3rd QUARTER 2012 1. Solstad Offshore in brief 2. Highlights YTD 3. Financials 4. Vessels and markets 5. Outlook
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). Main office in Skudeneshavn and…
SOLSTAD OFFSHORE HIGHLIGHTS 30.09.12 Summary Good earning Netand margins stable Freight revenues of NOK 883 mill 3rd Quarter 12 / NOK 2,550 billion as per 30.09.12 underlying values Gain on sale Normand Oceanic NOK 53 mill All time…
THE SOLSTAD OFFSHORE FLEET (50 VESSELS IN OPERATION) Vessels: 24 Newbuild: 1 Skudeneshavn Aberdeen Vessels: 4 Vessels: 3 Manila Kuala Lumpur Singapore Vessels: 1 Vessels: 7 Rio de Janeiro Vessels: 1 Vessels:…
3. FINANCIALS
PROFIT & LOSS ACCOUNTS 30. September 2012 3Q 3Q YTD YTD Total (Mill NOK) 2012 2011 2012 2011 2012 Total Operating Income 936 805 2 603 2 157 2 980 Operating expenses (460) (469) (1 449) (1 368) (1 910) Ord. Depreciation (1) (106) (197)…
BALANCE 30. September 2012 2012 2011 2011 (Mill NOK) 30.09 30.09 31.12 Long Term fixed assets 13 244 14 326 14 087 Current assets 1 701 1 529 1 582 Total assets (1) 14 945 15 855 15 673 Equity 4 754 4 624 4 416 Long Term liabilites…
OPERATING REVENUE AND EBITDA (EX. GAIN ON SALE OF ASSET)
SOLSTAD OFFSHORE ASA - VALUES & DIVIDEND
4. VESSELS AND MARKETS
THE SOLSTAD FLEET MARKET SEGMENTS
THE SOLSTAD FLEET MARKET SEGMENTS 1)Based broker valuations as of 30.06.2012 with SOFFs 50% share in Normand Installer and Normand Oceanic
MARKET Construction Service Vessels (CSV) Subsea market driven by solid fundamentals High tendering activity and contract awards Clients are building substantial backlogs Limited availability of modern large CSVs. SOFF has…
MARKET Construction Service Vessels (CSV) Norce Endeavour Full utilization in 3Q 12 Projects with TLO in Malaysia and with PT Timas in Indonesia both successfully completed New strong T/C in Australia Client: Leighton…
MARKET Construction Service Vessels (CSV) Ordered state of the art CSV in partnership with Ocean Installer AS. Limited capex exposure for SOFF, but with option to increase ownership to 50% To be delivered from yard STX OSV, Norway,…
FLEET Construction Service Vessels (CSV) Improved Operational performance also during 3Q 12 98% utilization Good operational performance Margin improvements Sale of 50% share of N. Oceanic to Subsea 7 Firm charter period…
MARKET Anchor Handling Tug & Supply (AHTS) Weak North Sea spot market in 3Q, have continued into 4Q Decent activity but too many vessels Too many of us wanted to harvest from a promising NS market oversupply Volatile winter season…
FLEET Anchor Handling Tug & Supply (AHTS) 22 AHTSs in operation world wide Range from 5.500 to 32.000 bhp 87% utilization in 3rd quarter Expectations to a strong AHTS segment did NOT materialize in 2012 Margins negatively…
MARKET Platform Supply Vessels (PSV) Activity level is high, but too many vessels are entering the market Considerable number of vessels still under construction Dayrates under pressure Demand will continue to rise as new…
FLEET Platform Supply Vessels (PSV) Continued improvement in operational performance 95% utilization during the quarter Improved EBITDA as a function of higher utilization and reduced operating expenses Positive cost effect from…
5. MARKET/OUTLOOK
FUTURE OUTLOOK A continued high oil price gives E&P budgets on a steady high level Demand for vessels, equipment and people, will continue to grow Strong focus on keeping cost on a competitive level Demand for Subsea construction…
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