3rd Quarter 2013 1. Solstad Offshore in brief 2. Highlights YTD 3. Financials 4. Vessels and markets 5. Outlook By: Lars P. Solstad and Sven Stakkestad
SOLSTAD OFFSHORE IN BRIEF Founded in 1964. In offshore since 1973. Operations worldwide North Sea, Brazil, US Gulf, West Africa, Asia etc. Listed on Oslo Stock Exchange (Ticker: SOFF) since 1997 Main office in Skudeneshavn and branch…
SOLSTAD OFFSHORE HIGHLIGHTS 30.09.2013 Good earning margins and stable underlying values Financial & Operational Highlights 3Q 2013 / YTD 30.09.2013 Net revenues in 3Q 13 NOK 962 mill. Adjusted EBITDA NOK 510 mill / Adjusted EBITDA…
Good earning HIGHLIGHTS 30.09.2013 CONT. margins and stable underlying values Post Q3 2013 events The sale and delivery of the CSV Normand Clough completed 1st November 13. Limited accounting effect in 4Q results as booked value…
THE SOLSTAD OFFSHORE FLEET (48 VESSELS IN OPERATION AS PER 07.11.2013) Vessels: 19 Newbuild: 2 Skudeneshavn Aberdeen Vessels: 2 Vessels: 4 Manila Kuala Lumpur Singapore Vessels: 4 Vessels: 6 Rio de Janeiro…
3. FINANCIALS
OPERATING REVENUE AND EBITDA (EX. GAIN ON SALE OF ASSET / INCL. SHARE IN JV)
PROFIT & LOSS ACCOUNTS 30. September 2013 3Q 3Q 30.09 30.09 Total (Mill NOK) 2013 2012 2013 2012 2012 Total Operating Income 962 936 2.668 2.603 3 362 Operating expenses (480) (459) (1.498) (1.449) (1 924) Ord. Depreciation (1)…
BALANCE 30. September 2013 2013 2012 2012 (Mill NOK) 30.09 30.09 31.12 Long Term fixed assets 13 227 13 243 13 086 Current assets 2 122 1 701 1 624 Total assets (1) 15 349 14 944 14 710 Equity 4 924 4 753 4 608 Long Term…
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 30.06.2013 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 The large subsea players are building substantial backlogs SOFF - strong position & favorable market…
FLEET Construction Service Vessels (CSV) Strong world wide subsea activity 97 % utilization during 3Q 13 Operational highlights Normand Clough, delivered to new Owner 1st November. Norce Endeavour, new contract with Chevron…
MARKET Anchor Handling Tug & Supply (AHTS) Improved marked conditions in the North Sea spot- market through 3Q 13 Positive medium to long term outlook as market balance continues to improve. Increased international bidding…
FLEET Anchor Handling Tug & Supply (AHTS) 21 AHTSs in operation world wide Range from 5.500 to 32.000 bhp Some 81% utilization in 3Q 13 Operational highlights 3Q 13 New 4 year contract for N.Drott with Petrobras in Brazil Average…
MARKET Platform Supply Vessels (PSV) Activity level is high High tendering activity for medium and long-term work. Improvement in day rates expected for 14, as activity level continue to increase Demand will continue to rise as…
FLEET Platform Supply Vessels (PSV) Operational highlights 3Q 13 Positive market development YTD 96% utilization Strong utilisation during 3Q 13 Pipe transport in West-Africa Well Stimulation in The North Sea Currently no…
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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