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Q2 2010 EARNINGS CALL – Bergen Group

Bergen Group · Aug 26, 2010 · 29 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. Q2 2010 EARNINGS CALL – Bergen Group – slide 1
    BERGEN GROUP Presentation 2nd quarter and 1 half year 2010 Stavanger, August 26th 2010 CEO Pl Engebretsen CFO Terje Iversen
  2. Q2 2010 EARNINGS CALL – Bergen Group – slide 2
    AGENDA Highlights in Q2 10 Operational review Financial review Strategy and Outlook 3
  3. Q2 2010 EARNINGS CALL – Bergen Group – slide 3
    HIGHLIGHTS IN Q2 2010 Continued strong EBITDA-margin: 9% in Q2 Reduced operating revenue, still good performance in all major projects Operating revenues of NOK 790 mill EBITDA of NOK 71 mill Order backlog of NOK 4.7 billion…
  4. Q2 2010 EARNINGS CALL – Bergen Group – slide 4
    STRENGHTENING OF THE MANAGEMENT New Chairman of the Board Hans Olav Lindal took over as Chairman of the Board in June 2010. Lindal holds several non-executive directorships in companies within various sectors of the maritime…
  5. Q2 2010 EARNINGS CALL – Bergen Group – slide 5
    AGENDA Highlights in Q1 10 Operational review Financial review Strategy and Outlook 6
  6. Q2 2010 EARNINGS CALL – Bergen Group – slide 6
    BERGEN GROUP - FOUR BUSINESS AREAS Strategic locations along the Norwegian coastal line 7
  7. Q2 2010 EARNINGS CALL – Bergen Group – slide 7
    INCREASED ORDER BACKLOG IN SHIPBUILDING EBITDA-margin of 13,5 % in Q2 Geo Coral Increased tender activity within both offshore vessels and RoPax Fjord Line contract finalized in May Contract for two cruise ferries valued NOK…
  8. Q2 2010 EARNINGS CALL – Bergen Group – slide 8
    ORDER BACKLOG SHIPBUILDING PER 30.06.10 BN 163 delivered in May (Mermaid Offshore) BN 83-86: Customer funding still not complete - start-up time remain uncertain *= Subject to board approval ** = Memorandum BN 87-88: Fjord…
  9. Q2 2010 EARNINGS CALL – Bergen Group – slide 9
    OFFSHORE STRONG GROWTH POTENTIAL Stable, but low, order backlog throughout the quarter increase expected in 2nd half. Frame contracts with expected activity in Q4 and forward. YME-platform in transit to Bergen Group Rosenberg.…
  10. Q2 2010 EARNINGS CALL – Bergen Group – slide 10
    ORDER BACKLOG OFFSHORE PER 30.06.2010 2009 2010 2011 2012 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Statfjord Senfase / Aker Solutions Gullfaks H2S / Statoil Snorre Vigdis redevelopment / Statoil Polar Pioneer and Transocean…
  11. Q2 2010 EARNINGS CALL – Bergen Group – slide 11
    MARITIME SERVICE A FOCUS AREA Improved margin and revenue in a challenging market situation Synergies and structural changes within the division to be carried out in 2nd half 2010 Reduction in total manning - strengthened…
  12. Q2 2010 EARNINGS CALL – Bergen Group – slide 12
    TECHNOLOGY WELL PERFORMING BUSINESS MODEL Stable activity reduced order backlog Strong focus on product and concept development in order to expand marked areas Synergy-processes to be carried out in 2nd half 2010 Increased…
  13. Q2 2010 EARNINGS CALL – Bergen Group – slide 13
    QUARTERLY ORDER BACKLOG DEVELOPEMENT SHIPBUILDING 7000 OFFSHORE TECHNOLOGY 5,8 NOK mill. 6000 MARITIME SERVICE 5 5000 4,2 4,7 4000 3,4 3000 2000 1000 0 Per 30.06.2009* Per 30.09.2009 Per 31.12.2009 Per 31.03.2010…
  14. Q2 2010 EARNINGS CALL – Bergen Group – slide 14
    AGENDA Highlights in Q4 09 Operational review Financial review Strategy and Outlook 15
  15. Q2 2010 EARNINGS CALL – Bergen Group – slide 15
    INCOME STATEMENT Q2 2010 CONDENSED CONSOLIDATED INTERIM INCOME STATEMENT (UNAUDITED) Figures in NOK MILLION Q2 2010 Q2 2009 30.06.2010 30.06.2009 YTD 2009 Operating revenues 790 1 305 1 761 2 452 5 108 Other operating costs (719) (1…
