Sed Energy Holdings Plc · OSL:ENH
Sed Energy — SeaBird Exploration — Q1 2012 Earnings Presentation
13 slides from Sed Energy's earnings presentation, May 4, 2012
Slide 1: SeaBird Exploration First Quarter 2012
SeaBird Exploration First Quarter 2012 4 May 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 • First quarter showed signs of improving customer demand although still a challenging market environment • The company entered into or extended contracts representing an estimated value of approximately USD 30 million • Hugin and Munin completed acquisition part of ONGC contract – Munin
Slide 4: Highlights - continued
Highlights - continued • Continued effort focused on cost restructuring – Meaningful run-rate cost reduction achieved to date – Will continue to explore alternatives to further improve the cost structure • Significant management changes at a number of key positions
Slide 5: Financial summary
Financial summary
Slide 6: Income statement – continuing operations
Income statement – continuing operations Quarter ended 31 Mar Full year USD millions (apart from EPS data) 2012 2011 change % change 2011 Revenues 34.3 16.6 17.7 106.5% 81.7 EBITDA 2.7 (1.5) 4.2 nm (9.4) Operating profit (EBIT) (8.7) (9.8) 1.1 nm (96.6) Net financial items (3.5) (12.6) 9.1 (21.2) Pr
Slide 7: Cash flow statement
Cash flow statement Quarter ended 31 Mar Full year USD millions 2012 2011 2011 Net cash from operating activities 2.5 (36.1) (64.6) Capital expenditures (1.3) (0.3) (12.0) Net cash from other investing activities - - 121.4 Borrowings (0.8) 23.7 (54.5) Net cash from other financing activities 0.0 22.
Slide 8: Balance sheet
Balance sheet As of 31 Mar As of 31 Dec USD millions 2011 2010 2011 Non-current Tangible assets 146.0 276.8 153.6 Non-current Intangible assets 1.3 27.4 1.3 Other current assets 36.5 35.4 51.1 Cash and Cash Equivalents 13.7 11.4 13.3 Total Assets 197.4 351.0 219.3 Equity 42.3 115.9 49.3 Non-current
Slide 9: Business overview
Business overview
Slide 10: Fleet update
Fleet update Vessel Ownership Vessel type Voyager Explorer Charter Seismic vessel Hawk Explorer Charter Seismic vessel Munin Explorer Charter Seismic vessel Kondor Explorer Charter Source vessel GGS Atlantic Charter Seismic vessel Aquila Explorer Owned Seismic vessel Northern Explorer Owned Seismic
Slide 11: Market overview
Market overview Pro forma revenues and • Modest improvement in utilization utilization – Q1 utilization of 65% up from 60% in Q4 2011 • Increased demand for 2D and source vessels in the market • Mobilization fees are increasing • Some of our larger clients are moving to secure 2D capacity for the fu
Slide 12: Multi-client sector considerations
Multi-client sector considerations Multi-client library • Multi-client surveys is a part of the business strategy Q1 2012 figures USD • Increased activity in the million sector over recent weeks Beginning balance Q1 2012 16.6 • We anticipate to expand Capitalized cost 3.1 our activity in the multi-
Slide 13: Outlook
Outlook • An increasing number of vessel requests indicates continued market improvement – However, visibility is still poor • We are actively looking for more vessel capacity, but without significant long-term liabilities • The goal is to have a more scalable business model going forward • We expec