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THIRD QUARTER 2014 – GC Rieber Shipping ASA

GC Rieber Shipping ASA · Nov 5, 2014 · 19 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. THIRD QUARTER 2014 – GC Rieber Shipping ASA – slide 1
    Third quarter 2014 Bergen 5 November 2014 05.11.2014 1 GC RIEBER SHIPPING
  2. THIRD QUARTER 2014 – GC Rieber Shipping ASA – slide 2
    Agenda Highlights Q3 2014 Operational review Financial review Summary and outlook Polar Onyx 05.11.2014 2 GC RIEBER SHIPPING
  3. THIRD QUARTER 2014 – GC Rieber Shipping ASA – slide 3
    Highlights third quarter Stable and good operations Fleet utilisation of 99% New time charter agreement for Polar Queen Historically strong EBITDA Polar Queen 05.11.2014 3 GC RIEBER SHIPPING
  4. THIRD QUARTER 2014 – GC Rieber Shipping ASA – slide 4
    Key figures REVENUES EBITDA NET PROFIT NOK million NOK million NOK million 300 150 500 439 126 125 250 241 400 215 214 120 110 200 176 300 168 90 75 150 66 200 60 100 100 41 44 47 30 50 0 0 0 -100 -73 Q313 Q413…
  5. THIRD QUARTER 2014 – GC Rieber Shipping ASA – slide 5
    Operational Review Q3 2014 05.11.2014 5 GC RIEBER SHIPPING
  6. THIRD QUARTER 2014 – GC Rieber Shipping ASA – slide 6
    New time charter for Polar Queen Extension of existing charter with Boa Marine Services Inc. 3 years duration, commencing April 2015 Includes options for up to 3 years extensions Polar Queen 05.11.2014 6 GC RIEBER SHIPPING
  7. THIRD QUARTER 2014 – GC Rieber Shipping ASA – slide 7
    Contract backlog of NOK 3.2 billion* per 30 September 2014 CONTRACT COVERAGE* CONTRACT BACKLOG* Utilisation rate NOK million 100% 100% 1 800 1 500 1 382 80% 67% 1 200 60% 57% 47% 900 816 772 40% 600 20% 241 300 0%…
  8. THIRD QUARTER 2014 – GC Rieber Shipping ASA – slide 8
    Average duration of contract portfolio is 2.4 years 2014 2015 2016 2017 2018 VESSEL CHARTERER Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 SUBSEA Fixed Option Polar Prince Reef Subsea Polar King Reef Subsea Polar…
  9. THIRD QUARTER 2014 – GC Rieber Shipping ASA – slide 9
    Construction of new seismic vessel Advanced 3D seismic vessel with 22 streamers and ice class 1A* Expected delivery from Kleven Verft in Q1 2015 5 years contract with Dolphin Geophysical from delivery Seismic newbuild…
  10. THIRD QUARTER 2014 – GC Rieber Shipping ASA – slide 10
    Subsea Fleet utilisation 100 percent KEY FIGURES NOK million 96 percent in Q3 2013 150 145 Solid performance improvement 132 YoY 120 Polar Onyx in operations from 90 94 primo March 2014 90 82 80 72 Increased fleet utilisation…
  11. THIRD QUARTER 2014 – GC Rieber Shipping ASA – slide 11
    Marine Seismic Fleet utilisation 98 percent KEY FIGURES NOK million 100 percent in Q3 2013 150 Increased income Slightly weakened EBITDA 120 90 Market 90 80 76 67 Challenging market 58 60 49 47 Sound order backlog 25 30…
  12. THIRD QUARTER 2014 – GC Rieber Shipping ASA – slide 12
    Ice/ Support Fleet utilisation 99 percent KEY FIGURES NOK million 94 percent in Q3 2013 Reduced activity and subsequent performance YoY 50 44 Sale of HMS Protector in September 2013 28 Yard stay for HMS Protector prior to…
  13. THIRD QUARTER 2014 – GC Rieber Shipping ASA – slide 13
    Financial review Q3 2014 05.11.2014 13 GC RIEBER SHIPPING
  14. THIRD QUARTER 2014 – GC Rieber Shipping ASA – slide 14
    Income statement NOK mill Q3 2014 Q3 2013 (2) YTD 2014 YTD 2013 (2) 2013 (2) Operating income 240.7 215.0 623.0 569.9 745.5 EBITDA 124.8 126.5 309.9 309.8 375.4 EBIT 88.1 464.3 201.5 581.1 621.9 Net financial income and expenses -…
  15. THIRD QUARTER 2014 – GC Rieber Shipping ASA – slide 15
    Segments Q3 2014 Q3 2013 NOK mill Revenues EBITDA Margin Revenues EBITDA Margin Subsea 145.1 80.2 55.3% 90.0 50.1 55.7% Marin Seismic 89.7 46.9 52.3% 80.4 48.9 60.8% Ice/ support 5.9 -2.3 n/a 44.5 27.5 61.8% Sum 240.7 124.8…
  16. THIRD QUARTER 2014 – GC Rieber Shipping ASA – slide 16
    Balance sheet per 30.09.2014 NOK million Total balance NOK 4 538 million 5 000 56 Equity ratio 50.1 percent Intangible assets 4 000 Solid cash position NOK 422.5 million 2272 Equity 3 000 Net debt NOK 1 644 million 3850…
  17. THIRD QUARTER 2014 – GC Rieber Shipping ASA – slide 17
    Outlook Market view short term Reduced petroleum investment due to cost cutting programs and fall in oil prices Uncertainties related to political risk in the Russian region upheld Expected trends in segments Subsea: Downward…
  18. THIRD QUARTER 2014 – GC Rieber Shipping ASA – slide 18
    Summary Stable and robust operations New time charter for Polar Queen Historically strong EBITDA Post quarter: Extension of bare boat charter for Ernest Shackleton Polar Queen 05.11.2014 18 GC RIEBER SHIPPING
  19. THIRD QUARTER 2014 – GC Rieber Shipping ASA – slide 19
    / THANK YOU FOR LISTENING

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