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Investor Presentation – Polarcus

Polarcus · Nov 13, 2014 · 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. Investor Presentation – Polarcus – slide 1
    Polarcus Limited Third Quarter 2014 13 November, 2014 Rolf Ronningen, CEO Tom Henrik Sundby, CFO Duncan Eley, COO 1
  2. Investor Presentation – Polarcus – slide 2
    Agenda 1 Highlights 2 Financials 3 Operations & Market update 4 Summary & Q&A 5 Appendices 3
  3. Investor Presentation – Polarcus – slide 3
    A challenging global market Global market landscape Lower oil price on demand slowdown Resultant pressure on margins across E&P Oilcos driving cost savings on exploration spend Continued competitive landscape going into 2015…
  4. Investor Presentation – Polarcus – slide 4
    On course to navigate 2015 Good visibility on a globally positioned fleet Strengthened client relationships with expanded regional hubs High end data processing capabilities driving new revenue streams Multi-Client core areas…
  5. Investor Presentation – Polarcus – slide 5
    Agenda 1 Highlights 2 Financials 3 Operations & Market update 4 Summary & Q&A 5 Appendices 6
  6. Investor Presentation – Polarcus – slide 6
    Key financials Quarter ended Nine months ended Year ended (In millions of USD) 30-Sep-14 30-Sep-13 30-Sep-14 30-Sep-13 31-Dec-13 Revenues 114.3 133.7 373.4 408.9 532.2 Cost of sales (62.8) (69.9) (217.9) (227.4) (293.1) EBITDA 43.4…
  7. Investor Presentation – Polarcus – slide 7
    Key financials Revenues EBITDA Margin 200 70 64.6 50% 174.6 57.1 60 40% 150 133.7 50 43.4 114.3 40 30% 100 30 20% 50 20 10% 10 - - 0% Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13…
  8. Investor Presentation – Polarcus – slide 8
    Low Q3 contract utilization on vessel repositioning 4% 1% 2% 1% 2% 2% 1% 6% 5% 7% 7% 3% 5% 13% 14% Idle time incurred due to permit 6% 19% 11% 19% 14% 12% 16% delays and late awards 13% 13% 10% 10% 6% 16% 4% 22%…
  9. Investor Presentation – Polarcus – slide 9
    Increased headroom on DSR covenant LTM EBITDA Required EBITDA Required EBITDA from operations Amendment of debt service ratio (DSR) covenant 198 197 183 1.60x from Q4 2014 192 187 1.75x from Q2 2015 172 2.00x from Q4 2015 151…
  10. Investor Presentation – Polarcus – slide 10
    Agenda 1 Highlights 2 Financials 3 Operations & Market update 4 Summary & Q&A 5 Appendices 11
  11. Investor Presentation – Polarcus – slide 11
    Industry leading assets Youngest and most uniform 3D fleet with specialized Arctic capabilities A-Class 12-14 streamers Industries highest ICE class N-Class Polarcus Naila upgraded in H1 14 12 streamers Equivalent capabilities to…
  12. Investor Presentation – Polarcus – slide 12
    Fleet delivering excellent performance Vessel locations 31 October 14 Strong operational performance across the fleet YTD 14 fleet technical downtime < 2.5% Polarcus Adira Polarcus Nadia 8 x 160m x 10,050m 10 x 100m x 8100m…
  13. Investor Presentation – Polarcus – slide 13
    N-Class upgrades delivering significant benefits Platform Seismic 100% Increased Reduced Increased Reduced drag Silent redundancy bollard pull fuel consumption streamer capacity propulsion Improved profitability 14
  14. Investor Presentation – Polarcus – slide 14
    Integrated broadband processing solutions New service line launched Q4 2014: fast-track broadband processing revenue stream Managed and staffed by Polarcus geophysicists, powered by DUGs advanced processing software Delivering…
  15. Investor Presentation – Polarcus – slide 15
    Arctic and environmental strategies paying off 60% of global High ICE-Class fleet operated by Polarcus in 2015 Demand for safe & efficient Arctic exploration will continue to increase Baffin Bay, West Greenland. 3D survey - 2012…
  16. Investor Presentation – Polarcus – slide 16
    Well positioned multi-client data library Liberator; 2013 High quality broadband data library over Pending 28th Round Second Tranche prime exploration acreage: GDF 30/01a-11; 2011 UK North Sea Ireland Atlantic Margins…
  17. Investor Presentation – Polarcus – slide 17
