Eidesvik Offshore ASA · OSL:EIOF
Eidesvik Offshore ASA — Q2 2007 Earnings Presentation
17 slides from Eidesvik Offshore ASA's earnings presentation, Aug 28, 2007
Slide 1: 2nd Quarter 2007
20 07 Oslo 28.08.2007 2nd Quarter 2007 CEO Jan Fredrik Meling Eidesvik Offshore ASA
Slide 2: 2nd Quarter 2007 summary
2nd Quarter 2007 summary • Conversion of MPSV Viking Poseidon to Seismic Research vessel started in April. The vessel will resume operation primo October on contract to CGGVeritas. • Stril Odin hired in to replace Viking Poseidon on its present contract. • Viking Swan leaves fleet after expiration o
Slide 3: Latest news
Latest news • Entered into two 12-years contracts with CGGVeritas for two new large Seismic Research vessels. Contract value is approx. MNOK 2.300. • Entered into LOI with Ulstein Verft for building of two Seismic Research vessels with X-Bow® design. The vessels will from delivery in 2010 commence t
Slide 4: Latest news cont.
Latest news cont. • Participation with 25% ownership in AHTS Havila Force. The vessel will be taken over in September 2007, and will be operated in the spot market. • Seismic Research vessel Viking Vision delivered in July and commenced on the 8-years contract with CGGVeritas.
Slide 5: Your Partner in Shipping
Your Partner in Shipping <>
Slide 6: Income and EBITDA 2nd Quarter 2007 vs 1st Quarter 2007
Income and EBITDA 250 2nd Quarter 2007 vs 1st Quarter 2007 MNOK 200 29 150 Reduced income Q1/Q2: NOK 30,2 mill 100 168 167 and 50 Reduced EBITDA Q1/Q2: NOK 36,5 mill 0 Q1-2007 Q2-2007 is mainly the result of: Income 120 - Gain on sale of Kingfisher in Q1 MNOK 29,1 MNOK - Conversion of Viking Poseido
Slide 7: Revenues and EBITDA 2nd Quarter 2007 vs 2nd Quarter 2006/5
Revenues and EBITDA 250 2nd Quarter 2007 vs 2nd Quarter 2006/5 MNOK 200 150 Decreased income 2006/7: NOK 24,6 mill 100 50 - Viking Athene operated from Q4 2006 - Subsea Viking operated on a 5-years contract at lower 0 dayrate Q2-2005 Q2-2006 Q2-2007 - Kingfisher, Viking Queen and Viking Troll sold I
Slide 8: EBIT and Profit
EBIT and Profit 2nd Quarter 2007 vs 2nd Quarter 2006/5 EBIT Profit after tax 70 70 M illio n s M illio n s 60 60 50 50 40 40 30 30 20 20 10 10 0 0 Q2-2005 Q2-2006 Q2-2007 Q2-2005 Q2-2006 Q2-2007 Decreased EBIT 2006/7: NOK 20,0 mill Decreased Profit 2006/7: NOK 13,5 mill
Slide 9: Segment analysis
Segment analysis Q2 2007 Seismikk Subsea PSV Annet INNTEKTER MNOK 43,8 60,7 91,0 1,7 EBITDA MNOK 27,6 41,2 37,4 -8,4 EBIT MNOK 14,2 35,2 21,8 -9,2 Revenues Q2 2007allocated to segments Other 1% Seismic and Cable 25 % PSV 52 % Subsea 22 %
Slide 10: Balance pr. 30. June 2007
Balance pr. 30. June 2007 4.000 Short term liabilities Equity ratio: Current assets 3.500 47,0% 3.000 Long term liabilities 2.500 2.000 Fixed assets 1.500 Equity capital 1.000 Booked equity pr. 500 share: 0 NOK 54,87
Slide 11: Cash Flow
Cash Flow Q2 2007 Q2 2006 Q2 2005 C ash flow from operating activity 61.890 63.693 60.054 C ash flow from investment activity (192.042) (105.836) (20.053) C ash flow from financing activity 19.118 (43.221) (236.705) C hanges in liquidity over the period (111.034) (85.364) (196.704) Liquid assets at
Slide 12: Contract status Subsea segment
Contract status Subsea segment Subsea Viking TBN Subsea Acergy TBN Subsea X-Bow Delivery Viking Forcados Oceanic Viking 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Slide 13: Contract status Seismic segment
Contract status Seismic segment Viking Poseidon Viking Vision Viking 1 Viking 2 Viking Vantage Geo Searcher 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Slide 14: Contract status Supply segment
Contract status Supply segment LNG Avant Statoil LNG Avant Total Viking Athene N. Crusader Viking Energy Viking Avant Viking Surf Viking Nereus Viking Thaumas 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Slide 15: Market
Market Vessel utilisation remains high in all of Eidesvik`s segment. With the high oil prices, focus on exploration, new rigs entering the market and increasing subsea activity, we foresee a continuously high global activity in the years to come. We maintain our concern for the high number of new-bu
Slide 16: 2nd half of 2007: Delivery of new vessels
2nd half of 2007: Delivery of 4 new vessels • 12th July: Viking Vision on chart to CGGVeritas • Primo October: Viking Poseidon on chart to CGGVeritas • Medio October: TBN Subsea Acergy on chart to Acergy • Primo November: TBN LNG Avant Statoil on chart to Statoil
Slide 17: Thanks for Your attention
Your Partner in Shipping <> Eidesvik Thanks for Your attention