This document is the quarterly report for Farstad Shipping ASA for the first quarter of 2013. It provides key financial figures including operating income of NOK 914.8 million and operating profit of NOK 173.3 million. It also discusses the company's fleet, new contracts secured in the quarter, and contract coverage of approximately 72% for the remainder of 2013.
This document is Farstad Shipping's quarterly report for the fourth quarter of 2015. Some key points:
- Operating income for Q4 was NOK 939.9 million, down from NOK 1,111.7 million in Q4 2014. Operating loss was NOK 982 million after impairments of NOK 1,094.6 million.
- For all of 2015, operating income was NOK 4,011.1 million and operating loss was NOK 813.8 million after total impairments of NOK 1,279.6 million.
- The company operates 59 vessels total and has approximately 2,100 employees across multiple global offices. Contract coverage is around 54% for 2016
This annual report summarizes the financial performance of Renaissance Services SAOG for 2014. Key points include:
- Revenue increased 5.3% to Rial 252.1 million (USD 654.8 million). Net profit after tax from continuing operations rose 54.4% to Rial 24.1 million (USD 62.6 million).
- Topaz, the offshore support vessel business, saw revenue increase to Rial 155.8 million (USD 404.7 million) and operating profit rise to Rial 53.2 million (USD 138.2 million).
- Renaissance, the contract services business, reported revenue of Rial 96.2 million (USD 249.9 million) and operating profit
This document is Oceanteam's Q4 2016 interim report. It discusses the company's financial highlights for Q4 2016, including $11.2 million in revenue and $2.8 million in EBITDA. It also summarizes key operational highlights, such as new contracts awarded, charter agreements, and expansion into new markets. Finally, it provides an overview of Oceanteam's business areas, focusing on its shipping, offshore substations, and engineering solutions divisions. The CEO message emphasizes the company's agreement with bondholders to secure new financing and its focus on offshore renewables, engineering, and new revenue streams going forward.
Seaflower Annual Report_Annual Report_Final Draft 1 (7 JUNE 2016)Roya Diehl
Seaflower Group faced operational challenges during the reporting period due to vessel issues, but acquired two new fishing vessels and repaired another to boost catches and production. While the wet hake quota was underutilized initially, the company took measures like converting quota to freezer and renting out quota to other operators to fully utilize the allocated amounts. The period saw improved fishing operations and a turnaround in the company's financial performance.
Atwood Oceanics, Inc. is a global offshore drilling contractor engaged in the drilling and completion of exploratory and developmental oil and gas wells. The company currently owns 13 mobile offshore drilling units and is constructing three ultra-deepwater drillships. The company was founded in 1968 and is headquartered in Houston, Texas. Atwood Oceanics, Inc. common stock is traded on the New York Stock Exchange under the symbol "ATW."
“Full Speed Ahead” aptly describes Atwood Oceanics’ first ultra-deepwater drillship, the Atwood Advantage, which joined our fleet in mid-December and is pictured on the cover. The Atwood Advantage is the first of four “A-Class” ultra-deepwater drillships that will extend our market presence with state-of- the-art drilling capability, efficiency and safety. With their high transit speeds and superior size, these vessels offer the mobility and flexibility required to efficiently conduct multi-regional drilling campaigns.
Adani Ports and Special Economic Zone Ltd reported a 45% rise in net profit for the fourth quarter, with net sales rising 42.58% to Rs 9151.90 million and net profit growing 44.82% to Rs 4907.70 million. The company's equity capital for the period stood at Rs 4006.80 million and its stock price closed 6.34% higher at Rs 161.90 after touching an intraday high of Rs 167.00.
Tullow Oil Plc - 2016 Annual Report and AccountsOILWIRE
Exploration remains fundamental to Tullow's growth strategy. Lower industry costs, carries for our share of costs by JV partners and appropriate equity interests enable us to maximise a constrained budget and maintain a meaningful exploration and appraisal programme.
In 2017, Tullow plans to drill the exciting Araku prospect offshore Suriname and conduct seismic campaigns in Mauritania, Kenya, Ghana, Jamaica, Uruguay and Guyana.
Teekay Offshore Production aims to manage sustainability challenges and opportunities effectively. In 2015, the company had over 1,000 permanent employees across offices in Norway, Scotland, Brazil, and project offices in the Netherlands and Singapore. While striving to improve diversity and maintain a healthy and safe workforce, the company also seeks to give back to local communities. Key priorities include recruitment and training, occupational health and safety, and community investments.
This document is Farstad Shipping's quarterly report for the fourth quarter of 2015. Some key points:
- Operating income for Q4 was NOK 939.9 million, down from NOK 1,111.7 million in Q4 2014. Operating loss was NOK 982 million after impairments of NOK 1,094.6 million.
