Sed Energy Holdings Plc · OSL:ENH
Sed Energy — SeaBird Exploration — Q1 2020 Earnings Presentation
22 slides from Sed Energy's earnings presentation, May 15, 2020
Slide 1: SeaBird Exploration First Quarter Presentation
SeaBird Exploration First Quarter Presentation 15 May 2020 CEO Gunnar Jansen CFO Erik von Krogh
Slide 2: Forward-looking statements
Forward-looking statements All statements contained in this presentation that are not statements of historical facts, including statements on projected operating results, financial position, business strategy and other plans and objectives for future results, constitute forward-looking statements an
Slide 3: Agenda
Agenda • Highlights • Strategy update • Market and operational review • Financial review • Outlook • Q&A 3
Slide 4: Highlights
Highlights
Slide 5: Q1-20 Highlights
Q1-20 Highlights Key financial & operational figures • Revenues of $25.3 million ($12.3 million Q1 2019) • EBITDA of $1.8 million ($2.7 million Q1 2019) • 44% fleet utilization • Improved productivity • Equity ratio of 57% Major events • Signed loan agreement for $16 million credit facility • Contin
Slide 6: Strategy update
Strategy update
Slide 7: Strategy update
Strategy update Restructuring program • Relocation to Bergen completed • Full effect of cost reduction from Q3 2020 • Further measures to align cost with reduced activity resulting from COVID-19 and OPEC+ breakdown • Very low vessel cost when idle • Reduced SG&A – positioning for minimum onshore org
Slide 8: Flexible fleet – niche streamer and source
Flexible fleet – niche streamer and source 5 – 7 vessels capable of niche streamer and source operations EAGLE FULMAR PETREL GEO VOYAGER NORDIC HARRIER EXPLORER EXPLORER EXPLORER BARENTS EXPLORER VOYAG VAN NORD EXPLORER EXPLORER ICER TAGE Status Owned Owned Owned Flex TC Flex BB Flex TC Owned BARENT
Slide 9: Market and operational review
Market and operational review
Slide 10: Vessel utilization
Vessel utilization Vessel utilization • Q1 utilization of 44% for whole fleet 100% 90% 80% 76% • No yard stays during the quarter 70% 68% 68% 60% 50% 44% 42% 40% 30% 20% 10% 0% Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 10
Slide 11: Segment operating activity
Segment operating activity Contract revenue by survey type (USD millions) 25,3 25 3,9 20 15,2 8,7 15 12,3 4,5 10 8,3 7,6 6,8 5,2 9,4 12,7 5 6,9 4,4 5,3 0,5 5,5 2,9 3,2 0 1,4 - - 0,9 - Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 3D 2D Other • 3D survey in Q1 2020 has been subcontracted to a third
Slide 12: Operational update
Operational update Four vessels in operation during the quarter Voyager Explorer (Asia Pacific) Q1 2020 VESSEL Completed OBN source project in Asia Pacific JAN JAN JAN JAN FEB FEB FEB FEB MAR MAR MAR MAR • VOYAGER Harrier Explorer (NSA) • Idle – transited to Norway for low cost layup OSPREY HARRIER
Slide 13: Market trends
Market trends The seismic market has been negatively impacted by COVID-19 and OPEC+ breakdown • In the short-term, operational effects by COVID-19 has led to surveys being delayed and contracts cancelled • Also effects on demand driven by COVID-19 and OPEC+ breakdown effects on oil price • However,
Slide 14: Tender activity in SeaBird segments
Tender activity in SeaBird segments • Stable tendering activity across segments • However, effects of COVID-19 and OPEC+ breakdown came late in the quarter • Still short lead-time from contract award to project start-up 14
Slide 15: Financial review
Financial review
Slide 16: Key figures
Key figures Unaudited figures Q1 2020 Q1 2019 FS 2019 Revenues 25 341 12 311 45 136 EBITDA 1 814 2 720 (5 638) EBIT (734) 138 (22 379) Profit/(loss) (334) (404) (23 315) Earnings per share (diluted) (0,00) (0,01) (0,07) Utilization 44 % 76 % 64 % Cash and cash equivalents 4 081 4 279 3 645 Cash flow
Slide 17: Historical operating comparison
Historical operating comparison Revenues EBITDA (USD millions) (USD millions) 25 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 3 20 2 2,7 2,0 1,8 16,0 1 0,8 0,6 15 0 12,3 25,3 -1 9,2 10 -2 0,9 7,6 ( 1,6) ( 1,7) 15,2 -3 12,3 -3,8 5 -4 8,3 7,6 -5 0 -6 ( 5,5) Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Contract revenues Multi-clien
Slide 18: Investments
Investments Capital expenditure • Remaining outfitting of Fulmar Explorer (USD millions) has been postponed and will be subject 14,0 12,5 12,7 to contract award 12,0 10,0 • Rigging of Geo Barents will take place 8,0 upon contract award 6,0 4,0 • Outfitting of Fulmar Explorer and 1,5 2,0 0,5 rigging
Slide 19: Financing
Financing • Signed loan agreement for $16m credit facility with SMN Shall be apllied to: 1. Refinance SBX04 bond loan with maturity 30 June 2020 2. Seismic rigging of Geo Barents and Fulmar Explorer Debt maturity 7 000 000 6 000 000 5 000 000 4 000 000 USD 3 000 000 2 000 000 1 000 000 0 2020 2021 2
Slide 20: Summary
Summary
Slide 21: Summary
Summary High share of 3D in Q1. Positive operating cash flow Operational performance satisfactory. Low TD Continuing to deliver on costs. Prepared for low activity All about covid-19 and breakdown of OPEC+ from late Q1 Cash preservation mode. Ready to ramp quickly when activity returns 21
Slide 22: SeaBird Exploration
SeaBird Exploration