Slide 1: Presentation 2nd Quarter 2018
Presentation 2nd Quarter 2018 Bergen 22.08.2018 CFO Thor Krukhaug
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 2018
News in 2nd Quarter 2018 Equinor have declared 8 monthly options for Viking Avant and the vessel is on firm contract until ultimo December 2018. Equinor have one yearly option thereafter.
Slide 4: News in 2nd Quarter 2018
News in 2nd Quarter 2018 Entered into a contract with SBM Offshore for “Viking Neptun”. Contract commencement is in May, and is for over one month, included options.
Slide 5: News in 2nd Quarter 2018
News in 2nd Quarter 2018 The Joint Venture company Eidesvik Seven Chartering AS has entered into an agreement with Subsea 7 to amend and extend the contract for the subsea vessel Seven Viking. The new contract is firm to ultimo 2025 with option for further 1 year thereafter.
Slide 6: News after 30.06.2018
News after 30.06.2018 Entered into a contract with TechnipFMC for “Viking Neptun”. Contract commencement is in August, and is for over one month, included options.
Slide 7: 2nd Quarter 2018 results
2nd Quarter 2018 results (2nd Quarter 2017) Revenues MNOK 125,0 (215,8) EBITDA MNOK 20,6 (125,7) Operating profit MNOK -42,9 (243,4) Pre-tax profit MNOK -105,6 (203,9) (Q2 2017 profits influenced by termination fee of MNOK 72,0, impairment of vessel of MNOK -22,8, and establishment of new JV includi
Slide 8: Results 2nd Quarter 2018
Results 2nd Quarter 2018 (in million NOK) EBITDA Q2 2018 vs. Q2 2017 (MNOK -105,1): Operating revenue Q2 Seismic: Decrease of freight income of MNOK 18,0 and no termination fee of MNOK 72,0 in 2018, decrease in the total operating expenses of MNOK 4,2. Net 300 decrease in EBITDA of MNOK 85,8. Subsea
Slide 9: Results pr 30.06.2018
Results pr 30.06.2018 (in million NOK) EBITDA YTD 2018 vs. YTD 2017 (MNOK -256,7): Operating revenue YTD Seismic: Decrease of freight income of MNOK 43,2 and no termination fee of MNOK 138,2 in 2018, decrease in the total operating expenses of MNOK 8,2. Net decrease in EBITDA of MNOK 173,2. 400 155
Slide 10: Cash Flow
Cash Flow (in million NOK) 2nd Quarter 2nd Quarter 2018 2017 1.1-30.6.2018 1.1-30.6.2017 2017 Net cashflow from operating activities 41,4 52,7 3,5 259,9 372,1 Net cashflow from investment activities (21,3) (1,0) (30,8) 376,1 401,4 Net cashflow from finance activities (46,1) (85,4) 9,5 (583,4) (765,8
Slide 11: Balance
Balance (in million NOK) 5.000 4.500 Short-term liabilities Current assets 4.000 Short-term liabilities Current assets 3.500 3.000 Long-term liabilities Long-term liabilities 2.500 2.000 Fixed assets Fixed assets 1.500 1.000 Equity Equity 500 0 Assets 30.06.18 Equity and Liabilities Assets 30.06.17
Slide 12: Segments
Segments Incl. Share of Joint Ventures (in million NOK) 2nd Quarter 2018 Seismic Subsea Supply Other Revenue Q2 Revenue 55,0 76,7 45,9 4,7 2018 EBITDA 43,3 32,8 1,3 -8,3 EBIT -2,0 5,8 -17,4 -8,6 EBITDA margin 79 % 43 % 3% N/A EBIT margin -4 % 8% -38 % N/A 2nd Quarter 2017 Seismic Subsea Supply Other
Slide 13: Debt maturity profile 30.06.2018
Debt maturity profile 30.06.2018 2.000 1.800 1.600 1.400 1.200 1.416 Millions 1.000 800 600 400 200 89 89 397 103 45 197 151 0 Rest 2018 2019 2020 2021 2022 After 2022 Instalments Balloons
Slide 14: Contract Backlog 30.06.2018
Contract Backlog 30.06.2018 1.000 800 600 Millions 956 400 115 220 200 239 189 233 232 148 0 28 Rest 2018 2019 2020 2021 2022 From 2023 Consolidated Share of JV's
Slide 15: Contract coverage incl JV's 30.06.2018
Contract coverage incl JV’s 30.06.2018 80% 69% 70% 61% 60% 56% 50% 43% 41% 41% 40% 36% 33% 32% 67% 29% 30% 32 % 27% 27% 27% 27% 27% 27% 57% 50% 20% 39% 32% 32% 32% 29% 27% 29% 27% 27% 27% 27% 27% 27% 27% 10% 0% Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2018 2018 2019 2019 2019 2019 2020 202
Slide 16: 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 17: Market
Market The North Sea PSV segment have seen some positive trends first half of this year. We experienced an increase in term contracts requirements with fixtures concluded at higher rate levels than over the last two years. An increase in exploration wells enhanced vessel demand on the Norwegian cont
Slide 18: Thanks for Your attention!
Eidesvik Thanks for Your attention!