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Eidesvik Offshore — Earnings Release 2013
Feb 27, 2014
3586_rns_2014-02-27_6da2ee05-a56a-4874-8377-ff6c6dbc1380.pdf
Earnings Release
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Presentation 4th Quarter 2013
Oslo 27.02.2013 CEO Jan Fredrik Meling
News after 31.12.2013
• Lundin Petroleum hires "Viking Queen" for 15 wells with option for further 5 wells. Commencement of contract is ultimo 2014. The vessel will be upgraded with FI-FI II and NOFO 2009
4th Quarter 2013 results
(4th Quarter 2012 in brackets)
| Revenues | MNOK 237,9 | (223,7) | |
|---|---|---|---|
| EBITDA: | MNOK 135,2 | (121,9) | |
| Operating profit | MNOK 81,0 | (44,0) | |
| Pre-tax profit: |
MNOK 35,0 | (39,5) |
Results 4th Quarter 2013 (in million NOK, Gain on sale excluded)
50 100 150 200 250 300 Q4 2011 Q4 2012 Q4 2013 Operating revenues
The results in 4th quarter compared to last year are influenced of:
-Viking Forcados was sold in Q3 2013
-Viking Poseidon commenced yard stay in December 2013
-Viking Athene and Viking Lady was operated in the spot market in Q4 2012
-Seven Viking delivered JV in January 2013
-Improved results in seismic JV's
Cash flow (in million NOK)
| 4th Quarter 2013 |
4th Quarter 2012 |
2013 | 2012 | |
|---|---|---|---|---|
| Net cashflow from operating activities |
129,4 | 165,6 | 483,0 | 491,4 |
| Net cashflow from investment activities |
(64,6) | (127,0) | 110,7 | (738,3) |
| Net cashflow from finance activities |
(89,1) | (37,9) | (265,9) | 290,3 |
| Net changes in cash holdings |
(24,3) | 0,7 | 327,8 | 43,4 |
| Cash at beginning of period Cash at end of period |
607,1 582,8 |
254,3 255,0 |
255,0 582,8 |
211,6 255,0 |
Interest paid is categorized under financing activities, interest received is categorized under operating activities.
Balance (in million NOK)
Equity ratio 31.12.13: 41 % (39 %)
Segments
Incl. Share of Joint Ventures Excluded gain on sale (MNOK)
| 4th Quarter 2013 | Seismic | Subsea | Supply | Other |
|---|---|---|---|---|
| Revenues | 70,1 | 96,5 | 113,8 | 7,2 |
| EBITDA | 67,7 | 50,4 | 54,5 | -2,7 |
| EBIT | 39,3 | 22,7 | 22,1 | -3,3 |
| EBITDA margin | 97% | 52% | 48% | N/A |
| EBIT margin | 56% | 23% | 19% | N/A |
| 4th Quarter 2012 | Seismic | Subsea | Supply | Other |
|---|---|---|---|---|
| Revenues | 57,9 | 82,8 | 97,8 | 6,6 |
| EBITDA | 57,0 | 50,5 | 41,6 | -5,9 |
| EBIT | 22,9 | 25,4 | 8,9 | -6,1 |
| EBITDA margin | 98% | 61% | 43% | N/A |
| EBIT margin | 40% | 31% | 9% | N/A |
Results 2013 (in million NOK)
Operating revenues
Gain on Sale
Contract backlog (per 31.12.2013)
9
Contract status seismic
Contract status subsea
2014 2015 2016 2017 2018
Kleven no 365 Seven Viking European Supporter Viking Poseidon Acergy Viking
Contract status supply
Operations 1st Quarter 2014
• Viking Poseidon commenced a yard stay due to crane issues in December 2013, and is expected to be off-hire for several weeks in 1st Quarter 2014.
• Viking Queen will be off-hire for 3-4 weeks during 1st Quarter 2014 due to fire repair.
• Estimated P&L-effect of these two events in 1st Quarter 2014 is expected to be in the range of MNOK 25.
Market
• The Board expects that the market for platform supply vessels in the North-Sea will be healthy in 2014. This as a result of seasonal project work that will absorb vessels in addition to general high activity.
• The global subsea market is expected to remain strong with substantial activity. As a result of postponed projects some uncertainty can be observed in the market.
• The underlying drivers for the segments we operate in are all looking positive going forward with high exploration and development of new and existing fields in many areas.