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Q4 2011 EARNINGS CALL – Siem Offshore

Siem Offshore · Feb 23, 2012 · 28 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. Q4 2011 EARNINGS CALL – Siem Offshore – slide 1
    Earnings Presentation Fourth Quarter 2011 CEO Terje Sorensen BD Director Rune Juliussen 23 February 2012 1
  2. Q4 2011 EARNINGS CALL – Siem Offshore – slide 2
    Siem Offshore Vision, Values and Focus Vision: The Leading Provider and the Most Attractive Employer Values: Caring Committed Competitive Focus: Provide cost efficient and high quality solutions for clients, through: High Competence…
  3. Q4 2011 EARNINGS CALL – Siem Offshore – slide 3
    Siem Offshore - Organisation Offices: Norway* (Kristiansand) Brazil (Rio de Janeiro) Germany (Leer) Netherlands (Groningen) USA (Houston) India (Mumbai) = SIOFF Offices *) Headquarters Employees: Onshore personnel: 200 Offshore…
  4. Q4 2011 EARNINGS CALL – Siem Offshore – slide 4
    Highlights Fourth Quarter 2011 Highest historical quarterly operating margin (nominal and percentage) Highest fixture rates for North Sea AHTS vessels during 2011, but still volatile High utilisation in all three main segments…
  5. Q4 2011 EARNINGS CALL – Siem Offshore – slide 5
    Subsequent Events Entered into contracts for the two PSVs Siem Louisa and Sophie Siem for 100 days and 180 days respectively, with options, for operations offshore Ghana Extended the contract for the MRSV Siem Marlin until April…
  6. Q4 2011 EARNINGS CALL – Siem Offshore – slide 6
    Income Statement Fourth Quarter Fourth Quarter Twelve Months Ended 2011 2010 2011 2010 Amounts in USD million Unaudited Unaudited Unaudited Audited Operating revenue 99.7 60.9 340.6 228.3 Operating expenses ( 49.9) ( 34.9) ( 182.5) (…
  7. Q4 2011 EARNINGS CALL – Siem Offshore – slide 7
    Comments Fourth Quarter Income Statement 96% utilization in the PSV segment Three PSVs finished work offshore Greenland at the end of fourth quarter Two PSVs have commenced operations offshore Ghana One PSV is agreed sold, with…
  8. Q4 2011 EARNINGS CALL – Siem Offshore – slide 8
    Operating Margin Fourth Quarter Q4 2011 Q4 2010 Operating Amounts in Operating Operating Operating Operating Operating Operating Operating margin % USD million revenue expenses margin margin % revenue expenses margin PSVs 24.2 (…
  9. Q4 2011 EARNINGS CALL – Siem Offshore – slide 9
    Statement of Financial Position 31 December 31 December Amounts in USD million 2011 2010 Unaudited Audited Intangible assets 35.7 15.2 Vessels under construction 105.2 106.0 Vessels, equipment and other 1,428.1 1 287.9 CIRR loan…
  10. Q4 2011 EARNINGS CALL – Siem Offshore – slide 10
    Consolidated Statements of Cash Flows Amounts in USD million 31.12.2011 31.12.2010 Cash flow from operations Unaudited Audited Profit before taxes, excluding interest 34.8 29.6 Interest paid -29.1 -20.0 Depreciation and amortization 81.3…
  11. Q4 2011 EARNINGS CALL – Siem Offshore – slide 11
    Future Yard Instalments 4Q Amounts in USD million Future Yard Instalments Q1-2012 Q2-2012 Q3-2012 Q4-2012 2013 Total FCVs and FSVs 0.9 0.0 0.0 0.0 0.0 0.9 OSRVs 12.4 12.1 3.1 0.0 0.0 27.6 PSVs 0.0 0.0 64.6 0.0 67.4 132.0 Total 13.3…
  12. Q4 2011 EARNINGS CALL – Siem Offshore – slide 12
    Employment and Deliveries Vessels in Operation and Shipbuilding Contracts
  13. Q4 2011 EARNINGS CALL – Siem Offshore – slide 13
