Presentation 1st Quarter 2012
Contract announcements YTD NOK 1 billion – options not included 27.01.2012 – Value NOK 250m Havila Shipping has entered into an agreement with FugroTSM in Australia for a two year extension of the contract for the subsea vessel Havila Harmony. The extension will keep the vessel on contract until March 2014, with two optional periods of one year until March 2016. A contract is entered into with E.ON for the PSV vessel Havila Fortune for a period of two wells and one well option. The charter commence in March 2012. Statoil has declared the first of two half-yearly options for the PSV vessel Havila Clipper which will keep the vessel on contract until September 2012 with an additional optional period until March 2013. BP Norge has declared the second two month option for the PSV vessel Havila Crusader. The contract has further options of 8 months
22.03.2012 – Value NOK 400m Havila Shipping has entered into an agreement with Petrobras, Brazil for the PSV vessel Havila Fortress. The contract is for a firm period of four years with possible extension for another four years. The commencement is at the end of second quarter. Havila Fortress will be the fourth PSV vessel that Havila Shipping operates on Petrobras contracts in Brazil. Statoil has declared a one year option for the AHTS vessel Havila Mars. The contract period ends in June 2013.
11.04.2012 – Value NOK 350m The company has entered into a contract with Total E&P UK for the PSV vessel Havila Commander. The contract is for a firm period of five years with two optional periods each of one year. Commencement will be during April. Norske Shell AS has declared one year option for the PSV vessel Havila Borg. This will keep the vessel on charter with Norske Shell AS until 15(th) July 2013. 2
Highlights 1st quarter 2012 • Freight income • Other income/gains/losses (net) •EBITDA *) •EBITDA margin
NOK 327 mill NOK 30 mill NOK 117 mill 33,0%
• New contracts NOK 1 billion
•94% fleet utilization (time charter fleet) • *) NOTE 15 KEY FIGURES
Ex gains from sale of vessel: Total income increased by NOK 100 mill EBITDA increased by NOK 71 mill
1st quarter 2011 •Operating income (ex gains) •EBITDA ex gains •EBITDA margin •92% fleet utilization (time charter fleet)
NOK 255 mill NOK 46 mill 18,0%
Modern fleet Value adjusted fleet age
• Fleet value: NOK 7.7 billion •Not including Havila Mars, Havila Mercury & Havila Troll
Calculation date: Years Months
4
0
07.05.12 Weeks
Days
3
5
North Sea vessels – average age below 3 years
Building year: 1996-2000 9 % 2001-2007 7%
2008-2011 84 %
• Main events during 2011: • Purchase of 5 PSV • Earlier on management: • Havila Aurora, Havila Borg & Havila Fortune • Earlier on bareboat charter • Havila Commander & Havila Crusader • Havila Clipper delivered • Seven Havila delivered and sold to JV company • Havila Saturn sold • Havila Subsea delivered • Book value of fleet NOK 6.9 billion • Contract value on new-builds NOK 0.3 billion
4
Contractual coverage and backlog • • •
PSV more or less full contract coverage Optional period of 3 years for Faith and Princess in Brazil from 2013 Optional period of 4 years for Favour in Brazil from 2014
2012: Q2,Q3 & Q4
Based on: $ 6,0 £ 9,3 € Fixed
5
This is Havila Shipping ASA 9 Head-office in Fosnavåg, Norway 9 Partnership with PACC Offshore in Singapore 9 Partnership with Subsea 7 9 A fleet of 29 vessels included one vessel under construction for delivery in December 2012 92 vessels owned by Havila Ariel (bareboat) 91 vessel owned by Sydvestor Troll (bareboat) 9 600 offshore staff 9 35 onshore 9 Strong operating track record 9 A qualified organisation focusing on human resources and solid seamanship
Segments
Current Fleet
Newbuilds
PSV
13
1
AHTS
9
SubSea
4
Rescue vessels
2
Image: Havila Jupiter on rigmove of Songa Delta and Havila Fanø working for Maersk.
