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Capital One Securities 10th Annual Energy Conference – Gulfmark Offshore, Inc.

Gulfmark Offshore, Inc. · Dec 1, 2015 · 16 slides

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Slides

  1. Capital One Securities 10th Annual Energy Conference – Gulfmark Offshore, Inc. – slide 1
    Capital One Securities 10th Annual Energy Conference December 2015 1 GulfMark GulfMark A Offshore, Inc. Offshore, Inc. company NYSE:GLF GULFMARK.COM
  2. Capital One Securities 10th Annual Energy Conference – Gulfmark Offshore, Inc. – slide 2
    Proactively Responding to a Challenging Environment Reducing Direct Operating Expenses 2015 estimated annual savings of 68mm vs. 2014 or 29% reduction Lowering G&A Expenses 2015 estimated annual savings of 19mm vs. 2014 or 30%…
  3. Capital One Securities 10th Annual Energy Conference – Gulfmark Offshore, Inc. – slide 3
    Successfully Reducing Costs 2015 Expected Opex Reductions Category 2014 2015E Savings** % Reduce labor costs by 48 million through (USD in Millions) head count and wage reductions Direct Operating Expenses 236 168 68 29% Reduced…
  4. Capital One Securities 10th Annual Energy Conference – Gulfmark Offshore, Inc. – slide 4
    Limited Deliveries Remain for Fleet Improvements and Additions Continuing a Measured Approach to Managing our New-Build Program 300 Class US 887 HERCULES Q1 2016 300 Class US 887 PEGASUS Q2 2016 300 Class Europe Arctic…
  5. Capital One Securities 10th Annual Energy Conference – Gulfmark Offshore, Inc. – slide 5
    Capital Requirements & Cash Generation Use Remainder 2015 2016E (USD in Millions) New Build Program 5 56 Acquisitions & Enhancements - Sub-Total 5 56 Dividends Total Committed Non- 5 56 Operating Cash Uses Q1 2015 Cash…
  6. Capital One Securities 10th Annual Energy Conference – Gulfmark Offshore, Inc. – slide 6
    Vessel Dispositions Demonstrate Long-Term Value Sales Price as a Vessel Year of Year Age at Sales Original Percentage of Name Sale Built Disposal Price Cost Original Cost Highland Star 2015 1991 24 665,000 15,065,779 4% Highland…
  7. Capital One Securities 10th Annual Energy Conference – Gulfmark Offshore, Inc. – slide 7
    Maintaining Balance Sheet Flexibility Balance Sheet Item Q3 2015 Q2 2015 Q1 2015 Cash & Cash Equivalents 31 79 60 Revolving Credit Facilities 23 72 60 Senior Notes 501 501 501 Total Debt 524 573 561 Shareholders Equity 729…
  8. Capital One Securities 10th Annual Energy Conference – Gulfmark Offshore, Inc. – slide 8
    Liquidity by Quarter in thousands 450,000 400,000 350,000 300,000 250,000 200,000 150,000 100,000 50,000 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2012 2012 2012 2012 2013 2013 2013 2013 2014 2014 2014 2014…
  9. Capital One Securities 10th Annual Energy Conference – Gulfmark Offshore, Inc. – slide 9
    Net-Debt Position (USD in Millions) 600,000 45% 40% 500,000 Net-Debt to Total Book Capitalization 35% 400,000 Target Range 30% Net-Debt 25% Net Debt 300,000 20% 200,000 15% 10% 100,000 5% 0…
  10. Capital One Securities 10th Annual Energy Conference – Gulfmark Offshore, Inc. – slide 10
    Global Vessel Solutions 11 As of Nov 30, 2015
  11. Capital One Securities 10th Annual Energy Conference – Gulfmark Offshore, Inc. – slide 11
    Long-Term Revenue, EBITDA & Utilization (USD in Millions) 700 100% Utilization 90% 600 80% 500 70% 60% 400 Utilization 50% 300 40% 200 30% 20% 100 10% 0 0% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010…
  12. Capital One Securities 10th Annual Energy Conference – Gulfmark Offshore, Inc. – slide 12
    Young & Versatile Fleet 16 16 15 15 14 Vessel Vintage by Year 14 13 13 12 12 11 11 10 10 9 9 Number of Vessels 8 8 Current 7 7 New Build 6 Program 6 5 5 4 4 3 3 2 2 1 1 0 0 1972 1973 1974 1975 1976…
  13. Capital One Securities 10th Annual Energy Conference – Gulfmark Offshore, Inc. – slide 13
    Contract Cover Comparison As of November 9, 2015 As of October 20, 2014 2015 2016 2014 2015 Vessel Days Vessel Days Vessel Days Vessel Days North Sea 65% 38% 72% 39% Southeast Asia 44% 19% 84% 22% Americas 28% 7% 57% 16% Overall…
  14. Capital One Securities 10th Annual Energy Conference – Gulfmark Offshore, Inc. – slide 14
    GulfMarks Strategy and Direction Concentrate on franchise positions and customer base Over 20 years of safe, reliable operations help differentiate GulfMark Highly-skilled mariners and cutting-edge technology Strong customer base &…
  15. Capital One Securities 10th Annual Energy Conference – Gulfmark Offshore, Inc. – slide 15
    Reconciliation Of Adjusted EBITDA 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 TTM Net (loss) income 38.4 89.7 99.0 183.8 50.6 (34.7) 49.9 19.3 70.6 62.4 (191.3) Interest expense, net 18.4 14.4 4.8 12.8 19.9 20.7 21.6 22.9 23.6…
  16. Capital One Securities 10th Annual Energy Conference – Gulfmark Offshore, Inc. – slide 16
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