Q1 2013 Presentasjon v08 Publicgcrieberstorage.blob.core.windows.net/gcrieber/...from your use of...

| GC RIEBER SHIPPING ASA |

Fourth quarter 2012

Bergen, 22 February 2013

/ First quarter 2013

Bergen 16 May 2013/First quarter 2013

Bergen 16 May 2013


/ 2

/ Agenda

• Highlights Q1 2013

• Operational review

• Financial review

• Summary

• Outlook

/ 16 May 2013


‐9

57 60

86

11

-25

0

25

50

75

100

Q1'12 Q2'12Q3'12 Q4'12 Q1'13

/ Highlights – First quarter 2013

• Stable operations for all vessels and fleet utilization of 100 %

• Strong order backlog, fleet fully booked for the next twelve months

• Strong EBITDA margin of 50 percent

95116

134

216190

0

50

100

150

200

250

Q1'12 Q2'12 Q3'12Q4'12 Q1'13

69

87

107114

94

0

25

50

75

100

125

Q1'12Q2'12 Q3'12 Q4'12Q1'13

REVENUESNOK million

EBITDANOK million

NET PROFITNOK million

/ 3/ 16 May 2013


• Agreement with Ceona Services • 5 years charter agreement for subsea newbuild to be delivered in first quarter 2014

• Contracted a 22 streamer 3D seismic vessel with ice-class 1A* at Kleven Verft

• Agreement with Dolphin Group • 5 years charter agreement for the 3D newbuild seismic vessel

• 3.5 years time charter for the 3D seismic vessel «Geo Atlantic»

• 2 years extension of current contract for «Polar Duchess»

• Sale of 2D seismic vessel «Polar Explorer»

• Secured long-term loan agreement of USD 43 million with Handelsbanken

/ Key events in the quarter

/ 16 May 2013


Operational Review

/ 5/ 16 May 2013


/ Subsea

• Strong and fragmented market

• Fleet utilization of 100 percent in Q1 2013 compared to 79 percent in Q1 2012

• All vessels on charter, seek long-term contracts going forward

• EBITDA margin of 48.7 percent

6471

8083

76

23

3339

48

37

0

10

20

30

40

50

60

70

80

90

100

Q1 12 Q2 12 Q3 12 Q4 12 Q1 13

Operating income EBITDA

NOK million

/ 6/ 16 May 2013


/ Marine Seismic

• Strong, consolidated market

• Fleet utilization of 100 percent

• All vessels on long-term contracts, including newbuild to be delivered in 2015

• Revenue and EBITDA decline due to sale of “Polar Explorer” and currency effects


64

82

93 92

78

1924

4137 34

0

10

20

30

40

50

60

70

80

90

100

Q1 12 Q2 12 Q3 12 Q4 12 Q1 13


NOK million

/ 7/ 16 May 2013


/ Ice/ Support

• Stable market, activity expected to pick up going forward

• Fleet utilization 100 percent

• Solid long term contracts in segment generates stable income


38 3936

41

36

2831

2729

23

0

10

20

30

40

50

Q1 12 Q2 12 Q3 12 Q4 12 Q1 13


NOK million

/ 8/ 16 May 2013


/ Related Investments: Reef Subsea

• Negative result of NOK 39.5 million in the quarter

• Low capacity utilisation on the vessels

• Strained liquidity

/ 9/ 16 May 2013


• Advanced CSV Subsea vessel• To be named “Polar Onyx”

• Expected delivery Q1 2014

• Contracted with Ceona Services

• NOK 800 million investment

• Option for one additional vessel of the same type

• Advanced ice-classed 3D Seismic vessel• Expected delivery Q1 2015

• Contracted with Dolphin Group

• NOK 700 million investment

• Option for one additional vessel of the same type

/ Vessels under construction are on schedule

/ 16 May 2013


2013 2014 2015 2016 2017VESSEL CHARTERERSUBSEAPolar Queen BOA Marine Services

Polar King Reef Subsea

Polar Prince Reef Subsea

Subsea Newbuild Contract (5 yr) + Option (5 yr) Ceona Services

MARINE SEISMICGeo Atlantic New contract (3.5 yr) + Option (2 x 2 yr) Fugro/Dolphin Geophysical

