GulfMark Offshore, Inc. September 2011 Investor Presentation Pareto Securities Oil & Offshore Conference

Transcription

1 GulfMark Offshore, Inc September 2011 Investor Presentation Pareto Securities Oil & Offshore Conference

2 Forward Looking Statements Cautionary Statement Regarding Forward-Looking Statements This presentation contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which involve known and unknown risk, uncertainties and other factors. Among the factors that could cause actual results to differ materially are: the price of oil and gas and its effect on industry conditions; industry volatility; fluctuations in the size of the offshore marine vessel fleet in areas where the Company operates; changes in competitive factors; delay or cost overruns on construction projects and other material factors that are described from time to time in the Company's filings with the SEC, including the Company's Form 10-K for the year ended December 31, Consequently, the forward-looking statements contained herein should not be regarded as representations that the projected outcomes can or will be achieved. NYSE: GLF 2

3 Total Revenue in Backlog (in thousands of dollars) $1,000,000 $900,000 $800,000 $700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $0 Average Day Rate in Backlog Dollars in Backlog Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q $25,000 $22,500 $20,000 $17,500 $15,000 $12,500 $10,000 $7,500 $5,000 $2,500 $0 3

4 Global Vessel Diversification US Gulf PSV 10 FSV/Crew 3 North Sea PSV 21 AHTS 1 SpV 1 Worldwide PSV 47 AHTS 17 FSV/Crew 8 SpV 2 Total 74 Mexico AHTS 2 Crew 1 West Africa AHTS 2 4 SE Asia PSV 3 AHTS 11 Trinidad PSV 6 FSV/Crew 4 Gulf of Mexico 22% Brazil PSV 7 AHTS 1 SpV 1 Rest of Americas 17% Southeast Asia 18% North Sea 43% Revenue Breakout by Region Trailing Twelve Months Ended June 30,

5 Dry Powder Continues to Grow (in thousands of dollars) $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 $0 Q Q Q Q Q Q Liquidity 5

6 Net-Debt Consistent Reduction in Net Debt Position $500,000 40% $450,000 $400,000 $350,000 Net-Debt to Total Book Capitalization Finalization of Prior New-Build Program 35% 30% $300,000 25% $250,000 20% $200,000 15% $150,000 $100,000 10% $50,000 5% $0 Q Q Q Q Q Q Q Q Q Q Q Q % 6

7 Current Debt Structure $160 million Sr. Notes, 7.75% Matures July 2014 Call Premium of 1.292%, or $2.1 million $200 million Term-Loan, LIBOR+2.5%, $150 million Outstanding Goes to Current Classification on December 31 (Matures 2012) $100 million Portion Fixed at 4.15%, Effective Rate of 5.9% $175 million Revolver, LIBOR+0.8%, $10 million Outstanding $25 million Available in the U.S. Effective Rate of 1.2% Begins to Reduce by $15.2 million Per Year Beginning in December 2011 Matures June

8 8 Benefits of Geographic Diversification

9 Gulf of Mexico: Deepwater Utilization on Recovery Decreased Exposure to U.S. Gulf of Mexico by Approximately 50% Lower Utilization, but also Lower Revenue Exposure in the U.S. Gulf of Mexico Option Value of Positioning Vessels on Short-Term Contracts in Trinidad Ability to Quickly Capitalize on a Recovery in the U.S. Gulf of Mexico Supply Constraint of Deepwater Vessels Due to the Disproportionate Movement of Higher Specification Vessels Out of the Gulf of Mexico as Compared to Lower Specification Vessels Vessel Differentiation Based on Safety, Quality, and Training Due to the Deepwater Horizon Event, we Anticipate a Preference for Our Highly Trained Mariners and the Modern Safety Equipment on Our Vessels Aggressively Dry-Docking and Modifying Existing Fleet in Anticipation of U.S. Gulf of Mexico Recovery 9

10 Long Term Revenue & EBITDA (in millions of dollars) $700 Revenue EBITDA* $700 $600 $600 $500 $500 $400 $400 $300 $300 $200 $200 $100 $100 $ TTM $0 10 * Note: Adjusted for Special Items, See Supporting Information at the end of this Presentation

