Eidesvik Offshore Asa · OSL:EIOF
Eidesvik Offshore Asa — Q2 2019 Earnings Presentation
26 slides from Eidesvik Offshore Asa's earnings presentation, Aug 23, 2019
Slide 1: Presentation 2nd Quarter 2019
Presentation 2nd Quarter 2019 Oslo, August 23, 2019 Tore Byberg, CFO
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 2nd Quarter 2019
News in 2nd Quarter 2019 Eidesvik was awarded a contract for «Viking Neptun» for term work with Ocean Installer AS for a period exceeding two months with further options. The contract commenced in August 2019. 3
Slide 4: News in 2nd Quarter 2019
News in 2nd Quarter 2019 Eidesvik was awarded a contract for «Viking Prince» under the three year frame agreement with Aker BP. The firm contract duration is for 12 months with commencement in 3rd Quarter 2019. 4
Slide 5: News in 2nd Quarter 2019
News in 2nd Quarter 2019 Eidesvik entered into an agreement with Equinor for the vessel «Viking Queen». The contract period is firm for 4 months with further options. Contract commencement was in late April 2019. 5
Slide 6: News in 2nd Quarter 2019
News in 2nd Quarter 2019 Eidesvik entered into a long-term Master Time Charter Agreement with Seabed Geosolutions. The Master Time Charter Agreement includes services for seismic source and node-handling vessels. As a first call off under this agreement, Eidesvik was awarded new contracts by Seabed
Slide 7: News in 2nd Quarter 2019
News in 2nd Quarter 2019 Eidesvik received a letter of award from MagseisFairfield for the use of «Veritas Viking» as a source vessel for an ocean bottom survey in the North Sea. Commencement was medio July 2019 in direct continuation of the ongoing survey for «Veritas Viking». The firm contract per
Slide 8: News in 2nd Quarter 2019
News in 2nd Quarter 2019 Eidesvik was awarded a contract for «Viking Athene» under the existing framework agreement with Aker BP. The firm period is 6 months and commenced in medio July 2019. Following commencement of the contract all of Eidesvik’s PSVs are on firm contracts until medio January 2020
Slide 9: News in 2nd Quarter 2019
News in 2nd Quarter 2019 Siemens Gamesa Renewable Energy extended the charter of «Acergy Viking» by one additional year. The new firm period will end January 2022, with options thereafter. 9
Slide 10: News in 2nd Quarter 2019
News in 2nd Quarter 2019 Chevron North Sea Limited exercised their option to extend the contract for «Viking Princess» by 6 months from July 10, 2019. 10
Slide 11: News in 2nd Quarter 2019
News in 2nd Quarter 2019 Eidesvik and CGG agreed to terminate the contract for «Viking Vanquish» with effect from July 1, 2019. The contract was due to expire November 2, 2020. Payment of charter rate will continue until November 2, 2020. The vessel has been in lay-up since February 2016. 11
Slide 12: News in 2nd Quarter 2019
News in 2nd Quarter 2019 Eidesvik, CGG Marine Resources Norge AS (CGGN) and CGG agreed on a term sheet for a transaction whereby CGG is contemplating to acquire Eidesvik’s 50% ownership share in Global Seismic Shipping AS (GSS). CGG entered in turn into a memorandum of understanding with Shearwater
Slide 13: News after 2nd Quarter 2019
News after 2nd Quarter 2019 Eidesvik was awarded a 3-year contract for «Viking Avant» from Equinor Energy AS in direct continuation of the current contract expiring end December 2019. This enables Eidesvik to install batteries and hybrid solutions for the vessel, and it will be the 6th Eidesvik vess
