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| 8-K - FORM 8-K - GULFMARK OFFSHORE INC | d439338d8k.htm |
 GulfMark Offshore, Inc
GulfMark Offshore, Inc
2012 Bank of America Merrill Lynch Energy Conference
2012 Bank of America Merrill Lynch Energy Conference
Exhibit
99.1 |
 Forward Looking Statements
Forward Looking Statements
2
Cautionary Statement Regarding Forward-Looking Statements
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
Company’s
filings
with
the
SEC,
including
the
registration
statement
and
the
Company’s
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.
NYSE:
GLF
www.GulfMark.com |
 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 |
 Pro
Forma Prior Peak Revenue & EBITDA Pro Forma Prior Peak Revenue &
EBITDA (in millions of dollars)
(in millions of dollars)
4
* Note: Adjusted for Special Items, See Supporting Information at the end of this
Presentation |
 5
Total Revenue in Backlog
Total Revenue in Backlog
(in thousands of dollars)
(in thousands of dollars) |
 6
Global Vessel Diversification
Global Vessel Diversification
4
West Africa
AHTS 2
Mexico
AHTS
2 Trinidad
PSV
2
FSV
1 North Sea
PSV
21
AHTS
1
SpV
1 Worldwide
PSV
48
AHTS
17
FSV
3
SpV
2
Total
70 SE Asia
PSV
4
AHTS 12
Revenue Breakout by Region
–
Twelve Months Ended
September 30, 2012
North Sea
43%
Southeast
Asia
16%
14%
27%
Gulf of Mexico
Gulf of Mexico
Gulf of Mexico
Rest of Americas
Americas
41%
Brazil
PSV
SpV
1 |
 The GulfMark Fleet
The GulfMark Fleet
7 |
 Young & Versatile Fleet
Young & Versatile Fleet
8
Number of Vessels GulfMark Built Per Year |
 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 |
 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
•
North Sea vessels hedged in EUR
•
DP2 Green PSVs (300 Class (2), 300 Class Arctic (2), 280 Class (1), 250 Class (2),
240 Class (1))
•
Staggered delivery of Newbuilds-
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 -
3Q 2013 through 1Q 2015
•
U.S. GOM –
Stretch Program
•
3
More
Vessels
(190
Class
230
Class)
•
Anticipated Completion Q2 2013
•
Next Steps –
210 Class
260 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 |
 GulfMark Stretch Program
GulfMark Stretch Program
14 |
 Market
Market
Drivers
Drivers
15 |
 Rig Growth in the North Sea
Rig Growth in the North Sea
16
Source: IHS Petrodata , Carnegie Research
Floating Rigs
Active
35
Scheduled
Arrivals/Activations
(by 2014)
16
% Increase
46%
Jackups
Active
41
Scheduled Arrivals
(by 2014)
8
% Increase
20% |
 Rig Growth in the North Sea
Rig Growth in the North Sea
17
Source: IHS Petrodata |
 Floating Rig Growth in the U.S. GOM
Floating Rig Growth in the U.S. GOM
18
Source: IHS Petrodata –
August 2012
Floating Rigs in U.S. GOM
Active
33
Scheduled Arrivals
(by 2014)
14
% Increase
42% |
 Floating Rig Growth in the U.S. GOM
Floating Rig Growth in the U.S. GOM
19
Source: Barclays, IHS Petrodata |
 Worldwide Sub Sea –
Worldwide Sub Sea –
Driving the Future
Driving the Future
20
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
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-Westwood’s World Subsea
Vessel Operations Market Forecast 2012-2016 |
 Financial Information
Financial Information
21 |
 22
Consistent Reduction in
Consistent Reduction in
Net Debt Position
Net Debt Position |
 23
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
24
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
$47.8
Interest expense, net
10.9
12.8
17.0
18.4
14.4
4.8
12.8
19.9
20.7
21.6
22.6
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
59.6
EBITDA
59.3
$
41.5
$
32.0
$
89.1
$
135.6
$
164.6
$
252.6
$
121.5
$
30.2
$
135.8
$
135.5
$
Adjustments:
Impairment
-
-
-
-
-
-
-
46.2
97.7
1.8
2.7
Debt refinancing costs
-
-
6.5
-
-
-
-
-
-
-
3.8
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
0.5
Adjusted EBITDA
$56.8
$42.8
$44.3
$88.6
$135.7
$164.9
$251.0
$168.8
$127.8
$139.9
$142.5 |