Slide 1: Presentation 2nd Quarter 2017
Presentation 2nd Quarter 2017 Oslo 25.08.2017 CEO Jan Fredrik Meling
Slide 2: News in 2nd Quarter 2017
News in 2nd Quarter 2017 Entered into an agreement with CGG to establish a new ownership set-up for 7 seismic vessels. This new set-up is based on the creation of a new Holding Company that will hold the shares in two entities. One of the entities will own the two vessels formerly co-owned by CGG an
Slide 3: 2nd Quarter 2017 results
2nd Quarter 2017 results (2nd Quarter 2016) Revenues MNOK 215,8 (180,0) EBITDA MNOK 125,7 (89,6) Operating profit MNOK 243,4 (35,4) Pre-tax profit MNOK 203,9 (-24,9) Q2 2017 profits influenced by termination fee of MNOK 72,0, impairment of vessel of MNOK - 22,8, and establishment of new JV including
Slide 4: Results 2nd Quarter 2017
Results 2nd Quarter 2017 (in million NOK) The results in 2nd Quarter compared to last year are influenced of: Operating revenue Q2 -“Viking Neptun” was operated on lower rate in 2017. -“Viking Poseidon” was sold in Q1 2017 300 -“Acergy Viking” on contract in 2017 200 309 -“Subsea Viking” on higher d
Slide 5: Results pr 30.06.2017
Results pr 30.06.2017 (in million NOK) The results in compared to last year are influenced of: Operating revenue YTD -“Viking Neptun” was operated on lower rate in 2017. 600 22 -“Viking Poseidon” was sold in Q1 2017 400 565 155 -“Acergy Viking” not on contract in Q1 2016 -“Subsea Viking” on higher d
Slide 6: Cash Flow (in million NOK)
Cash Flow (in million NOK) 2nd Quarter 2nd Quarter 1.1- 1.1- 2017 2016 30.06.2017 30.06.2016 2016 Net cashflow from operating activities 52,7 107,4 259,9 134,6 326,9 Net cashflow from investment activities (1,0) 24,5 376,1 16,1 12,8 Net cashflow from finance activities (85,4) (93,1) (583,4) (231,1)
Slide 7: Balance Equity ratio 30.06.17: 38 % (36 %)
Balance (in million NOK) 7.000 6.000 Current assets Short-term liab. 5.000 Short-term liab. Current assets 4.000 Long-term liabilities 3.000 Long-term liabilities Fixed assets 2.000 Fixed assets 1.000 Equity Equity 0 Assets Equity and Assets Equity and 30.06.17 Liabilities 30.06.16 Liabilities 30.06
Slide 8: Segments
Segments Incl. Share of Joint Ventures (MNOK) 2nd Quarter 2017 Seismic Subsea Supply Other Revenue 451,1 81,2 46,7 4,7 Revenue Q2 EBITDA 434,5 38,6 12,6 -6,5 2017 EBIT 260,3 11,9 -7,1 -7,0 EBITDA margin 96% 47% 27% N/A EBIT margin 58% 15% -15% N/A 2nd Quarter 2016 Seismic Subsea Supply Other Revenue
Slide 9: Debt maturity profile 30.06.2017
1.400 Debt maturity profile 30.06.2017 Millions 1.200 1.000 800 600 1.131 400 405 200 308 313 243 134 58 0 Rest 2017 2018 2019 2020 2021 Instalments Balloons
Slide 10: Contract Backlog 30.06.17
1.200 Contract Backlog 30.06.17 Millions 1.000 800 600 1.004 400 97 200 233 222 232 252 194 0 42 28 24 Rest 2017 2018 2019 2020 2021 From 2022 Consolidated Share of JV's
Slide 11: Contract coverage incl JV's 30.06.17
Eidesvik 70% 60% 50% 40 R 30 z 20 x 10 z 0% 64% Q3 2017 Contract coverage incl JV's 30.06.17 49% 41% 42% gig 41% 41% agg 36% 36% 32% 27% 27% 27% 27% 27% am ag @ @8 a a @ @8 @ a @ Bw a w@ @ 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 2021 @Option @ Firm
Slide 12: SPOT SPOT LAY UP
SPOT SPOT LAY UP LAY UP LAY UP LAY UP LAY UP LAY UP LAY UP
Slide 13: Market
Market Globally, the PSV fleet has high number of vessels laid up and the general rate level is still under pressure. It is positive for the segment that it in the current period is completed several spot- and term contracts on increasing rate levels, however a substantial increase in the demand is
Slide 14: Thanks for Your attention!
Eidesvik Thanks for Your attention!