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IBERIA CAPITAL PARTNERS – Gulfmark Offshore, Inc.

Gulfmark Offshore, Inc. · Aug 1, 2014 · 23 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. IBERIA CAPITAL PARTNERS – Gulfmark Offshore, Inc. – slide 1
    Iberia Capital Partners August 2014 1 GulfMark GulfMark A Offshore, Offshore, Inc. Inc. company NYSE:GLF GULFMARK.COM
  2. IBERIA CAPITAL PARTNERS – Gulfmark Offshore, Inc. – slide 2
    Long Term Revenue, EBITDA & Utilization (USD in Millions) 700 100% 90% 600 80% 500 70% 60% Utilization 400 50% 300 40% 30% 200 20% 100 10% 0 0% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011…
  3. IBERIA CAPITAL PARTNERS – Gulfmark Offshore, Inc. – slide 3
    Introduction 4
  4. IBERIA CAPITAL PARTNERS – Gulfmark Offshore, Inc. – slide 4
    Diversified Global Fleet 5 As at end of Q2 2014
  5. IBERIA CAPITAL PARTNERS – Gulfmark Offshore, Inc. – slide 5
    Fleet Growth 6 As at end of Q2 2014
  6. IBERIA CAPITAL PARTNERS – Gulfmark Offshore, Inc. – slide 6
    Young & Versatile Fleet Secondary Market Purchases Vessel Vintage by Year Average one vessel purchase per year for last three years 14 Two in 2012: 13 One 2010-built DP2 PSV for US GoM 12 One 2006-built DP2 PSV for UK North Sea…
  7. IBERIA CAPITAL PARTNERS – Gulfmark Offshore, Inc. – slide 7
    A Changing Environment Significant number of new generation rigs allows for increased activity in: Deepwater Remote drilling locations Harsh environment Industry and regulatory call for higher specification vessels for: Complex…
  8. IBERIA CAPITAL PARTNERS – Gulfmark Offshore, Inc. – slide 8
    The New Breed Of PSV GULFMARKS Length Breadth 92.6m 19.2m ARCTIC CLASS Dwt 5000T Speed 17kts WINTERIZED ERN 99,99,99,99 SPS CODE Oil Recovery 1000m2 Deck DP2 Dry Bulk Tanks Ice-1B Hull Diesel Electric Maximized Special Mud,…
  9. IBERIA CAPITAL PARTNERS – Gulfmark Offshore, Inc. – slide 9
    New Construction Delivery Schedule 300 Class Europe 887 DEFENDER July 10, 2013 300 Class Arctic Europe Arctic POMOR July 26, 2013 280 Class Europe 879 CHIEFTAIN September 14, 2013 300 Class Europe 887 GUARDIAN September 26,…
  10. IBERIA CAPITAL PARTNERS – Gulfmark Offshore, Inc. – slide 10
    Vessel Enhancement Schedule Six 190 Class PSVs have been lengthened to 230 Class DEFENDER Eight 210 Class PSVs being lengthened to 260 Class POMOR St. Louis COMPLETED CHIEFTAIN September 30, 2013 DEFENDER Toulouse GUARDIAN…
  11. IBERIA CAPITAL PARTNERS – Gulfmark Offshore, Inc. – slide 11
    DEMAND DRIVERS 12 12
  12. IBERIA CAPITAL PARTNERS – Gulfmark Offshore, Inc. – slide 12
    Rig Count Growth North Sea FLOATING RIGS Drilling 37 Scheduled Arrivals/Activations 8 (through 2015) % Increase 22% JACKUPS Drilling 37 Scheduled Arrivals 5 (through 2015) % Increase 14% Source: IHS Petrodata as of…
  13. IBERIA CAPITAL PARTNERS – Gulfmark Offshore, Inc. – slide 13
    Floating Rig Count Growth U.S. GoM FLOATING RIGS IN U.S. GOM Currently Drilling 38 Net Additions 12 (through Q4 2015) % Increase 32% Source: IHS Petrodata as of 8/21/14 14
  14. IBERIA CAPITAL PARTNERS – Gulfmark Offshore, Inc. – slide 14
    Vessel To Rig Ratio U.S. Gulf of Mexico 10.0 Historic Forecast 9.0 8.3 8.1 8.0 7.0 6.5 6.0 5.3 5.2 5.0 4.8 4.8 5.0 4.7 4.7 4.7 4.6 4.5 4.5 4.4 4.5 4.4 4.6 4.4 4.3 4.4 4.6 4.5 4.0 4.4 4.4 4.3 4.4 4.3 3.0 2.0…
  15. IBERIA CAPITAL PARTNERS – Gulfmark Offshore, Inc. – slide 15
    Current North Sea Outlook 10.0 Historic Forecast 9.0 8.0 7.0 6.0 5.0 5.1 4.9 5.0 4.7 4.7 4.6 4.7 4.6 4.5 4.4 4.4 4.5 4.4 4.4 4.4 4.5 4.4 4.3 4.3 4.2 4.2 4.2 4.3 4.3 4.1 4.1 4.1 3.8 4.0 4.2 4.0 4.0 3.9 3.8 3.8 3.8…
  16. IBERIA CAPITAL PARTNERS – Gulfmark Offshore, Inc. – slide 16
    FINANCIAL INFORMATION 17 17
  17. IBERIA CAPITAL PARTNERS – Gulfmark Offshore, Inc. – slide 17
    Revenue Trailing Twelve Months 18 As at end of Q2 2014
  18. IBERIA CAPITAL PARTNERS – Gulfmark Offshore, Inc. – slide 18
    Day Rate in Backlog Remains Strong (USD in Millions) 1,000 25,000 900 800 20,000 700 Day Rate 600 15,000 500 400 10,000 300 200 5,000 100 0 0 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2…
  19. IBERIA CAPITAL PARTNERS – Gulfmark Offshore, Inc. – slide 19
    Net-Debt Position (USD in Millions) 600 35% Target Range 30% Net-Debt to Total Book Capitalization 500 25% 400 20% 300 15% 200 10% 100 5% 0 0% Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1…
  20. IBERIA CAPITAL PARTNERS – Gulfmark Offshore, Inc. – slide 20
    2014 - 2015 Non-Operating Uses of Cash Use 2014E 2015E (USD in Millions) New Build Program 98 60 Acquisitions & Enhancements 69 10 Sub-Total 167 70 Dividends 26 26 Total Cash Uses 193 96 21 As at end of Q2 2014
  21. IBERIA CAPITAL PARTNERS – Gulfmark Offshore, Inc. – slide 21
    Future Growth 22
  22. IBERIA CAPITAL PARTNERS – Gulfmark Offshore, Inc. – slide 22
    Reconciliation Of Adjusted EBITDA As of Jun 30th 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 TTM Net (loss) income (4.6) 38.4 89.7 99.0 183.8 50.6 (34.7) 49.9 19.3 70.6 88.6 Interest expense, net 17.0 18.4 14.4 4.8 12.8 19.9…
  23. IBERIA CAPITAL PARTNERS – Gulfmark Offshore, Inc. – slide 23
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