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Q4 2013 EARNINGS CALL – Siem Offshore

Siem Offshore · Feb 20, 2014 · 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. Q4 2013 EARNINGS CALL – Siem Offshore – slide 1
    Earnings Presentation Fourth Quarter 2013 CEO Terje Sorensen 20 February 2014
  2. Q4 2013 EARNINGS CALL – Siem Offshore – slide 2
    Highlights Fourth Quarter 2013 Result and Finance Fourth quarter 2013 operating revenue of USD 95.0 million and operating margin of USD 27.2 million (29%), an increase from USD 82.0 million and USD 9.1 million in fourth quarter…
  3. Q4 2013 EARNINGS CALL – Siem Offshore – slide 3
    Highlights Fourth Quarter 2013 Contracts Agreed a 5-year firm contract, with three annual options, for the third of four OSCVs ordered in 2012. Agreed contracts for firm periods of 5 months for two AHTS vessels and one PSV for…
  4. Q4 2013 EARNINGS CALL – Siem Offshore – slide 4
    Highlights Fourth Quarter 2013 New builds Ordered four dual fuelled PSVs (LNG and MGO) with scheduled deliveries in second half year 2015 and first half year 2016. The four PSV are of similar design as the two dual fuelled PSVs…
  5. Q4 2013 EARNINGS CALL – Siem Offshore – slide 5
    Subsequent Events Ordered two well-intervention vessels at an estimated project cost of USD 420 million. The two vessels shall be built at the Flensburger shipyard in Germany, and the scheduled deliveries are in first and third…
  6. Q4 2013 EARNINGS CALL – Siem Offshore – slide 6
    Income Statement Fourth Quarter Fourth Quarter Twelve Months Ended 2013 2012 2013 2012 Amounts in USD million Unaudited Unaudited Unaudited Audited Operating revenue 95.0 82.0 364.0 368.2 Operating expenses ( 48.5) ( 57.4) (…
  7. Q4 2013 EARNINGS CALL – Siem Offshore – slide 7
    Adjusted Net Profit Fourth Quarter Twelve Months Ended 2013 2012 2013 2012 Amounts in USD million Unaudited Unaudited Unaudited Audited Net Profit (loss) (3.7) (9.2) 21.5 15.4 Unrealized (profit) loss on currency derivatives (0.8)…
  8. Q4 2013 EARNINGS CALL – Siem Offshore – slide 8
    Comments to Fourth Quarter Income Statement 100% utilisation of the OSCV fleet. 4 vessels in operation at the end of the quarter. Second of four OSCVs under construction delivered in December. All vessels on long-term charters. 86%…
  9. Q4 2013 EARNINGS CALL – Siem Offshore – slide 9
    Operating Margin Fourth Quarter 4Q 2013 4Q 2012 Amounts in Operating Operating Operating Operating Operating Operating Operating Operating USD million revenue expenses margin margin % revenue expenses margin margin % PSVs 24.0 ( 11.3)…
  10. Q4 2013 EARNINGS CALL – Siem Offshore – slide 10
    Operating Margin Twelve Months Twelve months ended 2013 Twelve months ended 2012 Amounts in Operating Operating Operating Operating Operating Operating Operating Operating USD million revenue expenses margin margin % revenue expenses…
  11. Q4 2013 EARNINGS CALL – Siem Offshore – slide 11
    Financial Position and Cash Flow
  12. Q4 2013 EARNINGS CALL – Siem Offshore – slide 12
    Statement of Financial Position 31.12.2013 31.12.2012 Amounts in USD million Unaudited Audited Intangible assets 41.5 36.3 Vessels under construction 127.7 108.4 Vessels, equipment and capitalized project costs 1 451.4 1 272.3 CIRR…
  13. Q4 2013 EARNINGS CALL – Siem Offshore – slide 13
