Eidesvik Offshore Asa · OSL:EIOF
Eidesvik Offshore Asa — Q4 2014 Earnings Presentation
16 slides from Eidesvik Offshore Asa's earnings presentation, Feb 26, 2015
Slide 1: Presentation 4th Quarter 2014
Presentation 4th Quarter 2014 Oslo 26.02.2015 CEO Jan Fredrik Meling
Slide 2: News in 4th Quarter 2014
News in 4th Quarter 2014 Entered into a 180‐days contract with Technip for the large subsea construction vessel under construction at Kleven. The vessel, «Viking Neptun», will commence the contract primo March 2015. The vessel was delivered from the yard medio February 2015.
Slide 3: News after 31.12.14
News after 31.12.14 Statoil has declared an option to extend the contract for 1 year from April 2015 for the LNG fuelled PSV «Viking Energy».
Slide 4: 4th Quarter 2014 results
4th Quarter 2014 results (4th Quarter 2013 in brackets) Revenues MNOK 259,4 (237,9) EBITDA MNOK 132,0 (135,2) Operating profit MNOK 20,9 (81,0) Pre‐tax profit MNOK ‐254,7 (35,0) Q4 Profits influenced by disagio (MNOK ‐246,4) and vessel amortization (MNOK ‐52,0)
Slide 5: Results 4th Quarter 2014
Results 4th Quarter 2014 (in million NOK, Gain on sale excluded) Operating revenue Q4 The results in 4th Quarter compared to last year are influenced of: 300 ‐Viking Forcados was sold in 3rd Quarter 2013 and Geo Searcher in 2nd Quarter 2014. 250 259 ‐Viking Prince and Viking Nereus has been operated
Slide 6: Results pr 31.12.2014
Results pr 31.12.2014 (in million NOK, Gain on sale excluded) Operating revenue YTD The results YTD compared to last year are influenced of: 1 000 ‐3 vessels with yard stay in 1st Quarter 2014 985 900 943 ‐Viking Forcados was sold in 3rd Quarter 2013 and Geo 902 Searcher in 2nd Quarter 2014 800 ‐Amo
Slide 7: Cash Flow (in million NOK)
Cash Flow (in million NOK) 4th Quarter 4th Quarter 2014 2013 YTD 2014 YTD 2013 Net cashflow from operating activities 176,7 129,4 537,5 483,0 Net cashflow from investment activities (98,5) (64,6) (113,3) 110,7 Net cashflow from finance activities (33,8) (89,1) (457,4) (265,9) Net changes in cash hol
Slide 8: Balance
Balance (in million NOK) 6 000 Current assets Short‐term liab. 5 000 Current assets Short‐term liab. 4 000 Long‐term liabilities 3 000 Long‐term liabilities Fixed assets Fixed assets 2 000 1 000 Equity Equity 0 Assets Equity and Assets Equity and 31.12.14 Liabilities 31.12.13 Liabilities 31.12.14 31
Slide 9: Segments
Segments Incl. Share of Joint Ventures Excluded gain on sale (MNOK) 4th Quarter 2014 Seismic Subsea Supply Other Revenue 75,2 106,7 116,5 6,1 EBITDA 75,2 60,9 41,1 ‐7,6 Revenue Q4 2014 EBIT ‐3,1 31,2 10,8 ‐8,6 EBITDA margin 100% 57% 35% N/A EBIT margin ‐4% 29% 9% N/A 4th Quarter 2013 Seismic Subsea
Slide 10: Contract backlog (per 31.12.2014)
Contract backlog (per 31.12.2014) 10
Slide 11: Contract status seismic
Contract status seismic Viking Vanquish Viking Vision Veritas Viking Viking 2 Vantage Oceanic Vega Oceanic Sirius 2015 2016 2017 2018 2019
Slide 12: Contract status subsea
Contract status subsea Subsea Viking Acergy Viking Viking Poseidon European Supporter Seven Viking Viking Neptun 2015 2016 2017 2018 2019
Slide 13: Contract status supply
Contract status supply Viking Queen Viking Lady Viking Athene Viking Energy Viking Avant Viking Nereus SPOT Viking Prince Viking Princess SPOT 2015 2016 2017 2018 2019
Slide 14: Market
Market The market conditions throughout our industry are very challenging. The steep reduction in oil price together with structural cost issues for the oil ‐ and gas industry results in uncertainty in our market segments going forward. The North Sea PSV spot market is weak and we expect more vessel
Slide 15: Market (cont.)
Market (cont.) The seismic market is also very challenging. The back ‐log for the main players are low for 2015. We expect more vessel to be retired or laid‐up. Eidesvik’s total fixed contracts including pro rata shares of those in Joint Ventures amounts pr 31.12.14 to MNOK 3.188. For 2015 the amoun
Slide 16: Thanks for Your attention!
Eidesvik Thanks for Your attention!