Slide 1: SeaBird Exploration Q4 2024 presentation
SeaBird Exploration Q4 2024 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 • Seabird Exploration • Summary • Q&A Ståle Rodahl Finn Atle Hamre Sveinung Alvestad Executive Chairman CEO CFO 9.2.25 – Page 3
Slide 4: Financial Performance Summary
Financial Performance Summary HSEQ P&L & Balance Valuation* Shareholder return LTM distribution: LTI*: 0 Q4 Adj. EBITDA: $4.6m EV: $57m NOK 0.90/sh* Operational downtime LTM*: NOK 0.40/sh** distribution Q4 NIBD: $9.4m Implied vessel value: $28m 1.7% scheduled for February Q4 WC: $3.4m *) NOK 0.25 ap
Slide 5: Utilisation
Utilisation Utilisation (%) Q4 utilisation 99% 120% • Fulmar Explorer 98% • Eagle Explorer 100% 98% 96% 98% 99% 100% 90% 89% 80% • LTM utilisation 92% 80% 76% 60% Fulmar Explorer 40% • In OBN production throughout the quarter 20% Eagle Explorer 0% • In OBN production throughout the Q1 Q2 Q3 Q4 Q1 Q2
Slide 6: 14 months firm backlog with 12 months options
14 months firm backlog with 12 months options Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun EAGLE FULMAR Firm contract Options Backlog as of Q4 2024 Eagle Explorer Fulmar Explorer • 14 months firm backlog • In OBN prod
Slide 7: OBN market continue to grow, while supply side contracting
OBN market continue to grow, while supply side contracting OBN spending (USDm) Seismic vessels suitable for source operation 1.8 60.0 1.6 50.0 1.4 1.2 40.0 1.0 0.8 30.0 0.6 20.0 0.4 0.2 10.0 0.0 - • OBN market growing by 15% annually since 2020 • The OBN source market is sold out • Strong market bot
Slide 8: Financial highlights
Financial highlights Q4 2024 Key figures • Revenues of USD 10.2m (Q4/23: USD 8.5m) Quarters* Full year* • Adjusted EBITDA of USD 4.6m (USD 1.7m) All figures in USD '000 (except EPS and equity ratio) Q4 2024 Q4 2023 2024 2023 • Net profit of USD 2.3m (USD -6.4m) Revenues 10,186 8,526 35,454 34,635 EB
Slide 9: Quarterly revenue (USDm)
Revenue Revenue • Q4 revenue of USD 10.2m 12.0 40.0 10.3 10.2 9.9 10.0 35.0 • Economical utilisation was 98% 10.0 9.7 – Fulmar Explorer 98% 8.5 Quarterly revenue (USDm) 30.0 – Eagle Explorer 100% LTM revenue (USDm) 8.0 25.0 6.5 • Revenue for 2024 was USD 35.5 million, 6.0 20.0 4.9 up from USD 34.6 m
Slide 10: Quarterly EBITDA (USDm)
EBITDA Adjusted EBITDA* • Underlying Q4 EBITDA of USD 4.6m 5.0 16.0 reflects a strong operational quarter 4.6 4.6 4.6 4.4 4.4 4.5 14.0 • EBITDA, adjusted for non-reccuring 4.0 items, for 2024 was USD 15.2 million, Quarterly EBITDA (USDm) 12.0 up from USD 12.6 million in 2023 LTM EBITDA (USDm) 3.5 10
Slide 11: Cash flow
Cash flow Year to date cash flow (USDk) • Net cash flow for 2024 was USD 1.9n 13,297 -752 • Cash flow from operation of USD 12.5m -2,336 was negatively impacted by a USD 0.8m working capital movement -1,782 • Capital expenditures in the period was -2,840 USD 2.3m • Debt service cost was USD 4.6m -3,
Slide 12: Net interest-bearing debt
Net interest-bearing debt NIBD* (USDm) • Net interest-bearing debt was USD 9.4m as of Q4 2024 16 15.0 15.0 – Bank financing: USD 10.7m 14.1 – Equipment financing: USD 2.7m 14 13.1 12.6 12.9 – Cash: USD 4.1m 12 10.7 10 9.4 • The company is in compliance with all bank covenants 8 6 4 2 - Q1 Q2 Q3 Q4 Q
Slide 13: Summary Seabird Exploration
Summary Seabird Exploration • Solid operational performance • 14 months firm backlog provides good visibility • Solid capital structure • Monitoring opportunities that are accretive to shareholders • Excess cash being distributed to shareholders – Merger terms agreed, now awaiting completion of merg
Slide 14: Q&A
Q&A 9.2.25 – Page 14
Slide 15: Adjustments to EBITDA
Adjustments to EBITDA 2023 2024 USDk Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Reported EBITDA 4,376 4,567 2,018 -2,296 4,648 1,533 4,404 2,911 Green Minerals Provision of receivables 1,673 Legal provisions 3,969 Adjusted EBITDA 4,376 4,567 2,018 1,673 4,648 1,533 4,404 4,583