19
| GC RIEBER SHIPPING ASA | Fourth quarter 2012 Bergen, 22 February 2013 / First quarter 2013 Bergen 16 May 2013 Second quarter 2013 Bergen 30 August 2013
| GC RIEBER SHIPPING ASA |
Fourth quarter 2012
Bergen, 22 February 2013
/ First quarter 2013
Bergen 16 May 2013
Second quarter 2013 Bergen 30 August 2013
| GC RIEBER SHIPPING ASA |
/ 2
/ Agenda
• Highlights Q2 2013
• Operational review
• Financial review
• Summary
• Outlook
30 August 2013
| GC RIEBER SHIPPING ASA |
57 60
86
11
-6 -25
0
25
50
75
100
Q212 Q312 Q412 Q113 Q213
/ Highlights – Second quarter 2013
• Fleet utilization of 96 percent
• EBITDA margin up 9 percentage points from Q2 2012
• Result negatively affected by loss in Reef Subsea of NOK 38 million
• Cost synergy potential from consolidation of operating activities
191 209 216
190 184
0
50
100
150
200
250
Q212 Q312 Q412 Q113 Q213
87
107 114
94 99
0
25
50
75
100
125
Q212 Q312 Q412 Q113 Q213
REVENUES NOK million
EBITDA NOK million
NET PROFIT NOK million
/ 3 30 August 2013
| GC RIEBER SHIPPING ASA |
Operational Review Q2 2013
/ 4 30 August 2013
| GC RIEBER SHIPPING ASA |
/ Subsea
• Good demand for advanced solutions in deep water areas
• Increased consolidation in a fragmented market
• Fleet utilization of 89 percent • Unexpected downtime and planned
maintenance of vessels reduced level of capacity in the quarter
• EBITDA margin of 52 percent • Increased rates and lower costs
• Ernest Shackleton transferred from ice/ support earlier than in 2012
71
80 83
76 70
33 39
48
37 37
0
20
40
60
80
100
Q2 12 Q3 12 Q4 12 Q1 13 Q2 13
Operating income EBITDA
NOK million
/ 5 30 August 2013
| GC RIEBER SHIPPING ASA |
/ Marine Seismic
• Stable market development, slightly slower multi-client market
• Fleet utilization of 100 percent
• EBITDA margin of 53 percent • Reduction in revenues due to sale of
“Polar Explorer” in February 2013
82
93 92
78 78
24
41 37 34
41
0
20
40
60
80
100
Q2 12 Q3 12 Q4 12 Q1 13 Q2 13
Operating income EBITDA
NOK million
/ 6 30 August 2013
| GC RIEBER SHIPPING ASA |
/ Ice/ Support
• Stable market, positioned for increased activity going forward
• Fleet utilization 100 percent
• EBITDA margin of 60 percent • Reduction from Q2 2012 due to
maintenance costs
• “Ernest Shackleton” moved to the subsea segment earlier this year than last year
39 36 41
36 36 31
27 29 23 22
0
20
40
60
80
100
Q2 12 Q3 12 Q4 12 Q1 13 Q2 13
Operating income EBITDA
NOK million
/ 7 30 August 2013
| GC RIEBER SHIPPING ASA |
/ Related Investments: Reef Subsea
• Negative result of NOK 38.3 million in the quarter
• Low capacity utilisation during the quarter
• Organizational improvements initiated
• Expect higher capacity and profit improvements in third quarter
/ 8 30 August 2013
| GC RIEBER SHIPPING ASA |
• Advanced CSV subsea vessel • Expected delivery of “Polar Onyx” Q1 2014
• Contracted with Ceona Services from delivery
• Construction according to plan and on budget
• Advanced ice-classed 3D Seismic vessel • Expected delivery March 2015
• Contracted with Dolphin Group from delivery
• Construction according to plan and on budget
• Option for one additional vessel of the same type
New vessels under construction
30 August 2013 / 9
| GC RIEBER SHIPPING ASA |
2013 2014 2015 2016 2017VESSEL CHARTERERSUBSEAPolar Queen BOA Marine Services
Polar King Reef Subsea
Polar Prince Reef Subsea
Polar Onyx Ceona Services Contract (5 yr) + Option (5 yr)MARINE SEISMICGeo Atlantic Fugro/Dolphin Geophysical New contract (3.5 yr) + Option (2 x 2 yr)Polar Duchess Dolphin Geophysical Option (4+2 yr)p p yPolar Duke Dolphin Geophysical Option (6x1yr)p p ySeismic Newbuild Dolphin Geophysical Contract (5 yr) + Option (2 x 3 yr) ICE/ SUPPORTProtector UK Ministry of Defence
Ernest Shackleton British Antarctic Survey
Polar Pevek Exxon Neftegas
Polar Piltun Sakhalin Energy Inv.