- For all of 2015, operating income was NOK 4,011.1 million and operating loss was NOK 813.8 million after total impairments of NOK 1,279.6 million.
- The company operates 59 vessels total and has approximately 2,100 employees across multiple global offices. Contract coverage is around 54% for 2016
This annual report summarizes the financial performance of Renaissance Services SAOG for 2014. Key points include:
- Revenue increased 5.3% to Rial 252.1 million (USD 654.8 million). Net profit after tax from continuing operations rose 54.4% to Rial 24.1 million (USD 62.6 million).
- Topaz, the offshore support vessel business, saw revenue increase to Rial 155.8 million (USD 404.7 million) and operating profit rise to Rial 53.2 million (USD 138.2 million).
- Renaissance, the contract services business, reported revenue of Rial 96.2 million (USD 249.9 million) and operating profit
This document is Oceanteam's Q4 2016 interim report. It discusses the company's financial highlights for Q4 2016, including $11.2 million in revenue and $2.8 million in EBITDA. It also summarizes key operational highlights, such as new contracts awarded, charter agreements, and expansion into new markets. Finally, it provides an overview of Oceanteam's business areas, focusing on its shipping, offshore substations, and engineering solutions divisions. The CEO message emphasizes the company's agreement with bondholders to secure new financing and its focus on offshore renewables, engineering, and new revenue streams going forward.
Seaflower Annual Report_Annual Report_Final Draft 1 (7 JUNE 2016)Roya Diehl
Seaflower Group faced operational challenges during the reporting period due to vessel issues, but acquired two new fishing vessels and repaired another to boost catches and production. While the wet hake quota was underutilized initially, the company took measures like converting quota to freezer and renting out quota to other operators to fully utilize the allocated amounts. The period saw improved fishing operations and a turnaround in the company's financial performance.
Atwood Oceanics, Inc. is a global offshore drilling contractor engaged in the drilling and completion of exploratory and developmental oil and gas wells. The company currently owns 13 mobile offshore drilling units and is constructing three ultra-deepwater drillships. The company was founded in 1968 and is headquartered in Houston, Texas. Atwood Oceanics, Inc. common stock is traded on the New York Stock Exchange under the symbol "ATW."
“Full Speed Ahead” aptly describes Atwood Oceanics’ first ultra-deepwater drillship, the Atwood Advantage, which joined our fleet in mid-December and is pictured on the cover. The Atwood Advantage is the first of four “A-Class” ultra-deepwater drillships that will extend our market presence with state-of- the-art drilling capability, efficiency and safety. With their high transit speeds and superior size, these vessels offer the mobility and flexibility required to efficiently conduct multi-regional drilling campaigns.
Adani Ports and Special Economic Zone Ltd reported a 45% rise in net profit for the fourth quarter, with net sales rising 42.58% to Rs 9151.90 million and net profit growing 44.82% to Rs 4907.70 million. The company's equity capital for the period stood at Rs 4006.80 million and its stock price closed 6.34% higher at Rs 161.90 after touching an intraday high of Rs 167.00.
Tullow Oil Plc - 2016 Annual Report and AccountsOILWIRE
Exploration remains fundamental to Tullow's growth strategy. Lower industry costs, carries for our share of costs by JV partners and appropriate equity interests enable us to maximise a constrained budget and maintain a meaningful exploration and appraisal programme.
In 2017, Tullow plans to drill the exciting Araku prospect offshore Suriname and conduct seismic campaigns in Mauritania, Kenya, Ghana, Jamaica, Uruguay and Guyana.
Teekay Offshore Production aims to manage sustainability challenges and opportunities effectively. In 2015, the company had over 1,000 permanent employees across offices in Norway, Scotland, Brazil, and project offices in the Netherlands and Singapore. While striving to improve diversity and maintain a healthy and safe workforce, the company also seeks to give back to local communities. Key priorities include recruitment and training, occupational health and safety, and community investments.
Oceanteam Shipping ASA is an Oslo Stock Exchange listed shipping company that operates a fleet of large construction support vessels and provides engineering services. The company's CEO is Haico Halbesma and CFO is Torbjørn Skulstad. Oceanteam presented at the Pareto Conference in Oslo on September 4, 2013, providing an overview of the company, its finance structure, recent financial performance, and positive market outlook for large deep-water vessels.
DOF ASA presented its Q2 2013 financial results and outlook. Key highlights included:
- Record high Q2 EBITDA of NOK 770 million due to high project activity and good vessel utilization.
- Delivery of a newbuild vessel and orders for 4 new pipe-laying support vessels from Brazil.
- Several contract extensions and awards increasing the backlog value above USD 300 million.
- PSV and subsea segments performed well in Q2 while AHTS utilization was impacted by vessel breakdowns.
- Total assets of NOK 33.1 billion with equity of NOK 6.4 billion and long-term debt of NOK 22.2 billion.
