Slide 1: SeaBird Exploration EAGE investor presentation
SeaBird Exploration EAGE investor presentation June 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: New management
New management • Dag Reynolds appointed new Chief Executive Officer • Nils Haugestad appointed new Chief Financial Officer • Babak Jabbari appointed new Vice President of Operation • Chief Operating Officer and Vice President Human Resources positions have been eliminated
Slide 4: Cost savings initiatives
Cost savings initiatives • Quarterly SG&A reduced from approximately USD 6 million to approximately USD 4 million • Office staff reduced by approximately 20 people, including new hires • Streamlining crew changes is increasing efficiency and reducing costs – Crew changes adapted to operational sched
Slide 5: Key objectives for restructuring
Key objectives for restructuring • Cutting cost • QHSE performance is sacred • Retain key people • Maintain and increase scalability • Maintain or improve sales and marketing capability • Streamline salary and compensation packages • Increase visibility; improve accounting systems • Manage and impro
Slide 6: Operational performance
Operational performance • Increased reporting and follow-up on operational incidents have resulted in reduced down time – Down time of 2.5% for April and May compared to 4-5% historical average • Continued focus on HSSEQ culture – OHSAS 18001 qualification completed, further strengthening incident m
Slide 7: 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 8: Ultra long offset 2D
Ultra long offset 2D • SeaBird has been instrumental in the development of new acquisition technology • 20 km cable with continuous recording – Sub salt – Sub basalt – Refraction seismic – Regional surveys • Patent application in June • Very promising market response • Planned operational late 2012
Slide 9: Market trends
Market trends • SBX capacity for Q2 and Q3 is largely booked with the exception of Kondor Explorer – Source vessel market is expected to improve significantly • Moderately increasing demand and reasonably good visibility into Q4 • Multi-client companies targeting substantial investments into 2013 an
Slide 10: Market trends (continued)
Market trends (continued) Pro forma revenues and • Continued improvement in utilization utilization – Q1 utilization of 65% up from 60% in Q4 2011 – Utilization continuing to improve in Q2 2012; currently exceeding 70% • Mobilization fees are increasing • Some of our larger clients are moving to sec
Slide 11: Multi-client sector considerations
Multi-client sector considerations Multi-client library • Multi-client surveys is a part of the business strategy • Increased activity in the sector over recent weeks USD Q1 2012 figures • We anticipate to expand our million activity in the multi-client business Beginning balance Q1 2012 16.6 • Oppo
Slide 12: 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 13: 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 14: 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