Slide 1: SeaBird Exploration Q2 2024 presentation
SeaBird Exploration Q2 2024 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 14.8.24 – 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 37.3m Explorer Explorer • NIBD: USD 12.9m OBN Source OBN Source Can equip one • 26 months firm backlog as of end-Q2 2D 2D
Slide 5: Seabird Exploration at a glance
Seabird Exploration at a glance • Provides marine seismic acquisition services to E&P- and integrated seismic companies • Operates within the seismic source vessel market and 2D streamer market • Not active in the Data Processing- or Multi-Client market • Competitive advantages: – Young, state-of-th
Slide 6: Fleet overview
Fleet overview Eagle Explorer (2009) • Designed and built as a 12-streamer 3D vessel • Currently equipped for 2D streamer and source vessel operations • Completed 5-year special periodic survey (SPS) in Q4 2023 (next 2028) • Replacement value estimated to around USD 100m Fulmar Explorer (2009) • Hig
Slide 7: Key events Q2 2024
Key events Q2 2024 Operational Financial • Utilization of 89 % • Revenues of USD 4.9m (Q2/23: USD 9.7m) • LTI of NIL • EBITDA of USD 1.5m (USD 4.6m) • Net profit of USD -0.5m (USD 2.1m) Eagle Explorer – Awarded OBN contract in GoM with 12 months firm and two 6-month options • Cash flow operating act
Slide 8: Contract overview and outlook
Contract overview and outlook 14.8.24 – Page 8
Slide 9: Utilisation
Utilisation Utilisation (%) Q2 utilisation 89% 98% 96% • Fulmar Explorer 96% 100% 90% 89% • Eagle Exploreer 83% 90% 81% 80% 80% 76% 69% • LTM utilisation 85% 70% 64% 60% 50% Fulmar Explorer 40% • In OBN production throughout the 32% 33% 28% quarter 30% 23% 25% 20% Eagle Explorer 10% • Paid mobilizat
Slide 10: 26 months firm backlog with 12 months options
26 months firm backlog with 12 months options Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2025 Q2 2025 Q3 2025 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun EAGLE FULMAR Firm contract Options Eagle Explorer Fulmar Explorer • In OBN production
Slide 11: OBN market in structural growth
OBN market in structural growth • 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 p
Slide 12: Source fleet overview
Source fleet overview • Current fleet of active source vessels consists of 15 vessels* 35 • The comparable fleet in 2018/2019 was 35 vessels. • Active fleet reduced by ~60% • Two (2) 3D streamer vessels changed hands in Q1 2024 at an avg. price of approx. USD 43m each** 15 * This is the “free” fleet
Slide 13: Financials
Financials 14.8.24 – Page 13
Slide 14: Financial highlights
Financial highlights Q2 2024 Key figures • Revenues of USD 4.9m (Q2/23: USD 9.7m) All figures in USD '000 (except Quarters* 6 months ending* Full year* EPS and equity ratio) Q2 2024 Q2 2023 30.06.24 30.06.23 2023 2022 • EBITDA of USD 1.5m (USD 4.6m) Revenues 4,909 9,667 15,242 19,573 34,635 20,164 •
Slide 15: Quarterly revenue (USDm)
Revenue Revenue • Q2 revenue of USD 4.9m is down 12.0 40.0 quarter over quarter as Eagle was mobilizing to the USD GoM 10.3 – Mobilization revenue and cost is 9.9 35.0 10.0 9.7 capitalized 8.9 8.5 Quarterly revenue (USDm) 8.4 30.0 LTM revenue (USDm) • Economical utilisation was 89% 8.0 7.1 25.0 – Fu
Slide 16: Quarterly EBITDA (USDm)
EBITDA Adjusted EBITDA* • Q2 EBITDA of USD 1.5m is lower than 5.0 4.6 4.6 15.0 previous quarters as Eagle has been 4.4 mobilizing the lion share of the quarter 4.0 10.0 • Underlying EBITDA for the last twelve Quarterly EBITDA (USDm) 3.0 2.4 months was USD 9.9 million, broadly in LTM EBITDA (USDm) 2.
Slide 17: Cash flow bridge year to date
Cash flow bridge year to date Year to date cash flow (USDk) • Net cash flow for the first six months of 6,019 -1,375 2024 was USD -0.3m • Cash flow from operation of USD 4.6m -644 was negatively impacted by a USD 1.4m -2,349 working capital from a low level • Capital expenditures in the period was U
Slide 18: Net interest-bearing debt
Net interest-bearing debt NIBD* (USDm) • Net interest-bearing debt was USD 12.9m as of Q2 2024 30 – Bank financing: USD 12.2m – Equipment financing: USD 2.7m 25 24.0 – Cash: USD 1.9m 23.2 20 19.0 17.6 17.8 • Reduced NIBD by ~USD 11m (~45%) since peak 15.0 15.0 15.0 15 14.1 13.1 12.9 12.6 • The compa
Slide 19: Summary
Summary 14.8.24 – Page 19
Slide 20: Capital Allocation
Capital Allocation Aim to distribute excess cash to shareholders on a quarterly basis without jeopardizing Seabirds sound financial position First cash distribution of NOK 0.25/share completed in June 2024 Second cash distribution of NOK 0.25/share proposed by the Board with payment in Q4 2024 A pre
Slide 21: Historical day-rates, backlog & dividend potential
Historical day-rates, backlog & dividend potential • OBN sold out - next contracts expected Historical OBN dayrates (USD/d) to be higher than current backlog 90,000 80,000 • 2013 peak market rates would result in an additional ~USD 10m EBITDA per 70,000 vessel versus current contracts. This correspo
Slide 22: Strategy
Strategy • Strong operational performance • Sold out until July 2025 • Strong market outlook • Dayrates still considerably below last peak – ready for the next step • Actively monitor value accretive opportunities. • Fragmented industry in need of further consolidation • Focus on cash conversion and
Slide 23: Q&A
Q&A 14.8.24 – Page 23
Slide 24: Adjustments to EBITDA
Adjustments to EBITDA 2021 2022 2023 2024 USDk Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Reported EBITDA -533 -1,420 284 -2,516 106 -1,172 -609 -401 4,376 4,567 2,018 -2,296 4,648 1,533 Green Minerals 194 247 269 524 468 268 59 Write down of receivables -2,800 2,800 Legal provisions 3,969 Adjusted E