S.d. Standard Etc Plc · OSL:SDSD
S.d. Standard Etc — S.D. Standard Drilling — Pareto Oil & Offshore Conference 2018
14 slides from S.d. Standard Etc's conference presentation, Sep 12, 2018
Slide 1: S.D. Standard Drilling Plc. Company Presentation September 2018
S.D. Standard Drilling Plc. Company Presentation September 2018
Slide 2: Important Information
Important Information This presentation may contain statements about future events and expectations that are forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as “believes”, “expects”, “anticipates”, “intends”, “es
Slide 3: Company overview
Company overview Founded in 2010 - Headquarter in Limassol, Cyprus Listed on Oslo Stock Exchange (ticker: “SDSD”) Completed seven (7x) equity private placements, totalling ~USD 480m (~USD 105m since Dec – 2016) Five (5x) distributions to its shareholders, totalling ~USD 467m Market cap of
Slide 4: Asset Play - well positioned for recovery and opportunities
Asset Play - well positioned for recovery and opportunities Acquisitions at all-time low Lowest break-even Access to opportunities Modern fleet of large PSV’s Solid cash position No debt 4
Slide 5: Modern fleet of large-size PSV vessels – 100% owned
Modern fleet of large-size PSV vessels – 100% owned Standard Vessels (5x) Standard Viking Standard Supplier Standard Princess Standard Supporter Standard Provider (2008) (2007) (2008) (2009) (2010) Purchase price: Purchase price: Purchase price: Purchase price: Purchase price: ~USD 13.3m(1) ~USD 13.
Slide 6: Mid-size PSV vessels – partly owned
Mid-size PSV vessels – partly owned New World Supply (6x) PSV Opportunity (9x) – 25.5% owned – 26.2% owned 2x vessels 6x vessels 2x vessels 2x vessels 3x vessels Purchase price: Purchase price: Purchase price: Purchase price: Purchase price: ~USD 2.5m(1) ~USD 5.1m(1) ~USD 5.4m(1) ~USD 5.9m(1) ~USD 2
Slide 7: Large-size PSV vessels – contract overview
Large-size PSV vessels – contract overview Standard Vessels (100% owned) 2018 2019 Vessel Built Client Country 2Q 3Q 4Q 1Q 2Q 3Q 4Q Large-size Vessels Standard Viking 2007 Peterson UK Standard Princess 2008 Spot Market / Anasuria / Spot / TBC UK Standard Supplier 2007 Decipher / Spot / TBC UK Contra
Slide 8: Mid-size PSV vessels – contract overview
Mid-size PSV vessels – contract overview PSV Opportunity (25.5% owned) 2018 2019 Vessel Built Client Country 2Q 3Q 4Q 1Q 2Q 3Q 4Q Mid-size Vessels FS Arendal 2006 Repsol UK FS Aberdour 2009 Centrica / In House UK FS Balmoral 2008 Premier Oil / Petrofac UK Contract FS Kristiansand 2005 TBN UK Options
Slide 9: SDSD has no debt
SDSD has no debt 1 SDSD has a competitive advantage compared to industry peers A C Total debt per 1,000m2 PSV equivalent today Historical large PSV NSEA rates vs. required debt service rate 45 000 35 30 26 40 000 25 20 USDm 15 35 000 10 5 30 000 Required rate: ~USD 24k/day 0 Company #1 Company #2 Co
Slide 10: Low overhead costs and low breakeven rates
Low overhead costs and low breakeven rates 2 SDSD has a competitive advantage compared to industry peers Corporate overhead per active vessel Average cash Break-even 2.5 2.1 Average cash break-even, all-in costs (USD / Day) for PSV vessels 2 – Large-size: USD 7,000 per day – Mid-size: USD 6,700 pe
Slide 11: SDSD has a modern fleet of large PSV's - all working
SDSD has a modern fleet of large PSV’s- all working 3 SDSD has a competitive advantage compared to industry peers Overview of PSVs in layups, no vessels can easily return to the North Sea 60 12 50 6 40 11 No. vessels 30 61 20 23 10 9 0 0 (1) (2) PSV Layups Non DP / DP1 >15 Yrs Old <700m² Deck >2 Yrs
Slide 12: Signs of recovery – large vessels leading the way
Signs of recovery – large vessels leading the way Increased tender activity Increased rig activity Large-size PSV term rates (900m2) Mid-size PSV term rates (500-750m2) 55 35 50 30 45 40 25 35 20 USD ('000) USD ('000) 30 Last 10yr avg. USD ~14.8k/d 25 15 Last 10yr avg. ~USD 20.0k/d Last 5yr avg.
Slide 13: Summary - well positioned for recovery and opportunities
Summary - well positioned for recovery and opportunities Lowest break-even Acquisitions at all-time low Best cost position with considerably lower Average discount of ~52% to newbuild overhead than peers and all equity parity at NOK 1.43 per share (1) balance sheet securing lowest break-even in the
Slide 14: Standard Drilling
Gd) stanvaro DRILLING
S.D. Standard Drilling — Pareto Oil & Offshore Conference 2018 on 6ix