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Q3 2014 Results – Frontline Energy Inc.

Frontline Energy Inc. · Nov 25, 2014 · 16 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. Q3 2014 Results – Frontline Energy Inc. – slide 1
    Q3 2014 Results November 25, 12014
  2. Q3 2014 Results – Frontline Energy Inc. – slide 2
    Agenda Third Quarter 2014 Highlights and Transactions Financial Review Market Update Newbuildings Outlook Q & A 3
  3. Q3 2014 Results – Frontline Energy Inc. – slide 3
    Third Quarter 2014 Highlights and Transactions The Company issued 1,140,226 new ordinary shares in the third quarter under the ATM program Termination of long term charter parties with SFL for three VLCCs built in 1999 Delivery…
  4. Q3 2014 Results – Frontline Energy Inc. – slide 4
    Third Quarter 2014 Financial Highlights 25 -25 Q3 - 2014 results -12,1 -13,0 -18,8 -36,4 Net loss : 59.6m, equivalent to loss per share of -75 -59,6 0.60 -78,2 -125 Impairment loss of 45.2m -120,3 Net loss (ex impairment…
  5. Q3 2014 Results – Frontline Energy Inc. – slide 5
    Financial Review Income Statement 2013 2014 CONDENSED CONSOLIDATED INCOME STATEMENTS 2014 2013 2013 July-Sept July-Sept (in thousands of ) Jan-Sept Jan-Sept Jan-Dec 126,494 135,619 Total operating revenues 424,589 373,619 517,190 - -…
  6. Q3 2014 Results – Frontline Energy Inc. – slide 6
    Financial Review Income on time charter basis 2014 2013 /day YTD Q3 Q2 Q1 FY Q4 Q3 Q2 Q1 VLCC Spot 23 000 23 900 12 500 32 500 15 400 21 600 13 900 11 200 14 600 VLCC incl. TC out 23 800 24 600 13 900 32 700 17 400 22 400 16 100 14…
  7. Q3 2014 Results – Frontline Energy Inc. – slide 7
    Financial Review Ship operating expenses/Off-hire Total fleet opex (/day) Number of vessels drydocked 13 000 12 500 9 8 12 000 8 10 800 7 11 000 10 400 6 10 000 9 900 10 000 5 9 000 8 900 9 000 4 9 000 4 3 8 000 2 2 2 7 000…
  8. Q3 2014 Results – Frontline Energy Inc. – slide 8
    Financial Review Balance Sheet Balance sheet (in million) 2014 2014 2013 Sep 30 Jun 30 Dec 31 Cash 105 62 54 Restricted cash 16 37 68 Other Current assets 137 141 138 Long term assets: - Vessels 624 884 970 Newbuildings 15 15…
  9. Q3 2014 Results – Frontline Energy Inc. – slide 9
    Financial Review Cash Cost Breakeven Estimated Cash cost breakeven rates for the remainder of 2014 (/day) VLCC 22,900 Suezmax 18,100 Comments to B/E rates: Included in cash B/E rates are: BB hire, opex , interest and…
  10. Q3 2014 Results – Frontline Energy Inc. – slide 10
    Market Update Earnings & Market Factors Q3 Average Market earnings / Marex VLCC (TD3) : 19,000/day (Q2-14: 12,000/day) Suezmax (TD5) : 23,000/day (Q2-14: 15,500/day) The Market: According to IEA global oil demand increased by 1.6…
  11. Q3 2014 Results – Frontline Energy Inc. – slide 11
    Market Update VLCC Fleet Fleet Delivery Schedule Current Fleet 634 Delivered 2014 16 Orderbook 93 Estimated deliveries 2014 18 Orderbook/ Fleet 15 % Current fleet & Orderbook 12 Source: Fearnleys November 2014
  12. Q3 2014 Results – Frontline Energy Inc. – slide 12
    Market Update Suezmax Fleet Fleet Delivery Schedule Current Fleet 452 Delivered 2014 6 Orderbook 44 Estimated deliveries 2014 8 Orderbook/Fleet 10 % Current fleet & Orderbook 13 Source: Fearnleys November 2014
  13. Q3 2014 Results – Frontline Energy Inc. – slide 13
    Market Update Values and Rates NEWBUILDING TC MARKET 14 Source: Clarksons
  14. Q3 2014 Results – Frontline Energy Inc. – slide 14
    Market Update Frontline Fleet, including vessels on commercial management & ITCL: 14 Smax 25 VLCC One Suezmax newbuilding expected delivered in January 2015 Remaining installments to be paid approximately 41m VLCC Chartering…
  15. Q3 2014 Results – Frontline Energy Inc. – slide 15
    Market Update Market Outlook Highest fleet utilisation seen since 2009 Geography of trading routes has reversed in the last 18 months and increased ton/mile Increased ton/mile has increased volatility Lower oil price increasing TCE…
  16. Q3 2014 Results – Frontline Energy Inc. – slide 16
    Q uestions 17

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