gc rieber shipping asa · polar pevek •ice breaking tug with towing anchor handling capacity...
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Fourth quarter 2019
GC Rieber Shipping ASABergen 11 February 2020
Agenda
• Highlights Q4 2019
• Operational review
• Financial review
• Outlook
• Fleet utilisation of 84%1
• Net profit of NOK 7.6 million
• Net profit of NOK 269.4 million in Q4 2018, including non-cash gain of NOK 310 million as a result of Shearwater’s acquisition of Schlumberger’s marine seismic acquisition business
• Contract backlog of NOK 302 million as of 1 Jan. 20202
• Extension of the ongoing Polar King charter with Nexans by five months until July 2020
• Shearwater awarded several contracts for marine seismic acquisition projects and rates continue to reflect an improved marine seismic market
Highlights Q4 2019
1) Excluding marine seismic
2) Excluding marine seismic and options, including all contracts secured up until the reporting date for the interim report
• Shearwater completed the strategic vessel transaction with CGG, including the takeover of five high-end seismic vessels. Furthermore, a five-year capacity agreement for marine seismic acquisition services between Shearwater and CGG became effective
• New one-year charter contracts for the crew boats Polar Baikal and Polar Piltun, options for one additional year
Post-quarter events
Highlights Q4 2019 - Key financial figures
70
48
92
74
43
0
10
20
30
40
50
60
70
80
90
100
Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019
-62
41
65
42
-80
-60
-40
-20
0
20
40
60
80
100
Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019
REVENUE NOK million
EBITDA1
NOK million
-104
94
178
-120
-100
-80
-60
-40
-20
0
20
40
60
80
100
Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019
NET PROFITNOK million
1) Includes profit and losses from Joint Ventures
300 300274269
Operational ReviewQ4 2019
Total contract backlog of NOK 302 mill. as of 1 Jan. 20201
Including all contracts secured up until the reporting date for the interim report
79%
17%
0%
20%
40%
60%
80%
100%
From 1 Jan. 2020 2021
249
53
0
50
100
150
200
250
From 1 Jan. 2020 2021
CONTRACT COVERAGEUtilisation rate
CONTRACT BACKLOGNOK million
1) Excluding marine seismic and extension options
Subsea & Renewable Segment
• Fleet utilisation of 67% in Q4
• Polar King and Polar Onyx on charter for the entire period, Polar Queen idle for most of the quarter
• Outlook
• Polar Onyx on a fixed charter with DeepOcean until Q1 2021, with options for two more years
• Polar King on fixed charter with Nexans until July 2020
• Polar Queen has a five-months contract commencing in April 2020
66
44
6774
43
11
-10
2332
9
-20
20
60
100
Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019
Operating income EBITDA
Fleet utilisation (%)
KEY FIGURESNOK million
100 %100 %
67 %
Polar Onyx • SURF vessel, built
2014
• LOA: 130m
• Crane: 250mt
• VLS-tower: 275mt• Accommodation: 130
95 %
74 %
Polar King • CSV vessel, built
2011
• LOA: 111m
• Crane: 150 mt
• Accommodation: 112
Polar Queen• CSV vessel, built 2011
• LOA: 111m
• Crane: 150 mt
• Accommodation: 119
Joint Ventures – Ice/Support
• Ice/Support
• Fleet utilisation of 100% in Q4 2019 (100%)
• Polar Pevek on charter to Exxon Neftegas(ENL) until 2021
• Polar Baikal and Polar Piltun’s long-term contract with Sakhalin Energy Investment Corporation (SEIC) finished end 2019. New one-year contracts with SEIC secured from 2020 season, options for one additional year1
• Share of profit in Q4 2019 of NOK 12.6 million
11
4
7
17
13
0
5
10
15
20
Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019
Share of profit
KEY FIGURESNOK million
Polar Pevek• Ice breaking tug with
towing anchor
handling capacity
• LOA: 74m
• Oil spill drip tray and
oil containment
system installed
Polar Baikal
• Crew supply vessel
• LOA: 29m
• Used for crew
transport between
shore and installation
in North Eastern
Russia
• Pax: 70
Polar Piltun • Crew supply vessel
• LOA: 35m
• Used for crew
transport between
shore and installation
in North Eastern
Russia
• Pax: 70
1) Polar Baikal and Polar Piltun only operate for half the year, the
vessels are cold stacked in the winter season
Associated company - Marine Seismic(Shearwater)
• Marine Seismic (Shearwater)
• Shearwaters active fleet spent 87% of its time executing or positioning for acquisition contracts in the quarter
• Shearwater’s fleet counts 21 acquisition vessels, whereof 11 active today, and two source vessels
• GC Rieber Shipping’s Q4 2019 share of profit was NOK 21 million, including positive NOK 54 million P&L effect from insurance payment
• Outlook
• Backlog of 196 vessel months as of January 2020
• Continued high tendering activity and positive development in pricing level
• Shearwater has further strengthened its market position through the transaction with CGG
-63 -61
-8
1621
-80
-60
-40
-20
0
20
Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019
Share of profit
KEY FIGURESNOK million
• 18 High Capacity 3D Streamer Vessels
• 3 Multi Purpose Vessels
• 2 Source Vessels
Financial ReviewQ4 2019
Income Statement
NOK mill Q4 2019 Q4 2018 31.12.2019 31.12.2018
Operating income 43.1 70.2 257.3 231.9
EBITDA 42.3 273.7 86.9 254.9
EBIT 14.8 279.4 67.0 200.7
Net financial income and expenses -7.5 -13.8 -52.8 -52.6
Profit before tax 7.4 265.6 14.1 148.0
Net profit 7.6 269.4 14.4 148.1
Earnings per share 0.09 3.13 0.17 2.68
Number of shares (in million) 86.1 86.1 86.1 86.1
Balance sheet 31.12.2019
21254
54
1101
2632
1743
0
500
1 000
1 500
2 000
2 500
3 000
Assets Equity & Liabilities
Fixed assets
Other current
assets
Cash & liquid
assets
Equity
Long-term
liabilities
Current
liabilities
NOK million
• Total balance NOK 2.9 billion
• Equity ratio 60.1%, up from 57.5% at 31.12.2018
• Cash position NOK 212 million
• Net liabilities NOK 904 million
OutlookQ4 2019
Outlook
• Short-term market view
• Oil price development remains volatile
• Signs of improvement in some markets, but activity during the winter is expected to follow the historical trend of market slow down
• Expected market trends
• Subsea/renewables: Winter season is expected to be slow as the activity is low and many vessels are available in the market
• Marine seismic: Activity and rates continue to reflect an improved market
• Ice/support: Stable market
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