Slide 1: Presentation 4th Quarter 2015
Presentation 4th Quarter 2015 Oslo 01.03.2016 CEO Jan Fredrik Meling
Slide 2: News in 4th Quarter 2015
News in 4th Quarter 2015 Sold the cable-lay vessel «European Supporter» and the seismic vessel «Viking II». A total gain on sale of MNOK 92,8 is recognized in the 4th Quarter accounts.
Slide 3: News in 4th Quarter 2015
News in 4th Quarter 2015 Statoil has extended the contract for the PSV «Viking Energy» with 2 years from April 2016, with options for further 1 year. An agreement for installation of Energy Storage System on the vessel has been entered into.
Slide 4: News in 4th Quarter 2015
News in 4th Quarter 2015 The PSV’s «Viking Lady», «Viking Athene» and «Viking Prince» have been awarded shorter contracts in the period.
Slide 5: News after 31.12.2015
News after 31.12.2015 Entered into a 9-months contract with Siemens for «Acergy Viking». The vessel will be used as a support vessel for offshore wind on German sector. A gangway system will be installed on the vessel prior to contract commencement.
Slide 6: News after 31.12.2015
News after 31.12.2015 Awarded contract extension with Technip for «Viking Neptun». Contract commencement is primo April and will secure work for the vessel beyond 2016.
Slide 7: 4th Quarter 2015 results
4th Quarter 2015 results (4th Quarter 2014 in brackets) Revenues MNOK 343,2 (259,4) EBITDA MNOK 232,2 (132,0) Operating profit MNOK -115,6 (22,1) Pre-tax profit MNOK -200,0 (-254,7) Q4 Profits influenced by gain on sale (MNOK 92,8), impairments (MNOK -290,0) and disagio (MNOK -47,5).
Slide 8: Results 4th Quarter 2015
Results 4th Quarter 2015 (in million NOK) Operating revenue Q4 The results in 4th Quarter compared to last year are influenced of: -Gain on sale of the vessels “European Supporter” and “Viking II” of MNOK 93 400 -The subsea vessel “Viking Neptun” was delivered and commenced contract 93 shortly after
Slide 9: Results pr 31.12.2015
Results pr 31.12.2015 (in million NOK) Operating Revenue The results YTD compared to last year are influenced of: 1 500 -“Viking Neptun” commenced contract in 1st Quarter 2015 1 000 115 -Gain on sale of vessels and contract termination fee of MNOK 115 45 1 124 500 948 985 -3 vessels with yard stay i
Slide 10: Long-term effects of different depreciation profiles and impairments in the OSV sector
Long-term effects of different depreciation profiles and impairments in the OSV sector (MNOK) In the OSV sector there are different accepted depreciation profiles. The consequence of following a more conservative profile results in higher reported ordinary depreciation (and lower EBIT), and lower re
Slide 11: Cash Flow (in million NOK)
Cash Flow (in million NOK) 4th Quarter 4th Quarter 2015 2014 YTD 2015 YTD 2014 Net cashflow from operating activities 249,3 176,7 640,0 537,5 Net cashflow from investment activities 216,5 (98,5) (706,7) (113,3) Net cashflow from finance activities (185,5) (33,8) 219,4 (457,4) Net changes in cash hol
Slide 12: Balance
Balance (in million NOK) 7 000 6 000 Short-term liab. Current assets Current assets Short-term liab. 5 000 4 000 Long-term liabilities Long-term liabilities 3 000 Fixed assets Fixed assets 2 000 Equity 1 000 Equity 0 Assets Equity and Assets Equity and 31.12.15 Liabilities 31.12.14 Liabilities 31.12
Slide 13: Debt maturity profile 31.12.2015
800 Debt maturity profile 31.12.2015 Millions 700 600 500 300 443 400 300 200 371 375 329 329 299 100 0 2016 2017 2018 2019 2020 Instalments Balloons Bonds
Slide 14: Segments
Segments Incl. Share of Joint Ventures Excluded gain on sale and impairments (MNOK) 4th Quarter 2015 Seismic Subsea Supply Other Revenue 75,5 135,2 84,0 4,7 EBITDA 68,5 77,0 32,0 2,9 Revenue Q4 2015 EBIT 45,7 37,2 3,0 2,4 EBITDA margin 91% 57% 38% N/A EBIT margin 60% 28% 4% N/A 4th Quarter 2014 Seis
Slide 15: Contract Backlog 31.12.15
1 000 Contract Backlog 31.12.15 Millions 900 800 218 700 600 500 217 400 728 300 217 217 200 398 218 321 100 147 124 104 0 2016 2017 2018 2019 2020 From 2021 Consolidated Share of JV's
Slide 16: Contract coverage (per 31.12.2015)
Contract coverage (per 31.12.2015) 16
Slide 17: Contract status seismic
Contract status seismic Viking Vanquish Viking Vision Veritas Viking Vantage Oceanic Vega Oceanic Sirius 2016 2017 2018 2019 2020
Slide 18: Contract status subsea
Contract status subsea Subsea Viking Acergy Viking Viking Poseidon Seven Viking Viking Neptun 2016 2017 2018 2019 2020
Slide 19: Contract status supply
Contract status supply Viking Queen Viking Lady Viking Athene Viking Energy Viking Avant Viking Nereus Viking Prince Viking Princess 2016 2017 2018 2019 2020
Slide 20: Positioning for diffucult markets
Positioning for diffucult markets In order to be best possible positioned for difficult market conditions the company has accomplished the following: Renewed and entered into new contracts in a very challenging market (turnover MNOK 465): • Viking Neptun. • Viking Energy and Viking Queen; battery so
Slide 21: Market
Market The market conditions have deteriorated further through 4th Quarter 2015. Further, we experience additional cuts in the oil companies’ investments, which will reduce the activity levels going forward.
Slide 22: Thanks for Your attention!
Eidesvik Thanks for Your attention!