11 2011 by Quarter Actual and Consensus (in thousands of dollars) (in thousands) Q1 Q2 Q3 Q (Actual) (Actual) (Consensus*) (Consensus*) (Consensus*) Revenues $ 81,289 $ 96,911 $ 101,740 $ 100,780 $ 380,720 Direct operating expenses 44,318 55% 46,908 48% 46,810 46% 45,000 45% 183,036 48% Drydock expense 6,524 8% 3,683 4% 4,000 4% 3,010 3% 17,217 5% General and administrative expenses (Regional) 6,178 8% 5,379 6% 5,900 6% 5,900 6% 23,357 6% General and administrative expenses (Corporate) 5,245 6% 5,530 6% 5,600 6% 5,600 6% 21,976 6% Depreciation expense 14,675 18% 14,982 15% 15,000 15% 15,000 15% 59,658 16% Gain on sale of assets / Other special items 10 0% - 0% - 0% - 0% 10 0% Operating Income 4,339 5% 20,428 21% 24,430 24% 26,270 26% 75,467 20% Pre-Gain Operating Income 4,349 5% 20,428 21% 24,430 24% 26,270 26% 75,477 20% EBITDA (Pre Gain) 19,025 23% 35,411 37% 39,430 39% 41,270 41% 135,135 35% Interest expense (5,727) (5,630) (5,600) (5,600) (22,557) Interest income Foreign currency gain (loss) and other (58) Income before income taxes (1,379) 14,990 18,930 20,770 53,311 Income tax benefit (provision) % (1,699) 11% (2,220) 12% (2,198) 11% (5,905) 11% Net Income $ (1,167) $ 13,291 $ 16,710 $ 18,572 $ 47,406 Diluted EPS (Actual) (0.05) Consensus EPS * Consensus: As compiled by Thomson One First Call as of August 22, 2011

12 Strong Customer Base Smaller Independents & Others 31% Super Majors & National Oil Companies 43% Majors & Large Independents 26% 12 Note: Percentages Based on Vessel Count as of August 1, 2011

13 13 The GulfMark Fleet

14 Vessels Built in Year GulfMark Fleet by Vintage Average Fleet Age at July 31, 2011 was 8.2 Years Vessels Built in Year Vessels not in Current Fleet Vessels in Current Fleet 14

15 Worldwide Vessel Fleet by Category GulfMark Vessel Focus AHTS XL PSV Large PSV Medium AHTS Large AHTS Medium AHTS Small PSV Small 0 Vessel categorization AHTS Size (bhp) Category Spec <10,000 AHTS Small Low-end 10,000-14,999 AHTS Medium High-end 15,000-19,999 AHTS Large High-end >19,999 AHTS X-Large High-end PSV Size (dwt) Category Spec <3,000 PSV Small Low-end 3,000-4,499 PSV Medium High-end >4,499 PSV Large High-end 15 Source: Pareto Securities Equity Research March 2011

16 Vessel Dispositions Demonstrate Long-Term Value Vessel Name Year Of Sale Year Built Age at Disposal Sales Price ($) Original Cost ($) Sales Price as a Percentage of Original Cost North Traveller ,692,000 17,775, % Seapower ,000 1,355,389 28% Sea Searcher ,000,000 1,298, % Highland Sprite ,075,000 6,935,050 73% North Fortune ,000,000 9,955, % Sea Eagle ,000, , % Sem Valiant ,600,000 2,798,898 93% North Crusader ,000,000 12,380, % Sea Diligent ,950,000 2,805, % Sea Endeavour ,500,000 2,573,100 97% Sea Explorer ,125,000 2,821, % Sem Courageous ,500,000 2,132, % North Prince ,650,000 7,212,539 78% Sentinel ,400,000 4,733, % Highland Patriot ,800,000 7, % Average Age 26 Total Average 128% 16

17 Young & Versatile Fleet Major Construction & Acquisition Programs Underway Since 2000 July % 16% 77% Vessels built prior to January 1990 Vessels built or acquired between January 1990 and January 2000 Vessels built or acquired after January

18 New Build Program Announced Three New Platform Supply Vessels Announced Expected to Operate in North Sea Region, Built by Remontowa Shipbuilding SA, Gdansk, Poland Two MMC887CD 1000m² Deck DP2 One MMC879CD 850m² Deck DP2 Delivery Q2/2013 Q3/2013 Delivery Q3/2013 Total Cost of Three Vessels Estimated to be $120 million $20 million in 2011 $55 million in 2012 $45 million in Funding Expected to be from Cash on Hand and Cash Flow Generated from Operations

