of asset) (MNOK) 800 703 702 707 700 675 679 669 635 625 600 586 565 564 556 540 522 530 500 475 483 474 450 426 400 402 345 363 326 326 340 335 338 349 345 306 311 300…
  9. MAY 2011 CORPORATE PRESENTATION – Solstad Offshore Asa – slide 9
    PROFIT AND LOSS ACCOUNTS 1Q 1Q Totalt (mill NOK) 2011 2010 2010 Total operating income 682 556 2.617 Operating expenses -421 -354 -1.639 Ord. depreciation -181 -142 -639 Operating profit 80 60 340 Net agio 83 -10 30 Other fin.…
  10. MAY 2011 CORPORATE PRESENTATION – Solstad Offshore Asa – slide 10
    BALANCE 31 March 2011 1Q 1Q Totalt (mill NOK) 2011 2010 2010 Long term fixed assets 14.505 10.041 13.873 Current assets 2.060 2.095 1.693 Total assets 16.565 12.136 15.566 Equity 5.027 4.594 4.989 Long term liabilities 9.889 6.345…
  11. MAY 2011 CORPORATE PRESENTATION – Solstad Offshore Asa – slide 11
    SHARE PRICE - LARGEST OWNERS* Top 15 Holder Name % of total 140 180.000 1 Soff Holding AS 35,95 160.000 2 Odin Norden 6,17 120 3 Ivan II AS 6,10 140.000 Volume ( of shares) 4 Pareto Aksje Norge 5,59 100 120.000 5 Skagen…
  12. MAY 2011 CORPORATE PRESENTATION – Solstad Offshore Asa – slide 12
    4. FLEET AND MARKETS
  13. MAY 2011 CORPORATE PRESENTATION – Solstad Offshore Asa – slide 13
    MARKET - Construction Service Vessels (CSV) Increased tendering activity and contract awards Clients are building substantial backlogs Several long-term contracts signed during 1Q 11 Market looks favourable from 2012 onwards…
  14. MAY 2011 CORPORATE PRESENTATION – Solstad Offshore Asa – slide 14
    Normand Oceanic - delivered Delivered form yard 31. March First project successfully completed. High bidding activity Long-term Projects & medium term
  15. MAY 2011 CORPORATE PRESENTATION – Solstad Offshore Asa – slide 15
    FLEET - Construction Service Vessels (CSV) 18 CSVs in operation Quarterly development 350 70 % Latest newbuilding, Normand 300 60 % % EBITDA margin Oceanic, delivered on time & 250 50 % NOK mill 200 40 % on budget…
  16. MAY 2011 CORPORATE PRESENTATION – Solstad Offshore Asa – slide 16
    FLEET - Construction Service Vessels (CSV) CSV Fleet: 18 vessels in operation Seven Installer Flower Subsea Mermaid Clipper Cutter Baltic Valiant Pioneer Progress Tonjer Pacific Australis Clough Fortress Commander…
  17. MAY 2011 CORPORATE PRESENTATION – Solstad Offshore Asa – slide 17
    MARKET - Anchor Handling Tug & Supply Vessels (AHTS) Rates and utilisation during 1Q weak. Seasonal recovery expected Long term outlook is strong. Large number of deep water rigs to enter the market in 11/12/13 North Sea…
  18. MAY 2011 CORPORATE PRESENTATION – Solstad Offshore Asa – slide 18
    FLEET - Anchor Handling Tug & Supply Vessels (AHTS) 22 AHTSs in operation world Quarterly development 400 70 % wide 350 300 60 % % EBITDA margin 50 % Range from 5.500 to 32.000 bhp. 250 NOK mill 40 % 200 30 %…
  19. MAY 2011 CORPORATE PRESENTATION – Solstad Offshore Asa – slide 19
    FLEET - Anchor Handling Tug & Supply Vessels (AHTS) AHTS Fleet: 22 vessels Atlantic Borg Draupne Drott Titan Ferking Ivan Jarl Master Prosper Mariner Mjolne Neptun Skarven Ranger Supporter Sun Chief Captain…
  20. MAY 2011 CORPORATE PRESENTATION – Solstad Offshore Asa – slide 20
    MARKET - Platform Supply Vessels (PSV) Increased pipe-lay activity world wide Large number of new drilling rigs and production units requires logistical support Many North Sea vessels have mobilized to Brazil and other…
  21. MAY 2011 CORPORATE PRESENTATION – Solstad Offshore Asa – slide 21
    FLEET - Platform Supply Vessels (PSV) Quarterly development 8 PSVs in operation 120 90 % 80 % 100 70 % 80 % EBITDA margin 60 % All PSVs in the Solstad fleet are 50 % NOK mill 60 on long-term contracts (except for…
  22. MAY 2011 CORPORATE PRESENTATION – Solstad Offshore Asa – slide 22
    FLEET - Platform Supply Vessels (PSV) PSV Fleet: 8 Vessels 1 Newbuild LNG PSV TBN Aurora Carrier Flipper Skipper Del. Nov 2011 Vester Corona Trym Vibran
  23. MAY 2011 CORPORATE PRESENTATION – Solstad Offshore Asa – slide 23
    FLEET - Norce Endeavour, Derric Lay Barge (DLB) Delivered from yard, tested and ready for operation. First project will start in July 11 25 days USD 5,1 mill Positive market outlook. High bidding activity Solstad are…
  24. MAY 2011 CORPORATE PRESENTATION – Solstad Offshore Asa – slide 24
    SOLSTAD OFFSHORE Ltda 100% owned Brazilian shipping company located in Rio de Janeiro Operates and administer 8 vessels currently working in Brazil Will increase to 11 vessels during 3Q 2011 Staff of 15 people located in new…
  25. MAY 2011 CORPORATE PRESENTATION – Solstad Offshore Asa – slide 25
    The Solstad Offshore Fleet In operation - 49 vessels Under construction 1 vessels
  26. MAY 2011 CORPORATE PRESENTATION – Solstad Offshore Asa – slide 26
    5. MARKET/OUTLOOK
  27. MAY 2011 CORPORATE PRESENTATION – Solstad Offshore Asa – slide 27
    MARKET OUTLOOK Steady high oilprice E&P budgets expected to be on a steady high level Demand for large vessels driven by higher deepwater activity and increased number of floating production and drilling units Size and complexity…
  28. MAY 2011 CORPORATE PRESENTATION – Solstad Offshore Asa – slide 28
    MARKET OUTLOOK - Segments Construction Service Vessels (CSV) High tendering and engineering activity gives busy execution years from 2012 onwards Limited number of modern CSVs available Anchor Handeling Tug & Supply Vessels (AHTS)…
  29. MAY 2011 CORPORATE PRESENTATION – Solstad Offshore Asa – slide 29
    THANK YOU

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