Gulf Marine Services Plc · LSE:GMS
Gulf Marine Services — Investor Presentation (April 2024)
19 slides from Gulf Marine Services's investor presentation, April 2024
Slide 1: Investor Presentation April 2024
Investor Presentation April 2024
Slide 2: Disclaimer
Disclaimer • This document is provided for informational purposes only. It does not constitute an offer to sell or a solicitation of an offer to buy any securities or interests described within it in any jurisdiction. • Any forward-looking statements contained in this presentation or communicated du
Slide 3: Presenting Team
Presenting Team MANSOUR AL ALAMI ALEX ACLIMANDOS Executive Chairman of the Board Chief Financial Officer 40-year career across the Middle East, Over 30 years with first-tier companies viz. Procter & including 15 years in oil & gas Gamble, ABB and Alvarez and Marsal Held various senior roles at ADNOC
Slide 4: Overview
Overview Overview of GMS Asset Class Overview • Established in 1977, Headquartered in Abu Dhabi, UAE, and Premium listed on the London Stock Exchange Large Class (E Class) Mid-Size Class (S Class) Small Class (K Class) • GMS is a leading provider and operator of 13 advanced self-propelled, self- ele
Slide 5: Key Investment Highlights
Key Investment Highlights A leading provider of self‐propelled, self‐elevating support vessels serving the offshore oil, gas and renewables industries, currently 1 operating in both the Arabian Gulf and the North Sea 2 Owns and manages 13 vessels, wherein all work-related risks are assumed / mitigat
Slide 6: Explaining the GMS Model
Explaining the GMS Model Core areas of Contract durations Vessels chartered on operation vary depending on a time basis client and workscope • NOC based opex, including well • NOC c. 3-5 years charters, EPC • Daily charter rate payable and platform maintenance and c. 3 - 48 months charters, • Operat
Slide 7: Historical Financial Information
Historical Financial Information New management Previous management and board and board US$m 2015 2016 2017 2018 2019 2020 2021 2022 2023 Average Utilisation 98.0% 70.0% 61.0% 69.0% 69.0% 81.0% 84.0% 88.0% 94.0% Average Dayrate (US ‘000s) 59 50 39 36 30 25 26 28 30 Revenue 219.7 179.4 112.8 123.3 10
Slide 8: Supply and Demand Dynamics are Driving a Resurgence in Dayrates and Utilisations
Supply and Demand Dynamics are Driving a Resurgence in Dayrates and Utilisations; Utilisation is Nearing 2015’s Superlative Levels Average Dayrate (USD ‘000s) Utilisation % 59 Peak 98.0% Peak 94.0% 50 88.0% 84.0% 81.0% 39 36 70.0% 69.0% 69.0% 30 30 28 61.0% 25 26 2015A 2016A 2017A 2018A 2019A 2020A
Slide 9: Proven Track Record in Achieving Efficiencies and Effectively Managing Costs
Proven Track Record in Achieving Efficiencies and Effectively Managing Costs Operating Costs % of Revenue (%) Adjusted EBITDA Margin (%) 57.4 52.1 51.0 61.7 64.1 51.3 50.4 64.1 71.5 87.5 Opex & Overhead | Combined Value (US$ m) Adjusted EBITDA (US$ m) Overhead % of Revenue Opex % of Revenue 58% 41.3
Slide 10: Successful Deleveraging via Debt Repayment Acceleration
Successful Deleveraging via Debt Repayment Acceleration Net Debt (US$ m) Net Debt / EBITDA (x) 406.2 8.1x 390.1 371.3 7.6x 315.8 5.8x 267.3 4.4x 3.1x 2019A 2020A 2021A 2022A 2023A 2019A 2020A 2021A 2022A 2023A The sustained deleveraging has enhanced overall balance sheet health and transferred value
Slide 11: A Successful Turnaround Driven by Re-building a Healthy Backlog Pipeline
A Successful Turnaround Driven by Re-building a Healthy Backlog Pipeline Evolution of Backlog (US$ m) Coverage of 2024 Backlog (US$ m) 459.2 158.8 Firm Options 124.0 138.2 300.4 1.8 35.1 74.3 65.3 19.2 40.7 122.1 103.2 45.3 16.7 55.1 20.0 2024 2025 2026 2027 2028 2029 Total 459 301 315 238 246 220 2
Slide 12: Backlog: Secured Future Revenue as of April 1st, 2024
Backlog: Secured Future Revenue as of April 1st, 2024 Contract Coverage By Asset Fixed Term Contract LOI / Prospect 2024 2025 2026 2027 2028 2029 Vessel Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1 2 3 4 5 6 7 8 9 10 11 12 13 Firm Options 12
Slide 13: The Way Ahead
The Way Ahead 2024 Outlook Our Plan • Positive outlook continues for 2024; backlog • Continue to take actions to promote creating reached a high of US$459m = c. 3x 2023A value for shareholders revenue (ensuring clear visibility on revenues • Securing a new debt arrangement in the next few through th
Slide 14: Appendices
Appendices
Slide 15: Fleet Overview
Fleet Overview Key Specifications of the Entire GMS Fleet Comparative Vessel Capabilities Variable Load Main Semi-subs / Name of Standard Leg Jackup Accomodation Propulsion (VDL) Elevated Deck Area Crane Description of Capabilities GMS Fleet Construction Vessel POB Length Drilling Rigs Rigs / Jackin
Slide 16: Safety Record
Safety Record Total Recordable Injury Rate • GMS is fully accredited to ISO 9001, 14001 and 45001 and all GMS IMCA 2.02 our vessels are ISM and ISPS compliant 1.69 1.7 1.6 1.45 1.02 • Our injury rate remains among the lowest in the industry for 5 1.44 0.52 years in a row 2018 2019 2020 2021 2022 • T
Slide 17: Environmental Performance
Environmental Performance • GMS has implemented several measures to reduce emissions over the last 5 years. Some of those measures are: ✓ Switching refrigerants to lower emission ones ✓ Sequestering some of our CO2 emissions via tree planting Scope 1 • 51,860 tCO2e ✓ Reducing plastic water bottle us
Slide 18: Board of Directors
Board of Directors MANSOUR AL ALAMI HASSAN HEIKAL LORD ST JOHN OF BLETSO 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 Anthony St John is a
Slide 19: Board of Directors (Cont'd)
Board of Directors (Cont’d) JYRKI KOSKELO CHARBEL EL KHOURY HAIFA AL MUBARAK Independent Non-Executive Director Non-Executive Director Independent Non-Executive Director Jyrki Koskelo joined the Board of GMS in February Charbel El Khoury joined the Board of GMS in August Ms Al Mubarak joined the Boa
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