Slide 1: SeaBird Exploration First Quarter Presentation
SeaBird Exploration First Quarter Presentation 4 May 2016 CEO Christophe Debouvry CFO Nils Haugestad
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: Highlights
Highlights Financial results • Revenues of $26.0 million ($27.1 million Q4 2015) • EBITDA of $7.4 million ($4.6 million Q4 2015) Quarterly observations • Four vessels in continuous production on TGS Gigante project in Mexico during the quarter • Fifth vessel working in the Caribbean Sea • Vessel uti
Slide 4: Business review
Business review
Slide 5: Segment operating activity
Segment operating activity Contract revenue by survey type Contract revenue by region (USD millions) (USD millions) 35 30 26.6 26.0 30 26.6 25 23.0 23.1 26.0 23.0 23.1 0.2 25 18.8 20 18.8 3.3 10.3 20 5.7 15 9.3 15 26.6 26.0 11.8 26.6 26.0 22.8 10 10 15.0 19.9 9.0 5 5 9.4 7.1 2.3 3.7 0 - 0 0.1 0.1 Q1
Slide 6: TGS Gigante Mexico survey
TGS Gigante Mexico survey • Four vessels active in Mexico during the quarter ‒ Northern left Gigante in January 2016 for project in the Caribbean ‒ Returned in April to replace Osprey Explorer • TGS has declared intent to complete the full Gigante survey • Expected completion at end quarter three 20
Slide 7: Backlog
Backlog • Backlog as of 31 March of $42 million1 • TGS Gigante still represent a significant portion of current backlog • However, post-Gigante backlog is being built-up with select contracts in the North West Europe region added to backlog during the quarter1) • In Q3, three vessels will remain all
Slide 8: Financial summary
Financial summary
Slide 9: Historical operating comparison
Historical operating comparison Revenues EBITDA 30 (USD millions) (USD millions) 27.1 26.0 10 8.2 8.3 25 24.2 23.2 7.4 19.6 4.6 20 5 3.9 4.6 3.5 3.7 15 26.6 26.0 23.0 23.1 0 10 18.8 Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 5 -5 0 (6.5) Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 -10 Contract revenues Multi-client revenues E
Slide 10: Vessel utilization
Vessel utilization Vessel utilization 100% • Q1 contract utilization of 90.3%, 2% 13% 7% 10% down from 100% in Q4 2015 90% 7% - All five active vessels working in the 80% 40% 19% NSA region 70% 60% • No vessel utilized for multi-client 50% 100% projects during the quarter 90% 86% 40% 68% 30% 58% 20%
Slide 11: Income statement Q1 2016
Income statement Q1 2016 CONSOLIDATED INTERIM STATEMENT OF INCOME Quarter ended 31 March All figures in USD millions 2016 2015 Contract 26.0 23.0 Multi-client - 1.2 Total revenues 26.0 24.2 Cost of sales (15.0) (17.0) SG&A (3.9) (3.8) Other income (expenses), net 0.3 0.1 Restructuring gain on leases
Slide 12: Cash flow statement
Cash flow statement CONSOLIDATED INTERIM STATEMENT OF CASH FLOW Quarter ended 31 March All figures in USD millions 2016 2015 Profit/(loss) before income tax 2.0 63.8 Restructuring gain - (66.0) Other non-cash items 3.0 7.1 Paid income tax (0.3) (1.1) Working capital changes 1.4 (10.0) Net cash from
Slide 13: Balance sheet
Balance sheet CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION Quarter ended 31 March All figures in USD millions (except for equity ratio) 2016 2015 Property, plant and equipment 64.7 75.3 Multi-client library 2.9 14.0 Other non-current assets 0.0 0.1 Inventories 3.1 2.6 Trade receivables 6.8 1
Slide 14: Multi-client update
Multi-client update Multi-client revenues (USD millions) • Zero multi-client investment during the 2 quarter 1.5 1.2 1 0.7 • No multi-client revenues in Q1 0.5 0.5 0.1 0.0 0 • One new significantly pre-funded 2D Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 multi-client survey in North West Europe Pre 201
Slide 15: Debt profile
Debt profile Funded debt profile Covenants (USD millions) 45 • Leverage ratio < 2.5 40 36.5 • Unrestricted cash > $5.0 million 35 3.1 33.3 1.6 3.1 30 2.4 1.6 • In compliance with both covenants as of 2.2 31 March 2016 25 Aggregate remaining maturities of loans and borrowings 20 USD millions 15 Year
Slide 16: Update on provisions
Update on provisions Provisions USD millions Starting balance 1 January 2016 12.2 Incurred costs (2.3) Changes in provision estimate (booked as credit to cost of sales) 0.0 Interest expense 0.2 Ending balance 31 March 2016 10.2 • Provisions mainly related to stacked vessels on onerous long-term leas
Slide 17: Status and outlook
Status and outlook
Slide 18: Market outlook
Market outlook • Oil exploration spending continues to be depressed, but market seems to have stabilized • Challenging market conditions prevail; global seismic demand weakness expected to persist through 2016 • Day rates continue to be under pressure • Multi-client market conditions still very chal
Slide 19: SeaBird Exploration
SeaBird Exploration : 19