Eidesvik Offshore Asa · OSL:EIOF
Eidesvik Offshore Asa — Q3 2016 Earnings Presentation
17 slides from Eidesvik Offshore Asa's earnings presentation, Nov 15, 2016
Slide 1: Presentation 3rd Quarter 2016
Presentation 3rd Quarter 2016 Oslo 15.11.2016 CEO Jan Fredrik Meling
Slide 2: News in 3rd Quarter 2016
News in 3rd Quarter 2016 Statoil has awarded the supply vessel Viking Prince a 6 month contract. Terms are in accordance with current market conditions. commencement is ultimo August 2016.
Slide 3: News in 3rd Quarter 2016
News in 3rd Quarter 2016 Entered into an agreement for sale of the Platform Supply Vessel Viking Nereus (UT 755L built 2004). An impairment loss of MNOK 55 is recognized in 3rd quarter 2016. The vessel was delivered to new owners in October.
Slide 4: News after 30.09.2016
News after 30.09.2016 Entered into agreement with CGG to terminate contract for Viking Vision. Original contract expiry was July 2017. Payment of the charter rate will continue to until original contract expiry.
Slide 5: News after 30.09.2016
News after 30.09.2016 Awarded two contracts from CGG for the seismic vessels Vantage and Veritas Viking. The vessels shall be employed as source vessels. The contracts are 180 days firm each with further options. Contracts commencement are primo January 2017. The Vantage and the Veritas Viking have
Slide 6: 3rd Quarter 2016 results
3rd Quarter 2016 results (3rd Quarter 2015) Revenues MNOK 201,4 (308,7) EBITDA MNOK 96,2 (193,2) Operating profit MNOK -163,4 (131,1) Pre-tax profit MNOK -145,5 (-77,4) Q3 2016 profits influenced by impairment of vessels of MNOK -205,3 (0) and agio of MNOK 53,3 (-168,4)
Slide 7: Results 3rd Quarter 2016
Results 3rd Quarter 2016 (in million NOK) The results in 3rd Quarter compared to last year are influenced of: Operating revenue Q3 -Impairment related to 7 PSV’s totaling MNOK 205,3 300 -The subsea vessel “Viking Neptun” was operated on lower rate in 2016. 200 309 -“Viking Poseidon” contract termina
Slide 8: Results pr 30.09.2016
Results pr 30.09.2016 (in million NOK, Gain on sale and termination fee excluded) The results YTD compared to last year are influenced of: Operating revenue YTD -Impairment related to 7 PSV’s totaling MNOK 205,3 1 000 -The subsea vessel “Viking Neptun” was operated on lower rate in 2016. 874 500 725
Slide 9: Cash Flow (in million NOK)
Cash Flow (in million NOK) 3rd Quarter 3rd Quarter 1.1- 1.1- 2016 2015 30.09.2016 30.09.2015 2015 Net cashflow from operating activities 69,8 160,6 204,4 390,7 640,0 Net cashflow from investment activities (13,6) (1,1) 2,5 (923,2) (706,7) Net cashflow from finance activities (134,7) (153,5) (365,8)
Slide 10: Balance - Equity ratio 30.09.16: 35 %
Balance (in million NOK) 7 000 6 000 Current assets Short-term liab. Current assets Short-term liab. 5 000 4 000 Long-term liabilities Long-term liabilities 3 000 Fixed assets Fixed assets 2 000 1 000 Equity Equity 0 Assets Equity and Assets Equity and 30.09.16 Liabilities 30.09.15 Liabilities 30.09
Slide 11: Debt maturity profile 30.09.2016
800 Debt maturity profile 30.09.2016 Millions 700 600 500 300 416 400 300 200 316 356 361 100 34 256 99 0 Q4 2016 2017 2018 2019 2020 Instalments Balloons Bonds Debt on vessels held for sale
Slide 12: Segments
Segments Incl. Share of Joint Ventures (MNOK) 3rd Quarter 2016 Seismic Subsea Supply Other Revenue 72,3 110,3 65,6 4,4 Revenue Q3 EBITDA 70,1 53,7 20,7 -4,7 2016 EBIT 44,3 13,7 -210,4 -5,2 EBITDA margin 97% 49% 32% N/A EBIT margin 61% 12% -8%* N/A 3rd Quarter 2015 Seismic Subsea Supply Other Revenue
Slide 13: Contract Backlog 30.09.16
700 Contract Backlog 30.09.16 Millions 600 215 500 400 300 439 215 215 200 54 215 293 100 163 126 113 95 0 Q4 2016 2017 2018 2019 2020 From 2021 Consolidated Share of JV's
Slide 14: Contract coverage incl JV's 30.09.16
Eidesvik 90% 80% 70% 50% 30% 20% 10% 0% aa 2016 Contract coverage incl JV's 30.09.16 78% 75% 50% 50% 34% 33% 33% 33% 22% 22% 22% Qi Q2 Q3 a4 ai Q2 a3 a4 ai Q2 Q3 a4 Ql a2 Q3 a4 2017. 2017 «2017 «2017: «2018 +=2018 +2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 m Option = Firm
Slide 15: Contract Status
Eidesvik Seven Viking Viking Neptun Subsea Viking Acerey Viking Viking Poseidon Viking Queen Viking Lady Viking Princess Viking Prince Viking Athene Viking Energy Viking Avant Oceanic Sirius Oceanic Vega Viking Vanquish Viking Vision Veritas Viking Vantage 01.01.2016 31.12.2016 31.12.2017 31.12.2018
Slide 16: Market
Market We do not see any improvement in the market segments where the company is exposed in the short term. The Board expect 2017 to be a difficult year within all segments. The PSV segment is still characterized of excess supply and companies accepting contracts at day rates below operational expen
Slide 17: Thanks for Your attention!
Eidesvik Thanks for Your attention!