Investor Presentation for Barclays Energy Conference September 2-3, 2014
Company & Investment Highlights
Company Overview One of the largest integrated providers of permanent and temporary workforce accommodations, catering, facility management and logistics services Spun-off from Oil States International (Ticker: OIS) in May 2014 as…
Where We Operate CANADA 8 lodges with 12,660 rooms 7 open camps with 1,143 rooms Mobile camp assets Primary activity driver is oil sands development AUSTRALIA AUSTRALIA 10 villages with 9,256 rooms NORTH AMERICA No mobile…
Key Investment Highlights Organic and Acquisition Growth Differentiated Business Model Disciplined Capital Allocation Strategy Develop, Own, Operate model Organic growth in Canadian oil Initial dividend of 0.13 per provides…
Company Overview
Develop, Own, Operate Business Model Land banking creates early-mover advantage and manufacturing facilitates speed to market Established a leadership position in providing a fully integrated service offering to customers Identify and…
Accommodations Business Overview Primary revenue and earnings driver is lodge and village business Lodges & Villages Mobile & Open Camps Lodges and villages are permanent structures Major differentiator between lodges and open…
Lodge and Village Capacity Average Available Rooms in Oil Sands Lodges and Australian Villages Organic room count CAGR: 18% Investor Presentation September 2-3, 2014 10
Scalable Investment Flexibility Synchronizing investment with demand Lodges and villages are located in areas with significant, long-term resource development Civeo deploys scalable facility design to match unique needs of…
Land Banking Strategy Leads to Investment Holistic D.O.O. business model facilitates market entry and market share Land banking strategy often provides early mover advantage in new regions Currently have 11 sites land banked and…
Operations Overview
Tour of Lodge Experience Investor Presentation September 2-3, 2014 14
Tour of Lodge Experience Investor Presentation September 2-3, 2014 15
Villages in Australia Investor Presentation September 2-3, 2014 16
Geographic Segments
Canadian Operations Overview Largest integrated accommodations provider in Canada Primarily targeting Canadian Oil Sands in northern Alberta Serves the lifecycle of a customers project by addressing initial and exploratory phases…
Canadian Lodges Overview Geography / Extraction As of December 31, June 30, Lodges / Open Camps Province Technique 2010 2011 2012 2013 2014 Lodges: Wapasu N. Athabasca Mining 4,013 5,174 5,174 5,174 5,174 Athabasca N. Athabasca…
Australian Operations Overview Largest third party accommodations provider in Australia Primarily centered around metallurgical coal mines Exposure to other resources such as LNG, gold and iron ore Civeo entered the Australian…
Australian Facilities Overview Resource Targeted As of December 31, June 30, Australian Villages Basin Resource 2010 2011 2012 2013 2014 Coppabella Bowen Met Coal 1,654 2,556 2,912 3,048 3,048 Dysart Bowen Met Coal 1,249 1,491 1,912…
Customer Overview Large customer projects, customers long-term view of commodities, low credit risk Substantial partner to allow customers to focus on their core business Civeos integrated business model allows customers to North…
Mobile and Open Camp Asset Overview Open camps are generally smaller facilities that provide a level of amenity similar to that of the larger lodges Typically utilized by customers for exploratory, seasonal or short-term projects,…
Outlook and Strategic Growth Priorities Outlook: Opened McClelland Lake Lodge (eighth lodge in Canada) with three-year contract in 2Q14. Expect initial capacity of 1,997 rooms by year end 2014 Consistent occupancy in Canada with…
How Does Civeo Compare to Other Sectors Business Model Comparison HOTEL MULTI-FAM FACILITIES CIVEO LODGING HOUSING CATERING Tenants, Few Many Many Few Credit Quality & Asset Location Canada, Aus, US US US Global Contract…
Consolidation Opportunity Exists Total Rooms: 73,000 Total Rooms: 35,000 Civeo Market Share (Australia) Civeo 34% Operator Owned 49% 3rd Party Comp 17% Total Rooms: 27,000 Note: Australia market share is a sample…
Financial Review
Summary Historical Revenue and EBITDA US dollars in millions Revenue (1) EBITDA and Margin (1) Note: Results for 2006 2009 represent the results for the Accommodations Segment of Oil States and are not audited. (1) The Company…
Historical Financial Results US dollars in millions Year ended December 31, Six Months Ended June 30 2011 2012 2013 2013 2014 Revenues 864.7 1,108.9 1,041.1 537.5 479.9 Gross Profit 408.3 625.7 529.6 254.5 203.1 % 47.2% 56.4%…
Historical Revenue Build-up and Operating Statistics Twelve Months Ended December 31, Three Months Ended June 30 Six Months Ended June 30 ( in millions except operating statistics & exchange rates) 2011 2012 2013 2013 2014 2013 2014…
Strong Financial Position Capitalization as of June 30, 2014 US dollars in millions Cash 285.5 U.S. Revolver -- Canadian Revolver -- Australian Revolver -- U.S. Term Loan 775.0 Total Debt 775.0 Total Stockholders' Equity (1)…
Capital Allocation / Financial Structure Syndicated bank credit facility totaling 1.425 billion 775.0 million five-year term loan 650.0 million five-year revolving credit facilities with availability of 450.0 million in the US, 100.0…
Key Investment Highlights Organic and Acquisition Growth Differentiated Business Model Disciplined Capital Allocation Strategy Develop, Own, Operate model Organic growth in Canadian oil Initial dividend of 0.13 per provides…
Appendix
EBITDA Reconciliation US dollars in millions The term EBITDA consists of net income plus interest, taxes, depreciation and amortization. EBITDA is not a measure of financial performance under generally accepted accounting principles and…
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