19 19 Financial Information

20 2011 Q2 vs. Q1 (in thousands of dollars, excluding special items) (in thousands) Three Months Ended Mar 31, Sequential Jun 30, 2011 Change 2011 Revenues $ 81,289 $ 15, % $ 96,911 Direct operating expenses 44, % (2,590) 6.1% 46, % Drydock expense 6, % 2, % 3, % General and administrative expenses (Regional) 6, % % 5, % General and administrative expenses (Corporate) 5, % (285) 0.7% 5, % Depreciation expense 14, % (307) 2.6% 14, % (Gain) loss on sale of assets / Other special items % 10 (0.0%) - 0.0% Operating Income 4, % 16, % 20, % Incremental Margin Pre-Gain Operating Income 4, % 16, % 20, % Incremental Margin EBITDA (Pre Gain) 19, % 16, % 35, % Incremental Margin Interest expense (5,727) 97 (5,630) Interest income Foreign currency gain (loss) and other (58) Income (loss) before income taxes (1,379) 16,369 14,990 Income tax benefit (provision) % 1,910 (4.0%) (1,699) 11.3% Net Income (Loss) $ (1,167) 14,457 $ 13,291 Diluted Earnings (Loss) Per Share: $ (0.05) $ 0.51 Diluted Earnings (Loss) Per Share (Before Gains): $ (0.05) $ 0.51 Weighted average common shares 25,679 25,829 Weighted average diluted common shares 25,679 25,949 20

21 Quarter Ended June 30, 2011 (in thousands of dollars, excluding special items) Consolidating Income Statement for the Three Months Ended Jun 30, 2011 North Sea Southeast Asia Americas Total Revenues $ 43,836 $ 15,678 $ 37,396 $ 96,911 Direct operating expenses 20, % 2, % 23, % 46, % Drydock expense 2, % 1, % (443) -1.2% 3, % General and administrative expenses (Regional) 2, % % 1, % 5, % General and administrative expenses (Corporate) - 0.0% - 0.0% - 0.0% 5, % Depreciation expense 4, % 2, % 7, % 14, % (Gain) loss on sale of assets - 0.0% - 0.0% - 0.0% - 0.0% Operating Income $ 13, % $ 7, % $ 5, % $ 20, % Pre-Gain Operating Income $ 13, % $ 7, % $ 5, % $ 20, % EBITDA (Pre Gain) $ 18, % $ 10, % $ 12, % $ 35, % Interest expense (5,630) Interest income 119 Foreign currency gain (loss) and other 73 Income before income taxes $ 14,990 Income tax benefit (provision) (1,699) 11.3% Net Income $ 13,291 Diluted Earnings Per Share $ 0.51 Diluted Earnings Per Share (Before Gains) $ 0.51 Weighted average diluted common shares 25,949 21

22 Investment Highlights Industry Leaders in HSE Performance & People Development Strong Demand for Modern Offshore Marine Equipment Global Presence and Operations Expertise Financial Stability & Flexibility to Pursue Opportunities Growth through Acquisition and New Construction Young, Versatile, High-Specification Fleet 22

23 Reconciliation of Adjusted EBITDA TTM Q Net (loss) income $24.0 $0.5 ($4.6) $38.4 $89.7 $99.0 $183.8 $50.6 ($34.7) $46.6 Interest expense, net Income tax (benefit) (6.5) (2.1) (12.7) (0.9) Depreciation & Amortization EBITDA $ 59.3 $ 41.5 $ 32.0 $ 89.1 $ $ $ $ $ 30.2 $ Adjustments: Impairment Debt refinancing costs Accounting Change Other (2.5) 1.3 (1.5) (0.5) (1.6) 1.2 (0.1) - Adjusted EBITDA $56.8 $42.8 $44.3 $88.6 $135.7 $164.9 $251.0 $168.8 $127.8 $126.3 EBITDA is defined as net income (loss) before interest expense, net, income tax provision, and depreciation and amortization, which includes impairment. Adjusted EBITDA is calculated by adjusting EBITDA for certain items that we believe are non-cash or unusual, consisting of: (i) loss from unconsolidated ventures; (ii) minority interest; and (iii) other (income) expense, net. EBITDA and Adjusted EBITDA are not measurements of financial performance under GAAP and should not be considered as an alternative to cash flow data, a measure of liquidity or an alternative to income from operations or net income as indicators of our operating performance or any other measures of performance derived in accordance with GAAP. EBITDA and Adjusted EBITDA are presented because we believe they are used by security analysts, investors and other interested parties in the evaluation of companies in our industry. However, since EBITDA and Adjusted EBITDA are not measurements determined in accordance with GAAP and are thus susceptible to varying calculations, EBITDA and Adjusted EBITDA as presented may not be comparable to other similarly titled measures of other companies. 23