Sed Energy Holdings Plc · OSL:ENH
Sed Energy — SeaBird Exploration — Q4 2011 Earnings Presentation
17 slides from Sed Energy's earnings presentation, Feb 29, 2012
Slide 1: SeaBird Exploration PLC Fourth Quarter 2011
SeaBird Exploration PLC “SBX” Fourth Quarter 2011 29th February 2012 0800 CET Thon Hotel Vika Atrium, Oslo
Slide 2: Highlights Q4 2011
Highlights Q4 2011 8th December 2011, the divestment of the OBN-business to Fugro was completed and incorporates; • The sale transaction; • Two SeaBird vessels (Munin Explorer and Harrier Explorer) on time charter to Fugro; one for 3 years firm and one for 1 year firm, both with a 1 year option; •
Slide 3: Q4 OBN vessel ONGC survey
Q4 OBN vessel ONGC survey The ONGC survey • The survey was completed with 2,352 nodes deployed and recovered in two swaths, with a node efficiency ratio of 99.5%. • Gain on sale of the OBN business amounts to approx. USD 46.6 million 12 10 8 6 4 2 0 Q1 Q2 Q3 Q4 Q1 07 07 07 07 08 3
Slide 4: Highlights Q4
Highlights Q4 An Extraordinary General Meeting was held on 9th December 2011: • Five Directors were honourably discharged and three new Directors were appointed. The Board now consists of five members. The EGM additionally resolved to authorise increase of the share capital up to USD 5 million rep
Slide 5: Fleet Update
Fleet Update Aquila Explorer; • (40%) Worked in Indonesian market on survey until mid October 2011, followed by an idle period and then commenced end November 2011, a Multi Client survey. In January 2012, she suffered damage to her streamer to a great extent insured. • The vessel is now due for pe
Slide 6: Fleet update cont’d
Fleet update cont’d Hawk Explorer; • (73%) Completed survey in West Africa mid December 2011 and has commenced a survey in Brazil under the Framework Agreement with Spectrum ASA through to early March 2012. • To be followed by a series of planned surveys to be declared through to Q3, 2012. Voyag
Slide 7: Fleet update cont’d
Fleet update cont’d Harrier Explorer; • (33%) Long term charter for PGS ended October 2011. • Idle period of ten weeks, utilised to dock her for scheduled maintenance work. • She was then contracted as a source vessel in North Sea and on completion she will commence the one year charter with Fugro
Slide 8: Multi-Client
Multi-Client • SeaBird has performed about 12 vessel-months of Multi Client contracts in 2010, and just over 11 vessel months in 2011. • Financial reporting of Multi Client is in accordance with industry standard. • End of Q4-11, SeaBird has a book value of USD 16.6 million of capitalised Multi Clie
Slide 9: Financials Q4 2011
Financials Q4 2011 9
Slide 10: Continued operations
Continued operations Revenues continuing operations • Increased revenue Q4-11 to USD 24.4 mill, from USD 18.0 mill in Q3-11 45 90% 40 80% • Utilisation Q4-11 down to 60% from 69% in 35 70% Q3-11 30 60% • Multiclient sales were USD 5.2 million in 25 50% Q4-11 compared to USD 0.7 in Q3-11. 20 40% • Op
Slide 11: Consolidated Income Statement
Consolidated Income Statement Quarter ended Year ended 31 Dec 31 Dec All figures in USD 1,000 2011 2010 2011 2010 (Unaudited) (Unaudited) Unaudited) (Unaudited) Revenues 24,444 20,467 81,722 93,643 Charter hire and operating expenses (22,900) (18,336) (68,345) (71,402) Selling, general and admin exp
Slide 12: Consolidated Balance Sheet
Consolidated Balance Sheet As of 31 Dec All figures in USD 1,000 2011 2010 (Unaudited) Audited Non-current Tangible assets 153,610 283,622 Non-current Intangible assets 1,267 26,568 Other current assets 51,108 47,652 Cash and Cash Equivalents 13,300 1,135 Total Assets 219,285 358,977 Equity 49,302 1
Slide 13: Consolidated Cash Flow
Consolidated Cash Flow Quarter ended 31 Dec Year ended 31 Dec All figures in USD 1,000 2011 2010 2011 2010 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Net cash from operating activities (47,331) (12,956) (68,334) 1,068 Capital expenditures (3,379) (1,808) (12,024) (7,308) Net cash from other inv
Slide 14: Debt structure
Debt structure Outstanding Facilities Interest (USDm) Maturity Security Bond loan 6% 89.9 19 Dec 2015 1st pri: Osprey, Harrier, Northern, Aquila Perestroika CB 1% PIK 14.9 22 Sep 2014 Senior unsecured Fugro credit facility 6% 18.0 31 Dec 2012 ONGC receivables Sum 122.8 Note: Financial lease obligati
Slide 15: Outlook
Outlook The general market in source, 2D and 3D; • SeaBird has maintained a good contract utilisation for its fleet with oportunistic participation in Multi/Client projects • The 3D 4-streamer market is strengthening, with a better balance between demand and availability of capacity. • On 13 Febru
Slide 16: Outlook
Outlook Management changes; • On 6 February 2012 a change was announced whereby Tim Isden was replaced as CEO by Mr. Dag Reynolds, who is expected to assume the position by latest on 1 May 2012. • As an interim measure, Mr. Jan-Eivind Fondal has taken the position of CEO. • A cost-cutting program
Slide 17: For further questions contact
For further questions contact: CEO Jan-Eivind Fondal E-mail: jan-eivind.fondal@sbexp.com Ph. +47 468 86200 17 17