18 slides from Civeo Corporation (canada)'s shareholder meeting presentation, May 14, 2015
Slide 1: Presentation for the Annual Shareholders' Meeting
Presentation for the Annual Shareholders’ Meeting May 14, 2015
Slide 2: Forward Looking Statements
Forward Looking Statements The foregoing contains forward-looking statements within the meaning of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are those that do not state historical facts and are, therefore, inherently subject to risk
Slide 3: 2014 Highlights/ Strategic Actions
2014 Highlights/ Strategic Actions Completed spin-off from Oil States International on May 30, 2014 o Celebrated initial day of trading on New York Stock Exchange on June 2, 2014 o Completed transition off of Oil States’ systems and shared services o Successfully developed independent Board and se
Slide 4: 2014 Operational Achievements
2014 Operational Achievements Successfully opened new 1,997 room McClelland Lake Lodge in Canadian oil sands region supported by three-year contract Introduced service innovations at McClelland Lake location o EDI – Made to order food service o Mobile check in “One Company” campaign to increas
Slide 5: Migration of Civeo to Canada
Migration of Civeo to Canada On September 29, 2014, Civeo announced that the best option for the Company was to migrate to Canada Rationale for redomiciling to Canada: o Allow us to more efficiently move earnings and cash flow from our operating subsidiaries to our parent company for capital all
Slide 6: Migration of Civeo to Canada (continued)
Migration of Civeo to Canada (continued) Amended existing credit agreement (subject to completing migration transaction): o The required consents of the lenders to amend its Credit Facility, subject to customary conditions, to allow for our planned migration to Canada o Commitments from its lender
Slide 7: Annual Results
Annual Results (U.S. dollars in millions, except percentages and per share amounts) FY Ending December 31, % Variance 2012 2013 2014 12/13 13/14 Revenues $1,108.9 $1,041.1 $942.9 -6% -9% EBITDA 494.2 429.0 38.2 -13% -91% EBITDA Margin 44.6% 41.2% 4.1% Adjusted EBITDA 494.2 425.0 339.8 -14% -20% Adju
Slide 8: Segment Results
Segment Results (U.S. dollars in millions) FY Ending December 31, % Variance 2012 2013 2014 12/13 13/14 Revenues Canada $717.2 $710.5 $661.4 -1% -7% Australia 276.2 255.5 213.3 -8% -17% US 115.5 75.1 68.2 -35% -9% Total $1,108.9 $1,041.1 $942.9 -6% -9% Adjusted EBITDA Canada $297.6 $279.0 $236.3 -6%
Slide 9: Focused on Safety Performance
Focused on Safety Performance Improvements achieved across the business with performance significantly better than industry averages o Canadian operations TRIR: 3.47 • Year-over-year improvement: 45% • Manufacturing incident rates: 75% below industry average • Newly introduced disability managemen
Slide 10: Near-term Focus and Positioning for Growth
Near-term Focus and Positioning for Growth Near term focus is on execution and free cash flow generation o Drive revenues: Maximize occupancy in lodges and villages, pursue incremental work for mobile assets and leverage existing infrastructure o Continued vigilance on reducing costs and maintaini
Slide 11: 2015 YTD and Outlook
VAAN CIVEO 2015 YTD and Outlook ha dl b
Slide 12: Macro-Economic Environment
Macro-Economic Environment Major developing economies continue to grow albeit slowly; uncertainty around impact of reduction of monetary stimulus from U.S. Federal Reserve; concerns about economic growth in key developing countries, such as China Oil and natural gas prices remain at levels that
Slide 13: First Quarter 2015 Results
First Quarter 2015 Results (U.S. dollars in millions, except percentages and per share amounts) Quarter Ended % March 31, Variance 2014 2015 14/15 Revenues $252.8 $171.0 -32% EBITDA 92.3 48.1 -48% EBITDA Margin 36.5% 28.1% Adjusted EBITDA 92.9 53.0 -43% Adjusted EBITDA Margin 36.8% 31.0% Net income
Slide 14: Segment Results
Segment Results (U.S. dollars in millions) Quarter Ended March % 31, Variance 2014 2015 14/15 Revenues Canada $180.3 $116.9 -35% Australia 55.5 41.9 -25% US 17.0 12.2 -28% Total $252.8 $171.0 -32% Adjusted EBITDA Canada $61.8 $37.5 -39% Australia 30.8 20.7 -33% US 3.2 0.1 -96% Corporate / Eliminatio
Slide 15: Financial Position
Financial Position (U.S. dollars in millions, except for percentages and ratios) Actuals As of Pro Forma (1) 12/31/13 12/31/14 3/31/15 3/31/15 Cash $224.1 $263.3 $279.8 $29.8 Working capital 342.7 345.5 349.8 110.1 Current debt (2) - 19.4 29.1 18.8 U.S. Term Loan - 755.6 745.9 47.5 Canadian Term Loa
Slide 16: Appendix
Appendix
Slide 17: Non-GAAP Reconciliation
Non-GAAP Reconciliation (U.S. dollars in millions) Three Months Ended FY Ending December 31, March 31, 2012 2013 2014 2014 2015 EBITDA Net Income (loss) $244.7 $181.9 ($189.0) $36.2 ($0.0) Income tax provision 84.3 56.1 31.4 12.3 1.2 Depreciation and amortization 139.0 167.2 175.0 39.6 42.4 Interest
Slide 18: Presentation for the Annual Shareholders' Meeting May 14, 2015
Presentation for the Annual Shareholders’ Meeting May 14, 2015 18