Sed Energy Holdings Plc · OSL:ENH
Sed Energy — SeaBird Exploration — Q1 2018 Earnings Presentation
22 slides from Sed Energy's earnings presentation, May 16, 2018
Slide 1: SeaBird Exploration First Quarter Presentation
SeaBird Exploration First Quarter Presentation 16 May 2018 CEO Christophe Debouvry CFO Nils Haugestad
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
Agenda • Highlights • Market and operational review • Financial review • Summary observations • Q&A 3
Slide 4: Highlights
Highlights
Slide 5: Q1-18 Highlights
Q1-18 Highlights Financial results • Revenues of $4.7 million ($5.5 million Q4 2017) • EBITDA of $1.0 million. Adjusted EBITDA of negative $1.0 million (negative $1.5 million Q4 2017) • EBIT of negative $0.7 million. Adjusted EBIT of negative $2.7 million (negative $3.6 million Q4 2017) • Non-recurr
Slide 6: Market and operational review
Market and operational review
Slide 7: Segment operating activity
Segment operating activity Contract revenue by survey type Contract revenue by region (USD millions) (USD millions) 10 10 8.0 8 8 2,2 6 5,5 6 5,5 5,9 4,7 4,7 4 4 2,5 2,7 2,2 2,4 2,7 5,9 2,4 5,3 2 4,7 2 0,4 2,4 2,9 1,4 2,2 2,4 2,4 2,0 0,2 0,2 0,2 - 1,1 0 - - - - - 0 - Q1 2017 Q2 2017 Q3 2017 Q4 2017
Slide 8: Operations & commercial activity
Operations & commercial activity • Osprey Explorer currently operating in West Africa and Voyager Explorer about to mobilize in APAC, both on source contracts • Harrier Explorer and Aquila Explorer will remain warm- stacked until activity levels are on the rise • More generally: – Despite continued
Slide 9: Tender activity in SBX Markets
Tender activity in SBX Markets 50%+ increase since trough 9
Slide 10: Financial review
Financial review
Slide 11: Historical operating comparison
Historical operating comparison Revenues EBITDA (USD millions) (USD millions) 9 8.4 0,4 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 8 2 1,0 7 0 (0,1) 5.5 -2 (1,5) (1,0) 6 (2,8) (2,1) 5 4.7 -4 -6 (5,0) 4 8,0 (6,1) -8 (6,3) 3 2.6 2.7 0,3 5,5 4,7 -10 2 2,7 -12 1 2,4 -14 0 (14,4) -16 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Con
Slide 12: Vessel utilization
Vessel utilization Vessel utilization 100% 3% • Q1 utilization for available vessels of 90% 50% 80% • Two active vessels in the quarter 50% 70% 58% 61% ‒ Osprey Explorer active in South 60% 82% 78% America 50% ‒ Voyager Explorer active in Southeast 40% Asia 30% • Four vessels available in fleet 50%
Slide 13: Income statement Q1 2018
Income statement Q1 2018 CONSOLIDATED INTERIM STATEMENT OF INCOME Q1 2018 Q1 2017 Non- recurring All figures in USD millions (except EPS) Adjusted items Actual Actual Contract 4.7 - 4.7 8.0 Multi-client - - - 0.4 Total revenues 4.7 - 4.7 8.4 Cost of sales (4.1) (1.1) (3.1) (8.3) SG&A (1.6) (0.1) (1.
Slide 14: Summary non-recurring charges
Summary non-recurring charges OVERVIEW OF ADJUSTMENTS USD millions Cost of sales Net gain from reversal of Munin Explorer provision -0.7 Net gain from reversal of Northern cost accrual -0.4 SG&A Gain from lease termination (Houston office) -0.1 Other income Gain on sale of Northern Explorer -0.5 Gai
Slide 15: Cash flow statement
Cash flow statement CONSOLIDATED INTERIM STATEMENT OF CASH FLOW Quarter ended 31 March All figures in USD millions 2018 2017 Profit / (loss) before income tax (0.9) (7.5) Depreciation, amortization and impairment 1.7 3.5 Movement in provision (3.0) (1.5) Other items (0.1) (0.3) Interest expense on f
Slide 16: Cashflow and liquidity observations
Cashflow and liquidity observations • Cash flow in quarter one impacted by $0.7 million in cash operating expenses relating to discontinued vessels • Negative cash effects from increased receivables by $2.0 million due to project timing effects • Payables were reduced by $1.4 million • Expected coll
Slide 17: Balance sheet
Balance sheet CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION As of 31 March All figures in USD millions (except for equity ratio) 2018 2017 Property, plant and equipment 26.8 45.0 Multi-client library - 2.7 Other non-current assets 0.1 0.1 Inventories 1.0 1.2 Trade receivables 3.1 5.9 Other cu
Slide 18: Summary observations
Summary observations
Slide 19: Summary
Summary • In line with prior communications, targeted recurring cost structure reached in Q1-18 and historical fleet rationalization now completed • The company maintains 2 vessels in active operations, while retaining capacity to ramp up active fleet in operations, in line with any potential surge
Slide 20: SeaBird Exploration
TTT \ 0 PULA 280 "3h SeaBird Exploration
Slide 21: Appendix
Appendix
Slide 22: Fleet overview
Fleet overview A fleet of 4 vessels adapted to flexible service offering and matching industry technical requirements 2D and source vessels SW1)-3D vessels Aquila Explorer Osprey Explorer Harrier Explorer Voyager Explorer 2D - 1 X 12 Km 2D - 1 X 12 Km 2D - 1 X 12 Km 3D-SW - 4 X 6 000m Source Source