Slide 1: SeaBird Exploration Q2 2023 presentation
SeaBird Exploration Q2 2023 presentation
Slide 2: Forward-looking statements
Forward-looking statements All statements contained in this presentation that are not statements of historical facts, including statements on projected operating results, financial position, business strategy and other plans and objectives for future results, constitute forward-looking statements an
Slide 3: Agenda / Presenters
Agenda / Presenters • Introduction • Key developments • Key financials • Contract and outlook • Financial • Summary • Q&A Ståle Rodahl Finn Atle Hamre Sveinung Alvestad Executive Chairman CEO CFO 18.08.2023 – Page 3
Slide 4: SeaBird Exploration Plc
SeaBird Exploration Plc • Global provider of marine seismic 2D and OBN source • Headquarter in Bergen • Listed in Oslo under ticker SBX NO Eagle Fulmar Equipment • Market Cap.: USD 36m Explorer Explorer • NIBD: USD 15m 2D OBN Source Can equip one • Strong backlog and positive OBN Source 2D and one m
Slide 5: Key events Q2 2023
Key events Q2 2023 Operational Financial • Utilization of 90 % • Revenue: USD 9.7m (Q2 2022: USD 3.5m) • EBITDA: USD 4.6m (USD -1.2m) • Eagle Explorer • Net income: USD 2.1m (USD -4.6m), – Experienced downtime and increased cost during latter part of her 2D contract due to national authority issue.
Slide 6: Contract overview and outlook
Contract overview and outlook 18.08.2023 – Page 6
Slide 7: Contract coverage
Contract coverage Q1 2023 Q2 2023 Q3 2023 Q4 2023 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec EAGLE FULMAR Flexible Flexible Under contract Class / yard stay / transit Paid mob / de-mob Idle / stacked Key highlights: Positive outlook: • “Fulmar Explorer” has been in production throughout the • A
Slide 8: Utilisation
Utilisation Utilisation (%) • Q2 utilisation was 90% 120% 98% 100% 90% • Some standby during 2D project due to fishing activity on 81% prospect area 80% 69% 64% 60% • Utilisation year to date has been 94% 40% 32% 33% 28% 23% 25% 20% 0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2021 2022 2023 Utilisation LTM 18.
Slide 9: Eagle Explorer
Eagle Explorer Eagle Explorer: 2D & OBN Operation Q2 2023: • Completed large 2D contract • Under OBN Source project in Malaysia until early September • Planning Dry-Docking in September Status in Q3 2023: • Vessel in production, expect current project to last until start of September Outlook: • Vess
Slide 10: Fulmar Explorer
Fulmar Explorer Fulmar Explorer: OBN Source Operation Q2 2023: • OBN source contract in US GoM Status in Q3 2023: • Strong performance and good feedback from client Long-term contract secured • Direct continuation of current contract with expiry in September 2025 • OBN source contract with unusual l
Slide 11: “Flex capacity” - Equipment Pool / Chartered in vessels
“Flex capacity” - Equipment Pool / Chartered in vessels Seabird charter in 3rd Seabird equipment pool party vessel Seabird marine seismic operation Seeking long-term Equipment pool could outfit: contract to match Third party vessel charter: • 1x 2D + 1x OBN-vessel or charter-in vessel • Seabird is e
Slide 12: Global OBN market is strengthening
Global OBN market is strengthening Global OBN market (USDbn) • OBN market has grown 20% annually 1.8 the last 7 years 1.6 1.4 15% 1.2 YoY • OBN now accounts from ~40% of 1.0 25% overall seismic spending 0.8 25% YoY YoY 0.6 0.4 • Structural growth in OBN: 0.2 – In-field 0.0 2016 2017 2018 2019 2020 2
Slide 13: Market trends
Market trends General 180 80 – Tendering activity continues strong and reflects seasonal 160 positioning 70 – Duration of new tenders is increasing 140 – Strong outlook for energy prices following years of 60 underinvestment 120 # of vessel months – Oil & gas to remain an important part of energy mi
Slide 14: Source fleet overview
Source fleet overview • Current fleet of active source vessels consists of 11 vessels* 35 • We see a potential of 2 additional vessels available on relatively short notice • Laid up fleet – 2 of 4 vessels are older than 20 years • Vessels leaving the industry 18 • The comparable fleet in 2018/2019 w
Slide 15: Financials
Financials 18.08.2023 – Page 15
Slide 16: Financial highlights
Financial highlights Q2 2023 Key figures • Revenue of USD 9.7m (Q2 2022: USD 3.5m) All figures in USD '000 (except Quarters* 6 months ending* Full year* • EBITDA of USD 4.6m (USD -1.2m) EPS and equity ratio) Q2 2023 Q2 2022 30.06.23 30.06.22 2022 2021 • Net profit of USD 2.1m (USD -4.6m), Revenues 9
Slide 17: Quarterly revenue (USDm)
Revenue Revenue • Q2 revenue of USD 9.7m, up from USD 12.0 35.0 3.5m in Q2 2022 9.9 9.7 30.0 • Q2 2023 utilization was 90% 10.0 8.9 Quarterly revenue (USDm) 8.4 25.0 • Solid revenue contribution from both LTM revenue (USDm) 8.0 vessels 7.1 20.0 • Revenues for last twelve months were 6.0 5.0 USD 31.3
Slide 18: Quarterly EBITDA (USDm)
EBITDA EBITDA • Q2 EBITDA of USD 4.6m, up from USD 5.0 4.6 12.0 4.4 -0.9m the prior year quarter 10.0 4.0 • EBITDA the last twelve months of USD 8.0 10.8m 3.0 Quarterly EBITDA (USDm) 2.4 6.0 LTM EBITDA (USDm) 2.0 • SG&A was USD 0.7m. We continue to 4.0 se SG&A around USD 4.0m for the year 1.0 0.6 2.
Slide 19: Cash flow bridge
Cash flow bridge Quarterly cash flow (USDk) • Cash flow from operation excluding working capital was USD 4.7 million 4,745 -3,875 • Working capital contributed negatively of USD 3.9m • Working capital to be released next few months -428 • USD 0.3m debt repaid -314 2,475 - -402 - 2,201 • Net cash flo
Slide 20: Net interest-bearing debt
Net interest-bearing debt NIBD* (USDm) • Net interest-bearing debt has been reduced from USD 21.7m 30 from the start of 2022 to USD 15.0m as of Q1 2023 – Bank financing: USD 14.6m 25 24.0 – Equipment financing: USD 2.5m (se below) 23.2 – Cash: USD 2.2m 20 19.0 • Reduced NIBD by USD 9.0m (~40%) since
Slide 21: Summary
Summary 18.08.2023 – Page 21
Slide 22: Strategy
Strategy • Strong operational performance • Secure attractive contracts • Focus on cash flow • Actively monitor value accretive opportunities • Long term contract for the “Fulmar Explorer” and debt refinancing sets the Company up for the next phase – capital distribution – Capital will be returned t
Slide 23: Q&A
Q&A 18.08.2023 – Page 23