16 March Prosafe s Acquisition of Axis Offshore Marine Money Singapore
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1 16 March 2017 Prosafe s Acquisition of Axis Offshore Marine Money Singapore
2 Disclaimer All statements in this presentation other than statements of historical fact are forward-looking statements, which are subject to a number of risks, uncertainties, and assumptions that are difficult to predict and are based upon assumptions as to future events that may not prove accurate. Certain such forward-looking statements can be identified by the use of forward-looking terminology such as believe, may, will, should, would be, expect or anticipate or similar expressions, or the negative thereof, or other variations thereof, or comparable terminology, or by discussions of strategy, plans or intentions. Should one or more of these risks or uncertainties materialise, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this presentation as anticipated, believed or expected. Prosafe does not intend, and does not assume any obligation to update any industry information or forward-looking statements set forth in this presentation to reflect subsequent events or circumstances. 2
3 Agenda Prosafe in brief Refinancing Axis transaction Summary 3
4 Who we are 1 World s most diversified fleet of 9 semi-submersible accommodation-, service- and safety vessels and one TSV vessel 2 Late cyclical, typically exposed to brownfield MMO type work as well as hook-up and decommissioning 3 EBITDA from USD 300 mill in 2014 to guidance of USD in 2017 Total assets of USD 2.7 billion / Book equity 40% 4 Headquartered in Cyprus - offices in Brazil, UK, Norway and Singapore 5 Working the plan to be the world leader 4
5 Plan the work - Work the plan Rebuilding of Prosafe - status Company refinanced Strengthened management structure and team in place Reorganisation and substantial cuts for efficiency Capex reduction for liquidity preservation Fleet high-grading from scrapping Consolidation and fleet renewal Flexible models for strategic optionality Commercial strategy adapted to circumstances 5
6 Market anticipated to normalise with spend-more MMO Share of market (ca.) 25% 75% 0-10% Market visibility High Low Medium Lead time Long Short Medium Average duration 8 months 6 months Anticipated longer Key drivers Project sanctioning, hookup and commissioning Age of installed topsides, subsea tieback projects Current market 80% 20% Shutdowns and platform removal 6
7 Agenda Prosafe in brief Refinancing Axis transaction Summary 7
8 Refinancing - a billion dollar runway secured through 2020 Improved cash flow of more than USD 1 billion from Reduction of debt/new build investment USD 530 million USD 290 mill bonds converted USD 105 mill in equity proceeds USD 135 mill in reduced Eurus commitment Reduction of bank amortisation of USD 470 million Interest saving from swap restructuring of approx. USD 23m Book equity from 26% to 40% Significant operating head-room achieved from relaxed covenants 8
9 Agenda Prosafe in brief Refinancing Axis transaction Summary 9
10 Prosafe executes on strategy to rightsize and renew its fleet Step 1 Prosafe acquired newbuilding contracts and right to take delivery of Axis Nova and Axis Vega High specification, harsh environment Accommodation 490 crew and guests DP3 and 10-point mooring system Operational air-gap of 11.5 meters GM 500A design built at proven and market leading Cosco Shipyard (the Yard ) Step 2 Prosafe in negotiations with the Yard and related parties for a workable delivery and financing (on SPV basis) of the two accommodation vessels, in addition to Safe Eurus at the same Yard If no agreement is made with the Yard and related parties Prosafe has the right to claim cancellation on the newbuilding contracts due to late delivery and claim deposit of USD 60 million fully secured by Bank of China Step 3 If step 2 is successful then further vessels might be scrapped 10
11 Transaction details For USD 70 million Prosafe acquired 100% of Axis Nova and Axis Vega and 25% of Dan Swift Fund VII Other shareholders 17.6% 14.3% 21.9% 46.1% Transaction details 1. Prosafe acquires Axis Offshore s assets by issuance of USD 70m in Prosafe shares and new convertible bonds 2. Prosafe assumed 100% ownership of Axis Nova and Axis Vega newbuilding contracts, and 25% ownership in the Dan Swift unit Axis Nova Singapore Pte. Ltd. 100% 100% 25% Axis Vega Singapore Pte. Ltd Dan Swift (Singapore) Pte. Ltd 3. Prosafe take over commercial, operational and technical management of Dan Swift for a fixed monthly fee of USD 20, ,50% of the vessel s generated revenue Note: Ownership split on a fully diluted basis, including Prosafe s outstanding Convertible Bonds 11
12 Fleet renewal and rightsizing Completed the acquisition of the Axis Nova and Axis Vega, to be renamed Safe Nova/Vega Termination rights and USD 60 million refund guarantee intact Started marketing of the Safe Swift (pre. Dan Swift) Dialogue for optimal flexibility and value creation commenced with yard in China Continued scrapping with Safe Lancia being the 4th vessel 12
13 Current status Safe Nova and Safe Vega Delivery: Option to require Yard to deliver vessel following 80 days notice Completion: 99% per December 2016 Standstill agreement with Yard Expiry: 4 August 2017 Refund: Deposit with interest, secured by Bank of China Safe Nova Delivery: Option to require Yard to deliver vessel following 80 days notice Completion: 97% per December 2016 Standstill agreement with Yard Expiry: 4 August 2017 Refund: Deposit with interest, secured by Bank of China Safe Vega 13
14 Diversified fleet and flexible models High End Operated Mid Water Operated/Managed Drilling Support Operated Zephyrus ( 16) Notos ( 16) Boreas ( 15) Regalia ( 85/ 09) Astoria ( 83/ 12) Scandinavia ( 84/ 15) Prosafe will pursue value enhancing activities by also considering: Management (e.g. Safe Swift) Part ownership Pooling arrangements Caledonia ( 82/ 12) Safe Nova ( 17E) Safe Vega ( 17E) Safe Eurus ( 19E) Concordia ( 05/ 15) Safe Swift ( 85/ 09) Bristolia ( 83/ 08) In addition Prosafe has termination rights and refund rights of ca. USD 60 mill. On this basis Prosafe has commenced negotiations with Cosco and related parties for an acceptable commercial solution Regency ( 82/ 03) Strategic optionality to meet client needs in most regions 14
15 From 80% average utilization to 30%+firm in 2017 At year-end total order book of almost USD 1 billion, ca 50/50 split firm/options 15
16 Prosafe fleet renewal A managed process 16
17 Contributing to replacement and rebalancing 17
18 Being active in the restructuring of the industry Creation: Merger between Procon Offshore and Safe Offshore Regalia ( 85/ 09) Growth and consolidation: 1. Acq. of Discoverer ASA 2. Acq. of Safe Scandinavia 3. Acq. of MSV Regalia 4. Acq. of Polyconcord/SH 5. Acq. of Consafe Offsh. Fleet renewal and rightsizing: 1. Renewal 2. Conversion to TSV 3. Scrapping Engaging in M&A: 1. Acq. Of Nova/Vega «Next phase restructuring» 1.Consolidation 2. More scrapping
19 Agenda Prosafe in brief Refinancing Axis transaction Summary 19
20 Summary Refinanced the company, runway to 2020 Continue to rebuild Prosafe to take the lead in industry development Acquired Safe Nova and Safe Vega, strategic and financial optionality Dialogue for optimal flexibility and value creation commenced with Cosco Prosafe will continue to be active and assist in the supply side rebalance towards 2020 Guarded optimism as market activity anticipated to gradually pick up from 2018 driven mainly by a normalization of brownfield markets Continue to rebuild Prosafe to take the lead in industry development 20
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