Gulf Marine Services PLC · LSE:GMS

Gulf Marine Services — Investor Presentation (October 2021)

17 slides from Gulf Marine Services's investor presentation, October 2021

  1. Slide 1: Investor Presentation October 2021

    INVESTOR PRESENTATION OCTOBER 2021

  2. Slide 2: Presenting team

    Presenting team MANSOUR AL ALAMI ANDY ROBERTSON Executive Chairman of the Board Chief Financial Officer 40 year career across the Middle East, 25 years finance and business development including 15 years in oil & gas in oil & gas Held various senior roles at ADNOC, a key client 13 years with GMS, in

  3. Slide 3: Who are GMS?

    Who are GMS? ASSET CLASS OVERVIEW A leading provider and operator of 13 advanced self-propelled, self-elevating support vessels Large Class (E Class) Mid-Size Class (S Class) Small Class (K Class) Average fleet age of 10 years – expected useful life of up to 40 years Offers clients significant cost

  4. Slide 4: Fleet & operating strength

    Fleet & operating strength Offer clients significant cost and efficiency Long term, successful record of safe, reliable saving, over the alternative vessel types and efficient operations • Able to undertake multiple moves quickly, with no • Well maintained fleet, with a below industry average age ad

  5. Slide 5: H1 2021 Highlights

    H1 2021 Highlights H1 2021 Results • H1 revenue increased 3% to US$ 51.4 million (H1 2020: US$ 49.8 million) • H1 EBITDA increased by 16% to US$ 26.5 million (H1 2020: US$ 22.9 million). EBITDA Margin 52% (H1 2020: 46%) • G&A administrative expenses reduced to $4.9million (H1 2020: US $6.6million).

  6. Slide 6: 2021 Summary Financials

    2021 Summary Financials Income Statement • Utilisation and dayrates broadly flat compared to H1 2019 ▪ Recent contracts awards showing signs of improvement on dayrates US$ m H1 2021 H1 2020 % Change ▪ H1 utilisation at 77% to improve (Restated) significantly in H2 with 92% utilisation already secure

  7. Slide 7: 2021 Revenue by Segment

    2021 Revenue by Segment Utilisation % Day Rates US$ 000s’ 95 92 86 82 32 77 78 31 30 30 26 25 57 58 19 20 6.0 E-Class S-Class K-Class Fleet Average E-Class S-Class K-Class Fleet Average H1 2021 8.5 H1 2021 H1 2020 10 H1 2020 12 13 • Significant increase in utilisation in second half underpinned by s

  8. Slide 8: Backlog: secured future revenue

    Backlog: secured future revenue 2021 2022 2023 2024 • 92% of H2 Utilisation Secured – Vessel J A S O N D Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Firm driving improved EBITDA in second Shamal Options half of 2021 Pepper Kamikaze • Long term contracts held with NOCs Scirocco providing well and platform Ev

  9. Slide 9: Historical financial information

    Historical financial information US$m 2015 2016 2017 2018 2019 2020 H1 2020 H1 2021 Revenue $219.7 $179.4 $112.8 $123.3 $108.7 $102.5 49.8 51.4 Opex 61.4 52.4 39.1 48.0 43.3 42.3 20.3 20.0 Overhead 19.8 20.2 15.3 17.3 14.1 9.8 6.6 4.9 Adjusted $138.5 $106.8 $58.4 $58.0 $51.3 $50.4 22.9 26.5 EBITDA*

  10. Slide 10: Positive market dynamics

    Positive market dynamics Pick up in oil and gas activity predominately driven by Current MENA Self Propelled Vessel Fleet Utilisation NOC’s increasing production levels and catching up on Utilisation at 31 overdue maintenance work: Operator No. Vessels Aug 2021 • Short term recovery, with delayed co

  11. Slide 11: Outlook and summary

    Outlook and summary • Solid start to 2021 • Expecting significant improvement in the rest of the year – underpinned by secured contracts • Continuing into 2022 and beyond supported by strong pipeline of opportunities with limited vessel supply • Dayrates on recent awards improving and likely to cont

  12. Slide 12: Appendices

    Appendices

  13. Slide 13: Business model

    Business model Core areas of operation Vessels chartered on a time basis • NOC based opex, including well and platform maintenance • Daily charter rate payable and enhanced oil Recovery – c.50-70% of revenue • Operation and vessel maintenance remain with GMS • EPC led capex, including new developmen

  14. Slide 14: Deleveraging the balance sheet

    Deleveraging the balance sheet Key terms of Bank facilities Renegotiated Bank Deal (March 2021) • $390m amortising Term loan until 30 June 2025 Renegotiated bank deal offers clear path to right size the balance sheet: • $50m working capital facility ($25m cash and $25m Bonds) • Deleveraging, leading

  15. Slide 15: Board of Directors

    Board of Directors MANSOUR AL ALAMI HASSAN HEIKAL RASHED SAIF AL JARWAN Executive Chairman of the Board Deputy Chairman/Non-Executive Director Senior Independent Non-Executive Director Mansour Al Alami joined the Board of GMS in Hassan Heikal joined the Board of GMS in November Rashed Al Jarwan join

  16. Slide 16: Board of Directors

    Board of Directors JYRKI KOSKELO LORD ST JOHN OF BLETSO CHARBEL EL KHOURY Independent Non-Executive Director Independent Non-Executive Director Non-Executive Director Anthony St John is a cross bench peer in the House of Charbel El Khoury joined the Board of GMS in August Jyrki Koskelo joined the Bo

  17. Slide 17: Management team

    Management team MANSOUR AL ALAMI ANDY ROBERTSON MARK HARVEY Executive Chairman of the Board Chief Financial Officer Chief Operating Officer Mansour Al Alami joined the Board of GMS in November Andy Robertson has 25 years’ experience working in the Mark joined GMS in 2015. He holds an MSc in Naval 20

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