Slide 1: Presentation 2nd Quarter 2015
Presentation 2nd Quarter 2015 Oslo 20.08.2015 CEO Jan Fredrik Meling
Slide 2: News in 2nd Quarter 2015
News in 2nd Quarter 2015 Entered into an agreement for installation of Energy Storage System (Battery solution) for «Viking Queen» Extended the fixed period of the contract with Lundin Norway AS from 900 to 1.200 days.
Slide 3: News in 2nd Quarter 2015
News in 2nd Quarter 2015 Awarded a 19 month contract for Chevron UK for the PSV «Viking Princess» with further options for 4x6 months.
Slide 4: 2nd Quarter 2015 results
2nd Quarter 2015 results (2nd Quarter 2014 in brackets) Revenues MNOK 308,5 (245,7) EBITDA MNOK 177,7 (124,0) Operating profit MNOK 113,6 (63,4) Pre-tax profit MNOK 145,0 (-0,2) Q2 Profits influenced by agio (MNOK 60,3).
Slide 5: Results 2nd Quarter 2015
Results 2nd Quarter 2015 (in million NOK, Gain on sale excluded) Operating revenue Q2 The results in 2nd Quarter compared to last year are influenced of: 400 -The subsea vessel “Viking Neptun” was delivered and commenced contract shortly after delivery in Q1 2015. 200 309 -The supply vessel “Viking
Slide 6: Results pr 30.06.2015
Results pr 30.06.2015 (in million NOK, Gain on sale and termination fee excluded) Operating revenue YTD The results YTD compared to last year are influenced 1 000 of: 500 -“Viking Neptun delivered and commenced contract in 1st 456 466 565 Quarter 2015 0 -3 vessels with yard stay in 1st Quarter 2014
Slide 7: Cash Flow (in million NOK)
Cash Flow (in million NOK) 2nd Quarter 2nd Quarter 2015 2014 YTD 2015 YTD 2014 2014 Net cashflow from operating activities 161,4 94,5 230,2 179,6 537,5 Net cashflow from investment activities 21,3 7,1 (922,2) (20,9) (113,3) Net cashflow from finance activities (75,9) (115,0) 558,4 (276,0) (457,4) Ne
Slide 8: Balance
Balance (in million NOK) 7 000 6 000 Current assets Short-term liab. Current assets Short-term liab. 5 000 4 000 Long-term liabilities Long-term liabilities 3 000 Fixed assets Fixed assets 2 000 Equity 1 000 Equity 0 Assets Equity and Assets Equity and 30.06.15 Liabilities 30.06.14 Liabilities 30.06
Slide 9: Debt maturity profile 30.06.15
1 000 Debt maturity profile 30.06.15 Millions 900 800 700 600 587 500 400 300 133 300 200 359 280 280 284 100 164 0 rest 2015 2016 2017 2018 2019 Instalments Balloons Bonds
Slide 10: Segments Revenue Q2 2015
Segments Incl. Share of Joint Ventures Excluded gain on sale (MNOK) 2nd Quarter 2015 Seismic Subsea Supply Other Revenue 76,6 183,6 91,6 5,3 EBITDA 74,3 122,5 31,5 -10,2 Revenue Q2 2015 EBIT 50,4 80,8 -0,3 -10,7 EBITDA margin 97% 67% 34% N/A EBIT margin 66% 44% 0% N/A 2nd Quarter 2014 Seismic Subsea
Slide 11: Contract coverage (per 30.06.2015)
Contract coverage (per 30.06.2015) 11
Slide 12: Contract Backlog 30.06.15
800 Contract Backlog 30.06.15 Millions 700 600 159 500 400 159 300 40 529 356 200 40 159 159 282 305 100 188 120 110 93 0 Q3 2015 Q4 2015 2016 2017 2018 2019 From 2020 Consolidated Share of JV's
Slide 13: Contract status seismic
Contract status seismic Viking Vanquish Viking Vision Veritas Viking Viking 2 Vantage Oceanic Vega Oceanic Sirius 2015 2016 2017 2018 2019
Slide 14: Contract status subsea
Contract status subsea Subsea Viking Acergy Viking Viking Poseidon European Supporter Seven Viking Viking Neptun 2015 2016 2017 2018 2019
Slide 15: Contract status supply
Contract status supply Viking Queen Viking Lady Viking Athene Viking Energy Viking Avant Viking Nereus SPOT Viking Prince Viking Princess 2015 2016 2017 2018 2019
Slide 16: Cost reduction initiatives
Cost reduction initiatives Cost reduction initiatives launched in H1 2015 reducing the annual costs from 2014 levels. Total estimated annual cost reductions: MNOK 55 1. Vessel operations: MNOK 39 • Flag change “Viking Nereus” and “Viking Princess” • Reduced number of cadets and trainees • New travel
Slide 17: Market
Market We still experience very challenging market conditions in all three segments. The activity is falling while the industry is still facing a significant new building program. We do not see sufficient initiative to remove capacity from the market in a scale that will balance the demand and suppl
Slide 18: Thanks for Your attention!
Eidesvik Thanks for Your attention!