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HOWARD WEIL ENERGY CONFERENCE – Civeo Corporation

Civeo Corporation · Mar 25, 2015 · 31 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. HOWARD WEIL ENERGY CONFERENCE – Civeo Corporation – slide 1
    Howard Weil Energy Conference March 25, 2015
  2. HOWARD WEIL ENERGY CONFERENCE – Civeo Corporation – slide 2
    Company & Investment Highlights
  3. HOWARD WEIL ENERGY CONFERENCE – Civeo Corporation – slide 3
    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…
  4. HOWARD WEIL ENERGY CONFERENCE – Civeo Corporation – slide 4
    Where We Operate CANADA 7 lodges with over 13,000 rooms 6 open camps with over 1,300 rooms Mobile camp assets Primary activity driver is oil sands development AUSTRALIA AUSTRALIA 10 villages with about 9,300 rooms NORTH…
  5. HOWARD WEIL ENERGY CONFERENCE – Civeo Corporation – slide 5
    Severe Correction in Global Energy Prices Oil Prices Met Coal Prices 120 280 260 100 240 80 220 200 /bbl /mt 60 180 40 160 140 20 WCS Price 120 WTI Price 0 100 Beginning in late summer of 2014, the global…
  6. HOWARD WEIL ENERGY CONFERENCE – Civeo Corporation – slide 6
    Substantial Reduction in Customer Capital Spending Forecasts Oil Sands Capex Mining Capex 35,000 20% 70,000 50% 30,000 60,000 40% 10% 30% 25,000 50,000 Aggregate Capex (millions) Aggregate Capex (millions) 0% 20%…
  7. HOWARD WEIL ENERGY CONFERENCE – Civeo Corporation – slide 7
    2015 Operating Outlook and Guidance Guidance as of March 13, 2015 Operating Outlook: In Canada, we expect significantly lower occupancy on a year-over-year basis due to capital spending reductions by customers in the Canadian oil sands…
  8. HOWARD WEIL ENERGY CONFERENCE – Civeo Corporation – slide 8
    Key Investment Highlights Intense Capital Discipline Given Longer Term: Organic and Differentiated Business Model Deteriorating Market Conditions Acquisition Growth Strategy Develop, Own, Operate model Dramatic decline in energy…
  9. HOWARD WEIL ENERGY CONFERENCE – Civeo Corporation – slide 9
    Company Overview
  10. HOWARD WEIL ENERGY CONFERENCE – Civeo Corporation – slide 10
    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…
  11. HOWARD WEIL ENERGY CONFERENCE – Civeo Corporation – slide 11
    Accommodations Business Overview Primary revenue and earnings driver is lodge and village business Lodges & Villages Mobile & Open Camps Lodges and villages are permanent structures that Major differentiator between lodges and open…
  12. HOWARD WEIL ENERGY CONFERENCE – Civeo Corporation – slide 12
    Lodge and Village Capacity Average Available Rooms in Oil Sands Lodges and Australian Villages Organic room count CAGR: 16% 22,000 9,268 9,296 9,260 9,243 9,262 20,000 8,989 8,711 8,754 8,392 18,000 7,859 7,375 7,419 7,102…
  13. HOWARD WEIL ENERGY CONFERENCE – Civeo Corporation – slide 13
    Operations Overview
  14. HOWARD WEIL ENERGY CONFERENCE – Civeo Corporation – slide 14
    Tour of Lodge Experience Investor Presentation March 25, 2015 15
  15. HOWARD WEIL ENERGY CONFERENCE – Civeo Corporation – slide 15
    Tour of Lodge Experience Investor Presentation March 25, 2015 16
  16. HOWARD WEIL ENERGY CONFERENCE – Civeo Corporation – slide 16
    Villages in Australia Investor Presentation March 25, 2015 17
  17. HOWARD WEIL ENERGY CONFERENCE – Civeo Corporation – slide 17
    Geographic Segments
  18. HOWARD WEIL ENERGY CONFERENCE – Civeo Corporation – slide 18
    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…
  19. HOWARD WEIL ENERGY CONFERENCE – Civeo Corporation – slide 19
    Canadian Lodges Overview Geography / Extraction As of December 31, 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 Mining 1,537…
  20. HOWARD WEIL ENERGY CONFERENCE – Civeo Corporation – slide 20
    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…
  21. HOWARD WEIL ENERGY CONFERENCE – Civeo Corporation – slide 21
    Australian Facilities Overview Resource Targeted As of December 31, 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 1,912…
  22. HOWARD WEIL ENERGY CONFERENCE – Civeo Corporation – slide 22
    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…
  23. HOWARD WEIL ENERGY CONFERENCE – Civeo Corporation – slide 23
    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 (212) Typically utilized by customers for exploratory, seasonal or short-term…
  24. HOWARD WEIL ENERGY CONFERENCE – Civeo Corporation – slide 24
    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…
  25. HOWARD WEIL ENERGY CONFERENCE – Civeo Corporation – slide 25
    Financial Review
  26. HOWARD WEIL ENERGY CONFERENCE – Civeo Corporation – slide 26
    Historical Financial Results US dollars in millions Year ended December 31, 2011 2012 2013 2014 Revenues 864.7 1,108.9 1,041.1 942.9 Gross Profit 408.3 556.5 491.5 398.0 Gross Profit Margin 47.2% 50.2% 47.2% 42.2% Adjusted EBITDA…
  27. HOWARD WEIL ENERGY CONFERENCE – Civeo Corporation – slide 27
    Historical Revenue Build-up and Operating Statistics Twelve Months Ended December 31, Three Months Ended Dec. 31, ( in millions except operating statistics & exchange rates) 2011 2012 2013 2014 2013 2014 (1) Lodge/Vi l l a ge Revenue…
  28. HOWARD WEIL ENERGY CONFERENCE – Civeo Corporation – slide 28
    Capital / Financial Structure Civeo is in the process of migrating to Canada We expect to finish the migration sometime in the second or third quarter of 2015 Current Debt Structure Syndicated bank credit facility totaling 1.425…
  29. HOWARD WEIL ENERGY CONFERENCE – Civeo Corporation – slide 29
    Key Investment Highlights Intense Capital Discipline Given Longer Term: Organic and Differentiated Business Model Deteriorating Market Conditions Acquisition Growth Strategy Develop, Own, Operate model Dramatic decline in energy…
  30. HOWARD WEIL ENERGY CONFERENCE – Civeo Corporation – slide 30
    Appendix
  31. HOWARD WEIL ENERGY CONFERENCE – Civeo Corporation – slide 31
    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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