Deep Sea Supply Plc Presentation 31 May 2016

Transcription

1 1Q 2016 Deep Sea Supply Plc Presentation 31 May 2016

2 Highlights - Reduced revenue due to vessels coming off long term contracts and sale of vessels - Two AHTS vessels sold in February with a total book loss of USD 17.3 mill - EBITDA of USD 5.8 mill excluding the loss on sale of vessels - Cash position still solid, but reduced to USD 73.1 mill - Positive and well progressed discussions with the banks: refinancing of the balloon payments maturing in 2016 amendments to the repayment profile and covenant structure for DESS BTG - Term contracts for 5 PSVs entered into - Competition is fierce and rate levels are low - No signs of improvement of the fundamentals of the global OSV markets

3 Income statement Q1 Unaudited figures in USD 1,000) 1Q Q Q 2015 Operating revenue Vessel operating expenses (8 515) (16 073) (10 745) Other operating expenses (2 249) (2 980) (2 739) Other gains/(losses) Profit/(loss) from sale of vessels (17 337) Other write offs - - (660) EBITDA (11 575) Depreciation, amortization and impairment (9 485) (11 382) ( ) Impairment of investment in Joint Venture - - (30 894) EBIT (21 060) ( ) Financial income Financial expenses (5 065) (5 274) (5 472) Net currency items 526 (1 130) (694) Net financial items (4 361) (6 271) (5 987) Pre-tax result (25 420) ( ) Taxes (50) (434) (230) Profit for the period/year (25 470) ( ) Earnings per share (0,10) 0,01 (0,60) Earnings per share diluted (0,10) 0,01 (0,60) 3

4 Balance Sheet (Unaudited figures in USD 1,000) (Unaudited figures in USD 1,000) Non-current assets Vessels cost Equipment Total property, plant and equipment CIRR deposit Total non-current assets Current assets Inventories Loans to related parties Other short term receivables CIRR deposit Trade receivables Cash and cash equivalents Total current assets Total assets Liabilities Borrowings CIRR loan Deferred gain Financial derivatives Total long term liabilities Borrowings Loans from related parties CIRR loan Trade and other payables Deferred gain Total short term liabilities Total liabilities Net assets Shareholders equity Share capital, share premium and treasury shares Retained earnings and other reserves Total shareholders equity Total Equity and liabilities

5 Cash flow statement Period ended (Unaudited figures in USD 1,000) March 16 March 15 Cash flows from operating activities Cash generated from operations Net cash generated from operations Cash flows from investing activities Acquisitions and upgrades of property, plant and equipment (66) (2 603) Net cash (used in) investing activities (66) (2 603) Cash flows from financing activities Interest and finance expenses paid (3 693) (4 751) Repayments of borrowings (8 649) (9 885) Net cash from sale of vessel and prepayment of borrowings (6 373) - Net cash (used in)/generated from financing activities (18 715) (14 636) Total changes in liquidity in the period (14 012) Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period/year

6 Contract backlog Contract Backlog Deep Sea Supply Fleet as per 1 April 2016 (Includes 50% of DESS BTG backlog) Vessel Type Vessels on Term Contracts Value of Firm period Value of Option period Total Firm & Option period AHTS 6 of 12 Vessels USD 12.3M USD 59.7M USD 72.0M PSV 11 of 25 Vessels USD 35.5M USD 38.1M USD 73.6M Total 17 of 37 Vessels USD 47.8M USD 97.8M USD 145.6M Revenue from Long Term Contracts per Quarter Contract Coverage Firm Period: 17 % 11 % Incl. Option period: 30 % 28 % Q2-16 Q3-16 Q4-16 Q1-17 AHTS (Firm) PSV (Firm) AHTS (Option) PSV (Option) 6

7 Deep Sea Supply: Fleet list & charter status as per May Vessel Type Bhp/Dwt Year Built Trading Area Q2 Q3 Q4 Q1 Q2 AHTS Vessels Sea Ocelot Khiam Chuan BHP 2007 Lay-Up Sea Eagle I Khiam Chuan BHP 2009 Malaysia Sea Badger Seatech P BHP 2011 Lay-Up PSVs Sea Trout VS 470MK II 3250 DWT 2008 Lay-Up Sea Angler PSV UT 755 L 3250 DWT 2007 Lay-Up Sea Witch PSV UT 755 L 3250 DWT 2008 W.Africa Sea Falcon Ulstein PX DWT 2013 Lay-Up/North Sea Sea Flyer Ulstein PX DWT 2013 North Sea Sea Tantalus STX 05-L CD 4100 DWT 2013 North Sea Sea Titus STX 05-L CD 4100 DWT 2014 Caribbean Sea Tortuga STX 05-L CD 4100 DWT 2014 Australia Sea Triumph STX 05-L CD 4100 DWT 2014 Australia Sea Supra Ulstein PX DWT 2014 Russia Sea Surfer Ulstein PX DWT 2014 Lay-Up Sea Swan Ulstein PX DWT 2014 Lay-Up Sea Swift Ulstein PX DWT 2014 Mediterranean Firm Option Spot Lay-Up 7