Slide 14: News after 2nd Quarter 2019
News after 2nd Quarter 2019 Equinor Energy AS awarded Eidesvik a contract for «Viking Queen». The firm contract period is 6 months, commencing in direct continuation of the current contract expiring ultimo August 2019. 14
Slide 15: 2nd Quarter 2019 results
2nd Quarter 2019 results (2nd Quarter 2018) Revenues MNOK 209.6 (125.0) EBITDA MNOK 96.2 (20.6) Operating profit MNOK 39.2 (-42.9) Pre-tax profit MNOK 30.3 (-105.6) 15
Slide 16: Results 2nd Quarter 2019
Results 2nd Quarter 2019 (in million NOK) EBITDA Q2 2019 vs. Q2 2018 (MNOK 75.6): Operating revenue Q2 Seismic: Increase of freight income of MNOK 66.7 including termination fee of MNOK 38.6, increase in the total operating expenses of MNOK 7.2. Net increase in EBITDA of MNOK 59.5. 200 72 39 Subsea:
Slide 17: Results per 30.06.2019
Results per 30.06.2019 (in million NOK) EBITDA YTD 2019 vs. YTD 2018 (MNOK -288,4): Operating revenue YTD Seismic: Increase of freight income of MNOK 97.2 including termination fee of MNOK 38.6, increase in the total operating expenses of MNOK 12.5. Net increase in EBITDA of MNOK 84.7. 400 155 43 Su
Slide 18: Cash Flow
Cash Flow (in million NOK) 2nd Quarter 2nd Quarter 2019 2018 1.1-30.06.2019 1.1-30.06.2018 2018 Net cashflow from operating activities 24,2 41,4 35,9 3,5 90,0 Net cashflow from investment activities (16,9) (21,3) (26,6) (30,8) (38,9) Net cashflow from finance activities (40,7) (46,1) (115,2) 9,5 (92
Slide 19: Balance
Balance (in million NOK) 4 500 4 000 Short-term liabilities Short-term liabilities Current assets Current assets 3 500 Asset held for sale 3 000 Long-term liabilities 2 500 Long-term liabilities 2 000 Fixed assets 1 500 Fixed assets 1 000 Equity Equity 500 0 Assets 30.06.19 Equity and Liabilities As
Slide 20: Segments
Segments Incl. Share of Joint Ventures (in million NOK) 2nd Quarter 2019 Seismic Subsea Supply Other Revenue Q2 Revenue 112.2 73.8 62.0 6.0 2019 EBITDA 92.0 33.6 10.2 -6.7 EBIT 62.4 7.0 -8.2 -8.1 EBITDA margin 82 % 46 % 16 % N/A EBIT margin 56 % 9% -13 % N/A 2nd Quarter 2018 Seismic Subsea Supply Ot
Slide 21: Debt maturity profile 30.06.2019
Debt maturity profile 30.06.2019 2 000 1 800 1 600 1 400 1 200 Millions 1 000 1 449 800 600 400 201 107 200 92 315 46 242 0 Remaining 2019 2020 2021 2022 After 2022 Instalments Balloons 21
Slide 22: Consolidated total contract backlog Q2 2019 is MNOK 804
Consolidated total contract backlog Q2 2019 is MNOK 804 22
Slide 23: Contract coverage incl JV's 30.06.2019
Eidesvik 80% 70% 60% 50% 40% 30% 20% 10% 0% Contract coverage incl JV's 30.06.2019 A HAE 2019 2019 2020 2020 2020 2020 2021 2021 2021 2021 23 a4 ql a2 03 Q4 Qi Q2 Q3 a4 mOption = Firm ql Q2 Q3 a4 qi Q2 Q3 2022 2022 2022 2022 2023 2023 2023
Slide 24: Contract Status
deri Contract Status Seven Viking. Viking Neptun Subsea Viking Acergy Viking Viking Queen Viking Lady Viking Princess Viking Prince Viking Athene Viking Energy Viking Avant GG Alize Oceanic Challenger Geo Celtic Geo Caribbean Geo Coral Oceanic Sirius Viking Vanquish Viking Vision Veritas Viking Vant
Slide 25: Market
Market PSV • The positive trend for the North Sea fleet continued in the spot and term market. • Year on Year we see an increase in vessel rates and utilization for both large and medium sized PSVs. • Cautiously optimistic for the market for large PSVs. Subsea • Recovery is taking longer than expect
Slide 26: Thanks for Your attention!
Eidesvik Thanks for Your attention!