Sed Energy Holdings Plc · OSL:ENH
Sed Energy — SeaBird Exploration — Pareto Securities Oil and Offshore Conference 2012
15 slides from Sed Energy's conference presentation, Sep 13, 2012
Slide 1: SeaBird Exploration
SeaBird Exploration Pareto Securities Oil and Offshore Conference 13 September 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: Overview
Overview • Global leader in the 2D seismic market – Largest provider of 2D vessels – 8 seismic vessels, including Voyager Explorer, a 4 streamer 3D vessel • Offices – Cyprus, Oslo, Dubai, Houston and Singapore • 505 employees • Industry leading operational uptime statistics and HSSEQ accreditation •
Slide 4: A new beginning - Seabird 2012
A new beginning - Seabird 2012 • The Ocean Bottom Node division was sold to Fugro as part of an extensive financial restructuring of the company in 2011 • New Board and management team is impacting performance – Focus on long term value creation and growth – Accountability is key to our future • Ons
Slide 5: Key objectives for restructuring
Key objectives for restructuring • Cutting cost • HSSEQ performance is sacred • Retain key people • Maintain and increase scalability • Maintain or improve sales and marketing capability • Streamline salary and compensation packages • Increase visibility • Manage and improve very thin liquidity • Es
Slide 6: Slide 6
Slide 7: Operational highlights
Operational highlights • Contract extension with Spectrum ASA valued at $30m – Improved day rates – Maintaining a comfortable back-log • Higher than anticipated vessel utilization in Q2 • Development of the 2D “wide azimuth” equivalent – Promising market response • The company continues its history
Slide 8: Multi-Client
Multi-Client • We are not a multi-client company Multi-client revenues 10,0 (USD millions) $9,1 • However we are selectively partnering 9,0 up on attractive projects 8,0 7,0 • This is beginning to pay off with late- 6,0 $5,2 sales 5,0 $5,1 • We will continue to participate in 4,0 $2,9 3,0 selected p
Slide 9: Lets talk about age...
Lets talk about age... • A Boeing 747 has a life expectancy of 40+ Years • The Queen Elizabeth 2 was Cunard’s flag-ship for 39 years • The Aker H-3 was built 1974-77 and utilized world-wide for exploration drilling
Slide 10: Our fleet
Our fleet Vessel Ownership Vessel type Voyager Explorer Charter 3D Hawk Explorer Charter 2D Munin Explorer Charter 2D Kondor Explorer Charter Source vessel Aquila Explorer Owned 2D Northern Explorer Owned 2D Harrier Explorer Owned 2D Osprey Explorer Owned 2D • Average age: – Seismic package 6 years
Slide 11: Market trends
Market trends • Strengthening customer demand in the 2D market – The oil companies are back in the proprietary 2D market – Increased day rates • Increasing interest in long-term agreements – A growing concern for future 2D availability is driving players to seek long term contracts • Massive interes
Slide 12: 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 r
Slide 13: The SeaBird offering
The SeaBird offering • Largest provider of 2D and shallow-water 3D seismic • Potential for greater earnings capacity with upswing in the 2D market • Pre-approved by all major oil companies • Superior fleet management – Minimum technical downtime • Best-in-class quality and safety standards • Scalabl
Slide 14: Summary
Summary • Cost control • Capable of creating value • New structure has not negatively impaired performance • Capacity to look for growth opportunities • More asset-light going forward • Growing market • USD +100 million back-log
Slide 15: SeaBird Exploration
a SeaBird Exploration
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