Eidesvik Offshore ASA · OSL:EIOF
Eidesvik Offshore ASA — Shareholder Meeting (May 2018)
15 slides from Eidesvik Offshore ASA's shareholder meeting presentation, May 23, 2018
Slide 1: Eidesvik Offshore ASA – Annual General Meeting
Eidesvik Offshore ASA – Annual General Meeting 23.05.2018
Slide 2: Supply, Seismic, Subsea fleet and revenues
Supply Seismic Subsea 7 vessels 11 vessels 4 vessels Revenues MNOK 755 457 employees Operates 26 ships
Slide 3: The offshore wind market
The offshore wind market Contract extension with Siemens Wind Power for support work for the vessel «Acergy Viking» on German sector. The contract is firm to January 2020, and the charterer has options for extension after the firm contract. Entered into a contract with Adwen for «Viking Neptun». Com
Slide 4: The subsea vessel Viking Poseidon was sold
The subsea vessel Viking Poseidon was sold. The vessel was delivered to new owners in 1st Quarter 2017. The sale resulted in a gain on sale of MNOK 17,2, and a positive liquidity effect of approx. MNOK 180 after repayment of debt.
Slide 5: The supply market
The supply market Contract extension with Chevron North Sea Ltd for «Viking Princess». The contract is firm to July 2019, with 12 months options.
Slide 6: The seismic market
The seismic market Eidesvik and CGG agreed to amend the contract for Viking Vanquish. The contract is firm to November 2020. The dayrate is reduced, and Eidesvik received listed notes and other debt instruments as compensation.
Slide 7: New Seismic Vessel Joint Venture
New Seismic Vessel Joint Venture Entered into an agreement with CGG to establish a new ownership set‐up for 7 seismic vessels. This new set‐up is based on the creation of Global Seismic Shipping AS that will hold the shares in two entities. One of the entities own the two vessels formerly co‐owned b
Slide 8: The financial restructuring
The financial restructuring • Eidesvik Offshore ASA has reached agreement with its lenders regarding change in its repayment terms of the group’s loans. The financial restructuring period started 01.02.2018 and lasts until 31.12.2022. • Final maturity for loans (“balloons”) are extended to the end o
Slide 9: LTI 2017
Eidesvik 30 25 20 16 15 10 8 = Z ib : ne 2013 m@ First Aid 16 = Lost Time Incident 2 @ Medical Treatment 8 = RWC at: LT] 2017 26 16 i 11 = =a 2014 2015 26 16 1 i a fee E 13
Slide 10: Results
Results (in million NOK) 1 500 Revenues 500 Operating profit 1 000 0 500 0 ‐500 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 Operating revenue Gain on sale and termination fee EBIT Gain on sale and termination fee 1 000 EBITDA 600 Profit 400 200 500 0 ‐200 ‐400 0 ‐600 2013 2014 2015 2016 2017 2
Slide 11: Balance
Balance (in million NOK) 6 000 5 000 Current liabilities Current assets 4 000 Current assets Current liabilities 3 000 Long‐term liabilities Long‐term liabilities 2 000 Fixed assets Fixed assets 1 000 Equity Equity 0 Assets 31.12.17 Equity and Assets 31.12.16 Equity and Liabilities Liabilities 31.12
Slide 12: Contract Status
Contract Status Seven Viking Viking Neptun Subsea Viking Acergy Viking Viking Queen Viking Lady LAY UP Viking Princess Viking Prince Viking Athene LAY UP Viking Energy Viking Avant CGG Alize LAY UP Oceanic Challenger LAY UP Geo Celtic LAY UP Geo Caribbean LAY UP Geo Coral Oceanic Sirius Oceanic Vega
Slide 13: Contract Backlog 31.03.2018
Contract Backlog 31.03.2018 1 000 800 600 Millions 919 400 166 213 200 277 231 224 223 139 0 27 Rest 2018 2019 2020 2021 2022 From 2023 Consolidated Share of JV's
Slide 14: Debt maturity profile 31.03.2018
Debt maturity profile 31.03.2018 2 000 1 800 1 600 1 400 1 200 Millions 1 382 1 000 800 600 400 200 385 98 192 149 0 68 87 87 Rest 2018 2019 2020 2021 2022 After 2022 Instalments Balloons
Slide 15: Thanks for Your attention!
Eidesvik Thanks for Your attention!