Third quarter 2014 Bergen 5 November 2014

Transcription

1 Third quarter 2014 Bergen 5 November

2 Agenda Highlights Q Operational review Financial review Summary and outlook Polar Onyx

3 Highlights third quarter Stable and good operations Fleet utilisation of 99% New time charter agreement for Polar Queen Historically strong EBITDA Polar Queen

4 Key figures REVENUES NOK million EBITDA NOK million NET PROFIT NOK million Q313 Q413 Q114 Q2 14 Q Q313 Q413 Q114 Q2 14 Q Q313 Q413 Q114 Q2 14 Q

5 Operational Review Q

6 New time charter for Polar Queen Extension of existing charter with Boa Marine Services Inc. 3 years duration, commencing April 2015 Includes options for up to 3 years extensions Polar Queen

7 Contract backlog of NOK 3.2 billion* per 30 September 2014 CONTRACT COVERAGE* Utilisation rate CONTRACT BACKLOG* NOK million 100% 100% % % 67% 57% % 47% % % from * Excluding options 0 from

8 Average duration of contract portfolio is 2.4 years VESSEL CHARTERER SUBSEA Fixed Option Polar Prince Reef Subsea Polar King Reef Subsea Polar Queen BOA Marine Services Option (3x1yr) Polar Onyx Ceona Services Contract (5 yr) + Option (5 yr) Fixed MARINE SEISMIC Polar Duke Dolphin p Geophysicalp y Option (6x1yr) Polar Duchess Dolphin Geophysical Option (4+2 yr) Polar Marquis* Dolphin p Geophysicalp y New contract (3.5 yr) + Option (2 x 2 yr) Seismic Newbuild Dolphin Geophysical Contract (5 yr) + Option (2 x 3 yr) ICE/ SUPPORT Polar Piltun Polar Baikal Sakhalin Energy Inv. Sakhalin Energy Inv Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Ernest Shackleton British Antarctic Survey Option (4x1 yr) Polar Pevek Exxon Neftegas Long-term contract until 2021 Fixed Option Option * Former Geo Atlantic Note: Per 30 September 2014 Ernest Shackleton Option for 2015 declared in October

9 Construction of new seismic vessel Advanced 3D seismic vessel with 22 streamers and ice class 1A* Expected delivery from Kleven Verft in Q years contract with Dolphin Geophysical from delivery Seismic newbuild

10 Subsea Fleet utilisation 100 percent 96 percent in Q Solid performance improvement YoY Polar Onyx in operations from primo March 2014 Increased fleet utilisation Market Downward pressure overall but relatively good demand for modern and advanced vessels KEY FIGURES NOK million Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Operating income EBITDA

11 Marine Seismic Fleet utilisation 98 percent 100 percent in Q Increased income Slightly weakened EBITDA KEY FIGURES NOK million Market Challenging market Sound order backlog Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Operating income EBITDA

12 Ice/ Support Fleet utilisation 99 percent 94 percent in Q KEY FIGURES NOK million Reduced activity and subsequent performance YoY Sale of HMS Protector in September 2013 Yard stay for HMS Protector prior to expire of management agreement Booked gain from termination of UK Tax Lease agreement for Ernest Shackleton in third quarter 2013 Market Generally stable development but small volume Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Operating income EBITDA Note: As of joint ventures are booked as financial items using the equity method. All figures have been restated accordingly

13 Financial review Q

14 Income statement NOK mill Q Q (2) YTD 2014 YTD 2013 (2) 2013 (2) Operating income EBITDA EBIT Net financial income and expenses Profit before tax Net profit in the period Normalized profit before tax (1) Earnings per share (1) Profit bef. tax adjusted for unrealised currency gains/losses, profit from disposals and write-downs (2) As of joint ventures are booked as financial items using the equity method. Figures from Q and have been restated accordingly

15 Segments Q Q NOK mill Revenues EBITDA Margin Revenues EBITDA Margin Subsea % % Marin Seismic % % Ice/ support n/a % Sum % %

16 Balance sheet per NOK million assets 384 Assets Intangible assets Fixed assets Other current assets Cash & liquid Equity & Liabilities Equity Longterm liabilities Current liabilities Total balance NOK million Equity ratio 50.1 percent Solid cash position NOK million Net debt NOK million Total debt of NOK million Average duration of loan portfolio is 3.1 years Available revolving facility of NOK 250 million

17 Outlook Market view short term Reduced petroleum investment due to cost cutting programs and fall in oil prices Uncertainties related to political risk in the Russian region upheld Expected trends in segments Subsea: Downward pressure, but still demand for advanced vessels Marine Seismic: Challenging market Ice/support: Stable but limited volume

18 Summary Stable and robust operations New time charter for Polar Queen Historically strong EBITDA Post quarter: Extension of bare boat charter for Ernest Shackleton Polar Queen

19 / THANK YOU FOR LISTENING!

20 Disclaimer This quarter presentation includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. Such forward-looking information and statements are based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major markets for GC Rieber Shipping ASA and its subsidiaries. These expectations, estimates and projections are generally identifiable by statements containing words such as "expects", "believes", "estimates" or similar expressions. Important factors that could cause actual results to differ materially from those expectations include, among others, economic and market conditions in the geographic areas and industries that are or will be major markets for GC Rieber Shipping s businesses, oil prices, market acceptance of new products and services, changes in governmental regulations, interest rates, fluctuations in currency exchange rates and such other factors as may be discussed from time to time. Although GC Rieber Shipping ASA believes that its expectations and the information in this Presentation were based upon reasonable assumptions at the time when they were made, it can give no assurance that those expectations will be achieved or that the actual results will be as set out in this Presentation. GC Rieber Shipping ASA nor any other company within the GC Rieber Shipping Group is making any representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the information in the Presentation, and neither GC Rieber Shipping ASA, any other company within the GC Rieber Shipping Group nor any of their directors, officers or employees will have any liability to you or any other persons resulting from your use of the information in the Presentation. GC Rieber Shipping ASA undertakes no obligation to publicly update or revise any forward-looking information or statements in the Presentation