Sed Energy Holdings Plc · OSL:ENH
Sed Energy — SeaBird Exploration — NFF bransjepresentasjon av seismikk (April 2013)
16 slides from Sed Energy's conference presentation, Apr 4, 2013
Slide 1: SeaBird Exploration
SeaBird Exploration NFF bransjepresentasjon av seismikk 4 April 2013 CEO Dag Reynolds
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: Introduction
Introduction Global leader in the 2D seismic market — Largest provider of 2D vessels -— 9 seismic vessels * Offices — Cyprus, Oslo, Dubai, Houston and Singapore * About 500 employees « Maritime and Seismic operation out of Dubai * Industry leading operational uptime statistics and HSSEQ accreditatio
Slide 4: A new beginning - Seabird 2012
A new beginning - Seabird 2012 * The Ocean Bottom Node division was sold to Fugro as part of an extensive financial restructuring of the company in 2011 * New Board and management team is impacting performance - Focus on long term value creation and growth — Accountability is key to our future «+ Ma
Slide 5: Funded debt review
Funded debt review USD millions AP +60 Equity ratio Cash 31 December 2012 $2.9 26.8% $14.1 Restrictions AP +60 Equity ratio Cash 31 December 2012 < $5.0 22.5% 2$10.0 31 December 2013 onwards <$2.5 25.0% 2$10.0 Funded debt profile (USD millions) 140.0 120.0 100.0 Face value Book value @ Bond loan - S
Slide 6: Historical operating comparison
Historical operating comparison Revenues Adjusted EBITDA” 60.0 (USD million) 20.0 (USD million) 50.0 48.7 18.0 17.2 16.8 45.5 16.0 40.0 343 349 14.0 12.0 30.0 10.0 20.0 8.0 6.8 6.0 10.0 4.0 27 | oo + oo + a1 12 92 12 03 12 04 12 a112 212 3:12 Qa12 mContract revenue 1 Multi-client revenue Capital Exp
Slide 7: Well positioned fleet mix
Well positioned fleet mix 2D Vessels and source vessels Shallow Water ~~~ <_ 3D Vessels ‘Ss Harrier Explorer Aquila Explorer Voyager Explorer “ , sss 4 streamer 4streamer J-)~ . - ’ ss Osprey Explorer _ --~ SeaBird Exploration
Slide 8: Selected 3D market
Selected 3D market * 4-8 streamer vessels are cost Development of 3D fleet efficient for shorter and more 35 complex surveys 30 - Lower mobilization costs and short 25 deployment time 20 — More economic on smaller surveys 6 — Complex surveys 10 r | 5 * Major seismic operators are ° exiting this segm
Slide 9: Multi-client
Multi-client ¢ Multi-client sales for 2013 exceeded $ 21 million ¢ Library together with MC partners has in excess of 23.000 km 2D data with 50% of the upside * The limited size of the library makes it difficult to forecast the timing of future revenues with any precision * The company is actively r
Slide 10: 2D market
2D market « Market has shown rapid improvement in 2012; expected to continue throughout 2013 - Increased demand from non-vessel owning multi-client companies — Increasing focus on frontier exploration from oil companies * Major seismic companies have limited 2D capacity at present, leaving SeaBird w
Slide 11: Ocean bottom seismic (OBS) is a rapidly growing market
Ocean bottom seismic (OBS) is a rapidly growing market Source vessel demand will increase as result of growing deployment of ocean bottom seismic Wide Azimuth (WAZ) market now expanding beyond GOM No focus on Source vessels by the players in the markets Big, costly and time sensitive surveys favour
Slide 12: Developing new technology
Developing new technology * 2D technology development -— Working on developing the “Wide Azimuth” equivalent to the 2D market: 20 km cable with continuous recording improving seismic data quality — Lab tests and modelling completed — In-water testing imminent — Solid industry interest ‘APT Centre Ce
Slide 13: Towing technology
Towing technology + Developing new towing methods - Lower emissions — Reduced fuel consumption - More/longer streamers * Voyager Explorer went from underpowered to a top performer a SeaBird Exploration
Slide 14: Day rates remain strong
Day rates remain strong * 2D high end day rates currently at 20 High End $75-$85k per day, up from $55k per {USP thousand) gaz0 day in Qi 0 $100 a one 100 $85 $85 + Short-term undershoot contracts at vo) oS $100k+ per day, mob and demob fully 6 paid * 20 + SeaBird expect 2013 day rates to peak on en
Slide 15: Regional areas of focus
Regional areas of focus P <S Sy SeaBird Exploration
Slide 16: SeaBird Exploration
SeaBird Exploration
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