Eidesvik Offshore Asa · OSL:EIOF
Eidesvik Offshore Asa — Q3 2015 Earnings Presentation
20 slides from Eidesvik Offshore Asa's earnings presentation, Nov 13, 2015
Slide 1: Presentation 3rd Quarter 2015
Presentation 3rd Quarter 2015 Oslo 13.11.2015 CEO Jan Fredrik Meling
Slide 2: News in 3rd Quarter 2015
News in 3rd Quarter 2015 Awarded a 50 days contract with options for further 50 days for Technip in Ghana for the OCV «Viking Neptun».
Slide 3: News in 3rd Quarter 2015
News in 3rd Quarter 2015 Sold the cable-lay vessel «European Supporter» and the seismic vessel «Viking II». A total gain on sale of MNOK 95,5 will be recognized in the 4th Quarter accounts.
Slide 4: News after 30.09.2015
News after 30.09.2015 Statoil has extended the contract for the PSV «Viking Energy» with 2 years from April 2016, with options for further 1 year. An agreement for installation of Energy Storage System on the vessel has been entered into.
Slide 5: News after 30.09.2015
News after 30.09.2015 The PSV’s «Viking Lady» and «Viking Athene» suspend operations as the Leiv Eiriksson Consortium claim the contract is fulfilled. The vessels will be kept out of operations until the parties have agrred on terms of cancellation.
Slide 6: 3rd Quarter 2015 results
3rd Quarter 2015 results (3rd Quarter 2014 in brackets) Revenues MNOK 308,7 (259,1) EBITDA MNOK 193,2 (147,6) Operating profit MNOK 131,1 (91,0) Pre-tax profit MNOK -77,4 (-8,3) Q3 Profits influenced by agio (MNOK -168,4).
Slide 7: Results 3rd Quarter 2015
Results 3rd Quarter 2015 (in million NOK, Gain on sale excluded) Operating revenue Q3 The results in 3rd Quarter compared to last year are influenced of: 400 -The subsea vessel “Viking Neptun” was delivered and commenced contract shortly after delivery in Q1 2015. 200 309 250 259 -The supply vessel
Slide 8: Results pr 30.09.2015
Results pr 30.09.2015 (in million NOK, Gain on sale and termination fee excluded) Operating revenue YTD The results YTD compared to last year are influenced 1 000 of: 874 -“Viking Neptun delivered and commenced contract in 1st 500 711 725 Quarter 2015 0 -3 vessels with yard stay in 1st Quarter 2014
Slide 9: Cash Flow (in million NOK)
Cash Flow (in million NOK) 3rd Quarter 3rd Quarter 2015 2014 YTD 2015 YTD 2014 2014 Net cashflow from operating activities 160,6 181,3 390,7 360,9 537,5 Net cashflow from investment activities (1,1) 6,0 (923,2) (14,9) (113,3) Net cashflow from finance activities (153,5) (147,6) 404,9 (423,6) (457,4)
Slide 10: Balance
Balance (in million NOK) 7 000 6 000 Current assets Short-term liab. Current assets Short-term liab. 5 000 4 000 Long-term liabilities Long-term liabilities 3 000 Fixed assets Fixed assets 2 000 Equity 1 000 Equity 0 Assets Equity and Assets Equity and 30.09.15 Liabilities 30.09.14 Liabilities 30.09
Slide 11: Debt maturity profile
700 Debt maturity profile 22.10.15 accepted refinancing offer Millions 600 500 300 400 300 200 366 371 326 326 100 104 0 49 rest 2015 2016 2017 2018 2019 Instalments Balloons Bonds Debt on vessels held for sale
Slide 12: Segments Revenue Q3 2015
Segments Incl. Share of Joint Ventures Excluded gain on sale (MNOK) 3rd Quarter 2015 Seismic Subsea Supply Other Revenue 76,3 181,3 96,9 5,3 EBITDA 72,1 120,6 45,3 -1,2 Revenue Q3 2015 EBIT 43,0 79,9 15,6 -1,7 EBITDA margin 94% 67% 47% N/A EBIT margin 56% 44% 16% N/A 3rd Quarter 2014 Seismic Subsea
Slide 13: Contract coverage (per 30.09.2015)
Contract coverage (per 30.09.2015) 14
Slide 14: Contract Backlog 30.09.15
800 Contract Backlog 30.09.15 Millions 700 213 600 500 212 400 523 300 53 532 212 200 212 356 100 227 143 119 100 0 Q4 2015 2016 2017 2018 2019 From 2020 Consolidated Share of JV's
Slide 15: Contract status seismic
Contract status seismic Viking Vanquish Viking Vision Veritas Viking Vantage Stacked Oceanic Vega Oceanic Sirius 2015 2016 2017 2018 2019
Slide 16: Contract status subsea
Contract status subsea Subsea Viking Acergy Viking Viking Poseidon Seven Viking Viking Neptun 2015 2016 2017 2018 2019
Slide 17: Contract status supply
Contract status supply Viking Queen Viking Lady Viking Athene Viking Energy Viking Avant Viking Nereus Stacked Viking Prince Viking Princess 2015 2016 2017 2018 2019
Slide 18: Cost reduction initiatives
Cost reduction initiatives Due to weak market outlook Eidesvik prepares for up to 7 vessels being taken out of operations in 2016. In 2014 5 of those vessels were operated on ordinary contracts. Total estimated annual cost reductions from taking out the 5 vessels from operations in 2016 compared to
Slide 19: Market
Market We still experience very challenging market conditions in all three segments. We now observe many vessels being laid up, especially within PSV and seismic. It is still difficult to see when this will restore the necessary balance in the market, and we expect difficult market conditions also i
Slide 20: Thanks for Your attention!
Eidesvik Thanks for Your attention!