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BAML 13TH ANNUAL OIL & GAS CONFERENCE – Polarcus

Polarcus · Apr 1, 2014 · 33 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. BAML 13TH ANNUAL OIL & GAS CONFERENCE – Polarcus – slide 1
    Polarcus Limited Bank of America Merrill Lynch 13th Annual Oil & Gas Conference 01 April, 2014 Tom Henrik Sundby, CFO Hans Peter Burlid, VP Finance 1
  2. BAML 13TH ANNUAL OIL & GAS CONFERENCE – Polarcus – slide 2
    Agenda 1 Highlights 2 Financials 3 Operations & Market update 4 Summary & Q&A 5 Appendices 3
  3. BAML 13TH ANNUAL OIL & GAS CONFERENCE – Polarcus – slide 3
    Polarcus today Fleet of 7 uniform seismic vessels 6 vessels operate in seismic contract and multi-client market 1 vessel on 5 years bareboat charter at USD 25m per year Seismic management of 1 vessel Multi-Client library NBV…
  4. BAML 13TH ANNUAL OIL & GAS CONFERENCE – Polarcus – slide 4
    Fourth quarter 2013 Revenues of USD 123.3 million EBITDA of USD 50.8 million, 41% margin EBIT of USD 24.5 million, 20% margin Net profit of USD 7.4 million, compared to a net loss of USD 3.3 million in Q4 2012 Reduction in…
  5. BAML 13TH ANNUAL OIL & GAS CONFERENCE – Polarcus – slide 5
    Agenda 1 Highlights 2 Financials 3 Operations & Market update 4 Summary & Q&A 5 Appendices 6
  6. BAML 13TH ANNUAL OIL & GAS CONFERENCE – Polarcus – slide 6
    Financial results Quarter ended Year ended (In millions of USD) 31-Dec-13 31-Dec-12 31-Dec-13 31-Dec-12 Revenues 123.3 140.4 532.2 529.3 Vessel operating expenses (65.6) (75.5) (290.3) (312.7) Increased revenue generation EBITDA 50.8…
  7. BAML 13TH ANNUAL OIL & GAS CONFERENCE – Polarcus – slide 7
    Key financials historic development Revenues EBITDA 200.00 70.00 40% 41% 45% 60.00 40% 150.00 35% 50.00 30% 40.00 25% 100.00 56.6 140.4 30.00 50.8 20% 123.3 15% 50.00 20.00 10% 10.00 5% - - 0% EBIT Cash from operations…
  8. BAML 13TH ANNUAL OIL & GAS CONFERENCE – Polarcus – slide 8
    Fleet Utilization: 74% in Q4 (82% full year 2013) 100% 2% 2% 1% 2% 2% 1% 3% 5% 3% 4% 4% 6% 7% 3% 13% 7% 13% 14% 90% 13% 16% 18% 6% 19% 11% 0% 25% 8% 19% 80% 8% 3% 13% 13% 10% 0% 4% 70% 16% 30% 60% Standby Yard stay (including…
  9. BAML 13TH ANNUAL OIL & GAS CONFERENCE – Polarcus – slide 9
    Increased profitability driven by cost reductions MUSD Positive Negative 50 45 40 7 35 1 6 30 2 25 19 43 20 15 3 10 5 10 - Net profit 2012 Revenue Cost of sales Depreciation and Financial Tax Impairment Net profit…
  10. BAML 13TH ANNUAL OIL & GAS CONFERENCE – Polarcus – slide 10
    Cash flow 2013 Negative Positive 400 350 300 93 48 250 18 12 128 208 50 200 14 150 212 100 66 50 60 44 - Opening EBITDA Working Payments Payments Sale of MC Restricted New Loan Interest Closing cash capital for…
  11. BAML 13TH ANNUAL OIL & GAS CONFERENCE – Polarcus – slide 11
    Covenant amendments Rolling twelve month debt service MUSD Reduced Debt Service ratio requirement (EBITDA/Cash 108 108 104 98 91 89 87 86 Interest + Cash repayments) to 2.25x in Q1 and Q2 2014 and to 43 44 2.5x in Q3 and Q4…
  12. BAML 13TH ANNUAL OIL & GAS CONFERENCE – Polarcus – slide 12
    Polarcus share information Top 20 Shareholders (as per 31 March) Listed on the Oslo Stock Shareholder OEP POLARCUS HOLDING Share 85,666,033 % 16.89 Exchange ZICKERMAN HOLDING LT 40,517,476 8.00 SKANDINAVISKA ENSKIL 39,623,013…
  13. BAML 13TH ANNUAL OIL & GAS CONFERENCE – Polarcus – slide 13
    Agenda 1 Highlights 2 Financials 3 Operations & Market update 4 Summary & Q&A 5 Appendices 14
  14. BAML 13TH ANNUAL OIL & GAS CONFERENCE – Polarcus – slide 14
    Operational performance Q4 2013 Vessel position April14 Technical downtime < 3% Strong presence and performance in South America Polarcus Naila Barbaros H. Pasa Polarcus Adira High profile Irish campaign completed ahead of…
  15. BAML 13TH ANNUAL OIL & GAS CONFERENCE – Polarcus – slide 15
    Strategically growing multi-client library MC revenue of USD 10.6m in Q4 and USD 33.8m for 2013 USD 7.7m cash investment in Q4 with FY 2013 at USD 47.9m MC Projects library NBV at USD 88.7m UK 27th Round Second Tranche awards…
  16. BAML 13TH ANNUAL OIL & GAS CONFERENCE – Polarcus – slide 16
    Global 3D Seismic Fleet Development No. Streamer Net seismic 3D fleet growth 2013 2015 = 0% YOY Vessels Company Vessel cap. 1 PGS Ramform Titan 16 Net 3D streamer growth 2013 2015 = 3% YOY 1 Dolphin Sanco Swift 12 2013 -1…