  16. Q2 2010 EARNINGS CALL – Bergen Group – slide 16
    EBITDA MARGIN - QUARTERLY DEVELOPMENT 15,5 % 10,5 % 5,5 % 0,5 % Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 SHIPBUILDING OFFSHORE -4,5 % MARITIME SERVICES TECHNOLOGY BG GROUP -9,5 % Overall EBITDA in accordance with…
  17. Q2 2010 EARNINGS CALL – Bergen Group – slide 17
    REVENUES SPLIT BY DIVISIONS Full year 2009 1st half 2010 17 % 1 9% SHIPBUILDING 54 % OFFSHORE 20 % MARITIME SERVICES TECHNOLOGY 18
  18. Q2 2010 EARNINGS CALL – Bergen Group – slide 18
    BALANCE SHEET ASSETS EQUITY & LIABILITIES NOK million NOK million 5000 5000 Other current 4500 4500 assets 849 Construction 4000 4000 1426 loans Receivables 627 3500 1167 3500 Current 3000 3000 392 1664 liabilities Cash &…
  19. Q2 2010 EARNINGS CALL – Bergen Group – slide 19
    SHIPBUILDING RESOURCES & FINANCIALS SHIPBUILDING SHIPBUILDING Q2 09 to Q2 10 Gross operating revenues EBITDA-% 1000 16 % SHIPBUILDING 14 % 800 12 % 600 10 % NOK mill. TRONDHEIM: BG SHIPDESIGN EBITDA 8% 400 6%…
  20. Q2 2010 EARNINGS CALL – Bergen Group – slide 20
    OFFSHORE RESOURCES & FINANCIALS OFFSHORE OFFSHORE Q2 09 to Q2 10 KIRKENES: BG Kimek NOK HARSTAD: BG Engineering mill. Gross operating revenues EBITDA-% 500 15 % 400 10 % MURMANSK: BG Kimek NOK mill. 300 5% EBITDA…
  21. Q2 2010 EARNINGS CALL – Bergen Group – slide 21
    TECHNOLOGY RESOURCES & FINANCIALS TECHNOLOGY Q2 09 to Q2 10 NOK mill. Gross operating revenues EBITDA-% 200 184 176 12 % 167 156 10 % 143 150 NOK mill. 8% EBITDA 100 6% 4% 50 2% 0 0% Q2 09 Q3 09 Q4 09 Q1 10…
  22. Q2 2010 EARNINGS CALL – Bergen Group – slide 22
    MARITIME SERVICE RESOURCES & FINANCIALS KIRKENES: BG Kimek MARITIME SERVICE Q2 09 to Q2 10 NOK mill. Gross operating revenue EBITDA-% 95 16 % 90 14 % 12 % 85 10 % NOK mill. 80 8% EBITDA 75 6% 4% 70 2% 65 0%…
  23. Q2 2010 EARNINGS CALL – Bergen Group – slide 23
    AGENDA Highlights in Q1 10 Operational review Financial review Strategy and Outlook 24
  24. Q2 2010 EARNINGS CALL – Bergen Group – slide 24
    Bergen Group - on steady course Improve operational and market synergies through constantly increasing efficiency, service and quality in the group structure Increased focus on market orientation and product development Develop…
  25. Q2 2010 EARNINGS CALL – Bergen Group – slide 25
    SPRING CAPITAL RESOURCES LTD Spring Capital Resources Ltd is closely linked to Yantai CIMIC Raffles. Bergen Group and Spring Capital Resources Ltd are the two parts that now are mapping possible business opportunities 26
  26. Q2 2010 EARNINGS CALL – Bergen Group – slide 26
    MARKET OUTLOOK SHIPBUILDING Low renewal of the RoPax-fleet for the last 20 years; increased need for newbuilds in many years to come Growing subsea-activity will ensure future demand for new advanced offshore support vessels…
  27. Q2 2010 EARNINGS CALL – Bergen Group – slide 27
    MARKET OUTLOOK OFFSHORE Pareto Research, August 2010: We estimate E&P spending will increase by some 9% in 2010e and a further 10% in 2011e. As a result of the 10-20% cost declines we have seen in the oil services sector, this entails…
  28. Q2 2010 EARNINGS CALL – Bergen Group – slide 28
    OUTLOOK BERGEN GROUP Operating revenues in 2nd half 2010 expected close to1st half 2010 Acceptable profitability expected. Order backlog will continue to increase All divisions with improved market outlook Still a profitable…
  29. Q2 2010 EARNINGS CALL – Bergen Group – slide 29
    BERGEN GROUP QUALITY THROUGH SERVICE AND INNOVATION THANK YOU FOR YOUR ATTENTION www.bergengroup.no 30

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