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Q1 2015 EARNINGS CALL – Polarcus

Polarcus · Apr 30, 2015 · 35 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 2015 EARNINGS CALL – Polarcus – slide 1
    Polarcus Limited First Quarter 2015 30 April 2015 Rod Starr, CEO Tom Henrik Sundby, CFO Duncan Eley, COO 1
  2. Q1 2015 EARNINGS CALL – Polarcus – slide 2
    An uncertain market Global market landscape Oil company exploration spend reduced or deferred Ongoing pressure on industry margins Highly competitive landscape for 2015 Polarcus response Focused on building 2015 visibility,…
  3. Q1 2015 EARNINGS CALL – Polarcus – slide 3
    1 2015 Agenda update 2 Q1 Highlights 3 Operations & market outlook 4 Key takeaways / Q&A 4
  4. Q1 2015 EARNINGS CALL – Polarcus – slide 4
    The 2015 Agenda Q1 update Revenue Generation Regionalize sales resources. Penetrate new markets Cost Management Execute & expand cost reduction plans Balance Sheet Management Manage debt. Enhance stakeholder value…
  5. Q1 2015 EARNINGS CALL – Polarcus – slide 5
    1. Revenue Generation: Market activity Project activity and new opportunities focused predominantly in southern hemisphere Canada: Newfoundland Sakhalin Future activity Mediterranean Transfer of sales resources Croatia, Egypt…
  6. Q1 2015 EARNINGS CALL – Polarcus – slide 6
    2. Cost Management: Plan delivering results (In USD) Focus area Tactics Initial Revised Streamlined support structure Human capital cost Adjustment to compensation & benefits 17m 21m Additional: reduction of crew buffer…
  7. Q1 2015 EARNINGS CALL – Polarcus – slide 7
    2. Cost Management: Polarcus Nadia layup Polarcus Nadia cold stacked 01 April 2015 2015 impact on financials USD 23 million in OPEX savings USD 10 million in equipment CAPEX reduction Prior to return to operations, vessel…
  8. Q1 2015 EARNINGS CALL – Polarcus – slide 8
    3. Balance Sheet Management: Improving liquidity Secured bank support Improved financing terms Debt maturity profile extended 2015 2016 2017 2018 2019 2020 21 9
  9. Q1 2015 EARNINGS CALL – Polarcus – slide 9
    1 2015 Agenda update 2 Q1 Highlights 3 Operations & market outlook 4 Key takeaways / Q&A 10
  10. Q1 2015 EARNINGS CALL – Polarcus – slide 10
    Key financials: P&L (In millions of USD) Q1 Q1 FY 2014 2015 2014 Revenue USD 81.1 million, down 33% YOY Lower day rates Revenues 81.1 121.4 466.7 Multi-client revenues of USD 36.7 million, including prefunding of 80% Cost of…
  11. Q1 2015 EARNINGS CALL – Polarcus – slide 11
    Key financials: Balance Sheet & Cash Flow (In millions of USD) Q1 Q1 FY 2014 2015 2014 Cash from operations USD 51.5 million Total assets 1,227.1 1,314.3 1,239.2 Multi-client investments of USD 43 million Total liabilities 768.1…
  12. Q1 2015 EARNINGS CALL – Polarcus – slide 12
    Balance Sheet Management: Improving liquidity Improved financing terms Debt maturity profile Free cash covenant reduced to USD 25 million Freeze of loan principal repayments of USD 15 million New Working Capital Facility of USD 25…
  13. Q1 2015 EARNINGS CALL – Polarcus – slide 13
    Q1 utilization highest since Q3 2013 100% 2% 1% 1% 2% 6% 4% 5% 7% 3% 5% 10% 8% 13% 14% 90% 2% 11% 14% 9% 12% 83% utilization in Q1, up 4% YOY 19% 16% 80% 18% Reduced transits due to larger scale projects 13% 13% 10% 10% 6%…
  14. Q1 2015 EARNINGS CALL – Polarcus – slide 14
    1 2015 Agenda update 2 Q1 Highlights 3 Operations & market outlook 4 Key takeaways / Q&A 15
  15. Q1 2015 EARNINGS CALL – Polarcus – slide 15
    Marine acquisition - a record of delivery Vessel locations 28 April 15 Polarcus Adira Polarcus Adira completed the Companys first 12 x 75m x 8,100m survey in US Gulf of Mexico 8 x 160 x 10,050m (11.3 sq. km) spread Completed 14…
  16. Q1 2015 EARNINGS CALL – Polarcus – slide 16
    Environmentally leadership Fleet emissions report Q1 2015 Increasing activity in Environmentally Emissions Q1 2015 YOY Vs. IMO regulation Sensitive Sea Areas (ESSA) type (t/km2) change CO2 2.60 -15% - Industry recognized…
  17. Q1 2015 EARNINGS CALL – Polarcus – slide 17
    Data processing setting new standards Polarcus RightFLOW fast track onboard data processing, powered by DUG Insight Completed first commercial onboard broadband data processing project in Q1 1,750 sq. km broadband 3D PreSTM volume…
  18. Q1 2015 EARNINGS CALL – Polarcus – slide 18
