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EAGE Amsterdam – Polarcus

Polarcus · Jun 19, 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. EAGE Amsterdam – Polarcus – slide 1
    Polarcus Limited EAGE Amsterdam 2014 16 - 19 June, 2014 1
  2. EAGE Amsterdam – Polarcus – slide 2
    Agenda 1 Highlights 2 Financials 3 Operations & Market update 4 Summary & Q&A 5 Appendices 2
  3. EAGE Amsterdam – Polarcus – slide 3
    Polarcus today Polarcus Limited Ticker Oslo stock exchange PLCS Fleet of 7 uniform seismic vessels 6 vessels operate in seismic contract Shares issued, million 507.2 and multi-client market 1 vessel on 5 years bareboat charter…
  4. EAGE Amsterdam – Polarcus – slide 4
    Polarcus in brief Youngest and most uniform fleet in the industry RIGHTBAND - optimized broadband offering Specialized Arctic offering Industry leading environmental focus Highly efficient and cost effective operations 4
  5. EAGE Amsterdam – Polarcus – slide 5
    Key developments Market Polarcus Naila upgrade Spill over effects from soft Q4-13 Propulsion system conversion Confirmation of capacity USD 12 million reductions Productivity and class enhancements Increased tender activity USD 11…
  6. EAGE Amsterdam – Polarcus – slide 6
    Agenda 1 Highlights 2 Financials 3 Operations & Market update 4 Summary & Q&A 5 Appendices 6
  7. EAGE Amsterdam – Polarcus – slide 7
    Key financials historic development Revenues EBITDA Margin 200 70 50% 145 60 53 150 40% 121 50 40 100 40 30% 100 30 25 20% 50 20 10% 10 - - 0% Q1-12 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q1-12 Q2-12 Q3-12 Q4-12 Q1-13…
  8. EAGE Amsterdam – Polarcus – slide 8
    Fleet utilization 2012 utilization 85% 2013 utilization 82% 100% 2% 1% 2% 2% 1% 1% 4% 4% 7% 6% 3% 5% Standby time due to 7% 13% 14% 90% 18% 6% 19% 11% 14% permit delays 8% 19% 80% 13% 13% 3% 10% 10% Yard time for Polarcus 16%…
  9. EAGE Amsterdam – Polarcus – slide 9
    Operational efficiency mitigates lower revenue 15 Millions 10 5 9.9 -23.4 1.0 0 -0.9 8.4 -5 -3.2 10.1 -10 -15 Net profit Q1-13 Revenue Operating Depreciation & Net FX Net Interest Other financial Net profit…
  10. EAGE Amsterdam – Polarcus – slide 10
    Improved financial flexibility Reset of Q1-14 debt Rolling twelve month debt service MUSD service ratio to 2.1x of bank facility 108 108 104 98 91 89 87 86 Guarantee facility 43 44 42 39 expanded from USD 10 36 36 36 36…
  11. EAGE Amsterdam – Polarcus – slide 11
    Polarcus share information Top 20 Shareholders (as per 10 June) Listed on the Oslo Stock Shareholder OEP POLARCUS HOLDING Share 85,666,033 % 16.89% Exchange ZICKERMAN HOLDING LTD 40,571,476 8.00% SKANDINAVISKA ENSKILDA…
  12. EAGE Amsterdam – Polarcus – slide 12
    Agenda 1 Highlights 2 Financials 3 Operations & Market update 4 Summary & Q&A 5 Appendices 12
  13. EAGE Amsterdam – Polarcus – slide 13
    Industry leading assets Uniform fleet with RIGHTSIZE and RIGHTDESIGN A-class 12 streamer vessels with the industries highest ice class N-class Upgrade to 12 streamer vessels in 2014 and 2015 S-class 8 streamer vessels with the…
  14. EAGE Amsterdam – Polarcus – slide 14
    Operational performance 2014 YTD Vessel position 01 June 14 Technical downtime < 2.5% Polarcus Nadia Strong presence and performance in Africa with ultra wide spreads Polarcus Naila Barbaros H. Pasa High profile Australian…
  15. EAGE Amsterdam – Polarcus – slide 15
    Multi-Client library overview Multi Client library position 31 March 14 High quality broadband library centered on UK, Norway and West Africa 5m 70m Final data products now available on existing library Strong late sales…
  16. EAGE Amsterdam – Polarcus – slide 16
