Slide 1: Presentation 1st Quarter 2017
Presentation 1st Quarter 2017 Oslo 16.05.2017 CEO Jan Fredrik Meling
Slide 2: News in 1st Quarter 2017
News in 1st Quarter 2017 Awarded new contract with Siemens Wind Power for Acergy Viking. The contract is for 6 months with options. Contract commencement is June 2017. The vessel will be used as accommodation-, service- and maintenance vessel.
Slide 3: News in 1st Quarter 2017
News in 1st Quarter 2017 Awarded contract extension with Chevron North Sea Ltd for the supply vessel Viking Princess. The contract is for one year plus options.
Slide 4: News in 1st Quarter 2017
News in 1st Quarter 2017 Eidesvik and CGG have agreed to amend the contract for Viking Vanquish, which is firm to November 2020. The dayrate is reduced and Eidesvik received listed notes and other debt instruments as compensation.
Slide 5: News in 1st Quarter 2017
News in 1st Quarter 2017 The subsea vessel Viking Poseidon was sold. The vessel was delivered to new owners in 1st Quarter 2017. The sale has resulted in a gain on sale of MNOK 17,2, and a positive liquidity effect of approx. MNOK 180 after repayment of debt.
Slide 6: News in 1st Quarter 2017
News in 1st Quarter 2017 Eidesvik has in 1st Quarter 2017 bought back the company’s bond loan at 60% of the loan’s principal.
Slide 7: News after 31.03.2017
News after 31.03.2017 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 a new Holding Company that will hold the shares in two entities. One of the entities will own the two vessels formerly co-owned by CGG and E
Slide 8: 1st Quarter 2017 results
1st Quarter 2017 results (1st Quarter 2016) Revenues MNOK 248,9 (193,3) EBITDA MNOK 158,6 (93,6) Operating profit MNOK 56,3 (40,1) Pre-tax profit MNOK 135,1 (119,6) Q1 2017 profits influenced by termination fee of MNOK 66,2, gain on sale of vessel of MNOK 17,2, impairment of vessel of MNOK -66,2, an
Slide 9: Results 1st Quarter 2017
Results 1st Quarter 2017 (in million NOK) The results in 1st Quarter compared to last year are influenced of: Operating revenue Q1 -“Viking Neptun” was operated on lower rate in 2017. -“Viking Poseidon” was sold in Q1 2017 300 22 -“Acergy Viking” on contract in Q1 2017 200 256 83 -“Viking Vanquish”
Slide 10: Cash Flow (in million NOK)
Cash Flow (in million NOK) 1st Quarter 1st Quarter 1.1- 2017 2016 31.12.2016 Net cashflow from operating activities 207,3 27,2 326,9 Net cashflow from investment activities 377,0 (8,3) 12,8 Net cashflow from finance activities (498,0) (138,1) (492,2) Net changes in cash holdings 86,3 (119,2) (152,5)
Slide 11: Balance
Balance (in million NOK) 7.000 6.000 Short-term liab. Current assets 5.000 Current assets Short-term liab. 4.000 Long-term liabilities 3.000 Long-term liabilities Fixed assets 2.000 Fixed assets 1.000 Equity Equity 0 Assets Equity and Assets Equity and 31.03.17 Liabilities 31.03.16 Liabilities 31.03
Slide 12: Segments
Segments Incl. Share of Joint Ventures (MNOK) 1st Quarter 2017 Seismic Subsea Supply Other Revenue 140,4 111,4 41,2 5,6 Revenue Q1 EBITDA 126,2 78,2 3,8 -2,8 2017 EBIT 36,1 47,6 -16,5 -3,3 EBITDA margin 90% 70% 9% N/A EBIT margin 26% 43% -40% N/A 1st Quarter 2016 Seismic Subsea Supply Other Revenue
Slide 13: Debt maturity profile 31.03.2017
1.400 Debt maturity profile 31.03.2017 Millions 1.200 1.000 800 600 1.148 400 411 200 312 316 246 200 0 58 Rest 2017 2018 2019 2020 2021 Instalments Balloons
Slide 14: Contract Backlog 31.03.17
500 Contract Backlog 31.03.17 Millions 450 400 119 350 300 250 200 419 150 314 158 158 100 158 50 83 42 29 24 0 Rest 2017 2018 2019 2020 2021 From 2022 Consolidated Share of JV's
Slide 15: Contract coverage incl JV's 31.03.17
S> Eidesvik 90% Contract coverage incl JV's 31.03.17 82% 80% 70% - 60% - 50% - 41% 41% 41% agg 30% - 24% 24% 24% 20% 18% 18% 10% 0% Q2 a3 a4 a1 Q2 a3 a4 jexk Q2 Q3 a4 lox Q2 a3 a4 ql Q2 2017. 2017— 2017 «2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 HOption @Firm
Slide 16: Contract Status
Eidesvik Seven Viking Viking Neptun Subsea Viking Acergy Viking Viking Queen Viking Lady Viking Princess Viking Prince Viking Athene Viking Energy Viking Avant Oceanic Sirius Oceanic Vega Viking Vanquish Viking Vision Veritas Viking Vantage Contract Status 01.01.2017 01.01.2018 01.01.2019 01.01.2020
Slide 17: Market
Market The challenging market for supply vessels seem to continue. We do not see any material change in the short term. We do, however, see an increasing focus internationally on vessels operated on LNG, and think this market will strengthen going forward, also including supply vessels operated on L
Slide 18: Thanks for Your attention!
Eidesvik Thanks for Your attention!