Attached files
file | filename |
---|---|
8-K - FORM 8-K - GULFMARK OFFSHORE INC | d406452d8k.htm |
GulfMark Offshore, Inc
GulfMark Offshore, Inc
2012 Barclays CEO Energy-Power Conference
Exhibit 99.1 |
Forward Looking Statements
Forward Looking Statements
2
Cautionary Statement Regarding Forward-Looking Statements
NYSE:
GLF
www.GulfMark.com Certain statements and
information in this presentation may constitute forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. The words believe, expect,
anticipate, plan, intend, foresee, should, would,
could or other similar expressions are intended to identify forward-looking
statements, which are generally not historical in nature. These forward-looking statements
are based on our current expectations and beliefs concerning future developments and their potential effect on
us. While management believes that these forward-looking statements are reasonable as and when
made, there can be no assurance that future developments affecting us will be those that we
anticipate. All comments concerning our expectations for future revenues are based on our
forecasts for our existing operations. Our forward-looking statements involve significant risks and uncertainties (some of which are
beyond our control) and assumptions that could cause actual results to differ materially from our
historical experience and our present expectations or projections. Among the important factors
that could cause actual results to differ materially from those in the forward- looking
statements include, but are not limited to: the price of oil and gas and its effect on offshore drilling, vessel utilization and day rates;
industry volatility; fluctuations in the size of the offshore marine vessel fleet in areas where the
Company operates; changes in competitive factors; delays or cost overruns on construction
projects, and other material factors that are described from time to time in the Companys
filings with the SEC, including the registration statement and the Companys Annual Report on
Form 10-K for the year ended December 31, 2011, Quarterly Reports on Form 10-Q and
Current Reports on Form 8-K. Consequently, the forward-looking statements contained herein
should not be regarded as representations that the projected outcomes can or will be achieved. These
forward-looking statements speak only as of the date hereof. We undertake no obligation to
publicly update or revise any forward-looking statements after the date they are made,
whether as a result of new information, future events or otherwise. |
Long Term Revenue & EBITDA
Long Term Revenue & EBITDA
(in millions of dollars)
(in millions of dollars)
3
* Note: Adjusted for Special Items, See Supporting Information at the end of this
Presentation $0
$100
$200
$300
$400
$500
$600
$700
$0
$100
$200
$300
$400
$500
$600
$700
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012 TTM |
Pro
Forma Prior Peak Revenue & EBITDA Pro Forma Prior Peak Revenue &
EBITDA (in millions of dollars)
(in millions of dollars)
* Note: Adjusted for Special Items, See Supporting Information at the end of this
Presentation
Pro Forma for July 1, 2008 Acquisition
Prior Up-Cycle Incremental EBITDA Margins Average 72%
Substantial Fleet Upgrades Since 2008
11 New Vessels Beginning in 2013
$0
$100
$200
$300
$400
$500
$600
$700
$0
$100
$200
$300
$400
$500
$600
$700
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012 TTM
68%
100%
53%
71%
4 |