    Multi-client expanding into new frontiers Frontier 4,400 sq. km First Pass 3D MC in South Porcupine Basin, offshore Ireland Strong prefunding from Providence Resources, operator of the Drombeg FEL 11/9 block High interest due to…
  17. EAGE Amsterdam – Polarcus – slide 17
    Global fleet capacity stabilizing Streamer No. Vessels Company Vessel cap. 1 Dolphin Sanco Swift 12 1 PGS Ramform Titan 16 Net vessel growth neutral -1 Reflect Geowave Comander -8 2013 -1 CGG Geo Atlantic -8 -1 CGG Veritas…
  18. EAGE Amsterdam – Polarcus – slide 18
    Robust offshore 3D seismic E&P demand Barclays Research expects global E&P upstream CAPEX to further increase to 2015 Marine seismic representing Capital Spending (USD Millions) 1.5% of Global E&P spend 5% E&P growth expected…
  19. EAGE Amsterdam – Polarcus – slide 19
    Global seismic outlook North America: Increased focus Russian Arctic: Rosneft & from Supermajors and WAZ Gazprom work awarded surveys in Canada and GoM NW Europe: Solid MC and contract outlook for 2014 (Ireland, Norway, UK)…
  20. EAGE Amsterdam – Polarcus – slide 20
    Backlog Received contract tenders in USD million (As of end May) USD 205 million backlog* Mid June 400 Millions 350 Booked capacity Q2 2014 - 95% 300 Booked capacity Q3 2014 - 75% 250 200 Booked capacity Q4 2014 - 35%…
  21. EAGE Amsterdam – Polarcus – slide 21
    Polarcus guidance for 2014 reiterated 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…
  22. EAGE Amsterdam – Polarcus – slide 22
    Agenda 1 Highlights 2 Financials 3 Operations & Market update 4 Summary & Q&A 5 Appendices 22
  23. EAGE Amsterdam – Polarcus – slide 23
    RIGHTSIZE, RIGHTDESIGN, RIGHTPLAN Industry leading assets Strong operational performance Cost leadership 23
  24. EAGE Amsterdam – Polarcus – slide 24
    Agenda 1 Highlights 2 Financials 3 Operations & Market update 4 Summary & Q&A 5 Appendices 24
  25. EAGE Amsterdam – Polarcus – slide 25
    Income statement Quarter ended Year ended (In thousands of USD) 31-Mar-14 31-Mar-13 31-Dec-13 Revenues Contract revenue 116,241 135,798 496,422 Multi-client revenue 4,759 9,051 33,748 Other income 413 (78) 2,075 Total Revenues 121,413…
  26. EAGE Amsterdam – Polarcus – slide 26
    Balance Sheet (In thousands of USD) 31-Mar-14 31-Mar-13 31-Dec-13 ASSETS Non Current Assets Property, plant and equipment 964,081 991,181 972,802 Multi-client project library 98,157 61,450 88,704 Investments in joint ventures 2,480 2,668…
  27. EAGE Amsterdam – Polarcus – slide 27
    Cash flow Quarter ended Year ended (In thousands of USD) 31-Mar-14 31-Mar-13 31-Dec-13 Cash flows from operating activities Profit for the period 962 9,858 43,466 Adjustment for: Depreciation and amortization 22,672 21,741 93,795…
  28. EAGE Amsterdam – Polarcus – slide 28
    Debt overview as of 31 March 2014 Balance Debt Security Size Tenure Maturity Interest % 31 Mar 2014 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%…
  29. EAGE Amsterdam – Polarcus – slide 29
    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…
  30. EAGE Amsterdam – Polarcus – slide 30
    Polarcus leads the world with Triple-E Polarcus vessels are the only vessels in the world with a Triple-E Level 1 rating. The Triple-E Environmental & Energy Efficiency rating initiative Applicable for all ships A tool for…
  31. EAGE Amsterdam – Polarcus – slide 31
    Polarcus ESSA and Arctic accreditations Det Norske Veritas +1A1, E0, ICE 1A*, CLEAN DESIGN, NAUT-AW, HELDK, COMF-V(3), TMON, WINTERIZED BASIC, SPS, BWMT DNV Qualification Statement for Arctic Operational The ONLY company in the…
  32. EAGE Amsterdam – Polarcus – slide 32
    Executive Management team 32
  33. EAGE Amsterdam – Polarcus – slide 33
    33

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