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Q1 2013 REPORT – Polarcus

Polarcus · Apr 30, 2013 · 30 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 2013 REPORT – Polarcus – slide 1
    Polarcus Limited 30 April, 2013 Rolf Ronningen, CEO Tom Henrik Sundby, CFO www.polarcus.com 1
  2. Q1 2013 REPORT – Polarcus – slide 2
    Agenda 1 Highlights 2 Financials 3 Operations & Market update 4 Summary & Q&A 5 Appendices www.polarcus.com 3
  3. Q1 2013 REPORT – Polarcus – slide 3
    STRONG OPERATIONAL PERFORMANCE; STRENGTHENING BALANCE SHEET Financial Highlights Q1 2013: Revenues of USD 144.8 million, up 45% from Q1 2012 EBITDA of USD 52.9 million, up 103% from Q1 2012 EBIT of USD 31.1 million, up 228% from Q1…
  4. Q1 2013 REPORT – Polarcus – slide 4
    Agenda 1 Highlights 2 Financials 3 Operations & Market update 4 Summary & Q&A 5 Appendices www.polarcus.com 5
  5. Q1 2013 REPORT – Polarcus – slide 5
    Consolidated income statement Quarter ended Year ended (In thousands of USD) 31-Mar-13 31-Mar-12 31-Dec-12 Revenues Contract revenue 135,798 95,429 495,218 Multi-client revenue 9,051 754 29,897 Other income (78) 3,700 4,171 Total…
  6. Q1 2013 REPORT – Polarcus – slide 6
    Cash flow Quarter ended Year ended (In thousands of USD) 31-Mar-13 31-Mar-12 31-Dec-12 Cash flows from operating activities Profit/(loss) for the period 9,858 (11,405) 9,829 Adjustment for: Depreciation, amortization and changes in fair…
  7. Q1 2013 REPORT – Polarcus – slide 7
    Key financials Quarter ended (In millions of USD) 31-Mar-13 31-Mar-12 Revenues 144.77 99.9 Vessel operating expenses (84.1) (64.8) EBITDA 52.88 26.09 EBIT excluding impairment charges* 31.13 9.48 Net Financial Income/(Expenses)…
  8. Q1 2013 REPORT – Polarcus – slide 8
    - 20 40 60 80 (20) - 100 150 200 50 Q1-10 Q1-10 www.polarcus.com Q2-10 Q2-10 Q3-10 Q3-10 Q4-10 Q4-10 Q1-11 Q1-11 Q2-11 Q2-11 Q3-11 Q3-11 EBITDA Revenues Q4-11 Q4-11 Q1-12 Q1-12 26,1…
  9. Q1 2013 REPORT – Polarcus – slide 9
    Fleet Utilization 85% in Q1 - 13 100% 1% 2% 3% 2% 1% 2% 2% 4% 5% 3% 4% 10% 10% 10% 7% 13% 7% 13% 90% 13% 16% 18% 6% 19% 17% 9% 25% 8% 80% 13% 8% 3% 35% 70% 16% 30% 60% Yard stay (including shakedown) 50% Transit 89%…
  10. Q1 2013 REPORT – Polarcus – slide 10
    Rationale for MUSD 213 TPAO transaction 160 Millions Strengthens balance sheet 140 Frees up cash to grow Multi-Client 120 business 45 100 Maintains economies of scale 80 20 through a 3 year management 134 contract…
  11. Q1 2013 REPORT – Polarcus – slide 11
    Gross debt profile 900 Millions 837 USD 76 million of debt repaid 800 750 689 700 669 USD 45 million of the USD 410 612 600 million fleet bank facility repaid 548 515 500 USD 20 million of the USD 80 400 380…
  12. Q1 2013 REPORT – Polarcus – slide 12
    Polarcus Share Top 20 Shareholders (as per 22 April) Listed on the Oslo Stock Shareholder ZICKERMAN HOLDING LT Share 40,571,476 % 8.00 Exchange VARMA MUTUAL PENSION 23,648,025 4.66 ZICKERMAN GROUP LTD 22,948,081 4.52 LOCAL…
  13. Q1 2013 REPORT – Polarcus – slide 13
    Agenda 1 Highlights 2 Financials 3 Operations & Market update 4 Summary & Q&A 5 Appendices www.polarcus.com 14
  14. Q1 2013 REPORT – Polarcus – slide 14
    Rock solid operational performance 25% project awards in Arctic / ESSA Polarcus Nadia Polarcus Samur Polarcus Adira Polarcus Selma Polarcus Naila Polarcus Asima Polarcus Alima Polarcus Amani Current vessel…
  15. Q1 2013 REPORT – Polarcus – slide 15
    Multi-Client outgrows contract sales Multi-Client statistics and outlook 14000 Average 15% YOY growth in global multi- client (MC) sales over the past 15 years 12000 Global MC sales reaching USD 4bn or 10000 50% of offshore…
