Eidesvik Offshore Asa · OSL:EIOF
Eidesvik Offshore Asa — Q2 2016 Earnings Presentation
18 slides from Eidesvik Offshore Asa's earnings presentation, Aug 25, 2016
Slide 1: Presentation 2nd Quarter 2016
Presentation 2nd Quarter 2016 Oslo 25.08.2016 CEO Jan Fredrik Meling
Slide 2: News in 2nd Quarter 2016
News in 2nd Quarter 2016 Counterparty for the subsea vessel «Viking Poseidon» contract, Harkand Gulf Contracting Limited, is set under administration. By notice from the administrators, the contract is terminated. The vessel has later been awarded a 3-5 month contract with Siemens Wind Power on Germ
Slide 3: News after 30.06.2016
News after 30.06.2016 Statoil has awarded the supply vessel Viking Prince a 6 month contract. Terms are in accordance with current market conditions. commencement is ultimo August 2016.
Slide 4: 2nd Quarter 2016 results
2nd Quarter 2016 results (2nd Quarter 2015 in brackets) Revenues MNOK 180,0 (308,5) EBITDA MNOK 89,6 (177,7) Operating profit MNOK 35,4 (113,6) Pre-tax profit MNOK -24,9 (145,0) Q2 2016 profits influenced by agio of MNOK -25,8 (60,3)
Slide 5: Results 2nd Quarter 2016
Results 2nd Quarter 2016 (in million NOK) Operating revenue Q2 The results in 2nd Quarter compared to last year are influenced of: -The subsea vessel “Viking Neptun” was operated on lower rate in 2016. 300 -“Viking Poseidon” contract terminated in Q2 2016 200 309 -“Acergy Viking” and “Veritas Viking
Slide 6: Results pr 30.06.2016
Results pr 30.06.2016 (in million NOK, Gain on sale and termination fee excluded) The results YTD compared to last year are influenced of: Operating revenue YTD -The subsea vessel “Viking Neptun” was operated on lower rate in 2016. 1 000 -“Viking Poseidon” contract terminated in Q2 2016 500 -“Acergy
Slide 7: Cash Flow (in million NOK)
Cash Flow (in million NOK) 2nd Quarter 2nd Quarter 1.1- 1.1- 2016 2015 30.06.2016 30.06.2015 2015 Net cashflow from operating activities 107,4 161,4 134,6 230,2 629,8 Net cashflow from investment 24,5 21,3 16,1 (922,2) (706,7) Net cashflow from finance activities (93,1) (75,9) (231,1) 558,4 229,6 Ne
Slide 8: Balance
Balance (in million NOK) 7 000 6 000 Short-term liab. Current assets Short-term liab. Current assets 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 30.06.16 Liabilities 30.06.15 Liabilities 30.06
Slide 9: Debt maturity profile 30.06.2016
800 Debt maturity profile 30.06.2016 Millions 700 600 500 300 427 400 300 200 362 367 322 294 100 161 0 H2 2016 2017 2018 2019 2020 Instalments Balloons Bonds
Slide 10: Segments
Segments Incl. Share of Joint Ventures Excluded termination fee (MNOK) 2nd Quarter 2016 Seismic Subsea Supply Other Revenue 71,0 88,8 66,2 4,6 EBITDA 68,9 48,7 20,6 -6,1 Revenue Q2 2016 EBIT 43,5 10,0 -5,1 -6,6 EBITDA margin 97% 55% 31% N/A EBIT margin 61% 11% -8% N/A 2nd Quarter 2015 Seismic Subsea
Slide 11: Contract Backlog 30.06.16
700 Contract Backlog 30.06.16 Millions 600 106 500 210 400 300 476 210 210 200 391 211 306 100 141 118 99 0 Q3-Q4 2016 2017 2018 2019 2020 From 2021 Consolidated Share of JV's
Slide 12: Contract coverage (per 30.06.2016)
Contract coverage (per 30.06.2016) 12
Slide 13: Contract status seismic
Contract status seismic Viking Vanquish Viking Vision Veritas Viking Vantage Oceanic Vega Oceanic Sirius 2016 2017 2018 2019 2020
Slide 14: Contract status subsea
Contract status subsea Subsea Viking Acergy Viking Viking Poseidon Seven Viking Viking Neptun 2016 2017 2018 2019 2020
Slide 15: Contract status supply
Contract status supply Viking Queen Viking Lady Viking Athene Viking Energy Viking Avant Viking Nereus Viking Prince Viking Princess 2016 2017 2018 2019 2020
Slide 16: Market
Market We still experience imbalance between supply and demand of vessels within all of the company’s three segments. As continued low oil-price is leading to global reduction in activity, we do not expect that the challenging market condition will improve in a short or midterm horizon. The company
Slide 17: Additional cost reduction initiatives
Additional cost reduction initiatives Further cost reductions on- and offshore MNOK 45 with full effect from november 2016
Slide 18: Thanks for Your attention!
Eidesvik Thanks for Your attention!