Caverton Offshore Support Group PLC · NSENG:CAVERTON
Caverton Offshore Support — Investor Presentation (May 2014)
28 slides from Caverton Offshore Support's investor presentation, May 20, 2014
Slide 1: Investor's Presentation
Caverton Offshore Support Group Facts Behind the Listing Presentation 20th May 2014 CAVERTON OFFSHORE SUPPORT GROUP PLC INVESTOR’S PRESENTATION
Slide 2: Important Notice
Important Notice THIS PRESENTATION IS NOT FOR PUBLIC RELEASE or for release, publication or distribution (in whole or in part) in, into or from the US, Australia, Canada, Japan or any jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction. This presentatio
Slide 3: Pages
Pages I. The Opportunity 3-5 II. Caverton Offshore Support Group 6-19 - The Caverton Offshore Support Group 6-7 - Overview of Regulation 8 - Company History 9 - Key Highlights 10 - Board & Management Team 11 - Corporate Governance Framework 12 - Ownership Structure 13 - The Company Strategy 14 - Ass
Slide 4: I. The Opportunity
I. The Opportunity 3
Slide 5: The Opportunity – COSG Listing by Introduction
The Opportunity – COSG Listing by Introduction Issuer Caverton Offshore Support Group Plc Transaction Structure Listing by introduction Listing Nigerian Stock Exchange (“NSE”) Offer Size N/A Price NGN 9.50 No. of ordinary shares in issue post 3,350,509,750 listing Market capitalisation p
Slide 6: II. Caverton Offshore Support Group
II. Caverton Offshore Support Group 5
Slide 7: An Indigenous Marine & Aviation Logistics Service Provider
An Indigenous Marine & Aviation Logistics Service Provider 6
Slide 8: Company History
Company History The Caverton Offshore Support Services Group - Caverton Marine (CM) commenced operations in 1999 and is one of Nigeria’s fastest growing indigenous shipping companies - Caverton Helicopters (CH) commenced operations in 2002, established as a helicopter charter, sales and maintenance
Slide 9: Technical Partners and Service Offering
Technical Partners Socom Sao Tome Luanda Cameroon ‘\, Hy 7) estland —hélilunion Y AgustaWestland ut HELIPoRTUGAL DanCopter Current Service Offering Offshore & onshore Oil Field logistics * Vessel charter Private charters * Vessel management Third party maintenance * Ship stevedoring Executive ground
Slide 10: Key Highlights
Key Highlights Attractive Industry Fundamentals - Strong pipeline of opportunity – Tenders for 4 aviation and 3 marine support service contracts this year - Increased participation of independents and junior E&P companies that require offshore support services - Increased global offshore explorati
Slide 11: Board of Directors
Board of Directors \ Mr. Aderemi Makanjuola Mr. Olabode Makanjuola HRM Edmund Daukoru, CON Mallam Bello Gwandu Mr. Akin Kekere-Ekun Chairman Chief Executive Officer Non Executive Director / Non Executive Director J Executive Director = Ms. Modupe Omajafor Mr. Akinsola Falola Mr. Samuel lleoma Mr. Be
Slide 12: Management Team
Management Team Mr. Adeniyi Makanjuola Capt. Charles De’ Mannoury Mr. Robert Strating Mr. Kingsley Uwagbale Chief Operating Officer Director, Operations Director, Safety & Quality Director, Strategy & Planning Mrs. Joy Okebalama Mrs. Titilola Adigun Mr. Tolu Osunsanya GM, External Relations GM, Inte
Slide 13: Corporate Governance Framework
Corporate Governance Framework Robust Corporate Governance & Adherence to Best Audit Committee Practices Chairman: Mr. Bashiru Bakare (Non-Exec. Director) Mandated to examine the auditors report and make recommendations thereon to the General Meeting Implemented KPMG Corporate Governance Mee
Slide 14: Ownership Structure
Ownership Structure Ownership Structure - Top 5 Shareholders Directors’ Beneficial Interest Shareholder No. of ordinary shares Ownership % Shareholding Tasmania Investments Ltd (1) 1,810,199,025 54.03% Directors Direct Indirect Total Molar Vessels and Supplies Ltd 402,950,000 12.03% Mr. Aderemi Maka
Slide 15: Overview of Regulation – Barriers to Entry