6
Safety & Quality focused 9 a modern fleet – 9 a preferred partner 9 extending international activity 9 maintaining a balanced mix 9long term contracts 9spot market focusing on safe operations 9 focusing on human resources
Havila Shipping ASA has a clear goal of improving its performance with regards to health, safety and environment both at sea and onshore. The company’s goal is for its ships to fulfill or exceed our customer’s expectations as to standards within health, safety and environment.
st 1 QUARTER ACCOUNTS
Venus & Jupiter mowing rig in changing weather
Main figures NOK mill
Q1 2012
Q4 2011
Q3 2011
Q2 2011
Q1 2011
Income and gains
357,5
EBITDA
117,0
32,7%
172,3
45,3%
189,6
49,4%
88,0
29%
97,5
31%
- 3,5
-1,0%
- 8,8
-2,3%
- 4,1
-1,1%
-52,7
-17,6%
-25,5
-2,8%
Pre tax result
380,4
383,7
298,5
309,6
Fleet utilization (time charter fleet)
•Q1 11: 92% •Q2 11: 95% •Q3 11: 97% •Q4 11: 92% •Q1 12: 94% •Interest rates down again: 3 m NIBOR average
•Q1 11: 2,61% •Q2 11: 2,75% •Q3 11: 3,04% •Q4 11: 3,09% •Q1 12: 2,60%
500 400
357
381
380
298
300
258 172
200 117 101
114
190 119
100 -
88 27
Q1 12
Q4 11
Q3 11
INCOME EX PROFIT FROM ASSETS
Q2 11 EBITDA
97 45
Q1 11 EBIT
1st Quarter 357
EBITDA excl profit from sale of vessels
258
117 101 46
INCOME EXCL PROFIT
PROFIT FROM SALE
Operating profit
EBITDA
Q111
Operating income increased -Delivery of vessels -Business combination Q3 11 (PSV)
45
Q112
-4 Pretax profit -25
Vessels on time charter POSH vessels on bareboat charter not included
Month
YTD
97 % 94 %
93 %
Dec
90 %
Nov
94 % 94 %
94 %
96 %
91 %
Oct
91 % Sep
98 % 96 %
Aug
98 %
July
95 %
June
96 % 95 %
May
98 %
Apr
94 %
96 % 94 %
92 % Mar
94 % 94 %
Feb
94 % 93 %
Jan
92 % 90 %
88 % 88 %
97 %
Fleet utilization
Jan
Feb
Mar
Quarterly income
Vessels
Newbuilds
2008
500
Sale of Fame, Mars and Mercury Leaseback Mars & Mercury
Q1
Q3 11: 3 new vessels (PSV-transaction)
450 400
11
11
Q2
12
11
Q3
13
11
Q4
14
10
Q1
16
7
Q2
16
7
Q3
17
6
Q4
19
5
Q1
20
4
Q2
Sale Troll
Q2
20
4
Q3
22
4
Q4
23
3
2009
350 300 250
150 100 50 -
143 158 217 294 216 251 217 217 222 279 298 255 258 298 381 380 357
200
2010
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 08 08 08 08 09 09 09 09 10 10 10 10 11 11 11 11 12
Income and gains
2011 Q1
Sale Saturn
Q1
24
1
Q2
25
1 (new)
Q3 (PSV)
28
1
28
1
2012 Q1
Vessels on management not included
Quarterly operating expenses 20,5
36,9 46,0
23,8
36,9 40,3
36,2
42,2
19,8
17,4
23,0
61,2
61,2 43,6
44,8
39,2
53,6
18,5
49,5 39,7
27,2 11,2
% of total expenses
100 %
80 % 70 % 113,4
120,1
111,3
102,9
96,2
98,0
85,1
60 % 50 % 40 % 30 % 20 %
-
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q4 08 08 08 08 09 09 09 09 10 10 10 10 11 11 11 11 12
Crew
NOK mill
90 %
30,2 70,1
26,8 12,9 26,9 68,9
22,8 27,4 13,6 57,0
20,1 27,4 10,1 53,4
22,7 27,1 8,6
16,0 26,8 10,6 47,4
55,9
24,1 27,4 13,5 41,7
17,6 27,4 8,7 48,7
50,0
35,0 12,7 23,2 7,1
100,0
17,0 27,1 10,1
150,0
41,4
200,0
Q310: (with full effect from Q4) Havila Commander on bareboat from July Havila Fanø delivered late August Havila Faith and Havila Princess in Brazil Q410: Havila Favour in Brazil Havila Crusader on bareboat from early December Some adjustments from previous periods Q1 11: Havila Crusader (full effect) Havila Clipper delivered Q2 11: Havila Subsea from end of May Q3 11: Havila Aurora, Havila Borg & Havila Fortune acquired Havila Commander & Havila Crusader acquired - Bareboat eliminated
24,3
