Eidesvik Offshore Asa · OSL:EIOF
Eidesvik Offshore Asa — Q1 2018 Earnings Presentation
19 slides from Eidesvik Offshore Asa's earnings presentation, May 15, 2018
Slide 1: Presentation 1st Quarter 2018
Presentation 1st Quarter 2018 Oslo 15.05.2018 CEO Jan Fredrik Meling
Slide 2: Disclaimer
Disclaimer This presentation has been produced by Eidesvik Offshore ASA (the "Company") based on information which is publicly available. This presentation is for information purposes only. Further to the aforementioned, this presentation is the result of an effort of the Company to present certain
Slide 3: News in 1st Quarter 2018
News in 1st Quarter 2018 Entered a letter of intent of contracts with Seabed Geosolution for “Subsea Viking” and “Vantage” for work in the market for node seismic. Contract commencement are respectively ultimo January and primo February. The duration is expected to be the remaining part of 2018.
Slide 4: News in 1st Quarter 2018
News in 1st Quarter 2018 Statoil declared a one-year option for the supply vessel Viking Energy from April this year, in direct continuation of current contract. The vessel will be prepared for shore power, and equipment for better fuel consumption measurement will be installed.
Slide 5: News in 1st Quarter 2018
News in 1st Quarter 2018 Entered into a contract with Deceiper Production Limited for “Viking Prince”. Contract commencement is in February 2018 and is for approx. 85 days. Entered into a contract with Norske Shell for “Viking Prince”. Contract commencement is after the contract mentioned above and
Slide 6: News in 1st Quarter 2018
News in 1st Quarter 2018 Awarded a contract for 4 months with 6 months options for Statoil for the PSV “Viking Lady”. Contract commencement is Q2 2018.
Slide 7: News after 31.03.2018
News after 31.03.2018 Statoil have declared 8 monthly options for Viking Avant and the vessel is on firm contract until ultimo December 2018. Statoil have one yearly option thereafter.
Slide 8: News after 31.03.2018
News after 31.03.2018 The Joint Venture company Eidesvik Seven Chartering AS has entered into an agreement with Subsea 7 to amend and extend the contract for the subsea vessel Seven Viking. The new contract is firm to ultimo 2025 with option for further 1 year thereafter.
Slide 9: 1st Quarter 2018 results
1st Quarter 2018 results (1st Quarter 2017) Revenues MNOK 100,9 (248,9) EBITDA MNOK 7,1 (158,6) Operating profit MNOK -71,3 (56,3) Pre-tax profit MNOK -51,1 (135,1) (Q1 2017 profits influenced by termination fee of MNOK 66,2, gain on sale of vessel of MNOK 17,2, impairment of vessel of MNOK -66,2, a
Slide 10: Results 1st Quarter 2018
Results 1st Quarter 2018 (in million NOK) EBITDA Q1 2018 vs. Q1 2017 (MNOK -151,5): Operating revenue Q1 Seismic: Decrease of freight income of MNOK 25,1 and no termination fee of MNOK 66,2 in 2018, decrease in the total operating expenses of MNOK 4,0. Net 300 decrease in EBITDA of MNOK 87,3. Subsea
Slide 11: Cash Flow
Cash Flow (in million NOK) 1st Quarter 1st Quarter 1.1- 2018 2017 31.12.2017 Net cashflow from operating activities (35,9) 207,3 372,1 Net cashflow from investment activities (11,4) 377,0 401,4 Net cashflow from finance activities 55,7 (498,0) (765,8) Net changes in cash holdings 8,4 86,3 7,7 Cash a
Slide 12: Balance
Balance (in million NOK) 5.000 4.500 Short-term liabilities Short-term liabilities Current assets 4.000 Current assets 3.500 3.000 Long-term liabilities Long-term liabilities 2.500 2.000 Fixed assets Fixed assets 1.500 1.000 Equity Equity 500 0 Assets 31.03.18 Equity and Liabilities Assets 31.03.17
Slide 13: Segments
Segments Incl. Share of Joint Ventures (in million NOK) 1st Quarter 2018 Seismic Subsea Supply Other Revenue Q1 Revenue 40,1 68,5 32,4 3,9 2018 EBITDA 27,4 26,3 -5,8 -7,7 EBIT -18,8 -0,3 -25,4 -8,0 EBITDA margin 68 % 38 % -18 % N/A EBIT margin -47 % -0 % -78 % N/A 1st Quarter 2017 Seismic Subsea Sup
Slide 14: Debt maturity profile 31.03.2018
Debt maturity profile 31.03.2018 2.000 1.800 1.600 1.400 1.200 1.382 Millions 1.000 800 600 400 200 385 98 192 149 0 68 87 87 Rest 2018 2019 2020 2021 2022 After 2022 Instalments Balloons
Slide 15: Contract Backlog 31.03.2018
Contract Backlog 31.03.2018 1.000 800 600 Millions 919 400 166 213 200 277 231 224 223 139 0 27 Rest 2018 2019 2020 2021 2022 From 2023 Consolidated Share of JV's
Slide 16: Contract coverage incl JV's 31.03.2018
Contract coverage incl JV’s 31.03.2018 80% 70% 70% 67% 59% 60% 54% 50% 42% 41% 41% 40% 36% 70% 33% 32% 61% 29% 27% 27% 27% 27% 27% 27% 30% 55% 48% 20% 38% 32% 32% 32% 29% 29% 27% 27% 27% 27% 27% 27% 27% 10% 0% Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2018 2018 2018 2019 2019 2019 2019 2020
Slide 17: Contract Status
Contract Status Seven Viking Viking Neptun Subsea Viking Acergy Viking Viking Queen Viking Lady LAY UP Viking Princess Viking Prince Viking Athene LAY UP Viking Energy Viking Avant CGG Alize LAY UP Oceanic Challenger LAY UP Geo Celtic LAY UP Geo Caribbean LAY UP Geo Coral Oceanic Sirius Oceanic Vega
Slide 18: Market
Market As we approach the summer season the PSV spot market and medium term contracts have experienced an increase in both utilization and day rates. This positive uptick in the PSV market may be negative effected by vessels being taken out of lay-up. The subsea segment have experienced several cont
Slide 19: Thanks for Your attention!
Eidesvik Thanks for Your attention!