    Increased focus on cost management Focus area Tactics Saving Streamlined support structure reorganization Q3 Human capital cost Adjustment to compensation & benefits 2014-15 17m Insourcing of onboard processing geophysicists…
  18. Investor Presentation – Polarcus – slide 18
    Backlog Received contract tenders in USD million (As of end Oct) USD 325 million backlog* mid- 450 November 400 350 Booked capacity Q4 2014 - 100% 300 Booked capacity Q1 2015 - 70% 250 200 Booked capacity Q2 2015 - 45%…
  19. Investor Presentation – Polarcus – slide 19
    Outlook 2014 / 2015 Competitive landscape through Q2 2015 Neutral net vessel growth 2014 2016 Increased demand in APAC, Arctic regions and South America Recent discoveries in Senegal, Gabon and Angola driving new activity in…
  20. Investor Presentation – Polarcus – slide 20
    Guidance for 2014 Full year EBITDA guidance USD 140-150 million Multi-client cash investments of USD 50 million Prefunding level of 65% expected Vessel related capital expenditure of USD 50 million USD 20 million relates to the…
  21. Investor Presentation – Polarcus – slide 21
    Agenda 1 Highlights 2 Financials 3 Operations & Market update 4 Summary & Q&A 5 Appendices 22
  22. Investor Presentation – Polarcus – slide 22
    Key takeaways Backlog secured of USD 325 million Strong operational performance with low technical downtime Cost management program implemented and improving profitability Adapting to a challenging market environment Polarcus…
  23. Investor Presentation – Polarcus – slide 23
    Agenda 1 Highlights 2 Financials 3 Operations & Market update 4 Summary & Q&A 5 Appendices 24
  24. Investor Presentation – Polarcus – slide 24
    Our company in brief Polarcus Limited Ticker Oslo stock exchange PLCS Fleet of 7 high-end 3D seismic vessels 6 vessels operating globally in Contract and Multi-Client markets Shares issued, million 669,8 1 vessel on 5 year…
  25. Investor Presentation – Polarcus – slide 25
    Income statement Quarter ended Nine months ended Year ended (In thousands of USD) 30-Sep-14 30-Sep-13 30-Sep-14 30-Sep-13 31-Dec-13 Revenues Contract revenue 98,370 129,746 346,848 385,266 496,422 Multi-client revenue 13,329 3,305 23,460…
  26. Investor Presentation – Polarcus – slide 26
    Balance Sheet (In thousands of USD) 30-Sep-14 30-Sep-13 31-Dec-13 ASSETS Non-current Assets Property, plant and equipment 945,486 983,504 972,802 Multi-client project library 114,922 85,095 88,704 Investment in joint ventures 2,475 2,533…
  27. Investor Presentation – Polarcus – slide 27
    Cash flow Quarter ended Nine months ended Year ended (In thousands of USD) 30-Sep-14 30-Sep-13 30-Sep-14 30-Sep-13 31-Dec-13 Cash flows from operating activities Profit/(loss) for the period (8,878) 19,926 1,288 36,065 43,466 Adjustment…
  28. Investor Presentation – Polarcus – slide 28
    Debt overview as of 30 September 2014 Balance Debt Security Size Tenure Maturity Interest % 30 Sep 2014 Unsecured bond Unsecured NOK 350m NOK 350m 5 years Jul-19 7.73% Unsecured bond Unsecured NOK 230m NOK 185m 3 years Nov-14…
  29. Investor Presentation – Polarcus – slide 29
    Improved financial flexibility Debt maturity profile Q3 2014 Extended maturity and reduced cost Bank debt Sale leaseback USD 125m CB New NOK 350m bond issued and swapped USD 95m bond NOK 230m bond NOK 350m bond to USD floating…
  30. Investor Presentation – Polarcus – slide 30
    Awards through RIGHTDESIGN DYNPOS-AUTR Systems redundancy CLEAN DESIGN IMO Green Passport with DP2 High specification Triple E exhaust catalysts Environmental & Energy Efficiency Sentinel solid streamers ULSTEIN X-BOW…
  31. Investor Presentation – Polarcus – slide 31
    Polarcus leads the world with DNV-GL Triple-E Polarcus has the only vessels in the world with Triple-E Level 1 rating The Triple-E Environmental & Energy Efficiency rating initiative: Applicable for all ships A tool for…
  32. Investor Presentation – Polarcus – slide 32
    Global 3D fleet dynamics 2013 - 16 Year No. Vessels Company Vessel Streamer cap. 2013 Year end 65 664 1 PGS Ramform Atlas 16 1 Dolphin Sanco Sword 12 Net fleet reduction of 3% 1 1 Western Geco Dolphin Amazon Warrior Polar…
  33. Investor Presentation – Polarcus – slide 33
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