    Multi-client the right projects in the right place Capreolus 3D project expanded to 22,130 sq. km Largest single 3D ever acquired offshore Australia Highly prefunded with further strong interest Acquisition now 50% complete…
  19. Q1 2015 EARNINGS CALL – Polarcus – slide 19
    Industry tendering activity Received contract tenders in USD million (As of mid April) 450 Millions Tender activity remains low, down YOY 400 and compared to prior quarter 350 Projects continue to be competitively 300…
  20. Q1 2015 EARNINGS CALL – Polarcus – slide 20
    Improved backlog outlook Q2: 90% Q3: 75% Q4: 45% Q1: 15% 100% 90% Backlog USD 230 million 80% Fleet 70% booked for 2015 70% 60% 50% 40% 30% 20% 10% 0% Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Bareboat Booked…
  21. Q1 2015 EARNINGS CALL – Polarcus – slide 21
    1 2015 Agenda update 2 Q1 Highlights 3 Operations & market outlook 4 Key takeaways / Q&A 22
  22. Q1 2015 EARNINGS CALL – Polarcus – slide 22
    Key takeaways The 2015 Agenda is delivering results in an uncertain market Improved backlog, reduced cost base, secured financing support Underpinned with continued safe and efficient operational performance Imaging tomorrows…
  23. Q1 2015 EARNINGS CALL – Polarcus – slide 23
    Appendices 24
  24. Q1 2015 EARNINGS CALL – Polarcus – slide 24
    Polarcus in brief Polarcus Limited Fleet of 7 high-end 3D seismic vessels Ticker Oslo stock exchange PLCS 5 vessels operating globally in Contract and Multi-Client markets Shares issued, million 669,8 1 vessel on 5 year bareboat…
  25. Q1 2015 EARNINGS CALL – Polarcus – slide 25
    Industry leading assets Youngest and most uniform 3D fleet with unique environmental capabilities A-Class 12 / 14 streamer ICE-1A and 1A* Triple-E Level 1 Polarcus Naila with 14 streamer capability N-Class post 2014 conversion…
  26. Q1 2015 EARNINGS CALL – Polarcus – slide 26
    Key financials : Historical perspective Revenues EBITDA Margin 160 144.8 60 52.9 50% 140 121.4 50 40% 120 39.6 40 35.2 100 81.1 30% 80 30 60 20% 20 40 10 10% 20 - - 0% Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q1-13…
  27. Q1 2015 EARNINGS CALL – Polarcus – slide 27
    Income statement Quarter ended Year ended (In thousands of USD) 31-Mar-15 31-Mar-14 31-Dec-14 Revenues Contract revenue 44,409 116,241 419,185 Multi-client revenue 36,776 4,759 44,535 Other income (132) 413 2,989 Total Revenues…
  28. Q1 2015 EARNINGS CALL – Polarcus – slide 28
    Balance Sheet (In thousands of USD) 31-Mar-15 31-Mar-14 31-Dec-14 Non-current Assets Property, plant and equipment 919,201 964,081 927,815 Multi-client project library 111,094 98,157 88,731 Investment in joint ventures 2,154 2,480 2,203…
  29. Q1 2015 EARNINGS CALL – Polarcus – slide 29
    Cash flow Quarter ended Year ended (In thousands of USD) 31-Mar-15 31-Mar-14 31-Dec-14 Cash flows from operating activities Profit/(loss) for the period (26,439) 962 (78,635) Adjustment for: Depreciation and amortization 44,056…
  30. Q1 2015 EARNINGS CALL – Polarcus – slide 30
    Debt overview as of 31 March 2015 Balance Debt Security Size Tenure Maturity Interest % 31 Mar 2015 Unsecured bond Unsecured NOK 350m NOK 350m 5 years Jul-19 7.73% Unsecured bond Unsecured USD 95m USD 86m 5 years Jun-18 8.00%…
  31. Q1 2015 EARNINGS CALL – Polarcus – slide 31
    The Polarcus share Top 20 Shareholders (as per 24 April 2015) Shareholder Share % OEP PARENT LLC 135,707,031 20.26 Listed on the Oslo Stock ZICKERMAN HOLDING LT DNB NOR MARKETS, AKS 49,862,476 37,422,521 7.44 5.59 Exchange…
  32. Q1 2015 EARNINGS CALL – Polarcus – slide 32
    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…
  33. Q1 2015 EARNINGS CALL – Polarcus – slide 33
    Environmental leadership Polarcus has the only vessels in the world with DNV- GL Triple-E Level 1 rating The Triple-E Environmental & Energy Efficiency rating initiative: Applicable for all ships A tool for environmental…
  34. Q1 2015 EARNINGS CALL – Polarcus – slide 34
    Polarcus towing configurations optimally positioned Towing configurations are primarily defined by geology 100% of the global fleet towing 12 streamers or less Snapshot of current industry towing configurations (company averages)…
  35. Q1 2015 EARNINGS CALL – Polarcus – slide 35
    36

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