Interim Results for six months ended 30 June 2014 Gulf Marine Services 28 August 2014 www.gmsuae.com
Contents Page Overview of GMS 04 2014 Interim Highlights 05 Financial Review 06 Business Review 12 Appendices 21 03
Overview of GMS A world leading global SESV operator OUR BUSINESS FUTURE GROWTH STRATEGY Operator of the worlds largest fleet of New build programme to add six new advanced self-propelled self-elevating SESVs to the fleet by 2016…
2014 Interim Highlights Continued high SESV fleet utilisation at 94%. New build programme on schedule, capacity will be expanded 66% by 2016. Backlog as at 25 August is US 361 million comprising firm and extensions. Two new…
Income Statement Summary (m) H1 2014 H1 2013 Full Year 2013 Revenue 90.7 86.6 184.3 Operating Costs (24.0) (23.2) (49.7) Depreciation (8.0) (7.8) (15.8) Gross Profit 58.7 55.6 118.8 General & Administrative expenses (13.5) (7.0)…
Key Performance Indicators Strong performance H1 2014 Full Year 2013 Small Large Other Combined Average charter day rate excluding hotel services 38 103 12 42 43 (000s) Utilisation 100% 75% 100% 96% 94% Average daily…
Balance Sheet Analysis H1 2014 (m) 2013 (m) Non Current Assets 547.2 495.1 - Fixed Assets 542.3 490.4 - Others 4.9 4.7 Non Current Liabilities (290.0) (358.8) Trade and Other Receivables 50.2 43.2 Cash 91.6 46.9 Working Capital…
Finance Fleet expansion Capex to end 2016 m 2014* 2015 2016 Total Large Class construction 39 48 41 128 Mid-Size Class construction 98 75 6 179 Leased purchases (1) 38 51 89 137 161 98 396 (1) Intention is to acquire an…
Business Review 12
Business Review Summary Secured backlog of US 361 million provides good visibility on future earnings. Strong overall demand (MENA in particular). New build programme to expand fleet capacity by 66% by 2016 progressing well and…
Core Strengths and Competitive Advantage YOUNG TECHNICALLY One of the youngest fleets in the industry due to GMS new build and replacement programme. ADVANCED FLEET COST EFFECTIVE GMS builds and maintains its fleet at its yard in…
Markets Market dominance in MENA with increasing demand: NW EUROPE All Small Class SESVs 392 2651 on hire, every option to extend exercised in the period GMS Enterprises first contract is in this region SE ASIA 1,717…
Order Book of Contracts and Options Backlog at August 2014: 2014 2015 2016 2017 2018 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Firm Large Options Vessels E1 E2 E3 Small Vessels K1 K2 K3 K4 K5 K6 K7 (m)…
New Build Programme 6 months 12 months 1 2 3 4 Procurement of Hull Construction Assembly Commissioning Vessel Components Status Status Status Status GMS Sharqi GMS Shamal Pepper (third party build) GMS Enterprise GMS E4…
In Summary Secured backlog of US 361 million provides good visibility on future earnings. Strong overall demand (MENA in particular). New build programme to expand fleet capacity by 66% by 2016 progressing well and as…
Thank you any questions 20
Appendices Page Clients 22 Small Class SESV Overview 23 Enhanced Small Vessel Class SESV Overview 24 Mid-Size Class SESV Overview 25 Large Class SESV Overview 26 GMS In-House Construction Facility 27 Significant Barriers to…
Clients A well diversified blue chip client base Oil and Gas Renewable Energy 22
Small Class SESV Overview (K-Class) The backbone of the GMS fleet Main crane Wrtsil design 36-45 tonnes Oil & gas lifting Proven technology with high reliability and flexibility 45m water depth Units constantly tested and very…
Enhanced Small Vessel Class SESV Overview (P-Class) Next generation addition to the GMS fleet Main crane Wrtsil design 45 tonnes main 33 tonnes auxiliary Similar to the K-Class design Oil & gas lifting Areas of operation GCC…
Mid-Size Class SESV Overview (S-Class) Next generation addition to the GMS fleet Main crane Gusto MSC NG1800-X design 150 tonne main 15 tonne auxiliary Proven technology with high reliability and flexibility Accommodation Units…
Large Class SESV Overview (E-Class) The flagship of the GMS fleet Gusto MSC 2500X design Main crane Offering higher technical and 300 tonnes & 400 tonnes operational capabilities Heavy oil & gas lifting Wind turbine installation…
GMS In-House Construction Facility CONSTRUCTION FACILITY AT MUSSAFAH BASE LATEST NEW BUILD GMS ENTERPRISE IN THE UAE Mussafah base is the HQ of GMS, strategically located on the waterfront of the Mussafah industrial area in Abu…
Significant Barriers to Entry Successfully operating SESVs in GMS markets has a number of challenges for new entrants and incumbents: 1 Operational Track Record Essential to Secure Contracts NOC pre-qualification 1 2 years.…
Historic Results Operational and financial performance - a successful track record (1) Calculated as net profit before tax plus depreciation of property, plant and equipment, amortization of intangibles and dry docking expenditure,…
Estimated Total Market Demand SESVs are well placed to win market share from alternative providers Cost Advantage of SESVs over other types of Significant expansion opportunity vessel of up to 1.4m / move SESVs perform…
Segment Reporting Revenue Adjusted Gross Profit Year ended 31 Year ended 31 m 6 months ended 30 June 6 months ended 30 June December December 2014 2013 2013 2014 2013 2013 Small vessels 51.5 46.2 94.5 37.4 31.8 65.6 Large…
Board Composition Simon Heale (Chairman) Duncan Anderson Independent Non-Executive Chairman Chief Executive Officer Chairman: Board of Kazakhmys Joined GMS in 2007 Senior Independent Director of Coats Previously COO of Lamnalco and…
Enquiries: Tel: +971 (2) 5028888 John Brown - Group CFO Anne Toomey - Head of Communications & Investor Relations Executive Jonathan Gallagher - Corporate Finance Manager Gulf Marine Services Mussafah Base, P.O. Box 46046, Abu Dhabi, UAE…
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