Slide 1: SeaBird Exploration Fourth Quarter Presentation
SeaBird Exploration Fourth Quarter Presentation 28 February 2020 CEO Gunnar Jansen CFO Nils Haugestad
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: Agenda
Agenda • Highlights • Strategic update • Market and operational review • Financial review • Outlook • Q&A 3
Slide 4: Highlights
Highlights
Slide 5: Q4-19 Highlights
Q4-19 Highlights Key financial & operational figures • Revenues of $7.6 million ($6.8 million Q4 2018) • Adjusted EBITDA of negative $3.8 million (negative $1.2 million Q4 2018) • 42% fleet utilization • CAPEX of $1.5 million Major events • New bank credit facility of $16 million • Fleet renewal wit
Slide 6: Strategic update
Strategic update
Slide 7: Strategy update
Strategy update • Restructuring program – Cost reduction progressing as planned – Operations moved to Bergen – Project based reorganization with technical downtime dropping to single digits on new projects in Q4, continuing further down QTD • Fleet renewal adds flexibility to cost base and a lighter
Slide 8: Flexible fleet – niche streamer and source
Flexible fleet – niche streamer and source 5 – 7 vessels capable of niche streamer and source operations EAGLE FULMAR PETREL GEO VOYAGER NORDIC HARRIER EXPLORER EXPLORER EXPLORER BARENTS EXPLORER EXPLORER VOYAG VAN NORD EXPLORER Status Owned Owned Owned Flex TC Flex BB Flex TC ICER Owned TAGE Source
Slide 9: Market and operational review
Market and operational review
Slide 10: Segment operating activity
Segment operating activity Contract revenue by survey type Contract revenue by region 16 (USD millions) 15.2 16 (USD millions) 15.2 14 14 1.5 12.3 12.3 4.5 12 12 2.0 4.6 10 8.3 10 8.3 7.6 7.6 8 6.8 9.4 5.2 8 6.8 1.0 6 5.4 6 5.4 4.4 2.6 10.3 4.1 6.9 9.2 4 5.3 4 3.1 6.4 4.3 5.5 2.8 0.6 2 2 1.2 2.9 0.5
Slide 11: Operational update
Operational update Five vessels in operation during the quarter • Voyager Explorer (Asia Pacific) Q4 2019 – Commenced OBN source project in Asia VESSEL OCT OCT OCT OCT NOV NOV NOV NOV DEC DEC DEC DEC VOYAGER • Osprey Explorer (GoM) – Completed OBN source project in the North Sea OSPREY HARRIER • Har
Slide 12: Market trends
Market trends • Source vessel demand driven by ocean bottom seismic – Oil & gas companies’ focus on increased oil recovery on producing fields, as well as near-field exploration – Tendency for increased multi-client activity in OBN – We expect to see moderate growth in OBN activity in 2020 • Demand
Slide 13: Tender activity in SeaBird markets
Tender activity in SeaBird markets • Stable OBN related tendering activity • 2D tendering continues at a moderate pace and we expect more surveys to realize than before • Still short lead time from contract award to project start-up 13
Slide 14: Financial review
Financial review
Slide 15: Historical operating comparison
Historical operating comparison Revenues (USD millions) EBITDA 20 (USD millions) 16.0 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 4 0.8 2.7 15 12.3 2 2.7 2.0 9.2 0.6 10 0 0.9 7.6 (1.2) 6.8 15.2 0.0 (1.2) 12.3 -2 5 (1.7) (1.6) 8.3 7.6 (3.8) 6.8 -4 0 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 -6 (5.5) Contract revenues Multi-cl
Slide 16: Vessel utilization
Vessel utilization Vessel utilization 100% • Q4 utilization of 42% for whole fleet 7% 8% 90% 24% 32% 80% 24% 36% 70% 58% • No yard stays during the quarter 60% 7% 50% 40% 76% 68% 68% 30% 51% 20% 42% 10% 0% Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 Contract Multi-client Transit /Idle Yard Notes: Aquila Explorer
Slide 17: Income statement Q4 2019
Income statement Q4 2019 CONSOLIDATED INTERIM STATEMENT OF INCOME Q4 2019 Q4 2018 Non- All figures in USD millions (except EPS) Adjusted recurring Actual Actual Contract 7.7 0.1 7.6 6.8 Multi-client - - - 0.0 Total revenues 7.7 0.1 7.6 6.8 • Non-recurring items include: Cost of sales (9.2) - (9.2) (
Slide 18: Balance sheet
Balance sheet CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION As of 31 December All figures in USD millions (except for equity ratio) 2019 2018 Property, plant and equipment 53.9 41.9 MultiClient Investment 0.4 1.5 Other non-current assets 0.1 0.6 Inventories 1.9 1.2 Trade receivables 3.6 2.1 O
Slide 19: Cash flow statement
Cash flow statement CONSOLIDATED INTERIM STATEMENT OF CASH FLOW Quarter ended 31 December All figures in USD millions 2019 2018 Profit / (loss) before income tax (11.6) (3.7) Depreciation, amortization and impairment 5.5 2.5 Other items 3.4 0.2 (Increase)/decrease in working capital 2.7 (0.4) Net ca
Slide 20: Financial borrowings and facilities
Financial borrowings and facilities SBX04 Glander facility 6.00 5.48 1.00 5.32 5.15 0.90 5.00 0.80 0.70 4.00 0.60 3.00 0.50 0.46 0.42 0.40 0.37 2.00 0.30 0.20 1.00 0.10 0.00 0.00 Nominal value Booked value Nominal value Principal Booked value Nominal value 31 Dec 2019 31 Dec 2019 USD millions 30 Jun
Slide 21: Summary
Summary
Slide 22: Summary
Summary Q4 EBITDA hampered by low utilization. Project performance satisfactory Day rates stabilizing following sharp growth 2018/19 Structural growth in OBN continues in 2020 while 2D expected to pick up Delivering on new strategy in 4 months An upgraded, modern and competitive fleet ready beginnin
Slide 23: SeaBird Exploration
SeaBird Exploration