Eidesvik Offshore ASA · OSL:EIOF
Eidesvik Offshore ASA — Q4 2006 Earnings Presentation
14 slides from Eidesvik Offshore ASA's earnings presentation, Feb 27, 2007
Slide 1: 4th Quarter 2006 Eidesvik Offshore ASA
20 06 Oslo 27.02.2007 Jan Fredrik Meling 4th Quarter 2006 Eidesvik Offshore ASA
Slide 2: Main figures 2006
Main figures 2006 • Operating income: MNOK 856,0 (668,9) • EBITDA: MNOK 428,1 (296,7) • Profit after tax: MNOK 296,4 (138,8) • Profit pr share: 9,63 (4,61) • Cashflow pr share: 11,99 (9,28)
Slide 3: Main figures 2006 continue
Main figures 2006 continue • Booked equity pr share: 52,1 (44,7) • Sharevalue at OSE 29.12.06: 62,50 (50,50)
Slide 4: News 4th Quarter 2006
News 4th Quarter 2006 • Eidesvik buys out minority shareholders in the 62,3% owned subsidiary Eidesvik MPSV AS • ”Viking Troll” and ”Viking Queen” sold with a realized profit of MNOK 102,6 • Entered into an agreement for sale of ”Kingfisher”
Slide 5: News after 31.12.06
News after 31.12.06 • ”Kingfisher” delivered to new owners primo January, with a realized gain of MNOK 30 • LOI from TOTAL E&P NORGE for at TC for new build VS 493 LNG-AVANT, expected to be delivered Q2-08 • Extended the contract for ”Veritas Viking II” for 6 years to Viking Maritime (CGG Veritas)
Slide 6: Revenues and EBITDA
Revenues and EBITDA 350 Q4-2006 vs Q4-2005/2004 MNOK 300 Increased revenue 05/06: NOK 123,9 mill 250 - Gain from sale of ships NOK 102,6 - ”Viking Forcados” on contract in Gabon i 4th quarter 06 200 - “Viking Athene” on contract for Statoil from medio Nov 150 06 100 - “Viking Surf” consolidated in 0
Slide 7: Operating expenses and profit after tax
Operating expenses and profit after tax Q4-2006 vs Q4-2005/2004 80 MNOK 70 60 Increased operating expenses 05/06: NOK 15,7 mill 50 40 - Increased crew expenses and other operating 30 expenses are mainly related to increased 20 activity/new ships and wage settlement 10 0 - Vessels on bareboat charter
Slide 8: Operating Results
Operating Results Year to date 900 Millioner 800 Change in operating income 06/05 +187,1 mill 700 Increase mainly related to gain from sale of ships (MNOK 600 102,6) and ”new ships” 500 ”Viking Surf” 400 ”Geo Searcher” 300 ”Viking Athene” 200 ”Viking Swan” 2004 2005 2006 ”Viking Forcados” Decrease r
Slide 9: Operating Results
Operating Results Year to date EBITDA Profit after tax 450 400 M illio n e r M illio n e r 400 350 350 300 300 250 250 200 200 150 150 100 100 50 50 0 0 Pr. 31.12.05 Pr. 31.12.06 Pr. 31.12.05 Pr. 31.12.06 Change in EBITDA 05/06 NOK +131 mill Increase in EBITDA mainly related to gain from sale of shi
Slide 10: Balance 31st Dec 2006
Balance 31st Dec 2006 3.500 Current assets Short term liab Equity ratio: 3.000 46,4% (43,9%) 2.500 Long term liab 2.000 Fixed assets Booked equity pr 1.500 share: Equity 1.000 52,1 (44,6) 500 0
Slide 11: Cash flow
Cash flow 4. Quarter 4. Quarter 4. Quarter 2006 2005 2004 C ash flow from operating activity 62.628 132.461 99.652 C ash flow from investment activity (129.228) (208.263) (285.146) C ash flow from finance activity (49.537) 367.417 227.969 C hanges in liquidity over the period (116.137) 291.615 42.47
Slide 12: Market
Market Eidesvik Offshore ASA is still positive to the segments we are operating in. The fundamentals are still positive with increased exploration spending, high oilprice, and delivery of new rigs and FPSO`s onwards to 2010. There are still shortages of vessel in both the seismic and subsea market a
Slide 13: Contract Status
Contract Status LNG Avant Statoil LNG Avant Total Viking Athene N. Crusader Viking Energy Supply Viking Avant Viking Swan Viking Poseidon Viking Surf Viking Nereus Seismic Viking Thaumas TBN Veritas Veritas Viking Veritas Viking II Veritas Vantage Geo Searcher Subsea Viking TBN Subsea Acergy Subsea
Slide 14: Thanks for Your attention
Your Partner in Shipping | <> Eidesvik Thanks for Your attention