Slide 1: Presentation 4th Quarter 2017
Presentation 4th Quarter 2017 Oslo 28.02.2018 CEO Jan Fredrik Meling
Slide 2: Disclaimer
Disclaimer This presentation has been produced by Eidesvik Offshore ASA (the "Company") based on information which is publicly available. This presentation is for information purposes only. Further to the aforementioned, this presentation is the result of an effort of the Company to present certain
Slide 3: News in 4th Quarter 2017
News in 4th Quarter 2017 Entered into an agreement for contract extension with Siemens Gamesa Renewable Energy for “Acergy Viking” for support work in the market for offshore wind on German sector. The contract is firm to January 2020 and is in direct continuation of the current contract. The charte
Slide 4: News in 4th Quarter 2017
News in 4th Quarter 2017 Awarded a contract for 18 months with 12 months options for Chevron North Sea Limited for the PSV “Viking Princess”. Commencement is January 2018 and is in direct continuation of the current contract.
Slide 5: News after 31.12.2017
News after 31.12.2017 Entered a letter of intent of contracts with Seabed Geosolution for “Subsea Viking” and “Vantage” for work in the market for node seismic. Contract commencement are respectively ultimo January and primo February. The duration is expected to be the remaining part of 2018.
Slide 6: News after 31.12.2017
News after 31.12.2017 Statoil has declared a one-year option for the supply vessel Viking Energy from April this year, in direct continuation of current contract. The vessel will be prepared for shore power, and equipment for better fuel consumption measurement will be installed.
Slide 7: News after 31.12.2017
News after 31.12.2017 Entered into a contract with Deceiper Production Limited for “Viking Prince”. Contract commencement is in February 2018 and is for approx. 85 days. Entered into a contract with Norske Shell for “Viking Prince”. Contract commencement is after the contract mentioned above and is
Slide 8: 4th Quarter 2017 results
4th Quarter 2017 results (4th Quarter 2016) Revenues MNOK 133,0 (209,4) EBITDA MNOK 33,3 (135,9) Operating profit MNOK -158,9 (-378,3) Pre-tax profit MNOK -220,6 (-514,7) Q4 2017 profits influenced by impairment of assets and agio related to debt in foreign currency.
Slide 9: Results 4th Quarter 2017
Results 4th Quarter 2017 (in million NOK, impairments excluded) EBITDA Q4 2017 vs. Q4 2016 (MNOK -67,3): Operating revenue Q4 Seismic: Decrease of freight income of MNOK 10,0, increase in the total operating expenses of MNOK 4,9. Net decrease in EBITDA of MNOK 14,9. 300 93 Subsea: Decrease of freigh
Slide 10: Results pr 31.12.2017
Results pr 31.12.2017 (in million NOK, impairments excluded) EBITDA 2017 vs. 2016 (MNOK -150,1): Operating revenue YTD Seismic: Decrease of freight income of MNOK 23,2, increase in the total operating expenses of MNOK 42,2. Net decrease in EBITDA of MNOK 1 200 115 65,4. 900 Subsea: Decrease of freig
Slide 11: Cash Flow (in million NOK)
Cash Flow (in million NOK) 4th Quarter 4th Quarter 1.1- 1.1- 2017 2016 31.12.2017 31.12.2016 Net cashflow from operating activities 76,1 112,7 362,5 326,9 Net cashflow from investment activities 15,1 20,1 410,9 12,8 Net cashflow from finance activities (84,3) (126,4) (765,8) (492,2) Net changes in c
Slide 12: Balance Equity ratio 31.12.17: 36 % (29 %)
Balance (in million NOK) 6 000 5 000 Short-term liab. Current assets 4 000 Current assets Short-term liab. 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 31.12.17 Liabilities 31.12.16 Liabilities 31.12.17 31
Slide 13: Segments
Segments Incl. Share of Joint Ventures (MNOK) 4rd Quarter 2017 Seismic Subsea Supply Other Revenue Q4 Revenue 48,7 84,2 43,9 4,4 2017 EBITDA 29,8 42,7 8,6 -11,4 EBIT -14,3 -18,7 -88,4 -11,7 EBITDA margin 61% 51% 20% N/A EBIT margin -29% -22%* -25%* N/A 4rd Quarter 2016 Seismic Subsea Supply Other Re
Slide 14: Debt maturity profile 31.12.2017
1 400 Debt maturity profile 31.12.2017 Millions 1 200 1 000 800 600 1 114 400 399 200 305 309 241 0 58 58 2018 2019 2020 2021 2022 Instalments Balloons
Slide 15: Debt maturity profile after financial restructuring
2 000 Debt maturity profile after financial restructuring Millions 1 800 1 600 1 400 1 200 1 571 1 000 800 600 400 200 309 84 85 85 197 0 2018 2019 2020 2021 2022 Instalments Balloons Prepayment/other
Slide 16: Contract Backlog 31.12.17
900 Contract Backlog 31.12.17 Millions 800 700 600 500 400 219 795 300 228 200 325 248 100 190 187 123 0 26 0 2018 2019 2020 2021 2022 From 2023 Consolidated Share of JV's
Slide 17: Contract coverage incl JV's 31.12.17
80% Contract coverage incl JV's 31.12.17 70% 67% 61% 60% 54% 54% 50% 45% 42% 41% 41% 40% 36% 33% 32 % 62% 29% 27% 27% 27% 27% 27% 30% 54% 53% 50% 20% 41% 38% 32% 32% 32% 29% 28% 27% 10% 23% 23% 23% 23% 23% 0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2018 2018 2018 2018 2019 2019 2019 2019
Slide 18: Contract Status
Contract Status Seven Viking Viking Neptun Subsea Viking Acergy Viking Viking Queen Viking Lady LAY UP Viking Princess Viking Prince Viking Athene LAY UP Viking Energy Viking Avant CGG Alize LAY UP Oceanic Challenger LAY UP Geo Celtic LAY UP Geo Caribbean LAY UP Geo Coral Oceanic Sirius Oceanic Vega
Slide 19: Market
Market The PSV segment experienced a healthy number of tender requirements for both short and longer term periods over the last quarter. Rate levels remain volatile, however decent utilization have been achievable over the winter season. Operators are currently securing vessels for the upcoming summ
Slide 20: Thanks for Your attention!
Eidesvik Thanks for Your attention!