Dolphin Group ASA Q3 Presentation - 5 November 2014 Atle Jacobsen (CEO) & Erik Hokholt (CFO) www.dolphingeo.com 2
Table of contents Q2 2014 I. Highlights for Q3 2014 II. Financials III. Operational status, market update and outlook www.dolphingeo.com 4
Atle Jacobsen, Dolphin Group CEO, commented for Q3 I am very pleased to report record revenues and backlog for the second consecutive quarter. Our growing high-end 3D fleet is delivering according to our expectations and our customers…
Quarterly highlights Q3 2014 Quarterly highlights Q3 2014 Revenues of USD 128.5 million, compared to USD 70.1 million in Q3 2013 EBITDA of USD 38.2 million (29,7%), compared to USD 26.4 million in Q3 2013 EBIT of USD 21.1 million…
The expansion and earnings growth according to plan Illustrative Revenues USD million Revenues are Polar Empress growing with (Q2 2015) an expanding fleet 2014 target 400 310 247 Sanco Sword delivered March 221 98…
Regional strategy successfully implemented well positioned for the winter season Bergen Oslo London Sanco Sword (Transit) Artemis Atlantic Houston (Contract) Polar Duke Sanco Swift (Contract) (Contract) Artemis Arctic…
2014-2015 vessel schedule (For illustration purposes*) Vessel JULY AUG SEPT OCT NOV DEC JAN FEB MAR APR MAY JUN Polar Duke Polar Duchess Sanco Swift Sanco Sword Polar Marquis Artemis Arctic Artemis Atlantic 2D End of Charter Polar…
Table of contents Q2 2014 I. Highlights for Q3 2014 II. Financials III. Operational status, market update and outlook www.dolphingeo.com 10
Dolphin financials quarterly developments (USD million) Summary: Revenues of USD 128.5 million, compared to USD 70.1 million in Q3 2013 EBITDA of USD 38.2 million (29,7%), compared to USD 26.4 million in Q3 2013 EBIT of USD 21.1…
Key financials Q3 2014 Q3 2013 YTD 2014 Year 2013 Year 2012 Revenues growing by 83% In millions of USD Net operating revenues 128.5 70.1 309.7 246.5 221.3 EBITDA 38.2 26.4 91.2 76.0 81.0 Healthy EBITDA and EBIT EBIT - Operational…
Revenue distribution & Multi-Client library performance Q3 2014 YTD 2014 Year 2013 In millions of USD Unaudited Unaudited Audited Geophysical: Marine Exclusive contracts 118.8 277.3 209.4 Multi-Client prefunding 5.9 21.1 19.7 Marine…
Multi-Client library with book value of USD 115 million Book value Selective investments are made in attractive exploration areas in Norway, UK and Brazil Focus on sales from existing library, which is well positioned for…
Multi-Client investments per vintage Vintage distribution reflect a young and fresh library Work in progress is primarily acquired last 12 months N Lifetime gross investment of USD 168 n million versus lifetime sales of USD 99…
Dolphin cash flow as per Q3 2014 Q3 2014 Q3 2013 YTD 2014 Operating Activities Profit before tax 16.2 15.4 34.2 Depreciation and write-down 14.4 6.2 32.6 Improved cash position from Amortis ation and write-down of Multi-Client library…
A well-structured balance sheet to meet further growth Q3 2014 Q4 2013 (USD Million) Asset-light balance sheet, no long- term steel , only flexible Time Charter agreements Modern and new seismic equipment Multi-Client library in…
Strong backlog, de-risked in three regional markets Order backlog of USD 340 million as of 1 November 2014 (Q3 report) Out of total backlog, 35% is secured by clients request for Dolphin powerful solutions Dolphin backlog increased…
Dolphin has a history of strong value creation Focus on delivering shareholder value through growth and earnings by executing the strategy of Dolphin Continue to deliver on business plan and get to a position of dividend payments…
Dolphin dividend/share buyback program Dolphin will commence on its previously announced dividend/share buyback initiative in the quarters to come. A modern fleet, advanced processing and an attractive Multi-Client library will allow…
Table of contents Q2 2014 I. Highlights for Q3 2014 II. Financials III. Operational status, market update and outlook www.dolphingeo.com 21
Business lines Marine Contract Multi-Client Processing & Imaging Processing Software Expanding modern fleet Growing Multi-Client Full onshore & offshore Land & marine seismic data library processing & imaging processing software In…
Rapid and successful fleet expansion one vessel to go Polar Duke (3D, 12-14 str) Polar Duchess (3D, 12-14 str) Sanco Swift (3D, 16 str) Polar Marquis (3D , 14 str) Delivered May 2011 Delivered April 2012 Delivered July 2013…
Rapid fleet expansion makes Dolphin on track to be 4th largest 3D marine seismic player by 2015 Market share ( of practical streamers 3D fleet) CAGR 13E-15E 666 710 692 716 0.4% The challenging market environment has Other 10% 9%…
Our vessels are among the most powerful in the industry 25% 12% High End Increased market share in 14+ streamer market - higher margin www.dolphingeo.com 25
Multi-Client update Increased sales activity in Q4, triggered Late Sales below expectations due to client by upcoming licensing rounds and budget constrains and delayed investments significant discoveries due to lack of licensing…
Strong position in the Barents Sea Dolphin is delivering on a long term strategy of becoming a leading Multi- Client player in the Barents Sea The Gohta and recent Alta discovery trigger extensive interest for the upcoming 23rd…
Processing & Imaging continued growth 3,5 Quarterly external revenue growth 3 Financials 2,5 Record external revenue of USD 2.9 million (+38% vs. Q2) 2 Further external revenue growth expected in Q4 1,5 Backlog maintained at…
Global Market Outlook Current backlog including resent awards all have healthy rates in the range 280k - 330k USD/day Indications of healthy end of year Multi-Client sales, driven by several significant licensing rounds and…
Question & Answer Session 30
Detailed 2014 Guidance update as per 30/9/2014 New Vessel capacity to be delivered on time and budget Sanco Sword (3D, 14-16 str.) delivered end March 2014 Polar Marquis (3D, 12-14 str.) delivered, end May 2014 Polar Empress (3D, 22…
Dolphin Time-Charter Commitments Culminated in 2012 Minimum operational leasing obligations calculated on annual basis as per 30 Sept. 2014 *) *) Including all operating seismic vessels and the new vessels to be delivered, Polar…
Financial Covenants Applicable To Dolphin Definition Loan Facility DOLP01 / DOLP02 Free and available cash USD 10m USD 10m Liquidity and equivalents USD 15m from May 2014 Total Equity/Total Assets 40% 35% Equity ratio TIBD*/…
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