Slide 1: SeaBird Exploration Third Quarter Presentation
SeaBird Exploration Third Quarter Presentation 31 October 2013 CEO Dag Reynolds 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: Highlights
Highlights Financial results • Revenues of $51.9 million ($40.2 million Q2 2013) • EBITDA of $13.2million ($3.7 million Q2 2013) • EBIT of $6.7 million (negative $2.4 million Q2 2013) Quarterly observations • Revenues and earnings up from previous quarter – Improved utilization – Reduced multi-clien
Slide 4: Financial summary
Financial summary
Slide 5: Historical operating comparison
Historical operating comparison Revenues EBITDA 60 (USD millions) 14 (USD millions) 13.2 51.9 11.7 50 48.6 12 11.1 45.5 40.2 10 40 34.9 8 6.8 30 48.5 50.1 6 20 38.4 3.7 34.5 36.2 4 10 2 0 0 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Contract revenue Multi-client revenue Capital Expe
Slide 6: Quarterly vessel utilization
Quarterly vessel utilization Vessel utilization 2013 1% • Contract utilization at 82%, up from 100% 5% 6% 57% in Q2 7% 13% 90% 4% 15% • Reduced multi-client investment for 80% 4% the period – Q3 multi-client utilization of 4% 70% 22% compared to 22% for Q2 60% • Northern completed its scheduled main
Slide 7: Income statement
Income statement CONSOLIDATED INTERIM STATEMENT OF INCOME Quarter ended Nine months ended 30 September 30 September All figures in USD millions (except for EPS) 2013 2012 2013 2012 Contract 50.1 38.4 134.8 107.2 Multi-client 1.8 7.1 5.8 21.3 Total revenues 51.9 45.5 140.6 128.4 Cost of sales (34.5)
Slide 8: Cash flow statement
Cash flow statement CONSOLIDATED INTERIM STATEMENT OF CASH FLOW Quarter ended Nine months ended 30 September 30 September All figures in USD millions 2013 2012 2013 2012 Profit/(loss) before income tax 3.4 0.8 0.4 (6.6) Non cash items 8.9 9.2 26.0 35.7 Paid income tax (0.2) (0.4) (1.2) (0.7) Working
Slide 9: Balance sheet
Balance sheet CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION As of As of 30 September 31 December All figures in USD millions (except for EPS) 2013 2012 2012 Property, plant and equipment 129.4 131.4 130.8 Multi-client library 6.6 4.5 3.4 Other non-current assets 1.4 1.3 1.3 Inventories 4.9 4.
Slide 10: Multi-client operations
Multi-client operations Multi-client revenues by quarter • Multi-client sales in the quarter of 8 (USD million) 7.1 $1.8 million 7 – Primarily related to late sales from 6 pre 2013 surveys 5 4.0 4 3 • Multi-client investment was $1.3m 1.8 2 million in the quarter 1 0.4 0.1 – Completion of Snøspurv 2
Slide 11: Funded debt review
Funded debt review USD millions AP +60 Equity ratio Cash 30 September 2013 $4.3 26.4% $14.0 Restrictions AP +60 Equity ratio Cash 30 September 2013 < $5.0 22.5% ≥$10.0 Funded debt profile (USD millions) 120 111.1 10.3 101.0 100 14.9 10.3 80 13.6 60 40 85.9 77.1 20 0 Face value Book value Bond loan -
Slide 12: Operational review
Operational review
Slide 13: Segment operating activity
Segment operating activity Contract revenue by region 2D/3D contract revenues (USD millions) (USD millions) 60 60 50 50 35.7 27.7 40 18.4 40 7.5 22.9 31.5 30 12.7 30 23.5 18.7 10.5 18.4 20 12.2 23.7 20 22.4 18.9 17.5 10 20.4 10.9 10 13.4 11.0 12.8 5.2 4.6 8.0 6.9 0 0 Q3 2012 Q4 2012 Q1 2013 Q2 2013
Slide 14: Regional areas of focus
Regional areas of focus ra Jt SeaBird Exploration
Slide 15: Well positioned fleet mix
Well positioned fleet mix 2D vessels and source vessels 3D vessels Geo Pacific 8 X 6000m Shallow water 3D vessels Kondor Explorer Harrier Explorer Aquila Explorer Voyager Explorer 4 X 8000m 4 X 6000m Munin Explorer Hawk Explorer Northern Explorer Osprey Explorer Note: Aquila Explorer is currently op
Slide 16: Geo Pacific strong performance despite challenging environment
Geo Pacific strong performance despite challenging environment • Geo Pacific was fully utilized throughout the third quarter • Challenging operating conditions impacted production speed – Strong and multi-depth variable current – Fishing and marine traffic • Significant improvement in maritime and s
Slide 17: Dockings and upgrades
Dockings and upgrades • Northern Explorer completed scheduled engine overhaul and intermediate class work • Continued effort to upgrade technology to maintain best-in-class performance – Osprey streamer upgrade completed during the quarter – Will continue to review technology enhancements to deliver
Slide 18: Multi-client developments
Multi-client developments • Continuing to execute our multi-client strategy – Four projects completed to date in 2013 – Will continue to carefully evaluate investment opportunities – Important that we create a well-balanced portfolio – Will require time and investment to reach critical mass • Multi-
Slide 19: Market environment and backlog
Market environment and backlog 2D High end 3D Low end (USD thousand) (USD thousand) $120 $180 $180 $180 120 180 $170 $170 $170 $110 $110 $110 $110 $100 160 100 $140 $140 $85 $85 140 $120 80 $75 $90 120 $120 $120 100 $115 $115 $115 $115 60 $70 $70 $70 $60 $60 80 $85 $85 40 60 $75 $45 $45 $45 40 20 20