Slide 1: SeaBird Exploration First Quarter Presentation
SeaBird Exploration First Quarter Presentation 14 August 2020 CEO Gunnar Jansen CFO Erik von Krogh
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 • Market and operational review • Financial review • Q&A 3
Slide 4: Highlights
Highlights
Slide 5: Q2-20 Highlights
Q2-20 Highlights Key financial & operational figures • Revenues of $17.1 million ($9.2 million Q2 2019) • EBITDA of $0.0 million (-$1.7 million Q2 2019) • 30% fleet utilization • Equity ratio of 46% Major events • Refinancing of SBX04 bond loan completed • Measures for cost reduction have been imple
Slide 6: Market and operational review
Market and operational review
Slide 7: Flexible fleet – niche streamer and source
Flexible fleet – niche streamer and source 5 – 7 vessels capable of niche streamer and source operations EAGLE EXPLORER FULMAR PETREL GEO VOYAGER NORDIC EXPLORER EXPLORER EXPLORER BARENTS EXPLORER NORD VOYAG VAN Status Owned Owned Owned Flex TC Flex BB Flex TC ICER TAGE Source Yes Yes BARENTS NA Yes
Slide 8: Vessel utilization
Vessel utilization Vessel utilization 100% 80% 68% 68% 60% 42% 44% 40% 30% 20% 0% Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 • Q2 2020 utilization of 30% • Harrier Explorer and Geo Barents are not included in utilization for Q2 2020 8
Slide 9: Segment operating activity
Segment operating activity Contract revenue by survey type (USD millions) 25,3 25 3,9 20 17,1 15,2 8,7 15 3,1 12,3 1,5 4,5 10 8,3 7,6 9,4 5,2 12,7 12,5 5 6,9 4,4 0,5 5,5 2,9 3,2 0 - 0,9 - Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 3D 2D Other • 3D survey in Q1 and Q2 2020 has been subcontracted
Slide 10: Operational update
Operational update Four vessels in operation during the quarter Q2 2020 VESSEL APR APR APR APR M AY M AY M AY M AY JUN JUN JUN JUN Voyager Explorer (Asia Pacific) VOYAGER • Started OBN source project in Asia Pacific Harrier Explorer (NSA) HARRIER • Lay-up/preparation for recycling Eagle Explorer (WA
Slide 11: Market trends
Market trends Negative impact from COVID-19 and low oil price continues • In the short-term, operational effects by COVID-19 has led to surveys being postponed • Tendering activity continues at a moderate pace but lead time from tender to contract award continues to be long Ocean bottom seismic • Oi
Slide 12: Tender activity in SeaBird segments
Tender activity in SeaBird segments 12
Slide 13: Financial review
Financial review
Slide 14: Key figures
Key figures Unaudited figures Q2 2020 Q2 2019 FS 2019 Revenues 17 096 9 202 45 136 EBITDA 8 (1 745) (5 669) EBIT (4 242) (7 242) (22 379) Profit/(loss) (5 814) (6 561) (23 315) Earnings per share (diluted) (0,22) (0,24) (0,87) Utilization 30 % 68 % 62 % Cash and cash equivalents 3 285 18 936 3 645 C
Slide 15: Historical operating comparison
Historical operating comparison Revenues EBITDA (USD millions) (USD millions) 25 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 3 20 2 16,0 2,0 1,8 1 0,8 0,6 0,0 0,0 15 0 25,3 -1 9,2 10 0,9 17,1 -2 ( 1,7) ( 1,6) 15,2 -3 -3,8 5 8,3 7,6 -4 -5 0 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 -6 ( 5,5) Contract revenues Multi-client rev
Slide 16: Investments
Investments Capital expenditure • Remaining outfitting of Fulmar Explorer (USD millions) 14,0 has been postponed and will be subject 12,5 12,7 to contract award 12,0 10,0 • Rigging of Geo Barents will take place 8,0 upon contract award 6,0 4,0 1,5 • Outfitting of Fulmar Explorer and 2,0 0,0 0,0 rigg
Slide 17: Capital structure
Capital structure Balance sheet 100 000 90 000 80 000 70 000 37 013 40 756 60 000 USD 50 000 3 285 40 000 30 000 40 993 48 462 20 000 10 000 - 7 011 Assets Equity & liabilities Non current assets Non-current liabilities Cash Equity Current assets Current liabilities • Equity ratio of 46% • Interest-
Slide 18: Summary
Summary
Slide 19: Summary
Summary High share of 3D in Q2 Operational performance satisfactory. Low TD Continuing to deliver on costs. Prepared for low activity All about covid-19 and breakdown of OPEC+ from late Q1 Cash preservation mode. Ready to ramp quickly when activity returns 19
Slide 20: SeaBird Exploration
SeaBird Exploration