Polar Baikal Sakhalin Energy Inv.
Fixed
Option
Q4Q1 Q2 Q3 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q2 Q3 Q4Q3 Q4
Medium-term contract portfolio ensure revenue stability
Note: As at 30 June 2013
/ 10 30 August 2013
| GC RIEBER SHIPPING ASA |
Contract backlog of NOK 3.4 billion as of 30 June 2013
• Average contract duration of 2.7 years
• Option declared for extension of contracts for two crewboats for one year
100%
81%
48%
0%
20%
40%
60%
80%
100%
from30.06.2013
2014 2015
378
727 638
1 693
0
300
600
900
1200
1500
1800
from30.06.2013
2014 2015 2016-21
Utilization rate NOK million
* Excluding charterers’ options
/ 11 30 August 2013
| GC RIEBER SHIPPING ASA |
Financial Review Q2 2013
/ 12 30 August 2013
| GC RIEBER SHIPPING ASA |
/ Income statements
NOK ‘000 Q2 2013 Q2 2012 1H 2013 1H 2012 2012
Operating income 183.9 191.3 373.5 356.7 781.2
EBITDA 99.2 86.7 193.5 156.2 376.7
EBIT 57.9 41.8 119.5 71.8 214.1
Net financial income and expenses -78.7 2.8 -149.7 -31.7 -4.6
Profit before tax - 20.8 44.6 - 30.2 40.2 209.6
Net profit in the period - 5.7 57.0 5.5 48.3 199.2
Normalized profit before tax (1) 9.5 37.5 9.2 43.7 165.7
EPS - 0.13 1.31 0.13 1.11 4.56
(1) Profit bef. tax adjusted for unrealised currency gains/losses, profit from disposals and write-downs
/ 13 30 August 2013
| GC RIEBER SHIPPING ASA |
/ EBITDA contribution
32.6 38.8
48.1 37.3 36.6
23.6
41.1 36.6
33.6 40.9
30.5
26.9 29.0
23.4 21.8
0
20
40
60
80
100
120
Q2'12 Q3'12 Q4'12 Q1'13 Q2'13
Subsea Marine Seismic Ice/ Support
NOK million
/ 14 30 August 2013
| GC RIEBER SHIPPING ASA |
/ Balance sheet per 30.06.2013
2976
84 190 355
1809
1482
314
0
1 000
2 000
3 000
4 000
Assets Equity & Liabilities
Fixed assets Intangible assets Other current assetsCash & liquid assets Shareholder's equity Long-term liabilitiesCurrent liabilities
• Total balance NOK 3 605 million
• Net debt position NOK 1 295 million
• Extended credit facility of NOK 250 million by two years
• Average duration of loan portfolio is 3.4 years
• Equity ratio 50.2 percent
NOK million
/ 15 30 August 2013
| GC RIEBER SHIPPING ASA |
/ Outlook
• Market drivers continue to be favourable: • Oil price remains high and sector investments increased during the quarter
• Oil companies experience decreasing cash flows
• Important with cost efficient and predictable solutions
• Expected trends in segments: • Subsea: Fragmentation might trigger consolidation and lower newbuild activity
• Marine Seismic: Stable development, marked by long-term relations with strong counterparts
• Ice/support: Stable market with few players, expecting activity to pick up
/ 16 30 August 2013
| GC RIEBER SHIPPING ASA |
/ Summary
• Market trends appears to remain stable • On-going fleet renewal to meet market demand
• Good fleet utilization and balanced contract portfolio
• Solid financial position • Capacity to assess new opportunities
/ 17 30 August 2013
| GC RIEBER SHIPPING ASA |
/ THANK YOU FOR LISTENING !
| GC RIEBER SHIPPING ASA |
/ 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.
/ 19 30 August 2013
