Eidesvik Offshore Asa · OSL:EIOF
Eidesvik Offshore Asa — Q1 2019 Earnings Presentation
20 slides from Eidesvik Offshore Asa's earnings presentation, May 15, 2019
Slide 1: Presentation 1st Quarter 2019
Presentation 1st Quarter 2019 Bømlo, May 15, 2019 Jan Fredrik Meling, CEO
Slide 2: Disclaimer
Disclaimer This presentation has been produced by Eidesvik Offshore ASA (the "Company") based on information which is publicly available. This presentation is for information purposes only. Further to the aforementioned, this presentation is the result of an effort of the Company to present certain
Slide 3: News in 1st Quarter 2019
News in 1st Quarter 2019 Contract awarded by CNOOC for «Viking Prince». Duration is approx. 3-5 months, and the contract commenced in April 2019. 3
Slide 4: News in 1st Quarter 2019
News in 1st Quarter 2019 Eidesvik entered into a Frame Agreement with Aker BP for the provision of Platform Supply Vessels (PSV). The duration of the Frame Agreement is initially for three years, with the options of two additional periods of two years each. Eidesvik was awarded a contract for «Vikin
Slide 5: News after 1st Quarter 2019
News after 1st Quarter 2019 Eidesvik was awarded a contract for «Viking Neptun» for term work with Ocean Installer AS for a period exceeding two months with further options. The contract will commence in 3rd Quarter 2019. 5
Slide 6: News after 1st Quarter 2019
News after 1st Quarter 2019 Eidesvik was awarded a contract for «Viking Prince» under the three year frame agreement with Aker BP. The firm contract duration is for 12 months with commencement in 3rd Quarter 2019. 6
Slide 7: News after 1st Quarter 2019
News after 1st Quarter 2019 Eidesvik entered into an agreement with Equinor for the vessel «Viking Queen». The contract period is firm for 4 months with further options. Contract commencement was in late April 2019. 7
Slide 8: News after 1st Quarter 2019
News after 1st Quarter 2019 Eidesvik entered into a long-term Master Time Charter Agreement with Seabed Geosolutions. The Master Time Charter Agreement includes services for seismic source and node-handling vessels. As a first call off under this agreement, Eidesvik was awarded new contracts by Seab
Slide 9: News after 1st Quarter 2019
News after 1st Quarter 2019 Eidesvik has received a letter of award from Magseis Fairfield for the use of «Veritas Viking» as a source vessel for an upcoming ocean bottom survey in the North Sea. Commencement is expected medio/ultimo July 2019 in direct continuation of the ongoing survey for «Verita
Slide 10: 1st Quarter 2019 results
1st Quarter 2019 results (1st Quarter 2018) Revenues MNOK 153.8 (100.9) EBITDA MNOK 48.6 (7.1) Operating profit MNOK -20.1 (-71.3) Pre-tax profit MNOK -49.7 (-51.1) 10
Slide 11: Results 1st Quarter 2019
Results 1st Quarter 2019 (in million NOK) EBITDA Q1 2019 vs. Q1 2018 (MNOK 41.6): Operating revenue Q1 Seismic: Increase of freight income of MNOK 30.5, increase in the total operating expenses of MNOK 5.3. Net increase in EBITDA of MNOK 25.2. 200 83 Subsea: Increase of freight income of 4.7 MNOK ,
Slide 12: Cash Flow
Cash Flow (in million NOK) 1st Quarter 1st Quarter 2019 2018 1.1-31.12.2018 Net cashflow from operating activities 11,7 (35,9) 90,0 Net cashflow from investment activities (9,7) (11,4) (38,9) Net cashflow from finance activities (74,5) 55,7 (92,9) Net changes in cash holdings (72,4) 8,4 (41,8) Cash
Slide 13: Balance
Balance (in million NOK) 4 500 Short-term liabilities 4 000 Short-term liabilities Current assets Current assets 3 500 3 000 Long-term liabilities 2 500 Long-term liabilities 2 000 Fixed assets Fixed assets 1 500 1 000 Equity Equity 500 0 Assets 31.03.19 Equity and Liabilities Assets 31.03.18 Equity
Slide 14: Segments
Segments Incl. Share of Joint Ventures (in million NOK) 1st Quarter 2019 Seismic Subsea Supply Other Revenue Q1 Revenue 83.0 72.9 50.8 3.2 2019 EBITDA 65.7 32.3 5.2 -7.9 EBIT 18.3 5.6 -13.3 --9.2 EBITDA margin 79 % 44 % 10 % N/A EBIT margin 22 % 8% -26 % N/A 1st Quarter 2018 Seismic Subsea Supply Ot
Slide 15: Debt maturity profile 31.03.2019
Debt maturity profile 31.03.2019 2 000 1 800 1 600 1 400 1 200 Millions 1 000 1 456 800 600 400 202 108 200 93 317 72 244 0 Remaining 2019 2020 2021 2022 After 2022 Instalments Balloons 15
Slide 16: Contract Backlog 31.03.2019
Contract Backlog 31.03.2019 1 000 800 Consolidated total contract backlog Q1 600 2019 is MNOK 676 Millions 998 185 400 248 200 243 370 208 242 98 0 2019 2020 2021 2022 From 2023 Consolidated Share of JV's 16
Slide 17: Contract coverage incl JV's 31.03.2019
Contract coverage incl JV's 31.03.2019 90% 80% 77% 76% 73% 70% 60% 56% 50% 47% 43% 40% 77% 33% 33% 69% 32% 32% 29% 27% 27% 27% 27% 27% 30% 57% 46% 42% 20% 40% 33% 32% 31% 29% 27% 27% 27% 27% 27% 27% 10% 0% Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2019 2019 2019 2020 2020 2020 2020 2021 2021 2
Slide 18: Eidesvik Contract Status
eidervik Contract Status Seven Viking ‘Viking Neptun Subsea Viking ‘Acergy Viking Viking Queen | Emm Viking Lady Viking Princess Viking Prince Viking Athene Viking Energy Viking Avant GG Alize Oceanic Challenger Geo Celtic Geo Caribbean Geo Coral Oceanic Sirius Oceanic Vega Viking Vanquish Viking Vi
Slide 19: Market
Market PSV • Experienced a welcome increase in both rate and utilization levels in the 1st Quarter of 2019 (both spot and term market) • Signs of improvement for parts of the market • Cautiously optimistic for the market for large PSVs Subsea • Signs of market improvement with the major subsea contr
Slide 20: Thanks for Your attention!
Eidesvik Thanks for Your attention!