Polar Duchess Option (4+2 yr) Dolphin Geophysicalp p yPolar Duke Option (until May 2022) Dolphin Geophysicalp p ySeismic Newbuild Contract (5 yr) + Option (2 x 3 yr) Dolphin GeophysicalICE/ SUPPORTProtector UK Ministry of Defence

Ernest Shackleton Option (until end 2019) British Antarctic Survey

Polar Pevek Contract until Dec. 2021 Exxon Neftegas

Polar Piltun Sakhalin Energy Inv.

Polar Baikal Sakhalin Energy Inv.

Fixed

Option

Q2 Q3 Q4Q3 Q4Q3 Q4 Q1 Q2 Q1Q2 Q3 Q4 Q1 Q2Q4Q1 Q2 Q3 Q1

Balanced portfolio of short and long term contracts

/ 16 May 2013


• Average contract duration of 2.9 years*

• Portfolio strategy focused towards medium-term contract duration to ensure revenue stability and transparency

/ 12

100%

72%

48%

0%

20%

40%

60%

80%

100%

from31.03.2013

2014 2015

NOK million

/ 16 May 2013

Util

izat

ion

rate

/ Contract backlog of NOK 3.5 billion* as of 31 March 2013

553

690617

1 637

0

200

400

600

800

1 000

1 200

1 400

1 600

1 800

from31.03.2013

2014 2015 2016 -21

* Excluding charterers’s options


Financial Review

/ 13/ 16 May 2013


/ Income statements

NOK ‘000 First quarter Twelve months ending

31.03.2013 31.03.2012 31.12.2012

Operating income 189.6 165.5 781.2

EBITDA 94.3 69.4 376.7

EBIT 61.6 30.1 214.1

Net financial income and expenses -71.0 -34.5 -4.6

Profit before tax -9.4 -4.4 209.6

Net profit in the period 11.2 -8.8 199.2

Normalized profit before tax (1) -0.3 6.2 165.7

EPS 0.26 0.2 4.56

(1) Profit bef. tax adjusted for unrealised currency gains/losses, profit from disposals and write-downs(incl. write-downs from assoc. companies)

/ 14/ 16 May 2013


/ EBITDA contribution

/ 15

22,732,6 38,8

48,137,3

18,5

23,6

41,136,6

33,628,3

30,5

26,929,0

23,4

0

20

40

60

80

100

120

Q1'12 Q2'12 Q3'12 Q4'12 Q1'13

Subsea Marine Seismic Ice/ Support

NOK million

/ 16 May 2013


/ Balance sheet per 31.03.2013

2868

68244

470

1824

1424

402

0

1 000

2 000

3 000

4 000

Assets Equity & Liabilities

Fixed assets Intangible assets Other current assets

Cash & liquid assets Shareholder's equity Long-term liabilities

Current liabilities

/ 16/ 16 May 2013

• Net debt position NOK 1235 million

• Equity ratio 50 percent

NOK million


/ Summary

• Stable operational quarter, full utilization

• Solid contract backlog of NOK 3.5 billion

• Market trends in core markets continue to be positive

• Solid financial position

/ 17/ 16 May 2013


/ Outlook

• Market drivers continue to be favorable: • Offshore market expected to remain stable

• Limited access to funding of new projects, reduces the risk for excess contracting of new vessels

• Expected trends in segments:• Subsea: Positive outlook for advanced vessels

• Marine Seismic: Still strong demand, in particular for quality tonnage

• Ice/support: Activity expected to pick up going forward, time line uncertain

/ 18/ 16 May 2013


/ THANK YOU FOR LISTENING !

/ 16 May 2013


/ 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.

/ 16 May 2013

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