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Bank of America Merrill Lynch 2014 Global Energy Conference – Gulfmark Offshore, Inc.

Gulfmark Offshore, Inc. · Nov 30, 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. Bank of America Merrill Lynch 2014 Global Energy Conference – Gulfmark Offshore, Inc. – slide 1
    Bank of America Merrill Lynch 2014 Global Energy Conference November 2014 1 GulfMark GulfMark A Offshore, Offshore, Inc. Inc. company NYSE:GLF GULFMARK.COM
  2. Bank of America Merrill Lynch 2014 Global Energy Conference – 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% 200 30% 20% 100 10% 0 0% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012…
  3. Bank of America Merrill Lynch 2014 Global Energy Conference – Gulfmark Offshore, Inc. – slide 3
    Global Vessel Solutions 4 As at end of Q3 2014
  4. Bank of America Merrill Lynch 2014 Global Energy Conference – Gulfmark Offshore, Inc. – slide 4
    Fleet Growth 5 As at end of Q3 2014
  5. Bank of America Merrill Lynch 2014 Global Energy Conference – Gulfmark Offshore, Inc. – slide 5
    Young & Versatile Fleet Secondary Market Purchases Vessel Vintage by Year Average one vessel purchase per year for 14 last three years 13 Two in 2012: 12 One 2010-built DP2 PSV for US GoM One 2006-built DP2 PSV for UK North Sea…
  6. Bank of America Merrill Lynch 2014 Global Energy Conference – Gulfmark Offshore, Inc. – slide 6
    Vessel Dispositions Demonstrate Long-Term Value Year of Year Age at Sales Price as a Percentage Vessel Name Sale Built Disposal Sales Price Original Cost of Original Cost Highland Legend 2014 1986 28 900,000 3,583,160 25% Highland…
  7. Bank of America Merrill Lynch 2014 Global Energy Conference – 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. Bank of America Merrill Lynch 2014 Global Energy Conference – 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. Bank of America Merrill Lynch 2014 Global Energy Conference – Gulfmark Offshore, Inc. – slide 9
    New Construction Delivery Schedule 300 Class Europe 887 DEFENDER Jul 10, 2013 300 Class Arctic Europe Arctic POMOR Jul 26, 2013 280 Class Europe 879 CHIEFTAIN Sep 14, 2013 300 Class Europe 887 GUARDIAN Sep 26, 2013 250 Class…
  10. Bank of America Merrill Lynch 2014 Global Energy Conference – Gulfmark Offshore, Inc. – slide 10
    Vessel Enhancement Schedule Six 190 Class PSVs have been lengthened to 230 Class Nine 210 Class PSVs being lengthened to 260 Class DEFENDER POMOR St. Louis COMPLETED Sep 30, 2013 Toulouse COMPLETED Nov 9, 2013 Orleans…
  11. Bank of America Merrill Lynch 2014 Global Energy Conference – Gulfmark Offshore, Inc. – slide 11
    Rig Count Growth North Sea FLOATING RIGS Drilling 39 Additions 7 (through Q4 2015) % Increase 18% JACKUPS Drilling 43 Additions 1 (through Q4 2015) % Increase 2% Source: IHS Petrodata as of 11/5/14 13
  12. Bank of America Merrill Lynch 2014 Global Energy Conference – Gulfmark Offshore, Inc. – slide 12
    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 11/5/14 14
  13. Bank of America Merrill Lynch 2014 Global Energy Conference – Gulfmark Offshore, Inc. – slide 13
    Vessel To Rig Ratio U.S. Gulf of Mexico 10 10 Historic Forecast 9 9 8.3 8.1 8 8 7 6.5 7 6 6 5.3 5.2 5.0 4.8 4.8 5 4.7 4.7 4.6 4.7 4.7 5 4.5 4.5 4.4 4.5 4.4 4.4 4.3 4.4 4 4.6 4.5 4 4.4 4.4 4.3 4.4 4.3 3 3 2 2…
  14. Bank of America Merrill Lynch 2014 Global Energy Conference – Gulfmark Offshore, Inc. – slide 14
    Vessel To Rig Ratio North Sea 10 10 Historic Forecast 9 9 8 8 7 7 6 6 5.0 5.1 4.9 5 4.7 4.7 4.6 4.7 4.6 5 4.5 4.4 4.4 4.5 4.4 4.4 4.2 4.4 4.2 4.5 4.3 4.2 4.1 4.1 4.0 4.0 3.9 4.0 3.8 3.8 4 4 4.2 4.0 4.0 3.9 3.8 3.8…
  15. Bank of America Merrill Lynch 2014 Global Energy Conference – Gulfmark Offshore, Inc. – slide 15
    Revenue 18 As at end of Q3 2014
  16. Bank of America Merrill Lynch 2014 Global Energy Conference – Gulfmark Offshore, Inc. – slide 16
    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…
  17. Bank of America Merrill Lynch 2014 Global Energy Conference – Gulfmark Offshore, Inc. – slide 17
    Net-Debt Position (USD in Millions) 600 35% Target Range 30% Net-Debt to Total Book Capitalization 500 25% Debt Net- 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…
  18. Bank of America Merrill Lynch 2014 Global Energy Conference – Gulfmark Offshore, Inc. – slide 18
    2014 - 2015 Non-Operating Uses of Cash Use 2014E 2015E (USD in Millions) New Build Program 100 68 Acquisitions & Enhancements 65 5 Sub-Total 165 73 Dividends 26 26 Total Committed Non-Operating Cash Uses 191 99 21 As at…
  19. Bank of America Merrill Lynch 2014 Global Energy Conference – Gulfmark Offshore, Inc. – slide 19
    Reconciliation Of Adjusted EBITDA As of Sep 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 80.7 Interest expense, net 17.0 18.4 14.4 4.8 12.8 19.9…

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