5
Total Revenue in Backlog
Total Revenue in Backlog
(in thousands of dollars)
(in thousands of dollars)
Day Rate in
Backlog |
Global Vessel Diversification
Global Vessel Diversification
6
West Africa
AHTS 2
Mexico
AHTS
2 Trinidad
PSV
2
FSV
1 North Sea
PSV
20
AHTS
1
SpV
1 Worldwide
PSV
47
AHTS
17
FSV/Crew 3
SpV
2
Total
69 SE Asia
PSV
3
AHTS 12
Revenue Breakout by Region
Twelve Months Ended June
30, 2012
Brazil
PSV
SpV
1 7 |
The GulfMark Fleet
The GulfMark Fleet
7 |
Young & Versatile Fleet
Young & Versatile Fleet
8
Number of Vessels GulfMark Built Per Year
New Build
Deliveries
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
Vessels in Current Fleet
Vessels not in Current Fleet |
Building For Our Future
Building For Our Future
9
Significant number of new generation rigs on order
Increasing Activity both in the North Sea and New Frontiers
Industry call for higher specification vessels to meet increasing regulatory
demands:
Deeper Waters and Harsher Environments
Increased cargo carrying capacity and flexibility
Enhanced Green
Footprint and offering greater safety support greater
|
10
New Build Program Overview
New Build Program Overview
Two MMC 887 300 Class DP 2 (Europe)
One MMC 879 280 Class DP2 (Europe)
Two UT 755 XL 250 Class DP2 (Europe)
Two ST-216 300 Class Arctic DP2 (Europe)
Two 280 Class PSV DP2 (US)
Two 300 Class PSV DP2 (US) |
New Build and Vessel Enhancement
New Build and Vessel Enhancement
Program Summary
Program Summary
11
North Sea
7 Newbuild Vessels for Approximately $285 million
North Sea vessels hedged in EUR
DP2 Green PSVs (300 Class (2), 300 Class Arctic (2), 280 Class (1), 250 Class
(2))
Staggered delivery -
2Q 2013 through 1Q 2014
U.S. GOM
4 Newbuild US Flagged Vessels for Approximately $170 million
DP2 Green PSVs (280 Class(2), 300 Class (2))
Staggered delivery -
3Q2013 through 1Q2015
U.S. GOM
Stretch Program
3 More Vessels (190 Class 230
Class)
Anticipated Completion Q2 2013
Next Steps
210 Class 250 Class
|
Building For Our Future: 2013 & Beyond
Building For Our Future: 2013 & Beyond
(U.S. dollars, in millions)
(U.S. dollars, in millions)
12
Vessels Under
Construction
Vessel Type
Initial
Operating
Region
Estimated
Construction
Cost
Estimated
Average Annual
EBITDA
Implied EBITDA
Multiple
300 Class
PSV
North Sea
$37.0
$8.2
4.5x
300 Class
PSV
North Sea
$37.0
$8.2
4.5x
280 Class
PSV
North Sea
$34.0
$7.7
4.4x
300 Class Arctic
PSV
North Sea
$58.0
$10.8
5.4x
300 Class Arctic
PSV
North Sea
$60.0
$10.8
5.6x
250 Class
PSV
North Sea
$31.0
$7.4
4.2x
250 Class
PSV
North Sea
$31.0
$7.4
4.2x
US 280 Class
PSV
Americas
$36.0
$6.5
5.5x
US 280 Class
PSV
Americas
$36.0
$6.5
5.5x
US 300 Class
PSV
Americas
$48.0
$8.8
5.5x
US 300 Class
PSV
Americas
$48.0
$8.8
5.5x
Total
$456.0
$91.1
5.0x |
New Build Delivery Schedule
New Build Delivery Schedule
13
280 Class Europe
300 Class Artic
Europe
280 Class Europe
300 Class Europe
280 Class Us
250 Class Europe
300 Class Artic
280 Class US
250 Class Europe
300 Class US
300 Class US |
GulfMark Stretch Program
GulfMark Stretch Program
14 |
Market Drivers
Market Drivers
15 |
Rig Growth in the North Sea
Rig Growth in the North Sea
16
Source: IHS Petrodata
August 2012
Floating Rigs
Active
45
Scheduled Arrivals
(by 2014)
9
% Increase
20%
Jackups
Active
41
Scheduled Arrivals
(by 2014)
8
% Increase
20% |
Floating Rig Growth in the U.S. GOM
Floating Rig Growth in the U.S. GOM
17
Source:
IHS
Petrodata
August
2012
Floating Rigs in U.S. GOM
Active