  17. BAML 13TH ANNUAL OIL & GAS CONFERENCE – Polarcus – slide 17
    Robust offshore 3D seismic E&P demand Barclays Research expects global E&P upstream CAPEX to further increase to 2015 Capital Spending (USD Millions) Marine seismic representing 3% of Global Offshore E&P spend Robust E&P growth…
  18. BAML 13TH ANNUAL OIL & GAS CONFERENCE – Polarcus – slide 18
    Global seismic outlook North America: Increased focus Russian Arctic: Rosneft from Supermajors and WAZ project awards expected in Q1 surveys in Canada and GoM NW Europe: Solid MC and contract outlook for 2014 (Ireland, Norway, UK)…
  19. BAML 13TH ANNUAL OIL & GAS CONFERENCE – Polarcus – slide 19
    Polarcus contract revenue split 2013 True global footprint Diversified revenue portfolio 90m Repeat business from the major OilCos continues 111m 156m 139m 20
  20. BAML 13TH ANNUAL OIL & GAS CONFERENCE – Polarcus – slide 20
    Backlog Received contract tenders in USD million (As of end March) USD 300 million contract backlog* end March 400 Millions 350 Demand has bounced back after soft Q4 2013 300 Improved tender activity for Q2-Q3 2014 250…
  21. BAML 13TH ANNUAL OIL & GAS CONFERENCE – Polarcus – slide 21
    Polarcus guidance for 2014 EBITDA in the range of USD 230-250 million Multi-client cash investments in the range of USD 55-65 million; Prefunding level of 70% expected Vessel related capital expenditure in the range of USD 55-65…
  22. BAML 13TH ANNUAL OIL & GAS CONFERENCE – Polarcus – slide 22
    Agenda 1 Highlights 2 Financials 3 Operations & Market update 4 Summary & Q&A 5 Appendices 23
  23. BAML 13TH ANNUAL OIL & GAS CONFERENCE – Polarcus – slide 23
    RIGHTSIZE, RIGHTDESIGN, RIGHTPLAN Strong operational performance Reduced costs Focus on generating cash 24
  24. BAML 13TH ANNUAL OIL & GAS CONFERENCE – Polarcus – slide 24
    Agenda 1 Highlights 2 Financials 3 Operations & Market update 4 Summary & Q&A 5 Appendices 25
  25. BAML 13TH ANNUAL OIL & GAS CONFERENCE – Polarcus – slide 25
    Income statement Quarter ended Year ended (In thousands of USD) 31-Dec-13 31-Dec-12 31-Dec-13 31-Dec-12 Revenues Contract revenue 111,155 120,810 496,421 495,338 Multi-client revenue 10,634 19,580 33,748 29,759 Other income 1,547 -…
  26. BAML 13TH ANNUAL OIL & GAS CONFERENCE – Polarcus – slide 26
    Balance Sheet (In thousands of USD) 31-Dec-13 31-Dec-12 ASSETS Non Current Assets Property, plant and equipment 972,802 999,825 Multi-client project library 88,704 49,499 Equity accounted investments 2,483 2,748 Intangible assets 36,739…
  27. BAML 13TH ANNUAL OIL & GAS CONFERENCE – Polarcus – slide 27
    Cash flow Quarter ended Year ended (In thousands of USD) 31-Dec-13 31-Dec-12 31-Dec-13 31-Dec-12 Cash flows from operating activities Profit/(loss) for the period 7,401 (3,254) 43,466 9,829 Adjustment for: Depreciation and amortization…
  28. BAML 13TH ANNUAL OIL & GAS CONFERENCE – Polarcus – slide 28
    Debt overview Balance Debt Security Size Tenure Maturity Interest % 31 Dec 2013 Unsecured bond Unsecured NOK 230m NOK 226m 3 years Nov-14 14.00% Unsecured bond Unsecured USD 95m USD 95m 5 years Jun-18 8.00% Senior secured…
  29. BAML 13TH ANNUAL OIL & GAS CONFERENCE – Polarcus – slide 29
    Debt maturity profile Bank debt Sale leaseback USD 125m CB USD 95m bond NOK 230m bond 110 (repurchasing 125 The vessels is Optional) 95 120 40 7 7 9 12 10 6 30 30 30 30 30 30 30 2014 2015 2016 2017 2018 2019…
  30. BAML 13TH ANNUAL OIL & GAS CONFERENCE – Polarcus – slide 30
    RIGHTSIZE RIGHTDESIGN RIGHTPLAN Polarcus Nadia Polarcus Naila Polarcus Asima Polarcus Alima Type 3D Vessel Type 3D Vessel Type 3D Vessel Type 3D Vessel Design Ulstein SX124 Design Ulstein SX124 Design Ulstein SX134 Design Ulstein…
  31. BAML 13TH ANNUAL OIL & GAS CONFERENCE – Polarcus – slide 31
    Awards through RIGHTDESIGN DYNPOS-AUTR Systems redundancy CLEAN DESIGN IMO Green Passport with DP2 High specification Triple E exhaust catalysts Environmental & Energy Efficiency Sentinel solid streamers ULSTEIN X-BOW…
  32. BAML 13TH ANNUAL OIL & GAS CONFERENCE – Polarcus – slide 32
    Pioneering environmental leadership DNVs Triple-E is a voluntary environmental performance rating scheme for ships, independent of class, age and flag 1 Key measures of Energy & Environmental Efficiency : 2 Leading Environmental…
  33. BAML 13TH ANNUAL OIL & GAS CONFERENCE – Polarcus – slide 33
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