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Q2 2015 Results – Solstad Offshore Asa

Solstad Offshore Asa · Aug 25, 2015 · 20 slides

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Slides

  1. Q2 2015 Results – Solstad Offshore Asa – slide 1
    SOLSTAD OFFSHORE ASA Company Presentation 2nd Quarter 2015 25 August 2015 By Lars Peder Solstad & Sven Stakkestad
  2. Q2 2015 Results – Solstad Offshore Asa – slide 2
    AGENDA 1. KEY HIGHLIGHTS 2. FINANCIALS 3. FLEET AND MARKETS 4. OUTLOOK 2
  3. Q2 2015 Results – Solstad Offshore Asa – slide 3
    SOLSTAD OFFSHORE IN BRIEF Key facts Fleet overview Founded in 1964. In the offshore segment since 1973 Weighted New Segments Current Fleet Average Operations worldwide North Sea, Brazil, US Gulf, buildings Age 1) West Africa, Asia…
  4. Q2 2015 Results – Solstad Offshore Asa – slide 4
    SOLSTAD OFFSHORE HIGHLIGHTS 30.06.2015 Financial highlights Good earning Netand margins revenues stable NOK 1.060 mill Adjusted underlying values EBITDA NOK 480 mill / Adjusted EBITDA margin 43% Net revenues 1st half 2015 NOK 1.970…
  5. Q2 2015 Results – Solstad Offshore Asa – slide 5
    THE SOLSTAD OFFSHORE FLEET 45 VESSELS IN OPERATION AS PER 25. August 2015 Vessels: 2 Vessels: 19 Newbuild: 1 Skudeneshavn Aberdeen Vessels: 2 Vessels: 7 Manila Kuala Lumpur Singapore Vessels: 2 Vessels: 6 Singapore…
  6. Q2 2015 Results – Solstad Offshore Asa – slide 6
    AGENDA 1. KEY HIGHLIGHTS 2. FINANCIALS 3. FLEET AND MARKETS 4. OUTLOOK 6
  7. Q2 2015 Results – Solstad Offshore Asa – slide 7
    OPERATING REVENUE AND EBITDA (ADJ.) (EX. GAIN/LOSS ON SALE OF ASSET / INCL. SHARE IN JVs) 1200 60% 1100 1000 50% 900 800 40% EBITDA % 700 NOK mill 600 30% 500 400 20% 300 200 10% 100 0 0% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q…
  8. Q2 2015 Results – Solstad Offshore Asa – slide 8
    PROFIT & LOSS ACCOUNTS 30. June 2015 2Q 2Q 1H 1H Total (Mill NOK) 2015 2014 2015 2014 2014 Total Operating Income (1) 1 060 866 1 967 1 735 3 880 Operating expenses (446) (348) (817) (696) (1 650) Ord. Depreciation (121) (109)…
  9. Q2 2015 Results – Solstad Offshore Asa – slide 9
    BALANCE 30. June 2015 2015 2014 (Mill NOK) 30.06 31.12 Long Term fixed assets 15 165 15 249 Current assets (1) 2 402 2 497 Total assets 17 567 17 746 Equity 4 999 5 057 Long Term liabilites 9 217 10 601 Current liabilites (2)…
  10. Q2 2015 Results – Solstad Offshore Asa – slide 10
    FINANCIAL SUMMARY Inck. forthcoming Installments and Balloons Broker values vs. debt 30.06.15 (NOK bn) * Loan to value 30.06.15 (%) Debt / EBITDA (30.06.15 figures)** Instalments and Balloons incl. 50% of JVs * Including SOFFs…
  11. Q2 2015 Results – Solstad Offshore Asa – slide 11
    CONTRACT COVERAGE Contract coverage % of available days - quarter * Contract coverage - quarter in NOK* * Including SOFFs relative shares in JVs Contract coverage annual in NOK* 11
  12. Q2 2015 Results – Solstad Offshore Asa – slide 12
    AGENDA 1. KEY HIGHLIGHTS 2. FINANCIALS 3. FLEET AND MARKETS 4. OUTLOOK 12
  13. Q2 2015 Results – Solstad Offshore Asa – slide 13
    THE SOLSTAD FLEET MARKET SEGMENTS Freight Income 2Q '15 EBITDA 2Q '15 Segments based on AHTS PSV CSV AHTS PSV CSV Vessel Valution 30.06.15 (1) 24 % 19 % 5% 70% 10 % 76 % 66 % 60% 50% Freight Income 1H '15 40% EBITDA 1H '15…
  14. Q2 2015 Results – Solstad Offshore Asa – slide 14
    Quarterly Development CSV SEGMENT 800 60% 700 General comments 50% 2015 is an active year within the subsea-segment and market is driven 600 40% by existing back-logs, 500 but, challenging markets ahead as many projects are being…
  15. Q2 2015 Results – Solstad Offshore Asa – slide 15
    Quarterly Development AHTS SEGMENT 450 60% General comments 400 50% 350 Slow market 300 40% NOK mill. 250 Dependent on future rig activity and that Petrobras start contracting again. 200 30% 150 20% Over-supply of…
  16. Q2 2015 Results – Solstad Offshore Asa – slide 16
    Quarterly Development PSV SEGMENT 160 50% 45% 140 General comments 40% 120 35% 100 30% NOK mill. Segment is oversupplied and rates are below crew cost in the spot-market. 80 25% 20% 60 Still many new vessels under…
  17. Q2 2015 Results – Solstad Offshore Asa – slide 17
    MARKET BALANCE Good earning margins and stable Solstad has decided to put 10 more vessels into lay-up underlying values (13 in total). Mainly AHTSs & PSVs Strong contract backlog to first Too many vessels in combination with…
  18. Q2 2015 Results – Solstad Offshore Asa – slide 18
    AGENDA 1. KEY HIGHLIGHTS 2. FINANCIALS 3. FLEET AND MARKETS 4. OUTLOOK 18
  19. Q2 2015 Results – Solstad Offshore Asa – slide 19
    FUTURE OUTLOOK Our solid contract coverage gives us good visibility for 15 and 16 We will continue to focus on long term contracts for our CSV fleet to achieve predictable EBITDA Unbalance in the market gives pressure on dayrates…
  20. Q2 2015 Results – Solstad Offshore Asa – slide 20

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