Overview of Regulation – Barriers to Entry Nigerian Oil & Gas Industry Content Development Act 2010 Nigerian Coastal and Inland Shipping Act, 2003 Commonly referred to as the Nigerian Content Act or Local Content Act, it mandates oil companies to reflect Commonly referred to as the Nigerian cons
Slide 16: Company Strategy
Company Strategy Group Strategic Objectives To be the preferred offshore support & logistics provider in Sub-Saharan Africa by offering a fleet of modern aircraft & offshore support vessels Leverage Nigerian Local Content and Cabotage Laws to attain scale through organic and inorganic means to r
Slide 17: Operating Assets
A Growing Diverse Portfolio of Operating & Strategic Assets Caverton Marine Vessels Caverton Helicopters – 22 Aircraft AgustaWestland AW139: 15 seater; Large passenger cabin LIV K: High speed Accommodates up to 42 personnel 8x Powered by two pratt & whitney PT6C-67C Deadweight of 1380mt tu
Slide 18: Caverton Marine
Caverton Marine Business Description Operating Assets – Vessels Incorporated in 1999, Caverton Marine is a leading indigenous owner and operator of tankers and offshore supply vessels LIV K: Accommodates up to 42 personnel In 2007, Caverton Marine partnered with NLNG (3yr contract with Deadw
Slide 19: RK Offshore – Competitively Positioned in the Region
RK Offshore – Competitively Positioned in the Region Business Description RK Offshore’s Market Position in West Africa RK Offshore is a specialised marine services company, which No. of vessels operates and manages a young and homogenous fleet of shallow to 100 14 mid-water Offshore Support Vessel
Slide 20: Caverton Helicopters
Caverton Helicopters Business Description Operating Assets – 22 Aircraft Caverton Helicopters was incorporated in 2002; initially established AgustaWestland AW139: as a helicopter charter, sales and maintenance company 15 seater; Large passenger cabin High speed In 2009, Caverton Helicopters
Slide 21: Caverton Strategic Logistics & Support Facilities
Caverton Strategic Logistics & Support Facilities Lagos Hangar Facility Port Harcourt Hangar Facility Lagos Heliport, Victoria Island Located at Murtala Muhammed Located at NAF Base Port Harcourt Located at the centre of business metropolis International Airport 1250sq meters Transit point
Slide 22: Immediate Business Plan
Immediate Business Plan 7 new helicopters and 1 new fixed wing aircraft by Q3 2014 (all to be on off-take contracts with IOCs) Fleet Currently in tender for 4 aviation support service Expansion contracts that will require up to 26 helicopters Currently in tender for 3 marine support service co
Slide 23: III. Financial Performance
III. Financial Performance 22
Slide 24: COSG – Financial & Operational Performance (1/2)
COSG – Financial & Operational Performance (1/2) Revenue EBITDA & EBITDA Margin NGN BN NGN BN Revenue growth driven by winning major 20.0 18.7 7.0 50% contracts with IOC’s such as Shell and 18.0 16.1 6.0 45% Total in 2010 and 2011 respectively 6.0 16.0 40% Profitable over last 5 years and paid 1
Slide 25: COSG – Financial & Operational Performance (2/2)
COSG – Financial & Operational Performance (2/2) Number of Aircraft 38% growth y-o-y in PAT as at FY 2013 illustrating the 25 financial potential of the business 20 Growth is further evidence of a resolute business model and the capability to deliver maximum shareholder returns 15 Repeat contr
Slide 26: 2011 – a Transformational Year for Local Content
2011 – a Transformational Year for Local Content The Opportunity … The Response … The Result … Shell awarded Caverton Helicopters Ordering of 6 AW139 Timely investment in (alongside its partner, Dancopter of Denmark) aircraft and leasing of infrastructure, processes, a five-year contract for the
Slide 27: Contract Status
Contract Status 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Jun 2010 5 yr contract with a 2 yr extension option (which has already been exercised) Mar 2011 3 year contract Helicopters Early 2012 5 year contract 2 year option 2 year option Aug 2013 3 year contract Aug 2013 4 year cont
Slide 28: Thank You Q&A
Thank You Q&A 27
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