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Eidesvik Offshore — Investor Presentation 2015
May 13, 2015
3586_rns_2015-05-13_f7e13e56-b509-4bf0-bea7-33d65330643d.pdf
Investor Presentation
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Presentation 1st Quarter 2015
Oslo 13.05.2015 CEO Jan Fredrik Meling
News in 1st Quarter 2015
Taken delivery of «Viking Neptun», a large construction vessel. The vessel has commenced on a 180-days contract.
News in 1st Quarter 2015
Statoil has declared an option to extend the contract for 1 year from April 2015 for the LNG fuelled PSV «Viking Energy».
News in 1st Quarter 2015
Entered into an agreement for early termination of contract for the seismic vessel «Vantage».
News after 31.03.15
Entered into an agreement for installation of Energy Storage System (Battery solution) for «Viking Queen»
Extended the fixed period of the contract with Lundin Norway AS from 900 to 1.200 days.
1st Quarter 2015 results
(1st Quarter 2014 in brackets)
| Revenues | MNOK 278,5 | (220,5) |
|---|---|---|
| EBITDA | MNOK 167,1 | (88,6) |
| Operating profit | MNOK 106,1 | (26,7) |
| Pre-tax profit | MNOK –103,9 | (32,7) |
Q1 Profits influenced by disagio (MNOK -173,7) and termination fee.
Results 1st Quarter 2015
(in million NOK, Gain on sale excluded)
Operating revenue Q1
The results in 1st Quarter compared to last year are influenced of:
-The subsea vessel "Viking Neptun" was delivered and commenced contract shortly after delivery
-The supply vessel "Viking Queen" has been operated on a contract with higher revenues in Q1 2015
- The subsea vessels «Viking Poseidon» and «Subsea Viking» had yard stays in Q1 2014
EBIT Q1 - Viking Princess and Viking Nereus have been operated in the spot market in Q1 2015
Cash Flow (in million NOK)
| 1st Quarter | 1st Quarter | ||
|---|---|---|---|
| 2015 | 2014 | 2014 | |
| Net cashflow from operating activities | 68,8 | 85,1 | 537,5 |
| Net cashflow from investment activities | (943,5) | (28,0) | (113,3) |
| Net cashflow from finance activities | 634,3 | (161,0) | (457,4) |
| Net changes in cash holdings | (240,4) | (103,9) | (33,2) |
| Cash at beginning of period | 549,6 | 582,8 | 582,8 |
| Cash at end of period | 309,2 | 478,9 | 549,6 |
Interest paid is categorized under financing activities, interest received is categorized under operating activities.
Balance (in million NOK)
Segments
Incl. Share of Joint Ventures Excluded gain on sale (MNOK)
| 1st Quarter 2015 | Seismic | Subsea | Supply | Other |
|---|---|---|---|---|
| Revenue | 103,8 | 124,4 | 93,8 | 5,2 |
| EBITDA | 103,1 | 74,3 | 36,7 | -6,2 |
| EBIT | 72,8 | 39,9 | 6,6 | -6,7 |
| EBITDA margin | 99% | 60% | 39% | N/A |
| EBIT margin | 70% | 32% | 7% | N/A |
| 1st Quarter 2014 | Seismic | Subsea | Supply | Other |
|---|---|---|---|---|
| Revenue | 71,8 | 83,3 | 101,9 | 5,4 |
| EBITDA | 64,5 | 30,0 | 39,2 | -12,3 |
| EBIT | 36,5 | 2,3 | 8,2 | -12,7 |
| EBITDA margin | 90% | 36% | 39% | N/A |
| EBIT margin | 51% | 3% | 8% | N/A |
Contract backlog (per 31.03.2015)
11
Contract status seismic
Contract status subsea
Contract status supply
Market
We still operate in a very challenging market within all three segments. There is excess weight on the supply side and we do not see any tendency of vessels being taken out of operations sufficient enough to restore balance. Some of our vessels will end their contracts in the current year, and continuous efforts for further utilization for these vessels are being made. Eidesvik has a good contract coverage for 2015.