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Q1 2012 EARNINGS CALL – Havila Shipping

Havila Shipping · May 8, 2012 · 40 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. Q1 2012 EARNINGS CALL – Havila Shipping – slide 1
    Presentation 1st Quarter 2012
  2. Q1 2012 EARNINGS CALL – Havila Shipping – slide 2
    Contract announcements YTD NOK 1 billion options not included 27.01.2012 Value NOK 250m Havila Shipping has entered into an agreement with FugroTSM in Australia for a two year extension of the contract for the subsea vessel Havila…
  3. Q1 2012 EARNINGS CALL – Havila Shipping – slide 3
    Highlights 1st quarter 2012 Freight income NOK 327 mill Other income/gains/losses (net) NOK 30 mill EBITDA *) NOK 117 mill EBITDA margin 33,0% New contracts NOK 1 billion Ex gains from sale of vessel: 94% fleet utilization (time…
  4. Q1 2012 EARNINGS CALL – Havila Shipping – slide 4
    Modern fleet Value adjusted fleet age Fleet value: NOK 7.7 billion Not including Havila Mars, Havila Mercury & Havila Troll Calculation date: 07.05.12 Years Months Weeks Days 4 0 3 5 Main events during 2011: Purchase of 5 PSV…
  5. Q1 2012 EARNINGS CALL – Havila Shipping – slide 5
    Contractual coverage and backlog PSV more or less full contract coverage Optional period of 3 years for Faith and Princess in Brazil from 2013 Optional period of 4 years for Favour in Brazil from 2014 2012: Q2,Q3 & Q4 Based on:…
  6. Q1 2012 EARNINGS CALL – Havila Shipping – slide 6
    This is Havila Shipping ASA 9 Head-office in Fosnavg, Norway 9 Partnership with PACC Offshore in Singapore 9 Partnership with Subsea 7 9 A fleet of 29 vessels included one vessel under construction for delivery in December 2012 92…
  7. Q1 2012 EARNINGS CALL – Havila Shipping – slide 7
    Safety & Quality focused 9 a modern fleet 9 a preferred partner 9 extending international activity 9 maintaining a balanced mix 9long term contracts 9spot market focusing on safe operations 9 focusing on human resources Havila…
  8. Q1 2012 EARNINGS CALL – Havila Shipping – slide 8
    st 1 QUARTER ACCOUNTS Venus & Jupiter mowing rig in changing weather
  9. Q1 2012 EARNINGS CALL – Havila Shipping – slide 9
    Main figures NOK mill Q1 2012 Q4 2011 Q3 2011 Q2 2011 Q1 2011 Income and gains 357,5 380,4 383,7 298,5 309,6 EBITDA 117,0 32,7% 172,3 45,3% 189,6 49,4% 88,0 29% 97,5 31% Pre tax result - 3,5 -1,0% - 8,8 -2,3% - 4,1 -1,1% -52,7 -17,6%…
  10. Q1 2012 EARNINGS CALL – Havila Shipping – slide 10
    1st Quarter EBITDA excl profit from sale of vessels 357 258 117 101 Operating income increased 46 45 -Delivery of vessels -Business combination Q3 11 (PSV) INCOME PROFIT EBITDA Operating Pretax profit -4 EXCL PROFIT…
  11. Q1 2012 EARNINGS CALL – Havila Shipping – slide 11
    Fleet utilization 98 % 98 % 98 % 97 % 97 % 96 % 96 % 96 % 96 % 95 % 95 % 94 % 94 % 94 % 94 % 94 % 94 % 94 % 94 % 94 % 93 % 93 % 92 % 92 % 91 % 91 % 90 % 90 % 88…
  12. Q1 2012 EARNINGS CALL – Havila Shipping – slide 12
    Quarterly income Vessels Newbuilds 2008 500 Q1 Sale of Fame, Mars and Mercury Leaseback Mars & Mercury Q3 11: 11 11 450 3 new vessels (PSV-transaction) Q2 12 11 Q3 13 11 400 Q4 14 10 2009 350 Q1 16 7 Q2 16 7 300 Q3 17…
  13. Q1 2012 EARNINGS CALL – Havila Shipping – slide 13