36
Scheduled Arrivals
(by 2014)
10
% Increase
28% |
Floating Rig Growth in the U.S. GOM
Floating Rig Growth in the U.S. GOM
18
Source: Barclays |
Worldwide Sub Sea
Worldwide Sub Sea
Driving the Future
Driving the Future
19
Sub Sea Activity is Continuing to Expand
Subsea Demand Expected to Increase 33% and
Annual Expenditure double to $20.3 Billion by 2016
Set to Top $77 Billion Over Next Five Years
Increase of 63% Over Previous Five Year Period
Sub Sea Work Requires Newer, More Specialized
Vessels and Support Equipment
Source:
Douglas-Westwoods
World
Subsea
Vessel
Operations
Market
Forecast
2012-2016 |
Financial Information
Financial Information
20 |
21
Consistent Reduction in
Consistent Reduction in
Net Debt Position
Net Debt Position
0%
5%
10%
15%
20%
25%
30%
35%
40%
$0
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
$400,000
$450,000
$500,000
Q3 2008
Q4 2008
Q1 2009
Q2 2009
Q3 2009
Q4 2009
Q1 2010
Q2 2010
Q3 2010
Q4 2010
Q1 2011
Q2 2011
Q3 2011
Q4 2011
Q1 2012
Q2 2012
Net
Debt to
Total Book
Capitalization
Finalization of Previous
New
Build Program
Initiation of Current
New
Build Program |
22
Investment Highlights
Investment Highlights
Industry Leaders in QHSE Performance & People Development
Global Presence and Diverse Operations Expertise
Financial Stability & Flexibility to Pursue Opportunities
Growth through Both Acquisition and New Construction
Young, Versatile, High-Specification Fleet |
Reconciliation of Adjusted EBITDA
Reconciliation of Adjusted EBITDA
23
EBITDA is defined as net income (loss) before interest expense, net,
income tax provision, and depreciation and amortization, which includes impairment. Adjusted
EBITDA is calculated by adjusting EBITDA for certain items that we
believe are non-cash or unusual, consisting of: (i) loss from unconsolidated ventures; (ii) minority
interest;
and
(iii)
other
(income)
expense,
net.
EBITDA
and
Adjusted
EBITDA
are
not
measurements
of
financial
performance
under
GAAP
and
should
not
be
considered
as an alternative to cash flow data, a measure of liquidity or an
alternative to income from operations or net income as indicators of our operating performance or any other
measures
of
performance
derived
in
accordance
with
GAAP.
EBITDA
and
Adjusted
EBITDA
are
presented
because
we
believe
they
are
used
by
security
analysts,
investors and other interested parties in the evaluation of companies
in our industry. However, since EBITDA and Adjusted EBITDA are not measurements determined in
accordance with GAAP and are thus susceptible to varying calculations,
EBITDA and Adjusted EBITDA as presented may not be comparable to other similarly titled
measures of other companies.
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012 TTM
Net (loss) income
$24.0
$0.5
($4.6)
$38.4
$89.7
$99.0
$183.8
$50.6
($34.7)
$49.9
$49.0
Interest expense, net
10.9
12.8
17.0
18.4
14.4
4.8
12.8
19.9
20.7
21.6
23.9
Income tax (benefit)
3.0
0.2
(6.5)
3.4
3.0
30.2
11.7
(2.1)
(12.7)
4.7
5.5
Depreciation & Amortization
21.4
28.0
26.1
28.9
28.5
30.6
44.3
53.0
57.0
59.6
59.8
EBITDA
59.3
$
41.5
$
32.0
$
89.1
$
135.6
$
164.6
$
252.6
$
121.5
$
30.2
$
135.8
$
138.2
$
Adjustments:
Impairment
-
-
-
-
-
-
-
46.2
97.7
1.8
1.8
Debt refinancing costs
-
-
6.5
-
-
-
-
-
-
-
3.6
Accounting Change
-
-
7.3
-
-
-
-
-
-
-
-
Other
(2.5)
1.3
(1.5)
(0.5)
0.1
0.3
(1.6)
1.2
(0.1)
2.3
3.4
Adjusted EBITDA
$56.8
$42.8
$44.3
$88.6
$135.7
$164.9
$251.0
$168.8
$127.8
$139.9
$147.0 |
24 |