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Q3 2015 Earnings Call – Solstad Offshore Asa

Solstad Offshore Asa · Nov 10, 2015 · 19 slides

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Slides

  1. Q3 2015 Earnings Call – Solstad Offshore Asa – slide 1
    SOLSTAD OFFSHORE ASA Company Presentation 3rd Quarter 2015 10. November 2015 By Lars Peder Solstad & Sven Stakkestad
  2. Q3 2015 Earnings Call – Solstad Offshore Asa – slide 2
    AGENDA 1. KEY HIGHLIGHTS 2. FINANCIALS 3. FLEET AND MARKETS 4. OUTLOOK 2
  3. Q3 2015 Earnings Call – 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. Q3 2015 Earnings Call – Solstad Offshore Asa – slide 4
    SOLSTAD OFFSHORE HIGHLIGHTS 30.09.2015 Financial highlights Good earning Netand margins revenues stable NOK 981 mill Adjusted underlying values EBITDA NOK 419 mill / Adjusted EBITDA margin 41% Net revenues pr 30.09.2015 NOK 2.951…
  5. Q3 2015 Earnings Call – Solstad Offshore Asa – slide 5
    CONTRACT COVERAGE Contract coverage % of available days - quarter * Contract coverage - quarter in NOK* * Including SOFFs relative shares in JVs Contract coverage annual in NOK* 5
  6. Q3 2015 Earnings Call – Solstad Offshore Asa – slide 6
    THE SOLSTAD OFFSHORE FLEET 45 VESSELS IN OPERATION AS PER 11. November 2015 Vessels: 12 Lay-up: 10 Newbuild: 1 Skudeneshavn Aberdeen Vessels: 2 Vessels: 7 Manila Kuala Lumpur Singapore Vessels: 2 Vessels: 5 Singapore…
  7. Q3 2015 Earnings Call – Solstad Offshore Asa – slide 7
    AGENDA 1. KEY HIGHLIGHTS 2. FINANCIALS 3. FLEET AND MARKETS 4. OUTLOOK 7
  8. Q3 2015 Earnings Call – Solstad Offshore Asa – slide 8
    OPERATING REVENUE AND EBITDA (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% 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q…
  9. Q3 2015 Earnings Call – Solstad Offshore Asa – slide 9
    PROFIT & LOSS ACCOUNTS 30. September 2015 3Q 3Q YTD 3Q YTD 3Q Total (Mill NOK) 2015 2014 2015 2014 2014 Total Operating Income (1) 981 1 127 2 951 2 861 3 880 Operating expenses (592) (571) (1 744) (1 610) (2 231) Ord. depreciation…
  10. Q3 2015 Earnings Call – Solstad Offshore Asa – slide 10
    BALANCE 30. September 2015 2015 2014 (Mill NOK) 30.09 31.12 Long Term fixed assets 15 361 15 249 Current assets (1) 2 343 2 497 Total assets 17 704 17 746 Equity 4 908 5 057 Long term liabilities 8 751 10 601 Current…
  11. Q3 2015 Earnings Call – Solstad Offshore Asa – slide 11
    FINANCING AND REFINANCING - SUMMARY 2016 mortgage balloons due Instalments and Balloons incl. 50% of JVs 60% - refinanced 5% - terms agreed 35% - discussions initiated 2017 - mortgage balloons due 75% - terms agreed 25% - not…
  12. Q3 2015 Earnings Call – Solstad Offshore Asa – slide 12
    AGENDA 1. KEY HIGHLIGHTS 2. FINANCIALS 3. FLEET AND MARKETS 4. OUTLOOK 12
  13. Q3 2015 Earnings Call – Solstad Offshore Asa – slide 13
    THE SOLSTAD FLEET MARKET SEGMENTS Freight Income 3Q '15 EBITDA 3Q '15 AHTS PSV CSV AHTS PSV CSV 22 % 11 % 5 % 9% 69 % 84 % Freight Income YTD '15 EBITDA YTD '15 AHTS PSV CSV AHTS PSV CSV 16 % 6% 25 % 64 % 11 % 78…
  14. Q3 2015 Earnings Call – Solstad Offshore Asa – slide 14
    Quarterly Development CSV SEGMENT 800 60 % 700 General comments 50 % 2015: an active year within the subsea-segment driven by existing back-logs, 600 Challenging markets ahead as many projects are postponed or 500 40 % NOK…
  15. Q3 2015 Earnings Call – Solstad Offshore Asa – slide 15
    Quarterly Development AHTS SEGMENT 450 60 % General comments 400 50 % 350 Slow market 300 40 % NOK mill. 250 30 % Over-supply of vessels in combination with reduced rig-activity. 200 150 20 % Dependent on future rig…
  16. Q3 2015 Earnings Call – Solstad Offshore Asa – slide 16
    PSV SEGMENT Quarterly Development 160 50 % 45 % 140 General comments 40 % 120 35 % 100 Segment is oversupplied 30 % NOK mill. 80 25 % Poor utilisation and rates below crew cost in the spot-market. 60 20 % 15 % 40…
  17. Q3 2015 Earnings Call – Solstad Offshore Asa – slide 17
    AGENDA 1. KEY HIGHLIGHTS 2. FINANCIALS 3. FLEET AND MARKETS 4. OUTLOOK 17
  18. Q3 2015 Earnings Call – Solstad Offshore Asa – slide 18
    FUTURE OUTLOOK The long-term fundamentals for the industry are still strong Unbalance in the market gives pressure on dayrates A continued low level of activity the coming years will be challenging for the industry. Our…
  19. Q3 2015 Earnings Call – Solstad Offshore Asa – slide 19

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