Sed Energy Holdings Plc · OSL:ENH
Sed Energy — SeaBird Exploration — Q3 2020 Earnings Presentation
20 slides from Sed Energy's earnings presentation, Nov 6, 2020
Slide 1: SeaBird Exploration Third Quarter Presentation
SeaBird Exploration Third Quarter Presentation 6 November 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 • Summary • Q&A 3
Slide 4: Highlights
Highlights
Slide 5: Q3-20 Highlights
Q3-20 Highlights Key financial & operational figures • Revenues of $3.0 million ($16.0 million Q3 2019) • EBITDA of -$0.6 million (-$1.6 million Q3 2019) • 28% fleet utilization • Equity ratio of 46% Major events • COVID-19 and low oil prices • 9M 2020 EBITDA positive with $1.3m (-$0.7m 9M 2019) wit
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 2D 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 Yes Yes 2D
Slide 8: Vessel utilization
Vessel utilization Vessel utilization 100% 80% 68% 60% 44% 42% 40% 30% 28% 20% 0% Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 • Q3 2020 utilization of 28% • Utilization includes Fulmar Explorer, Eagle Explorer, Petrel Explorer and Voyager Explorer, but excludes Geo Barents and Nordic Explorer 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 4,5 1,5 10 8,3 7,6 5,2 12,7 12,5 5 6,9 4,4 3,0 0,5 5,5 3,2 3,0 0 0,9 - Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 3D 2D Other • 3D survey in Q1 and Q2 2020 was subcontracted to a third
Slide 10: Operational update
Operational update Two vessels in operation during the quarter Q3 2020 VESSEL JUL JUL JUL JUL AUG AUG AUG AUG SEP SEP SEP SEP Voyager Explorer (Asia Pacific) • OBN source project in Asia Pacific VOYAGER • Completion in Q4 Eagle Explorer (North Sea) EAGLE • Completed short source contract in July • I
Slide 11: Market trends
Market trends Reduced tendering activity in Q3 • Q3 normally lower than other quarters (vacation season) • Covid-19 and low oil price • Long lead time from tender to contract award • Expect tendering activity to return, especially in OBN – quarter to date showing activity returning Ocean bottom seis
Slide 12: Financial review
Financial review
Slide 13: Key figures
Key figures Unaudited figures Q3 2020 Q3 2019 YTD 2020 FY 2019 Revenues 3 041 15 987 45 477 45 136 EBITDA (565) (1 630) 1 300 (5 669) EBIT (3 724) (4 825) (8 701) (22 379) Profit/(loss) (3 889) (5 060) (10 037) (23 315) Earnings per share (diluted) (0,14) (0,19) (0,41) (0,87) Utilization 28 % 68 % 3
Slide 14: Historical operating comparison
Historical operating comparison Revenues EBITDA (USD millions) (USD millions) 25 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 3 20 2 16,0 2,0 1,8 1 0,8 0,0 15 0 25,3 -1 -0,6 10 17,1 -2 -1,6 15,2 -3 -3,8 5 7,6 -4 3,0 -5 0 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 -6 -5,5 Contract revenues Multi-client revenues Total revenues E
Slide 15: SG&A
SG&A SG&A (USD millions) 2,5 2,1 2,0 1,7 1,5 1,5 1,4 1,0 1,0 0,5 0,0 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 • SG&A down by more than 50% since Q3 2019 15
Slide 16: Investments
Investments Capital expenditure • Remaining outfitting of Fulmar Explorer (USD millions) has been postponed and will be subject 14,0 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 2,3 • Outfitting of Fulmar Explorer and 1,5 2,0 0,3 rigging o
Slide 17: Capital structure
Capital structure Balance sheet 90 80 70 32 37 60 50 USDm 5 40 30 37 20 43 10 6 - Assets Equity & liabilities Non current assets Non-current liabilities Cash Equity Current assets Current liabilities • Equity ratio of 46% • Interest-bearing bank debt of USD 7.5m • Net interest-bearing debt of USD 2.
Slide 18: Summary
Summary
Slide 19: Summary
Summary Very low tendering activity in Q3. Activity returned somewhat in October Continued good operational performance, low technical downtime Planned cost cuts implemented, prepared for low activity, positive OCF Cash preservation mode. Ready to ramp quickly when activity returns Announcenment on
Slide 20: SeaBird Exploration
SeaBird Exploration