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Q2 2015 Earnings Call – Dolphin Geophysical Asa

Dolphin Geophysical Asa · Aug 12, 2015 · 33 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 2015 Earnings Call – Dolphin Geophysical Asa – slide 1
    Dolphin Group ASA Presentation of unaudited Q2 2015 results 12 August 2015 Atle Jacobsen (CEO) & Erik Hokholt (CFO) www.dolphingeo.com 1
  2. Q2 2015 Earnings Call – Dolphin Geophysical Asa – slide 2
    Table of contents I. Highlights Q2 2015 results II. Financials III. Operational status and market outlook IV. Appendix www.dolphingeo.com 3
  3. Q2 2015 Earnings Call – Dolphin Geophysical Asa – slide 3
    Atle Jacobsen, CEO, commented for Q2 In the second quarter, Dolphin was increasingly exposed to the challenging market conditions with low oil price and tender volumes, which negatively affected utilization and contract pricing for second…
  4. Q2 2015 Earnings Call – Dolphin Geophysical Asa – slide 4
    Highlights Q2 Q2 2015 vs. (Q2 2014) Financial Revenues of USD 80.1 million (USD 101.0 million) Multi-Client revenues of USD 12.1 million (USD 14.9 million) EBITDA of USD 18.5 million (23.1%) (USD 30.3 million) EBIT before…
  5. Q2 2015 Earnings Call – Dolphin Geophysical Asa – slide 5
    Key financials - quarterly developments (USD Million) DOLPHIN TREND REFLECTING WEAK MARKET FUNDEMENTALS Net operating revenues EBITDA* EBIT** Profit Before Tax * EBITDA, when used by the Company, means EBIT excluding other…
  6. Q2 2015 Earnings Call – Dolphin Geophysical Asa – slide 6
    Backlog (USD Million) Quarterly development USD 135 million as of 1 July 2015* 340 Vessel coverage for the next quarters 300 285 - 90% covered for Q3 15 260 - 45% covered for Q4 15 225 50% of backlog relates to Powerful 200…
  7. Q2 2015 Earnings Call – Dolphin Geophysical Asa – slide 7
    Table of contents I. Highlights Q2 2015 results II. Financials III. Operational status and market outlook IV. Appendix www.dolphingeo.com 8
  8. Q2 2015 Earnings Call – Dolphin Geophysical Asa – slide 8
    Profit & Loss Statement (USD Million) Q2 2015 Q2 2014 YTD 2015 YTD 2014 Unaudited Unaudited Unaudited Unaudited Q2 Revenue decrease Net Operating Revenues 80.1 101.0 200.2 181.1 - weaker market prices Operating Expenses Cost of sales…
  9. Q2 2015 Earnings Call – Dolphin Geophysical Asa – slide 9
    Revenue distribution Q2 2015 Q2 2014 YTD 2015 YTD 2014 In millions of USD Unaudited Unaudited Unaudited Unaudited Geophysical: Marine Exclusive contracts 63.0 83.2 169.0 158.5 Multi-Client prefunding 8.6 14.2 12.4 15.2 Multi-Client…
  10. Q2 2015 Earnings Call – Dolphin Geophysical Asa – slide 10
    Asset-light balance sheet (USD Million) Q2 2015 YE 2014 Comments on assets: Asset-light balance sheet Other current assets reduced due to settled receivables Prudent growth in Multi-Client library Comments on equity and debt:…
  11. Q2 2015 Earnings Call – Dolphin Geophysical Asa – slide 11
    Asset-light business model limited off-balance sheet commitments Annual minimum operational leasing obligations (USD million) USD 185 million reduced commitment from 2012 to 2015 374 336 T/C also include compensation to owner for loan…
  12. Q2 2015 Earnings Call – Dolphin Geophysical Asa – slide 12
    Cash flow detailed (USD Million) Q2 2015 Q2 2014 YTD 2015 Comments: Operating Activities Profi t before tax -17.4 9.8 -11.4 Solid cash flow from Depreci a tion a nd wri te-down 12.8 9.3 27.0 operations Amortis a tion/wri te-down Mul…
  13. Q2 2015 Earnings Call – Dolphin Geophysical Asa – slide 13
    Dolphin takes a prudent approach to Multi-Client (USD Million) Net cash investment vs. Multi-Client net sales Net Book Value Comments: Comments: Target Multi-Client net sales net cash investment Net Book Value at USD 139 million…
  14. Q2 2015 Earnings Call – Dolphin Geophysical Asa – slide 14
    Multi-Client investments and NBV per vintage USD million NBV USD 139 million, of which WIP is USD 65 million (47.5%) Actual NBVs of all vintages are below possible max NBV N Detailed review of all library n vintages for Q2…
  15. Q2 2015 Earnings Call – Dolphin Geophysical Asa – slide 15
    Initiatives to improve liquidity and reduce cost Aspects Initiatives Pro-active Finalised extension of bond maturities strengthening Revised amortisation profile of main bank facility balance sheet Increased share capital by 20% at…
  16. Q2 2015 Earnings Call – Dolphin Geophysical Asa – slide 16
    Table of contents I. Highlights Q2 2015 results II. Financials III. Operational status and market outlook IV. Appendix www.dolphingeo.com 17
