SeaBird Exploration
Pareto Securities Oil & Offshore Conference
4 September 2013
Forward-looking statements
All statements contained in this presentation that are not statements of historical facts, incl...
SeaBird at a glance
• Global provider of marine 2D and 3D seismic
data for the oil and gas industry
• Market leader in cor...
Core business segments
4
• Global market
leader
• Largest fleet
2D acquisition
• Natural fit with
fleet composition
• Attr...
Well positioned fleet mix
2D vessels and source vessels
3D vessels
Osprey Explorer
Aquila Explorer
4 X 8000m
Northern Expl...
Blue-chip client base
Major oil
National oil
Independent oil /
seismic
• History of operational excellence ensures blue-ch...
Sales strategy
• The company is generally targeting to have a mix of long-term and short-term
contracts
• We will generall...
• Optimize fleet utilization and capitalize on attractive investment opportunities
• Will generally look to partner with o...
Snøspurv 2D multi-client survey
• 6,300 km 2D survey in the
Barents Sea in partnership with
Searcher Seismic
• Completed J...
Namibia 2D multi-client survey
• 5,400 km 2D survey in Namibia in
partnership with GeoPartners
• Completed July 2013; proc...
Multi-client library
Multi-client libraries with further sales potential
11
Total multi-client book value was USD 6.0 mill...
Historical operating comparison
12
74%
93%
64%
88%
79%
85%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Q2 12 Q3 12 Q4 12 Q...
Regional areas of focus
13
Segment operating activity
• We are seeing good demand in all operating regions
– EAME was lower in second quarter 2013 as...
Market pricing and outlook
• Strong day rates continued through
the second quarter 2013
• Pricing remains firm
• High leve...
Q&A
16
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SeaBird Exploration Pareto Securities Oil & Offshore Conference Sept 2013

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SeaBird Exploration Pareto Securities Oil & Offshore Conference Sept 2013

