Slide 1: SeaBird Exploration Second Quarter 2012
SeaBird Exploration Second Quarter 2012 17 August 2012
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 $48.7 million, up 120% from Q2 2011 • EBITDA of $17.2 million, up from USD 0.2 million in Q2 2011 • EBIT of $7.7 million compared with negative $8.5 million for Q2 2011 • Vessel utilization at 74% (excluding GGS Atlantic, utilization was 85%) Operational ob
Slide 4: Highlights (continued)
Highlights (continued) • We are continuing to develop our multi-client business – We sold three licenses from our library this quarter and started work on one new project – From time-to-time we may review the sale of portions of our library • During the quarter, we had two routine dockings for Munin
Slide 5: Financial summary
Financial summary
Slide 6: Income statement
Income statement Quarter ended Six months ended 30 June 30 June USD millions (except for EPS) 2012 2011 2012 2011 Contract 43.6 19.3 68.8 34.9 Multi-client 5.1 2.9 14.2 3.9 Total revenues 48.7 22.2 83.0 38.8 Cost of sales (27.6) (17.0) (54.9) (29.5) SG&A (4.0) (5.1) (8.9) (10.8) Other income (expens
Slide 7: Cash flow statement
Cash flow statement Quarter ended Six months ended 30 June 30 June USD millions 2012 2011 2012 2011 Profit/(loss) before income tax 4.8 (19.3) (7.4) (41.7) Non cash items 12.2 10.4 26.4 22.4 Working capital adjustments (13.2) 9.0 (12.7) (16.6) Net cash from operating activities 3.8 0.1 6.3 (36.0) Ca
Slide 8: Balance sheet
Balance sheet As of 30 June USD millions 2012 2011 Property, plant and equipment 134.4 259.8 Multi-client library 9.6 10.8 Other non-current assets 1.3 31.9 Inventories 4.5 6.0 Trade receivables 32.9 21.3 Other current assets 12.8 12.1 Cash and cash equivalents 6.7 4.8 Total Assets 202.2 346.8 Equit
Slide 9: Quarterly financial comparison
Quarterly financial comparison • Contract revenues have Revenues continuing operations (USD millions) been steadily improving 55,0 $48.7 – Higher vessel utilization 50,0 45,0 40,0 – Fleet composition, with 35,0 $34.3 the Voyager replacing 30,0 $24.4 Geo Mariner, has also 25,0 $22.2 $43,6 $18.5 impac
Slide 10: Multi-client operations
Multi-client operations Multi-client revenues USD millions Q1 2012 Q2 2012 10,0 (USD millions) Beginning balance 16.6 12.9 $9,1 9,0 Capitalized cost 3.1 1.1 Capitalized depreciation 0.7 - 8,0 Amortization (7.5) (4.4) 7,0 Book value 12.9 9.6 6,0 $5,2 $5,1 5,0 4,0 $2,9 3,0 2,0 $1,0 $0,8 1,0 0,0 Q1 11
Slide 11: Funded debt profile
Funded debt profile USD millions Face value Book value Coupon Maturity Bond loan - SBX 03 89.9 76.6 6.00% 19 December 2015 Perestroika convertible loan 14.9 12.0 1.00% 22 September 2014 Hawk Explorer finance lease 14.9 14.9 10.87% 31 August 2014 Total 119.7 103.5 • Bond loan – SBX 03 – 6% secured bo
Slide 12: Business overview
Business overview
Slide 13: Restructuring and repositioning
Restructuring and repositioning • The focus on improving our cost structure is now paying off – SG&A has come down considerably and is now in line with management targets – We are actively reviewing our operating expenses and cost reduction opportunities in this area – We will continue to improve ou
Slide 14: SeaBird strength and market position
SeaBird strength and market position • SeaBird is a global leader in the 2D and shallow-water 3D seismic market sectors • The company is uniquely positioned to work globally towards the multinational oil companies and independent operators – Operating experience from all active continents – Approved
Slide 15: Fleet developments
Fleet developments • We had two routine dockings during the second quarter – Munin Explorer and Aquila Explorer – Both dockings were completed on time and on budget • In addition, we equipped the Harrier Explorer with 12 km solid streamer • In the second half of this year we are anticipating two mor
Slide 16: Ultra long offset 2D
Ultra long offset 2D • SeaBird has been instrumental in the development of new acquisition technology -This is the “Wide Azimuth” equivalent to the 2D market • 20 km cable with continuous recording – Sub salt – Sub basalt – Refraction seismic – Regional surveys – Source-rock mapping (AVO) – Large re
Slide 17: Continued solid backlog
Continued solid backlog • In light of the solid global demand, backlog remains comfortably above $100 million • While we worked though a significant portion of the backlog during the second quarter, continued client demand has allowed us to maintain a robust backlog into the third quarter • We are a
Slide 18: Tier-one customer relations
Tier-one customer relations • SeaBird has a roster of global relationships with tier-1 sector operators • We actively work with most major oil companies as well as multi-client operations • There are also solid relationships with a large number of niche producers around the world
Slide 19: Market conditions and outlook
Market conditions and outlook • We continue to see strong customer demand and anticipate that this continues out the second half of the year • We would expect customer demand to continue to come from both oil companies and multi-client operators • Given current high level of sector activity, it is n