Ocean Yield ASA — Investor Day (November 2012)
10 slides from Ocean Yield ASA's investor day presentation, Nov 26, 2012
Slide 1: Ocean Yield AS
OCEAN YIELD AS Lars Solbakken, CEO Aker Capital Markets Day Oslo, 26 November 2012
Slide 2: Ocean Yield – «The dividend company»
Ocean Yield – «The dividend company» • Established by Aker ASA in Q1 2012, with an attractive portfolio of oil service assets • Ocean Yield has committed to invest ~USD 440 million year-to-date • All assets have long term employment giving stable earnings • Growth strategy – will invest in oil servi
Slide 3: Attractive portfolio of oil service and industrial shipping assets
Attractive portfolio of oil service and industrial shipping assets Initial asset base… …and recent acquistions FPSO – Dhirubhai 1 Subsea vessel – Subsea Lewek construction Connector vessel- Wayfarer 2X car carrier 6500 CEU Seismic (newbuilds) vessel- Geco Triton 3
Slide 4: Significant contract backlog with strong charterers
Significant contract backlog with strong charterers USD 1.5 bn contracted EBITDA* Average charter tenor of 7.5 years* * EBITDA as reported * Average tenor weighted by EBITDA 4
Slide 5: Strategy for further growth
Strategy for further growth • Oil Service and Industrial Shipping Segments • Modern Assets • Solid counterparties Chartering • Bareboat charters • 5-15 years, current average 7.5 years • Bank debt on project basis ~70% Financing • Equity ~30% Economics • IRR at 13-15% per annum 5
Slide 6: Plans Initial Public Offering
Plans Initial Public Offering • Will raise new equity to fund further growth • Listing of the company on Oslo Stock Exchange • Timing of listing dependent on market conditions • May raise equity pre-IPO • Will create attractive yield stock by paying high and stable dividend • Aker committed to remai
Slide 7: American Shipping Company bonds
American Shipping Company bonds American Shipping Company - AMSC Company listed on the Oslo Stock Exchange Owns modern US flag/Jones Act product tanker fleet consisting of 10 vessels Vessels are on long-term bareboat contracts to OSG until Dec. 2019 OSG has sub-chartered vessels to oil compa
Slide 8: Key financials
Key financials Consolidated Jan-Sept 2012 Key figures - USD million Q3 2012 Q2 2012 (pro-forma) Revenues 46 46 137 EBITDA 38 39 112 Net profit 12 12 33 Cash 202 78 Total assets 1283 1160 Interest bearing debt 650 551 Total equity 521 500 Equity ratio (%) 41 43 8
Slide 9: Ocean Yield – «The dividend company»
Ocean Yield – «The dividend company» Summary • Substantial contract backlog • High dividend capacity • Conservative investment profile • Experienced board of directors and management • Strong market outlook 9
Slide 10: Slide 10