    Vessels in Operation PSV Employment 2012 2013 2014 2015 2016 Owner- Vessel 1Q 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 Danis 100 % Vessel agreed sold…
  14. Q4 2011 EARNINGS CALL – Siem Offshore – slide 14
    Vessels in Operation MRSV Employment 2012 2013 2014 2015 2016 Owner Vessel 1Q 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 % Total order…
  15. Q4 2011 EARNINGS CALL – Siem Offshore – slide 15
    Vessels in Operation AHTS Employment 2012 2013 2014 2015 2016 Owner Vessel 1Q 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…
  16. Q4 2011 EARNINGS CALL – Siem Offshore – slide 16
    Vessels in Operation Other Employment 2012 2013 2014 2015 2016 Owner- Vessel Type 1Q 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 % Total order backlog in % and…
  17. Q4 2011 EARNINGS CALL – Siem Offshore – slide 17
    Shipbuilding Contracts Vessel Deliveries 2012 2013 2014 2015 2016 Owner- Vessel Type 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q ship Siem Carajs FSV 100 % Contract USD 23 million Siem Pendotiba FCV 100 % Contract USD 18…
  18. Q4 2011 EARNINGS CALL – Siem Offshore – slide 18
    Market Outlook
  19. Q4 2011 EARNINGS CALL – Siem Offshore – slide 19
    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 -…
  20. Q4 2011 EARNINGS CALL – Siem Offshore – slide 20
    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 96, up from 54 twelve months ago (-12M) Total North Sea…
  21. Q4 2011 EARNINGS CALL – Siem Offshore – slide 21
    Rig market Y/Y change US GoM with strong recovery Total semis/drillships working per region But still below high levels seen in 2006- 07 of around 35 floaters West Africa has seen the second largest Y/Y change Close to 30…
  22. Q4 2011 EARNINGS CALL – Siem Offshore – slide 22
    North Sea Rigs working last 12 months - 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 up from 24…
  23. Q4 2011 EARNINGS CALL – Siem Offshore – slide 23
    North Sea Vessels Number of AHTS 15k bhp in the North Sea Number of PSV 3,000 dwt working in the North reduced during 2011 Sea has stabilized around 185 vessels Increase in AHTS fleet in December mainly due Strong international…
  24. Q4 2011 EARNINGS CALL – Siem Offshore – slide 24
    Global AHTS and PSV Market Global Term Demand utilization AHTS 15k Global Term Demand utilization PSV 3,000 bhp currently 75% dwt currently at 87% Around 92% excluding North Sea Around 91% excluding North Sea Strong demand growth…
  25. Q4 2011 EARNINGS CALL – Siem Offshore – slide 25
    Appendix 25
  26. Q4 2011 EARNINGS CALL – Siem Offshore – slide 26
    Operating Margin Twelve Months Twelve months ended 2011 Twelve months ended 2010 Operating Amounts in Operating Operating Operating Operating Operating Operating Operating margin % USD million revenue expenses margin margin % revenue…
  27. Q4 2011 EARNINGS CALL – Siem Offshore – slide 27
    Associated Companies Amounts in USD million Twelve months Q4 ended Result from associated companies 2011 2010 2011 2010 Overseas Drilling Ltd. (50%) 0.0 2.2 4.1 8.0 KS Big Orange XVlll (41.33%) 0.1 ( 0.9) 0.0 ( 0.2) Ocean Commander…
  28. Q4 2011 EARNINGS CALL – Siem Offshore – slide 28
    Vessels in Operation Summary Employment Figures in USD mill. 2012 2013 2014 2015 2016 2017= Total PSVs 79%, 75 35%, 32 1%, 1 0%, 0 0%, 0 0 107 MRSVs 100%, 49 29%, 13 0%, 0 0%, 0 0%, 0 0 62 AHTS vessels 43%, 76 40%, 72 35%, 63 0%, 0…

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