  16. Q1 2013 REPORT – Polarcus – slide 16
    Building a world-class multi-client library Over 11,000 sq. km 3D MC projects + 11,000 sq. km 3D data brokerage Acquisition of two new MC projects completed in West Africa during Q1 PLCS 2011 projects library has delivered 2x…
  17. Q1 2013 REPORT – Polarcus – slide 17
    Global 3D Seismic Fleet Capacity No. Vessels Company Vessel Streamer cap. Estimated seismic fleet growth 2013 2015 net 2013 +1 PGS Ramform Titan 16 2% YOY assuming vessel retirement +1 Dolphin Sanco Swift 12 +1 PGS Ramform…
  18. Q1 2013 REPORT – Polarcus – slide 18
    Robust E&P demand USD/bbl 7-12% E&P growth expected YOY for the coming few years 140 120 Marine seismic representing 3% of Global Offshore E&P 100 spend 80 Seismic demand expected to 60 grow 10 % YOY 2013 - 2015…
  19. Q1 2013 REPORT – Polarcus – slide 19
    Strong global seismic demand North America: Increased focus NW Europe: Consistent high Russian Arctic: Rosneft awarded from Supermajors and new WAZ activity for MC and Contract extensive acreage surveys in Nova Scotia behind active…
  20. Q1 2013 REPORT – Polarcus – slide 20
    Backlog Received contract tenders in USD million USD 250 million contract backlog* 400 Millions 350 OPEX for 2013 within range of USD 120k-130k/day 300 New contracts closed within range 250 of USD 280k-330k/day 200…
  21. Q1 2013 REPORT – Polarcus – slide 21
    Agenda 1 Highlights 2 Financials 3 Operations & Market update 4 Summary & Q&A 5 Appendices www.polarcus.com 22
  22. Q1 2013 REPORT – Polarcus – slide 22
    RIGHTSIZE, RIGHTDESIGN, RIGHTPLAN Strong operational performance Strengthening of the balance sheet Focus on generating cash www.polarcus.com 23
  23. Q1 2013 REPORT – Polarcus – slide 23
    Agenda 1 Highlights 2 Financials 3 Operations & Market update 4 Summary & Q&A 5 Appendices www.polarcus.com 24
  24. Q1 2013 REPORT – Polarcus – slide 24
    Polarcus in brief Seven high-end 3D seismic vessels equiv. 11% market share Youngest most uniform fleet in industry 500+ professionals and global presence State of the art technology with complete broadband solution…
  25. Q1 2013 REPORT – Polarcus – slide 25
    RIGHTSIZE RIGHTDESIGN RIGHTPLAN Polarcus Fleet New and uniform vessel fleet Reduced noise and vibrations POLARCUS NADIA & POLARCUS NAILA Vyacheslav Tikhonov 8 Streamer 3D vessel Ice class 1A 12 Streamer 3D vessel…
  26. Q1 2013 REPORT – Polarcus – slide 26
    Polarcus offering First High Base- High 4D Multi- Multi- Arctic Multi Pass Density line 4D density Monitor vessel vessel Operations Azimuth Wide tow 3D 4D 3D 4D Monitor Vessel + Equipment Personnel + Procedures Acquisition…
  27. Q1 2013 REPORT – Polarcus – slide 27
    Awards through RIGHTDESIGN DYNPOS-AUTR Systems redundancy CLEAN DESIGN IMO Green Passport with DP2 High specification Triple E exhaust catalysts Environmental & Energy Efficiency Sentinel solid streamers ULSTEIN X-BOW…
  28. Q1 2013 REPORT – Polarcus – slide 28
    Pioneering environmental leadership DNVs Triple-E is a voluntary environmental performance rating scheme for ships, independent of class, age and flag 1 Key measures of Energy & Environmental Efficiency : 2 Leading Environmental…
  29. Q1 2013 REPORT – Polarcus – slide 29
    Debt overview Balance Debt Security Size Tenure Maturity Interest 31 Mar 2013 Vendor financing Seismic Equipment USD 70m USD 0m 2.5 years Fully paid 8.00% Convertible bond Unsecured USD 35m USD 35m 5 years Jul-13 8.50% Unsecured…
  30. Q1 2013 REPORT – Polarcus – slide 30
    www.polarcus.com 31

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