Bergen 5 November 2014gcrieberstorage.blob.core.windows.net/gcrieber/... · Note: As of 01.01.2014...

Third quarter 2014 Bergen 5 November 2014

05.11.2014 GC RIEBER SHIPPING 1

Agenda

• Highlights Q3 2014

• Operational review

• Financial review

• Summary and outlook


“Polar Onyx”

Highlights third quarter

• Stable and good operations

• Fleet utilisation of 99%

• New time charter agreement for “Polar Queen”

• Historically strong EBITDA


“Polar Queen”

Key figures


439

-73

41 44 47

-100

0

100

200

300

400

500

Q313 Q413 Q114 Q2 14 Q3 14

215

176 168

214 241

0

50

100

150

200

250

300

Q313 Q413 Q114 Q2 14 Q3 14

126

66 75

110

125

0

30

60

90

120

150

Q313 Q413 Q114 Q2 14 Q3 14

REVENUES NOK million

EBITDA NOK million

NET PROFIT NOK million

Operational Review Q3 2014


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”

Contract backlog of NOK 3.2 billion* per 30 September 2014

100%

67%

57%

47%

0%

20%

40%

60%

80%

100%

from 30.09.2014 2015 2016 2017

241

816 772

1 382

0

300

600

900

1 200

1 500

1 800

from 30.09.2014 2015 2016 2017-21


CONTRACT BACKLOG* NOK million

CONTRACT COVERAGE* Utilisation rate

* Excluding options

Average duration of contract portfolio is 2.4 years


VESSEL CHARTERER

SUBSEAPolar Prince Reef SubseaPolar King Reef SubseaPolar Queen BOA Marine Services Option (3x1yr)Polar Onyx Ceona Services Contract (5 yr) + Option (5 yr)

MARINE SEISMICPolar Duke Dolphin Geophysical Option (6x1yr)p p yPolar Duchess Dolphin Geophysical Option (4+2 yr)Polar Marquis* Dolphin Geophysical New contract (3.5 yr) + Option (2 x 2 yr)p p ySeismic Newbuild Dolphin Geophysical Contract (5 yr) + Option (2 x 3 yr)

ICE/ SUPPORTPolar Piltun Sakhalin Energy Inv. Polar Baikal Sakhalin Energy Inv.Ernest Shackleton British Antarctic Survey Option (4x1 yr)Polar Pevek Exxon Neftegas Long-term contract until 2021

2014 2015 2016 2017Q1Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q1

2018Q3 Q4Q3 Q4 Q2 Q3 Q4Q2

Fixed Option

Fixed Option

Fixed Option

* Former Geo Atlantic

Note: Per 30 September 2014 Ernest Shackleton Option for 2015 declared in October 2014

Construction of new seismic vessel

• Advanced 3D seismic vessel with 22 streamers and ice class 1A*

• Expected delivery from Kleven Verft in Q1 2015

• 5 years contract with Dolphin Geophysical from delivery


“Seismic newbuild”

Subsea

• Fleet utilisation 100 percent

– 96 percent in Q3 2013

• 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

90 82

94

132 145

50

32

46

72 80

0

30

60

90

120

150

Q3 13 Q4 13 Q1 14 Q2 14 Q3 14Operating income EBITDA


KEY FIGURES NOK million

Marine Seismic



• Increased income

– Slightly weakened EBITDA

• Market

– Challenging market

– Sound order backlog

80 76

58 67

90

49

25 21 30

47

0

30

60

90

120

150




Ice/ Support



• 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

44

18 16 16

6

28

9 8 8

-2 -10

20

50



Note: As of 01.01.2014 joint ventures are booked as financial items using the equity method. All figures have been restated accordingly.


Financial review Q3 2014


Income statement


NOK mill Q3 2014 Q3 2013 (2) YTD 2014 YTD 2013 (2) 2013 (2)

Operating income 240.7 215.0 623.0 569.9 745.5 EBITDA 124.8 126.5 309.9 309.8 375.4

EBIT 88.1 464.3 201.5 581.1 621.9 Net financial income and expenses - 39.4 - 5.0 - 67.2 - 151.8 - 260.5

Profit before tax 48.7 459.3 134.3 429.3 361.4

Net profit in the period 47.0 439.0 131.7 444.5 371.0 Normalized profit before tax (1) 59.0 69.2 149.6 78.9 81.8

Earnings per share 1.08 10.06 3.02 10.18 8.50

(1) Profit bef. tax adjusted for unrealised currency gains/losses, profit from disposals and write-downs (2) As of 01.01.2014 joint ventures are booked as financial items using the equity method. Figures from Q3 2013 and 30.12.2013 have been restated

accordingly.

Segments

Q3 2014 Q3 2013

NOK mill Revenues EBITDA Margin Revenues EBITDA Margin

Subsea 145.1 80.2 55.3% 90.0 50.1 55.7%

Marin Seismic 89.7 46.9 52.3% 80.4 48.9 60.8%

Ice/ support 5.9 -2.3 n/a 44.5 27.5 61.8%

Sum 240.7 124.8 51.8% 214.9 126.5 58.9%


Balance sheet per 30.09.2014

440 384

192

1882

3850

2272

56

0

1 000

2 000

3 000

4 000

5 000

Assets Equity & Liabilities

Intangible assets

Fixed assets

Other current assets

Cash & liquid assets

Equity

Long-term liabilities

Current liabilities

• Total balance NOK 4 538 million

• Equity ratio 50.1 percent

• Solid cash position NOK 422.5 million

• Net debt NOK 1 644 million

– Total debt of NOK 2 266 million – Average duration of loan

portfolio is 3.1 years – Available revolving facility of

NOK 250 million


NOK million

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


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”

/ THANK YOU FOR LISTENING !

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.


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