250,0
Vessel
Vessel hire
Other
10 % 0% Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 08 08 09 09 10 10 11 11 12
357
400
380
381
Quarterly freight income and operating expenses 298
217
221
210
225
258
221 193
220
255
298
222 139
121
135
212 112
116
104
107
102
158 96
100
78
150
141
200
215
217
250
211
248
300
279
294
350
50 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 08 08 08 08 09 09 09 09 10 10 10 10 11 11 11 11 12 Operating income and net gains
Operating profit from segments Excluding gains from sale of vessels Management expenses included from 2012, previous periods recalculated
2011
93
100 80
RRV 1 % Asia
48 46 33
46
48
40
25 1
SubSea 40 %
-1
-
2012
2 1 1 0
6
12
14
15
14 16 15 15
22
20
RRV 0%
-20 PSV
Q1 11
AHTS 28 %
11 %
66
68 68
60
PSV 29 %
SubSea 31 %
AHTS
Q2 11
AHTS Asia
Q3 11
Q4 11
RRV
Q1 12
SubSea
PSV 41 %
ASIA 13 %
AHTS 6%
Assets 10 000 8 000
100 %
Vessels 812
793
Other
Current
90 % 80 %
1 022
70 %
1 068 13
6 000 4 000
New buildings
1 759
1 178
225
613
947 467
60 %
849 532
858 520
50 % 40 %
6 899
6 942
6 984 5 511
2 000
30 %
4 716
4 773
4 796
4 516
4 542
20 % 10 %
‐
0 %
Q1 12
Q4 11
Q3 11
Q2 11
Q1 11
Q4 10
Q3 10
Q2 10
Q1 10
Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 12 11 11 11 11 10 10 10 10
Equity and liability 100 %
9000 8000 7000
791
630
855
4000
5327
5514
Long term debt
90 %
Short term liability
80 %
778
6000 5000
Equity
728
888
612
70 %
619
570
50 %
5485 4387
4473
4102
3906
3000
3567
3731
40 % 30 %
2000 1000
60 %
20 %
1809
1809
1832
1571
1641
1695
1763
1769
1687
10 % 0%
0 Q1 12
Q4 11
Q3 11
Q2 11
Q1 11
Q410
Q3 10
Q2 10
Q1 10
Q1 12 Q4 11 Q3 11 Q2 11 Q1 11 Q4 10 Q3 10 Q2 10 Q1 10
Cash flow statement NOK 1000
Q1 12
Q1 11
54 743
- 184 114
6 486
279 123
Cash from operating activity
Kontantstrøm fra drift
Cash flow from investing activity
Kontantstrøm fra investeringer
Cash flow from financing activity
Kontanstrøm fra finansiering
- 73 375
483 673
Net change in cash
Nettoendring i kontanter
- 12 146
578 682
Liquid assets at start of period
Likvider først i perioden
359 364
606 970
Net other changes
Netto øvrige endringer
Liquid assets at end of period
Likvider sist i perioden
19 347 236
1 185 652
Key figures Q1 12
Q4 11
Q3 11
Q2 11
Number of shares (1000)
Antall aksjer (1000)
21 410
21 410
21 410
Average number of shares
Gj.sn. Antall aksjer
21 410
21 410
20 225
Earnings per shares
Fortjeneste per aksje
0,11
-0,56
0,04
Diluted earnings per share
Utvannet fortjeneste per aksje
0,11
-0,56
0,03
Book equity per share
Bokført EK per aksje
84
85
Value adjusted equity per share
Verdijustert EK per aksje
120
Operating profit befor depreciation
Driftsresultat før avskrivning
Adjustments of unrealized FX gains/loss
Justering for urealisert valuta gevinst/tap
EBITDA
EBITDA
Gains from sale of vessels
Gevinst ved salg av fartøy
EBITDA margin excl gains
Driftsmargin ekskl gevinster
Q1 11
15 960
15 960
-3,96
-3,46
86
98
103
120
121
142
142
140 644
159 277
174 154
73 388
90 072
-23 601
13 046
15 455
14 653
7 423
117 043
172 323
189 609
88 041
97 495
0
0
2 590
33 %
45 %
49 %
51 448 29 %
18 %
Interest bearing debt NOK 1 000 Long term debt
Langsiktig gjeld
Next years instalments Interest-bearing short time debt
Neste års avdrag Rentebærende kortsiktig gjeld
Total
Total
Interest-bearing financial Rentebærende fixed assets finansielle anleggsmidler Interest-bearing current Rentebærende assets omløpsmidler Bank Deposit
Bankinnskudd