  1. 1. SeaBird Exploration Pareto Securities Oil & Offshore Conference 4 September 2013
  2. 2. Forward-looking statements All statements contained in this presentation that are not statements of historical facts, including statements on projected operating results, financial position, business strategy and other plans and objectives for future results, constitute forward-looking statements and are prediction of, or indicate, future events and future trends which do not relate to historical matters. No person should rely on these forward-looking statements because they involve known and unknown risks, uncertainties and other factors which are, in many cases, beyond the company’s control and may cause its actual results, performance or achievements to differ materially from anticipated future results, performance or achievements expressed or implied by the forward-looking statements and from past results, performance or achievements. These forward-looking statements are made as of the date of this presentation and are not intended to give any assurance as to future results. None of the company, its employees and representatives assumes any obligation to update these statements. This presentation includes historical financial data. Your attention is directed to the notes to such data for a description of the accounting principles used to prepare historical data. This presentation must be viewed only in connection with the company’s separately distributed earnings releases. 2
  3. 3. SeaBird at a glance • Global provider of marine 2D and 3D seismic data for the oil and gas industry • Market leader in core business segments • Offices in Cyprus, Oslo, Dubai, Houston and Singapore • 550 employees • Uniquely positioned with its industry-leading Health, Safety, Security, Environment and Quality (HSSEQ) culture and accreditations • Operational excellence ensures best-in-class performance • Continued focus on technological development 3
  4. 4. Core business segments 4 • Global market leader • Largest fleet 2D acquisition • Natural fit with fleet composition • Attractive market trends Source • 4-8 streamer market • Smaller areas; challenging environments; shallow water 3D acquisition • Optimize fleet utilization • Capitalize on attractive opportunities Multi-client
  5. 5. Well positioned fleet mix 2D vessels and source vessels 3D vessels Osprey Explorer Aquila Explorer 4 X 8000m Northern Explorer Voyager Explorer 4 X 6000m Harrier Explorer Hawk ExplorerMunin Explorer Shallow water 3D vessels Geo Pacific, 8 X 6000m Kondor Explorer 5 Note: Aquila Explorer is currently operating as a 2D vessel
  6. 6. Blue-chip client base Major oil National oil Independent oil / seismic • History of operational excellence ensures blue-chip client base • Leading HSSEQ systems prequalifies the company to work with most oil majors, which sets it apart from it’s competitors 6
  7. 7. Sales strategy • The company is generally targeting to have a mix of long-term and short-term contracts • We will generally look to have a portion of the fleet working on longer assignments – Ensures a steady revenue stream – Higher utilization – Given the higher utilization on longer-term contracts, average revenues can prove very attractive • A number of vessels are still targeting the short-term market segment – Provides option to capitalize on more profitable opportunities – A substantial portion of the 2D and niche 3D contracts are shorter term in nature • While this mix of contract durations provides added flexibility, it can also result in idle vessel time in-between contracts – This risk is greater in weaker market environments, but can also be a factor in more robust markets 7
  8. 8. • Optimize fleet utilization and capitalize on attractive investment opportunities • Will generally look to partner with other industry participants • Three projects to date in 2013; additional projects under review for second half of the year • Will require time and investment to reach critical mass Multi-client strategy 8
  9. 9. Snøspurv 2D multi-client survey • 6,300 km 2D survey in the Barents Sea in partnership with Searcher Seismic • Completed July 2013; processed data available to clients from Q4 2013 • Well-tie survey linking geology from Barents Sea West to Barents Sea Southeast • Authorities have stated that main focus for the 23rd licensing round will be South East Barents Sea.. 9
  10. 10. Namibia 2D multi-client survey • 5,400 km 2D survey in Namibia in partnership with GeoPartners • Completed July 2013; processed data available to clients from Q4 2013 • Project is funded by existing operators • New block partners trigger additional data sales 10
  11. 11. Multi-client library Multi-client libraries with further sales potential 11 Total multi-client book value was USD 6.0 million as of 30 June 2013 All surveys are with partners; SeaBird revenue share on sales 1) Surveys with revenue share that have a capped upside (no further revenues above a certain threshold) 1) Survey partners and country Number of km Year completed Searcher Seismic Australia 13,213 2009 / 2011 / 2012 TGS Indonesia 7,414 2009 / 2010 / 2011 MCG Barbados 7,018 2012 / 2013 Searcher Seismic Philippines 6,850 2012 Searcher Seismic Norway (Snøspurv) 6,286 2013 Geopartners Namibia 5,424 2013 Spec Partners Norway 3,955 2010 Spectrum Gulf of Mexico 2,541 2009 Spectrum Madagascar 1,575 2012 Spectrum Namibia 1,432 2012
  12. 12. Historical operating comparison 12 74% 93% 64% 88% 79% 85% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Vessel utilization 43.6 38.4 34.5 48.5 36.2 48.7 45.5 34.9 48.6 40.2 0 10 20 30 40 50 60 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Revenues (USD millions) Contract revenue Multi-client revenue 17.2 11.7 6.8 11.1 3.7 0 2 4 6 8 10 12 14 16 18 20 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 EBITDA (USD millions) 7.0 2.5 4.2 6.8 3.7 0 2 4 6 8 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Capital expenditure (USD millions) Note 1: Utilization for Q2 12 excluding GGS Atlantic was 85% Note 2: Utilization from Q2 13 includes the Geo Pacific
  13. 13. Regional areas of focus 13
  14. 14. Segment operating activity • We are seeing good demand in all operating regions – EAME was lower in second quarter 2013 as two vessels in the region focused on multi-client surveys • With Voyager and Geo Pacific active, revenue related to niche 3D surveys is representing a larger share of the company’s operations 14 10.3 6.9 11.0 12.8 17.5 33.3 31.5 23.5 35.7 18.7 0.0 10.0 20.0 30.0 40.0 50.0 60.0 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 2D/3D contract revenues (USD millions) 3D 2D 29.8 20.4 5.2 13.4 4.6 11.0 10.5 10.9 12.2 18.9 2.8 7.5 18.4 22.9 12.7 0.0 10.0 20.0 30.0 40.0 50.0 60.0 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Contract revenue by region (USD millions) EAME NSA APAC
  15. 15. Market pricing and outlook • Strong day rates continued through the second quarter 2013 • Pricing remains firm • High level of tender activity in both 2D and niche 3D markets • Backlog of about USD 100 mill • In spite of robust seismic markets, vessel repositioning will from time to time impact utilization 15 $45 $45 $45 $60 $60 $70 $70 $70 $90$75 $85 $85 $100 $110 $120 $110 $110 $110 0 20 40 60 80 100 120 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 2D High end (USD thousand) Low High $75 $85 $85 $115 $115 $120 $115 $115 $120 $120 $140 $140 $170 $170 $180 $170 $180 $180 0 20 40 60 80 100 120 140 160 180 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 3D Low end (USD thousand) Low High Source: Petrodata
  16. 16. Q&A 16

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