8 DESS BTG DESS BTG: Fleet list & charter status as per May Vessel Type Bhp/Dwt Year Built Trading Area Q2 Q3 Q4 Q1 Q2 AHTS Vessels Sea Tiger KMAR BHP 1999 Brazil Sea Panther KMAR BHP 1999 Brazil Sea Leopard KMAR BHP 1998 Brazil Sea Cheetah Khiam Chuan BHP 2007 Lay-Up Sea Jaguar Khiam Chuan BHP 2007 Lay-Up Sea Fox Seatech P BHP 2011 Brazil Sea Jackal Seatech P BHP 2011 Brazil Sea Vixen Seatech P BHP 2011 Brazil Sea Stoat Seatech P BHP 2011 Brazil PSVs Sea Halibut PSV UT 755 L 3250 DWT 2007 Lay-Up Sea Pike PSV UT 755 L 3250 DWT 2007 Lay-Up Sea Bass PSV UT 755 L 3250 DWT 2008 Lay-Up Sea Pollock PSV UT 755 L 3250 DWT 2008 Brazil Sea Turbot PSV UT 755 L 3250 DWT 2008 Lay-Up Sea Brasil STX 09CD 4700 DWT 2012 Brazil Sea Forth Ulstein PX DWT 2013 North Sea Sea Frost Ulstein PX DWT 2013 Russia Sea Spear Ulstein PX DWT 2014 Mediterranean Sea Spark Ulstein PX DWT 2013 Mediterranean Sea Spider Ulstein PX DWT 2014 Lay-Up Sea Springer Ulstein PX DWT 2014 Lay-Up Firm Option Spot Lay-Up 8

9 Area of current operation Office PSV AHTS PSV DESS BTG AHTS DESS BTG LAY-UP 9

10 Shareholders The largest shareholders as per 18 May 2016 registered in VPS Citizen No. of shares: % HEMEN HOLDING LIMITED CYP ,05 % DNB NOR MARKETS NOR ,72 % SKAGEN KON-TIKI NOR ,60 % UBS SWITZERLAND AG CHE ,06 % BANK OF NEW YORK BEL ,34 % SKANDINAVISKA ENSKILDA BANKEN AB SWE ,11 % KLP ALFA GLOBAL ENERGI NOR ,68 % CENTRA INVEST AS NOR ,21 % SOLSTEN INVESTMENT FUNDS PLC DEU ,12 % J.P. MORGAN BANK LUXEMBOURG SA GBR ,76 % VPF NORDEA NORGE VERDI NOR ,75 % PACTUM AS NOR ,75 % VERDIPAPIRFONDET KLP AKSJENORGE NOR ,61 % CIPI LAMP UCITS SWEDBANK SMB GBR ,54 % NORDEA BANK SVERIGE AB SWE ,50 % STATOIL PENSJON NOR ,46 % DANSKE BANK A/S DNK ,40 % EUROCLEAR BANK S.A./N.V. BEL ,40 % KOMMUNAL LANDSPENSJONSKASSE NOR ,39 % PER HAGA NOR ,38 % Total 20 largest shareholders: ,84 % Total other shareholders: ,16 % Total number of shares: ,00 % 10

11 COMPANY ADDRESSES Cyprus Deep Sea Supply Plc John Kennedy Ave., Iris House, 7th Floor, Office no.740b Limassol 3100 Cyprus Deep Sea Supply Management (Cyprus) Ltd P.O.Box CY-3302 Limassol Cyprus Norway Deep Sea Supply Management AS Storgaten 4 N-4876 Grimstad Norway Singapore Deep Sea Supply Management (Singapore) Pte.Ltd. 1 Maritime Square #11-03 Harbour Front Centre, S Singapore Brazil Deep Sea Supply Servicos Maritimos LTDA Avenida Republica do Chile 230, 22o andar, Centro, Rio de Janeiro RJ Brazil