Net
Net
Q1 12
Q4 11
Q3 11
Q2 11
Q1 11
5 113 353
5 308 716
5 280 557
4 225 184
4 314 605
448 358
398 769
580 969
475 175
465 566
5 561 711
5 707 485
5 861 526
4 700 359
4 780 171
-110 076
-110 186
-99 623
-91 828
-87 497
-3 556
-3 556
-3 556
-3 556
-3 556
-343 680
-355 808
-464 092
-479 441
-1 182 095
5 104 399
5 237 935
5 294 255
4 125 534
3 507 023
Pictures taken onboard Havila Jupiter on New Year Eve 2011
The fleet and the contracts
PSV fleet 4 vessels with Petrobras Havila Faith (1998) 3 year contract Start: June 2010: End: June 2013 Optional period: 3 year up to June 2016 (terms to be agreed)
Havila Princess (2005) 3 year contract Start: August 2010: End: August 2013 Optional period: 3 year up to Aug 2016 (terms to be agreed)
Havila Favour (1999) 4 year contract Start: October 2010: End: October 2014 Optional period: 4 year up to Oct 2018 (terms to be agreed)
Havila Fortress (1996) 4 year contract Start: June 2012: End: June 2016 Optional period: 4 year up to June 2020 (terms to be agreed) 22
PSV fleet 4 vessels with Statoil and Maersk Havila Foresight (2008) 10 year contract Start: June 2006: End: June 2016 Optional period: 2 x 1 Year up to June 2018
Havila Clipper (2011) 1 year contract Start: March 2011: End: September 2012 (opt) Optional period: 1x6 months up to March 2013
Havila Herøy (2009) 5 year contract Start: December 2009: End: December 2014 Optional period: 3 x 1 year up to Dec 2017
Havila Fanø (2010) 5 year contract Start: August 2010: End: August 2015 Optional period: 3 x 1 year up to Aug 2018 23
PSV fleet 4 vessels with other oil majors and 1 in spot Havila Crusader (2010) 1 year contract Start: 2011: End: June 2012 Optional period: 1x6 months option up to December 2012
Havila Aurora (2009) 5 year contract Start: March 2011: End: March 2016 Optional period: 2 x 1 year up to March 2018
Havila Borg (2009) 1 year contract Start: July 2010: End: July 2013 (second option)
Havila Fortune (2008) 2 wells Start: March 2012: End: September 2012 Optional period: 1 well up to Dec 2012
Havila Commander (2010) 5 year contract Start: April 2012: End: April 2017 Optional period: 2 x 1 year up to April 2019 24
AHTS fleet Mars (2007) 3 year firm + 3x1 year option Start: June 2007: End: June 2013 Optional period: Last option period exercised
Mercury (2007) 3 year firm + 3x1 year option Start: December 2007: End: December 2012 Optional period: 1x1 year left
Neptune (2008) North Sea spot market
Venus (2009) North Sea spot market
Jupiter (2010) North Sea spot market 25
RRV fleet Runde (1997) 5 year firm + 2x1 year option Start: July 2006: End: July 2012 (opt) Optional period: 1x1 year left
Troll (2003) 10 year firm + 3x2 years option Start: December 2003: End:December 2013 Optional period: 3x2 year until Dec 2019
26
Subsea fleet Harmony (2005/2007) 5+2 year firm + 2 x 1 year opt Start: March 2007: End: March 2014 Optional period: 2 x 1 Year to March 2016
Phoenix (2009) 2 year firm + 2x6 months opt Start: October 2010: End: October 2012 Optional period: 2 x 6 months until October 2013
Subsea (2011) 1 ½ year firm Start: May 2011: End: December 2012 Optional period: 1 x 2 year + 3 x 1Y
Seven Havila (2011) 10 year firm + 3 x 3 +1 year option Start: November 2011: End: November 2021 Optional period: Ends 2031 27
Contract status
28
POSH Havila fleet profile – Singapore JV
• • •
Offices in Great World City Vessel management by Posh Semco Chartering department