    Quarterly operating expenses 250,0 Q310: (with full effect from Q4) Havila Commander on bareboat from July Havila Fan delivered late August NOK mill 17,4 Havila Faith and Havila Princess in Brazil 23,8 24,3 23,0…
  14. Q1 2012 EARNINGS CALL – Havila Shipping – slide 14
    Quarterly freight income and operating expenses 381 380 400 357 350 298 298 294 279 300 258 255 248 225 250 222 221 221 220 217 217 215 212 211 210 193 200 158 141…
  15. Q1 2012 EARNINGS CALL – Havila Shipping – slide 15
    Operating profit from segments Excluding gains from sale of vessels Management expenses included from 2012, previous periods recalculated 2011 100 93 SubSea PSV 29 % 80 31 % RRV 1 % Asia 68 AHTS 68 11 % 66 60…
  16. Q1 2012 EARNINGS CALL – Havila Shipping – slide 16
    Assets 10 000 100 % Vessels New buildings Other Current 90 % 8 000 80 % 812 793 1 022 70 % 6 000 1 068 1 759 1 178 60 % 13 947 849 858 225 613 467 532 520 50 % 4 000 40 % 6 899 6 942 6 984 30 % 5 511 4 716 4 773 4…
  17. Q1 2012 EARNINGS CALL – Havila Shipping – slide 17
    Equity and liability 9000 100 % 8000 Equity Long term debt Short term liability 90 % 791 630 855 80 % 7000 778 728 888 70 % 6000 612 619 570 60 % 5000 5327 5514 5485 50 % 4000 4387 4473 4102 3906 3567 3731 40 % 3000 30 % 2000 20 %…
  18. Q1 2012 EARNINGS CALL – Havila Shipping – slide 18
    Cash flow statement NOK 1000 Q1 12 Q1 11 Cash from operating activity Kontantstrm fra drift 54 743 - 184 114 Kontantstrm fra Cash flow from investing activity investeringer 6 486 279 123 Cash flow from financing activity Kontanstrm…
  19. Q1 2012 EARNINGS CALL – Havila Shipping – slide 19
    Key figures Q1 12 Q4 11 Q3 11 Q2 11 Q1 11 Number of shares (1000) Antall aksjer (1000) 21 410 21 410 21 410 15 960 15 960 Average number of shares Gj.sn. Antall aksjer 21 410 21 410 20 225 Earnings per shares Fortjeneste per aksje…
  20. Q1 2012 EARNINGS CALL – Havila Shipping – slide 20
    Interest bearing debt NOK 1 000 Q1 12 Q4 11 Q3 11 Q2 11 Q1 11 Long term debt Langsiktig gjeld 5 113 353 5 308 716 5 280 557 4 225 184 4 314 605 Next years instalments Neste rs avdrag 448 358 398 769 580 969 475 175 465 566…
  21. Q1 2012 EARNINGS CALL – Havila Shipping – slide 21
    The fleet and the contracts
  22. Q1 2012 EARNINGS CALL – Havila Shipping – slide 22
    PSV fleet 4 vessels with Petrobras Havila Faith (1998) 3 year contract Start: June 2010: End: June 2013 Optional period: 3 year up to June 2016 (terms to be agreed) Havila Princess (2005) 3 year contract Start: August 2010: End:…
  23. Q1 2012 EARNINGS CALL – Havila Shipping – slide 23
    PSV fleet 4 vessels with Statoil and Maersk Havila Foresight (2008) 10 year contract Start: June 2006: End: June 2016 Optional period: 2 x 1 Year up to June 2018 Havila Clipper (2011) 1 year contract Start: March 2011: End:…
  24. Q1 2012 EARNINGS CALL – Havila Shipping – slide 24
    PSV fleet 4 vessels with other oil majors and 1 in spot Havila Crusader (2010) 1 year contract Start: 2011: End: June 2012 Optional period: 1x6 months option up to December 2012 Havila Aurora (2009) 5 year contract Start: March…
  25. Q1 2012 EARNINGS CALL – Havila Shipping – slide 25
    AHTS fleet Mars (2007) 3 year firm + 3x1 year option Start: June 2007: End: June 2013 Optional period: Last option period exercised Mercury (2007) 3 year firm + 3x1 year option Start: December 2007: End: December 2012 Optional…