    Consolidated Statements of Cash Flows 01.01.2013 - 01.01.2012- 31.12.2013 31.12.2012 Cash flow from operations Unaudited Audited Profit before taxes, excluding interest 49.2 47.9 Interest paid (32.3) (36.7) Depreciation and amortization…
  14. Q4 2013 EARNINGS CALL – Siem Offshore – slide 14
    Future Yard Instalments per year-end 2013 Amounts in USD million Future Yard Instalments 2014 2015 2016 Total ISV 43.8 0.0 0.0 43.8 OSCVs 198.9 0.0 0.0 198.9 OSRVs 11.6 0.0 0.0 11.6 PSVs 136.0 152.9 86.4 375.2 CLV 4.2 67.3 0.0 71.5…
  15. Q4 2013 EARNINGS CALL – Siem Offshore – slide 15
    Debt Maturity Profile 2014 - 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 of…
  16. Q4 2013 EARNINGS CALL – Siem Offshore – slide 16
    Siem Offshore Contractors - Submarine power cable activities Continued preparation works for scheduled offshore activities on the Amrumbank West and Baltic 2 Offshore Wind Farm (OWF) projects, which are scheduled to commence execution…
  17. Q4 2013 EARNINGS CALL – Siem Offshore – slide 17
    Siem WIS Siem WIS has received the first call-off for Statoils Romeo and Julius projects in the North Sea, where two pressure control device (PCD) systems will be deployed. One of the PCD systems will be back-up onshore. The operation…
  18. Q4 2013 EARNINGS CALL – Siem Offshore – slide 18
    Secunda Canada LP (Secunda) - Siem Offshore acquired 50% of Secunda in third quarter 2013 Key data and financials on Secunda Fleet: 6 offshore support vessels The 50% ownership interest in Secunda is Offices: Halifax & St. Johns…
  19. Q4 2013 EARNINGS CALL – Siem Offshore – slide 19
    Employment and Deliveries Vessels in Operation and Shipbuilding Contracts
  20. Q4 2013 EARNINGS CALL – Siem Offshore – slide 20
    Siem Offshore - Fleet overview - 41 vessels in operation and 15 vessels under construction Vessels in operation Vessels under construction (Delivery 2014, 2015 & 2016) AHTS OSCV OSCV WIV 101) 4 2 2 PSV (3,300 4,700 dwt) Canadian…
  21. Q4 2013 EARNINGS CALL – Siem Offshore – slide 21
    Employment Vessels in operation 2014 2015 2016 2017 Vessel Type Ownership 1Q 2Q 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 %…
  22. Q4 2013 EARNINGS CALL – Siem Offshore – slide 22
    Employment Vessels in operation (cont.) 2014 2015 2016 2017 Vessel Type Ownership 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Big Orange XVIII WSV 41 % Joides Resolution SPV 100 % Burin Sea AHTS 50% Panuke Sea PSV 50% Ryan Leet…
  23. Q4 2013 EARNINGS CALL – Siem Offshore – slide 23
    Employment Vessels under construction 2014 2015 2016 2017 Vessel Type Ownership 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Brazil, Siem Maragogi OSRV 100 % Brazil, Siem Marataizes OSRV 100 % Brazil Siem Giant PSV 100 % Norway,…
  24. Q4 2013 EARNINGS CALL – Siem Offshore – slide 24
    Newbuilding program 2 x Well Intervention Vessel under construction Siem TBN 2 x Well Intervention Vessel Design Salt 307 DP Class 3 Length 158 meters Breadth 31 meters Summer Draught 8.5 meters DW at 8.5m: 12.500t Accommodation…
  25. Q4 2013 EARNINGS CALL – Siem Offshore – slide 25
    Market Outlook
  26. Q4 2013 EARNINGS CALL – Siem Offshore – slide 26
    Market Outlook Summary Current and near term North Sea market for AHTS vessels and PSVs: The North Sea spot market for high-end AHTS vessels positively influenced by an increasing number of rigs operating in the region in combination…

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