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3Q 2015 Earnings Review – Seabird Exploration Fz Llc

Seabird Exploration Fz Llc · Nov 5, 2015 · 18 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. 3Q 2015 Earnings Review – Seabird Exploration Fz Llc – slide 1
    SeaBird Exploration Third Quarter Presentation 5 November 2015 CEO Dag Reynolds CFO Nils Haugestad
  2. 3Q 2015 Earnings Review – Seabird Exploration Fz Llc – slide 2
    Highlights Financial results Revenues of 23.2 million (19.6 million Q2 2015) EBITDA of 4.6 million (negative 6.5 million Q2 2015) Quarterly observations Four vessels currently in production on TGS Gigante project in Mexico; fifth…
  3. 3Q 2015 Earnings Review – Seabird Exploration Fz Llc – slide 3
    Financial summary
  4. 3Q 2015 Earnings Review – Seabird Exploration Fz Llc – slide 4
    Historical operating comparison Revenues EBITDA (USD millions) (USD millions) 30 28,1 20 24,2 8,2 25 22,7 23,2 10 4,6 19,6 3,5 3,9 20 0 Q3 14 Q4 14 Q1 15 Q2 15 Q3 15 15 -10 (2,1) (7,7) (6,5) 23,5 23,0 23,1 10 18,8 16,4 -20…
  5. 3Q 2015 Earnings Review – Seabird Exploration Fz Llc – slide 5
    Vessel utilization Q3 contract utilization of 86%, up Vessel utilization from 68% in Q2 2015 1% 100% 0% 2% 7% 13% - Four vessels working in Gulf of 90% 7% 0% Mexico; fifth vessel to join during Q4 80% 33% 43% 40% 19% 70%…
  6. 3Q 2015 Earnings Review – Seabird Exploration Fz Llc – slide 6
    Income statement CONSOLIDATED INTERIM STATEMENT OF INCOME Quarter ended Nine months ended 30 September 30 September All figures in USD millions 2015 2014 2015 2014 Contract 23.1 16.4 65.0 87.9 Multi-client 0.1 6.3 2.0 13.3 Total…
  7. 3Q 2015 Earnings Review – Seabird Exploration Fz Llc – slide 7
    Cash flow statement CONSOLIDATED INTERIM STATEMENT OF CASH FLOW Quarter ended Nine months ended 31 September 31 September All figures in USD million 2015 2014 2015 2014 Profit/(loss) before income tax (1.5) (19.5) 45.8 (26.9)…
  8. 3Q 2015 Earnings Review – Seabird Exploration Fz Llc – slide 8
    Balance sheet CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION As of As of 30 September 31 December All figures in USD millions (except for equity ratio) 2015 2014 2014 Property, plant and equipment 71.0 112.9 78.9 Multi-client…
  9. 3Q 2015 Earnings Review – Seabird Exploration Fz Llc – slide 9
    Debt profile Funded debt profile Aggregate maturities of loans and borrowings (USD millions) USD millions 45 Year of repayment 40 37,7 2015 0.4 2016 4.5 35 3,9 33,7 2017 7.4 2,1 3,9 2018 25.4 30 2,3 2,0 37.7 2,0 25 2016…
  10. 3Q 2015 Earnings Review – Seabird Exploration Fz Llc – slide 10
    Update on provisions Provisions USD millions Starting balance 1 July 2015 14.2 Incurred costs (1.5) Changes in provision estimate (booked as credit to cost of sales) (0.9) Cost reclassification 1.0 Interest expense 0.2 Ending balance 30…
  11. 3Q 2015 Earnings Review – Seabird Exploration Fz Llc – slide 11
    Business review and outlook
  12. 3Q 2015 Earnings Review – Seabird Exploration Fz Llc – slide 12
    Segment operating activity Contract revenue by survey type Contract revenue by region 30 (USD millions) (USD millions) 30 25 23,5 23,0 23,1 23,5 23,0 23,1 25 0,2 4,6 18,8 3,3 4,4 18,8 20 5,7 20 16,4 16,4 10,3 5,0 15 15 5,8 12,1…
  13. 3Q 2015 Earnings Review – Seabird Exploration Fz Llc – slide 13
    Vessel schedule Vessel schedule 2015 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Aquila Mexico Harrier Mexico Hawk Mexico Munin Northern Mexico Osprey Mexico Geo Pacific Voyager Utilized Stacked Mexico project…
  14. 3Q 2015 Earnings Review – Seabird Exploration Fz Llc – slide 14
    TGS Gigante Mexico survey Four vessels currently in production; fifth scheduled to join during Q4 Positive news flow on multi-client sales opportunities in Mexico; expected completion mid-2016 Technical start-up challenges in…
  15. 3Q 2015 Earnings Review – Seabird Exploration Fz Llc – slide 15
    Backlog Firm backlog (USD millions) 140 Current firm backlog predominantly 122 relates to TGS Gigante project 120 Bidding for several contract 100 96 opportunities in EAME and APAC regions US East Coast could be opening up 80…
  16. 3Q 2015 Earnings Review – Seabird Exploration Fz Llc – slide 16
    Multi-client update Multi-client revenues by quarter (USD millions) Multi-client investment during the quarter 7 6,3 of 0.1 million 6 4,6 5 4 Multi-client revenues in Q3 of 0.1 million 3 2 1,2 0,7 1 0,1 Weak market…
  17. 3Q 2015 Earnings Review – Seabird Exploration Fz Llc – slide 17
    Initiatives to improve margins Crew cost improvements Ongoing process to reduce crew headcount in line with reduced fleet; to be completed in Q4 Crew cost flexibility initiatives under implementation Improved crew training planning…
  18. 3Q 2015 Earnings Review – Seabird Exploration Fz Llc – slide 18
    Market outlook 2D High end Oil exploration spending continues to be 140 (USD thousands) sluggish 125 120 110 Vessel retirement is gaining momentum, but 100 still massive oversupply in the 3D space 90 80 80 80 80 Intense…

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