Slide 1: Presentation 4th Quarter 2016
Presentation 4th Quarter 2016 Oslo 28.02.2017 CEO Jan Fredrik Meling
Slide 2: News in 4th Quarter 2016
News in 4th Quarter 2016 Entered into agreement with CGG to terminate contract for Viking Vision. Original contract expiry was July 2017. Payment of the charter rate will continue to until original contract expiry.
Slide 3: News in 4th Quarter 2016
News in 4th Quarter 2016 Awarded two contracts from CGG for the seismic vessels Vantage and Veritas Viking. The vessels shall be employed as source vessels. The contracts are 180 days firm each with further options. Contracts commencement are primo January 2017. The Vantage and the Veritas Viking ha
Slide 4: News after 31.12.2016
News after 31.12.2016 Awarded new contract with Siemens Wind Power for Acergy Viking. The contract is for 6 months with options. Contract commencement is June 2017. The vessel will be used as accommodation‐, service‐ and maintenance vessel.
Slide 5: News after 31.12.2016
News after 31.12.2016 Awarded contract extension with Chevron North Sea Ltd for the supply vessel Viking Princess. The contract is for one year plus options.
Slide 6: News after 31.12.2016
News after 31.12.2016 Eidesvik and CGG have agreed to amend the contract for Viking Vanquish, which is firm to November 2020. The dayrate is reduced and Eidesvik receives listed notes and other debt instruments as compensation.
Slide 7: News after 31.12.2016
News after 31.12.2016 Entered into an agreement for sale of the subsea vessel Viking Poseidon. The vessel will be delivered to new owners in 1st Quarter 2017. The sale has a negative P&L effect in 4th Quarter 2016 of MNOK 130, and a positive liquidity effect of approx. MNOK 180 after repayment of de
Slide 8: 4th Quarter 2016 results
4th Quarter 2016 results (4th Quarter 2015) Revenues MNOK 209,4 (343,2) EBITDA MNOK 135,9 (232,2) Operating profit MNOK ‐215,6 (‐115,6) Pre‐tax profit MNOK ‐354,0 (‐200,0) Q4 2016 profits influenced by termination fee of MNOK 35,3, impairment of vessels of MNOK ‐ 303,5 (290,0) and agio of MNOK ‐96,7
Slide 9: Results 4th Quarter 2016
Results 4th Quarter 2016 (in million NOK) The results in 4th Quarter compared to last year are influenced of: Operating revenue Q4 ‐Impairment of vessels totaling MNOK 303,5 300 ‐The subsea vessel “Viking Neptun” was operated on lower rate in 2016. 93 ‐“Viking Poseidon” contract terminated in Q2 201
Slide 10: Results pr 31.12.2016
Results pr 31.12.2016 (in million NOK, Gain on sale and termination fee excluded) The results YTD compared to last year are influenced of: Operating revenue YTD ‐Impairment of vessels totaling MNOK 508,8 1 500 ‐The subsea vessel “Viking Neptun” was operated on lower rate in 2016. 1 000 ‐“Viking Pose
Slide 11: Cash Flow (in million NOK)
Cash Flow (in million NOK) 4th Quarter 4th Quarter 1.1- 1.1- 2016 2015 31.12.2016 31.12.2015 Net cashflow from operating activities 110,7 249,3 282,1 640,0 Net cashflow from investment activities 20,1 216,5 55,6 (706,8) Net cashflow from finance activities (126,4) (185,5) (492,2) 219,5 Net changes i
Slide 12: Balance
Balance (in million NOK) 7 000 6 000 Short‐term liab. Current assets 5 000 Current assets Short‐term liab. 4 000 Long‐term liabilities Long‐term liabilities 3 000 Fixed assets Fixed assets 2 000 1 000 Equity Equity 0 Assets Equity and Assets Equity and 31.12.16 Liabilities 31.12.15 Liabilities 31.12
Slide 13: Segments
Segments Incl. Share of Joint Ventures (MNOK) 4th Quarter 2016 Seismic Subsea Supply Other Revenue 97,5 97,7 53,3 5,1 Revenue Q4 EBITDA 87,6 54,7 17,6 20,1 2016 EBIT 62,3 ‐111,6 ‐179,0 19,6 EBITDA margin 90% 56% 33% N/A EBIT margin 64% 18%* ‐10%* N/A 4th Quarter 2015 Seismic Subsea Supply Other Reve
Slide 14: Debt maturity profile 31.12.2016
1 400 Debt maturity profile 31.12.2016 Millions 1 200 1 000 800 1 152 600 300 413 400 200 363 368 322 297 0 83 2017 2018 2019 2020 2021 Instalments Balloons Bonds
Slide 15: Contract Backlog 31.12.16
700 Contract Backlog 31.12.16 Millions 600 224 500 400 300 200 430 224 224 225 100 149 165 0 43 29 24 2017 2018 2019 2020 2021 From 2022 Consolidated Share of JV's
Slide 16: Contract coverage incl JV's 31.12.16
90% - Contract coverage incl JV's 31.12.16 80% 78% 77% 70% 60% - 50% 40% - 30% 22% 22% 22% 20% 19 % 10% 0% Qi Q2 Q3 a4 Qi Q2 Q3 Q4 Qi Q2 Q3 a4 Ql Q2 Q3 a4 Ql 2017. 2017 «2017: «2017: «2018 «62018 +2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 Option m@ Firm
Slide 17: Contract Status
Contract Status Seven Viking Viking Neptun Subsea Viking Acergy Viking Viking Poseidon Viking Queer Viking Lady Viking Princess Viking Prince ——- | | Viking Athene Viking Energy Viking Avant Oceanic Sirius Oceanic Vega Viking Vanquish Viking Vision Veritas Viking Vantage 01.01.2017 01.01.2018 01.01.
Slide 18: Market
Market The PSV segment is still characterized of low rates on both short‐ and long term contracts in spite of many vessels being stacked. Currently, it seems to be some time ahead before the market balances, and it seems necessary with a significant scrapping of vessels to restore market balance. We
Slide 19: Thanks for Your attention!
Eidesvik Thanks for Your attention!