  17. Q2 2015 Earnings Call – Dolphin Geophysical Asa – slide 17
    Business lines Marine Contract Multi-Client Processing & Imaging Processing Software High-end modern fleet Growing Multi-Client Full onshore & offshore Land & marine seismic data library processing & imaging processing software…
  18. Q2 2015 Earnings Call – Dolphin Geophysical Asa – slide 18
    Rapid and successful fleet expansion completed 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 Delivered May…
  19. Q2 2015 Earnings Call – Dolphin Geophysical Asa – slide 19
    Dolphin is asset-light with flexible Time-Charter commitments Vessel Firm initial period/Options 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Artemis Atlantic TC firm 4 years from May '11 May Option…
  20. Q2 2015 Earnings Call – Dolphin Geophysical Asa – slide 20
    Strong supply response to lower demand Market shares ( of vessels 3D fleet) Market shares ( of practical streamers 3D fleet) Source: SEB Equity Research, SEB CF Includes SCF vessel currently on bareboat www.dolphingeo.com Cold…
  21. Q2 2015 Earnings Call – Dolphin Geophysical Asa – slide 21
    Dolphin fleet - among the most powerful vessels in the industry 25% 12% High End Market moving towards larger surveys and higher streamer capacity www.dolphingeo.com 22
  22. Q2 2015 Earnings Call – Dolphin Geophysical Asa – slide 22
    Market moving towards larger surveys Productivity increases Time reduction/Cost saving when acquiring 10,000 km2 Commodity offering 163 days 12 streamers with 100m separation and 8 km long 115 days Powerful solution…
  23. Q2 2015 Earnings Call – Dolphin Geophysical Asa – slide 23
    Multi-Client surveys world wide 2011-2015 Hoop Barents Sea 1,750 km Ringvassy, 4,100 km2 Mre/Tampen 4,200 km2 Maud, Gotha, Hammerfest Utstord SHarp, 6,250 km2 5,100 km2 Gulspurv Faroes-Shetland 2,000 km2 Sharp Well Tie Norway…
  24. Q2 2015 Earnings Call – Dolphin Geophysical Asa – slide 24
    Well positioned for upcoming licencing rounds in Mexico East Campeche - 2D long offset SHarp survey - Supported by industry pre-funding - CNH permit approved - 19,597 2D line kilometers - Survey start Q3 2015 - Delivery of time…
  25. Q2 2015 Earnings Call – Dolphin Geophysical Asa – slide 25
    Dolphin is building a strong presence offshore Norway Existing library - Gulspurv (2013) - Maud (2013-2014) - Gotha (2014) - Utstord (2013) - 5 prospective 23rd round blocks - 1 prospective APA block New 2015 programmes -…
  26. Q2 2015 Earnings Call – Dolphin Geophysical Asa – slide 26
    Delivering on Australia strategy North Carnarvon Basin - 15,200km2 SHarp Broadband 3D - Statoil and Shell prefunding - Covering Licenced and Open acreage - Wide Tow up to 12 x 150 x 8100m - Two vessel operations Monuments -…
  27. Q2 2015 Earnings Call – Dolphin Geophysical Asa – slide 27
    Processing & Imaging a critical success factor Makes Dolphin a fully integrated marine geophysical contractor Marine Processing Multi- Our people, our software, our hardware Contract & Imaging Client Worldwide software sales…
  28. Q2 2015 Earnings Call – Dolphin Geophysical Asa – slide 28
    Market outlook Continued weak market fundamentals Difficult to predict longer term trends Fierce competition on contracts for winter season Improved tender activity from low levels continues in Q3 Industry vessel booking higher…
  29. Q2 2015 Earnings Call – Dolphin Geophysical Asa – slide 29
    2015 Guidance update In the current market environment its difficult to provide a longer term guiding for our future financial performance. Third quarter expected total revenues in the range of USD 90-100 million based on…
  30. Q2 2015 Earnings Call – Dolphin Geophysical Asa – slide 30
    Question & Answer Session 31
  31. Q2 2015 Earnings Call – Dolphin Geophysical Asa – slide 31
    Table of contents I. Highlights Q2 2015 results II. Financials III. Operational status and market outlook IV. Appendix www.dolphingeo.com 32
  32. Q2 2015 Earnings Call – Dolphin Geophysical Asa – slide 32
    Financial Covenants* / fully compliant as per 30/06/2015 Definitions** Loan Facility Bonds Liquidity Unrestricted cash USD 15m USD 10m and equivalents Equity ratio Total Equity/Total Assets 35% 35% Gearing ratio NIBD/ EBITDA <…
  33. Q2 2015 Earnings Call – Dolphin Geophysical Asa – slide 33
    IBD with earliest major maturity in February 2018 Quarterly Debt Security Amount Balance 30/06/15 Tenure Maturity Interest instalments Bond Dolp01 Unsecured NOK 400,000,000 USD 69,076,194 - 5.25 years Feb-2018 3M Nibor + 775 Bond…

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