Slide 1: SeaBird Exploration Fourth Quarter Presentation
SeaBird Exploration Fourth Quarter Presentation 26 February 2019 CEO Hans Petter Klohs 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: Agenda
Agenda • Highlights • Market and operational review • Financial review • Summary and outlook • Q&A 3
Slide 4: Highlights
Highlights
Slide 5: Q4-18 Highlights
Q4-18 Highlights Key financial & operational figures • Revenues of $6.8 million ($5.4 million Q3 2018) • EBITDA of negative $1.2 million (negative $2.8 million Q3 2018) • EBIT of negative $3.6 million (negative $4.2 million Q3 2018) • 58% fleet utilization • CAPEX of $19.8 million (Eagle; $ 19.2m) •
Slide 6: Market and operational review
Market and operational review
Slide 7: Segment operating activity
Segment operating activity Contract revenue by survey type Contract revenue by region (USD millions) (USD millions) 10 10 8 8 6.8 6.8 6 5.5 5.4 6 5.5 5.4 4.7 4.7 2.6 4 2.9 5.4 4 2.5 3.1 2.2 2.9 4.3 5.3 0.8 2.8 2 4.7 2 - 2.9 2.9 1.4 1.2 1.4 2.1 1.4 1.1 1.1 1.1 0 0.2 - - - - - 0 - Q4 2017 Q1 2018 Q2 2
Slide 8: Operational update
Operational update Four vessels in operation in all regions • Voyager Explorer (Asia Pacific) Q4 18 – Continuation of project which commenced in Q3 VESSEL OCT OCT OCT OCT NOV NOV NOV NOV DEC DEC DEC DEC – Current project to continue until March 2019, Client has VOYAGER option to extended for additio
Slide 9: Eagle Explorer joined the fleet in December
Eagle Explorer joined the fleet in December Significant increase in earnings capacity • $17 million purchase price for fully rigged vessel including 3 high capacity compressors, full suite of source equipment and 40km Sercel Sentinel Solid streamer • $2.2 million capital expenditures relating to 10
Slide 10: Contract update
Contract update • Eagle Explorer on firm source contract with expected completion June 2019 and options to extend • Harrier Explorer commencing source and 2D contracts with expected duration into Q3-19 • Voyager Explorer and Osprey Explorer continuing on source projects with estimated completion Mar
Slide 11: Tender activity in SeaBird markets
Tender activity in SeaBird markets Tender Count (#) 60 50 40 27 13 18 30 17 9 20 13 16 14 13 8 13 29 21 10 24 26 16 14 17 19 12 12 13 12 0 6 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 Q4 18 2D & 3D (SW) Source - OBN Source - WAZ • OBN market continues strong growth with tender
Slide 12: Financial review
Financial review
Slide 13: Historical operating comparison
Historical operating comparison Revenues EBITDA 8 (USD millions) (USD millions) 6.8 Q4 17 Q1 18 Q2 18 Q3 18 Q4 18 7 2 6 5.5 1.0 5.4 1 5 4.7 4 0 2.9 3 -1 2 (1.0) (1.2) -2 (1.5) (1.4) 1 (2.1) 0 (2.3) Q4 17 Q1 18 Q2 18 Q3 18 Q4 18 -3 (2.8) Contract revenues Multi-client revenues EBITDA EBITDA adjusted
Slide 14: Vessel utilization
Vessel utilization Vessel utilization • Q4 utilization for five available vessels of 58% 100% 0% 0% 0% 3% 7% ‒ Harrier Explorer active in Northern Europe and 90% transit to South America 80% 50% 42% 36% ‒ Osprey Explorer active in North America 70% 58% 78% ‒ Voyager Explorer active in Southeast Asia
Slide 15: Income statement Q4 2018
Income statement Q4 2018 CONSOLIDATED INTERIM STATEMENT OF INCOME Q4 2018 Q4 2017 All figures in USD millions (except EPS) Actual Actual • SG&A in the quarter includes: Contract 6.8 5.5 Multi-client 0.0 - ‒ $0.1 million non-cash option expense Total revenues 6.8 5.5 ‒ $0.1 million audit accruals whi
Slide 16: Cash flow statement
Cash flow statement CONSOLIDATED INTERIM STATEMENT OF CASH FLOW Q4 2018 Q4 2017 All figures in USD millions Actual Actual Profit / (loss) before income tax (3.7) (5.2) Depreciation, amortization and impairment 2.5 2.7 Movement in provision - (0.4) Other items 0.1 - Unrealized exchange (gain)/loss (0
Slide 17: Balance sheet
Balance sheet CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION As of 31 December All figures in USD millions (except for equity ratio) 2018 2017 Property, plant and equipment 41.9 28.4 • Credit facility reclassified from non- Multi-client library 1.5 - current loans and borrowings to non- Other
Slide 18: Summary and outlook
Summary and outlook
Slide 19: Summary & Outlook
Summary & Outlook Q4 showed improved utilization and increased revenue Structural growth in OBN seismic – early cyclical growth in 2D demand All active vessels on scheduled projects through quarter one and approximately 50% of active fleet capacity booked for quarter two Low and flexible cost base G
Slide 20: SeaBird Exploration Q&A
SM SeaBird Exploration Q&A