Slide 1: SeaBird Exploration Q4 2023 presentation
SeaBird Exploration Q4 2023 presentation
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 / Presenters
Agenda / Presenters • Introduction • Key developments • Contract and outlook • Financial • Summary • Q&A Ståle Rodahl Finn Atle Hamre Sveinung Alvestad Executive Chairman CEO CFO 22.02.2024 – Page 3
Slide 4: SeaBird Exploration Plc
SeaBird Exploration Plc • Only pure play OBN source company listed globally • Headquarter in Bergen • Listed in Oslo under ticker SBX NO Eagle Fulmar Equipment • Market Cap.: USD 35.5m Explorer Explorer • NIBD: USD 13.9m OBN Source OBN Source Can equip one • Positive market outlook 2D 2D and one OBN
Slide 5: Key events Q4 2023
Key events Q4 2023 Operational Financial • Utilization of 76 % • Revenues of USD 8.5m (Q4/22: USD 8.9m) • LTI of NIL • EBITDA of USD -0.2m (USD -0.4m) • Net profit of USD -2.7m (USD -3.8m) • Eagle Explorer – Completed source project in Malaysia October • Q4 EBITDA was negatively impacted by USD 1.9m
Slide 6: Dividend
Dividend Board of Directors has today proposed a cash dividend of NOK 0.25 per share Key details: • Dividend amount: 0.25 per share • Declared currency: NOK • AGM: 6 June 2024 • Ex-date: 10 June 2024 • Record date: 11 June 2024 • Payment date: 24 June 2024 The Board of Directors aim to distribute ex
Slide 7: Contract overview and outlook
Contract overview and outlook 22.02.2024 – Page 7
Slide 8: Contract coverage
Contract coverage Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun EAGLE FULMAR Flexible Flexible Under contract Class / yard stay / transit Paid mob / de-mob Idle / stacked Key highlights: Positive outlook: • “Fulmar Explorer” • Contract opportunities for Eagl
Slide 9: Utilisation
Utilisation Utilisation (%) • Q4 utilisation was 76% 120% – Fulmar has had 96% utilisation – Eagle 56% due to planned drydock performed in October / 98% November 100% 96% 90% 81% 80% 76% • Utilisation for the year was 90% 69% 64% 60% 40% 32% 33% 28% 23% 25% 20% 0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Slide 10: OBN
OBN • The OBN market have gained market share of the total seismic market over the last few years • Reasons for the increased adoption is oil companies focus infrastructure led exploration (ILX) and its superior image quality (further enhanced by AI) Source: TGS Q4 2023 presentation Source: Equinor
Slide 11: Source fleet overview
Source fleet overview • Current fleet of active source vessels consists of 15 vessels* 35 • 3 vessels laid up with average age of 20 years • Vessels leaving the industry • The comparable fleet in 2018/2019 was 35 vessels. • Active fleet reduced by ~60% 18 * This is the “free” fleet competing for wor
Slide 12: Financials
Financials 22.02.2024 – Page 12
Slide 13: Financial highlights
Financial highlights Q4 2023* Key figures • Revenues of USD 8.5m (Q4/22: USD 8.9m) All figures in USD '000 (except Quarters* Full year* • EBITDA of USD -0.2m (USD -0.4m) EPS and equity ratio) Q4 2023 Q4 2022 2023 2022 – Negatively impacted by a USD 1.9m in non-operational charges. Underlying EBITDA
Slide 14: Revenue
Revenue Revenue • Q4 revenue of USD 8.5m reflected lower 12.0 40.0 economical utilisation on the vessels driven by the Eagle Explore’s offhire in relation with the special periodic survey 9.9 35.0 10.0 9.7 8.9 8.5 Quarterly revenue (USDm) 8.4 30.0 • Economical utilisation was 76% LTM revenue (USDm)
Slide 15: EBITDA
EBITDA Adjusted EBITDA* • Q4 EBITDA of USD -0.2m was 5.0 4.6 15.0 4.4 negatively impacted by USD 1.9m legal provisions and loss on a insurance 4.0 claim. 10.0 3.0 Quarterly EBITDA (USDm) 2.4 • Underlying EBITDA for the quarter was LTM EBITDA (USDm) 2.0 USD 1.7m, down from USD 2.4m the 2.0 1.7 5.0 pr
Slide 16: Cash flow bridge
Cash flow bridge Quarterly cash flow (USDk) • Net cash flow for Q4 was USD -2.0m • Cash flow from operation was USD 0.8m, where Working capital unwind was offset 910 -61 -1,669 by working capital build on the 2D contract of Eagle 4,143 74 • Capex was USD 1.7m, mainly related to -710 drydocking -510
Slide 17: Net interest-bearing debt
Net interest-bearing debt NIBD* (USDm) • Net interest-bearing debt has been reduced from USD 24.0m 30 from the start of 2022 to USD 13.9m as of Q4 2023 – Bank financing: USD 13.5m 25 24.0 – Equipment financing: USD 2.6m 23.2 – Cash: USD 2.2m 20 19.0 17.6 17.8 • Reduced NIBD by USD 10.1m (~40%) since
Slide 18: Summary
Summary 22.02.2024 – Page 18
Slide 19: Illustrative dividend capacity
Illustrative dividend capacity Current Fulmar contract + Eagle working: Both vessels at 2013 rate level January 2024 run- 2D w/ 70% 2D w/ 90% OBN w/ 70% OBN w/ 90% Assumptions and 100% utilization rate utilization utilization utilization utilization Vessel EBITDA 45 33 24 32 19 23 SG&A - 4 - 4 - 4 -
Slide 20: Strategy
Strategy • Strong operational performance • Strong market outlook • Focus on cash conversion and free cash flow to equity • Actively monitor value accretive opportunities • Company has entered capital distribution phase – Dividend of NOK 0.25 per share – Aim to distribute all excess cash to sharehol
Slide 21: Q&A
Q&A 22.02.2024 – Page 21
Slide 22: Adjustments to EBITDA
Adjustments to EBITDA 2021 2022 2023 USDk Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Reported EBITDA -533 -1,420 284 -2,516 106 -1,172 -609 -401 4,376 4,567 2,018 -174 Green Minerals 194 247 269 524 468 268 59 Write down of receivables -2,800 2,800 Legal provisions and other 1,909 Adjusted EBITDA -338 -1,1