• Young, Modern Fleet of 8 x DP AHTS
6 x 8,000BHP 105TBP DP1 AHTS
Posh Value
9 POSH Viking, Vibrant, Virtue, Value, Resolve & Resolute
Posh Vantage
2 x 10,800BHP 139TBP DP2 AHTS 9 POSH Venture & Vantage Posh Resolute
•
4 AHTS owned by Havila and 4 owned by POSH Posh Resolve
29
50 %
Month Year to date 66 %
87 %
Mar
Feb
Jan
Dec
70 % 69 %
68 % 67 %
66 % 66 %
82 %
82 % 82 %
82 %
Nov
55 % 85 % 82 %
60 %
Oct
Sept
81 %
88 % 96 % 94 %
95 %
Aug
79 %
81 %
100 %
July
77 %
74 %
73 %
82 %
90 %
June
May
68 %
70 %
April
74 %
79 %
85 %
Mar
75 % 70 %
80 %
Feb
63 % 63 %
65 %
Jan
Posh fleet – utilization and contracts
New building PSV Havila Charisma (to be in a related company) • •
To be delivered in Q4.12 Contract with Statoil for 5 years + 3x1 year option Vessel details: • Bredth 19.6 m • Length 92.8 m • Deadweight 5000t • Deck area: 1100 m2 • Accommodation: 27
31
Shareholders 03.05.12 Shareholder/Aksjonær
Address/Adresse
HAVILA AS ODIN OFFSHORE TORGHATTEN ASA PARETO AKSJE NORGE MAVI XV AS PARETO WORLD WIDE SHIPPING AS PARETO AKTIV PARETO WORLD WIDE SHIPPING II AS VERDIPAPIRFONDET PARETO VERDI RBC DEXIA INVESTOR SERVICES TRUST KS ARTUS CARVALLO INTERNATIONAL LTD PACIFIC CARRIERS LTD BAKKELY INVEST A/S PARETO OFFSHOREINVEST AS HUSTADLITT A/S EINAR KRISTIAN TVEITÅ DNB NOR BANK ASA OLAV MAGNE TVEITÅ VERDIPAPIRFONDET DNB SMB
FOSNAVÅG OSLO BRØNNØYSUND OSLO TRONDHEIM OSLO OSLO OSLO OSLO STORBRITANNIA ÅLESUND SINGAPORE SINGAPORE ULSTEINVIK OSLO MOLDE HORNNES BERGEN HORNNES OSLO
20 largest/20 største Other Total number of shares/Antall aksjer totalt
Aksjer/Shares Andel/Interest
10 960 430 1 470 000 1 223 100 1 157 260 916 475 831 622 526 700 332 649 316 600 249 741 203 800 185 926 185 926 174 800 166 324 166 096 121 850 110 001 103 850 83 338
51,2 % 6,9 % 5,7 % 5,4 % 4,3 % 3,9 % 2,5 % 1,6 % 1,5 % 1,2 % 1,0 % 0,9 % 0,9 % 0,8 % 0,8 % 0,8 % 0,6 % 0,5 % 0,5 % 0,4 %
19 486 488
91,0 %
1 923 621
9,0 %
21 410 109
100,0 %
Market comments
Image: Havila Jupiter
•
High oil price
•
E&P budgets on steady high level
•
Demand for high-end vessels driven by deepwater activity
•
Less speculative newbuilding orders
•
Supply demand side on vessels seems ok in most segments
33
Market comments • Subsea acitivity on high level • High tendering activity • Clients have large backlog
• AHTS • Improved rates and utilisation • Volatile Spot market • New rigs • North sea activity picking up • Brazil • Increased day rate level in international markets • Few newbuilds
• PSV • Increased demand • Supply side continue to rise
Image PSV Havila Mars and Havila Fanø
34
Vessels in spot market AHTS •Havila Venus •Havila Jupiter •Havila Neptune PSV •Havila Crusader from July? •Havila Fortune from September?
Summary • New contracts • NOK 1 billion – options not included • PSV “sold out” for this year • High tender activity for PSV vessels • Expected several options to be declared • If not the market demand expected to take vessels • Finance • Low Capex • No balloons – No maturity in 2012 • Contract coverage:
• Rest of 2012: 79% - options included 89% • 2013: 58% - options included 70% •Still demand in market for high-end vessels www.havilashipping.no
Financial calendar 2012 • 24.07.12 2nd Quarter 2012 • 01.11.12 3rd Quarter 2012 • 30.01.13 Preliminary accounts for 2012/4th Quarter
Contact: CEO NJÅL SÆVIK (+47) 909 35 722
[email protected] CFO ARNE JOHAN DALE (+47) 909 87 706
[email protected]