  26. Q1 2012 EARNINGS CALL – Havila Shipping – slide 26
    RRV fleet Runde (1997) 5 year firm + 2x1 year option Start: July 2006: End: July 2012 (opt) Optional period: 1x1 year left Troll (2003) 10 year firm + 3x2 years option Start: December 2003: End:December 2013 Optional period:…
  27. Q1 2012 EARNINGS CALL – Havila Shipping – slide 27
    Subsea fleet Harmony (2005/2007) 5+2 year firm + 2 x 1 year opt Start: March 2007: End: March 2014 Optional period: 2 x 1 Year to March 2016 Phoenix (2009) 2 year firm + 2x6 months opt Start: October 2010: End: October 2012…
  28. Q1 2012 EARNINGS CALL – Havila Shipping – slide 28
    Contract status 28
  29. Q1 2012 EARNINGS CALL – Havila Shipping – slide 29
    POSH Havila fleet profile Singapore JV Offices in Great World City Vessel management by Posh Semco Chartering department Young, Modern Fleet of 8 x DP AHTS 6 x 8,000BHP 105TBP DP1 AHTS Posh Value 9 POSH Viking, Vibrant,…
  30. Q1 2012 EARNINGS CALL – Havila Shipping – slide 30
    50 % 55 % 60 % 65 % 70 % 75 % 80 % 85 % 90 % 95 % 100 % Jan 63 % 63 % Feb 79 % 70 % Mar 82 % 74 % April 68 % 73 % Month May 81 % 74 % June 88 % 77 % July 96 % 79 % Aug 94 % 81 % Year to date Sept…
  31. Q1 2012 EARNINGS CALL – Havila Shipping – slide 31
    New building PSV Havila Charisma (to be in a related company) To be delivered in Q4.12 Contract with Statoil for 5 years + 3x1 year option Vessel details: Bredth 19.6 m Length 92.8 m Deadweight 5000t Deck area: 1100 m2…
  32. Q1 2012 EARNINGS CALL – Havila Shipping – slide 32
    Shareholders 03.05.12 Shareholder/Aksjonr Address/Adresse Aksjer/Shares Andel/Interest HAVILA AS FOSNAVG 10 960 430 51,2 % ODIN OFFSHORE OSLO 1 470 000 6,9 % TORGHATTEN ASA BRNNYSUND 1 223 100 5,7 % PARETO AKSJE NORGE OSLO 1 157 260 5,4…
  33. Q1 2012 EARNINGS CALL – Havila Shipping – slide 33
    Market comments High oil price E&P budgets on steady high level Demand for high-end vessels driven by deepwater activity Less speculative newbuilding orders Supply demand side on vessels seems ok in most segments 33…
  34. Q1 2012 EARNINGS CALL – Havila Shipping – slide 34
    Market comments Subsea acitivity on high level High tendering activity Clients have large backlog AHTS Improved rates and utilisation Volatile Spot market New rigs North sea activity picking up Brazil Increased day rate level…
  35. Q1 2012 EARNINGS CALL – Havila Shipping – slide 35
    Vessels in spot market AHTS Havila Venus Havila Jupiter Havila Neptune PSV Havila Crusader from July Havila Fortune from September
  36. Q1 2012 EARNINGS CALL – Havila Shipping – slide 36
    Summary New contracts NOK 1 billion options not included PSV sold out for this year High tender activity for PSV vessels Expected several options to be declared If not the market demand expected to take vessels Finance Low…
  37. Q1 2012 EARNINGS CALL – Havila Shipping – slide 37
    Financial calendar 2012 24.07.12 2nd Quarter 2012 01.11.12 3rd Quarter 2012 30.01.13 Preliminary accounts for 2012/4th Quarter Contact: CEO NJL SVIK (+47) 909 35 722 njaalhavila.no CFO ARNE JOHAN DALE (+47) 909 87 706 ajdhavila.no
  38. Q1 2012 EARNINGS CALL – Havila Shipping – slide 38
  39. Q1 2012 EARNINGS CALL – Havila Shipping – slide 39
  40. Q1 2012 EARNINGS CALL – Havila Shipping – slide 40

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