- DOF ASA reported record high Q4 EBITDA of NOK 830 million, up from NOK 692 million in Q4 2012.
- Subsea activities contributed 68% of EBITDA in Q4 2013 due to high project activity.
- DOF's fleet consists of 69 vessels in operation and 8 newbuildings on order, with a total backlog of NOK 62 billion including firm contracts and options.
- In Q4, DOF was awarded several new subsea contracts in regions like Asia Pacific, Atlantic, and Brazil totaling over NOK 10 billion.
The document provides an overview of DOF ASA's Q3 2013 financial presentation. Some key highlights include:
- Record high EBITDA of NOK 912 million for Q3 2013.
- Improved utilization for both the AHTS and PSV fleets. Good utilization of the subsea project fleet across all regions.
- Several new subsea contract awards securing work for vessels through 2014-2015.
- Ordering of 4 new PLSV vessels from Vard for long-term contracts with Petrobras.
DOF reported lower activity in the first quarter of 2014 compared to the previous quarter. Several vessels underwent upgrades, class dockings, and mobilization for new contracts. Total EBITDA was NOK 960 million and operational EBITDA was NOK 756 million. New contracts were awarded in the Gulf of Mexico, Asia Pacific, and Atlantic regions. DOF also issued a new bond of NOK 700 million and repaid an existing bond with a net cash effect of NOK 454 million.
Deep Sea Supply Investordagen KristiansandNordnet Norge
Deep Sea Supply owns and operates a fleet of 40 offshore supply vessels worldwide. It is a public company listed on the Oslo Stock Exchange with a market capitalization of approximately $390 million. Hemen Holding Limited is the largest shareholder, owning 35.1% of shares. Deep Sea Supply has expanded its fleet through newbuild orders and acquisitions, growing from 6 vessels in 2005 to 40 vessels currently. It aims to create shareholder value through dividend payments and opportunistic acquisitions and sales of vessels.
Siem Offshore Inc. presented in March 2014. The presentation covered the company's financial results for 2013, future vessel construction plans, and the offshore vessel market. Key points included:
- Revenue for 2013 was $364 million with a 34% operating margin, an improvement over 2012.
- The company has 41 vessels currently in operation and 15 more under construction through 2016 with a total contract backlog value of $395 million.
- New orders in 2013 and 2014 include platform supply vessels, offshore subsea construction vessels, and well intervention vessels.
Siem Offshore is an offshore vessel owner and operator with 38 vessels in operation and 10 under construction. The company provides offshore support vessels and has expanded into subsea vessels and offshore renewable energy. Siem Offshore reported operating revenue of $172 million for the first half of 2013 and has a contract backlog of $806 million for vessels and $180 million for submarine power cable activities. The company has a strong financial position with a book equity ratio of 44% and has secured financing for its newbuilding program through 2014.
- Ferrovial's toll roads, airports, construction and services businesses all saw increased revenues and traffic in 2015, supported by economic recovery and currency effects.
- Key assets like Heathrow airport and 407ETR toll road increased dividends. Ferrovial also executed a share buyback and scrip dividend program.
- The consolidated net debt decreased due to asset sales like the Chicago Skyway toll road. The order book remained high for construction and services.
GE Shipping is India's largest private shipping company. It owns and operates 41 vessels for shipping crude oil, petroleum products, and dry bulk commodities. It also has an offshore division that provides offshore oil field services with vessels like platform supply vessels. In FY2009, GE Shipping's revenue increased 14% to Rs. 4123.93 crores but profit decreased 3% to Rs. 1407.7 crores due to higher operating expenses. The company's tankers earned higher revenues and profits than dry bulk carriers. GE Shipping has a strong financial position with cash reserves of Rs. 2575 crores.
20070201 - Asian Workboat OSV Forum - February 2007, SingaporeM3 Marine Group
1) The document discusses the market for offshore support vessels (OSVs) in Asia, noting unprecedented high utilization rates and tight shipyard supply through 2010.
2) It analyzes the size and age of fleets for various OSV classes (PSVs, AHTS) and the large number of newbuilds on order, questioning if some markets like the PSV market are being overbuilt.
3) Several major owners and new entrants in the Asian OSV market are profiled, along with their fleet sizes and newbuild strategies.
The document provides an earnings presentation for Q2 2013 by Navios Maritime Acquisition Corporation (NNA). It discusses NNA's recent acquisitions totaling $342 million which added 12 vessels to its fleet. It also outlines NNA's growth strategy, strong liquidity position, and low cost structure providing a cash flow cushion. Recent fleet developments include the delivery of 10 vessels in 2013 including chartering arrangements which provide stable cash flow.
Asia is interesting market for companies in the offshore sector. Levels of investment are growing and the significance of these regions is expected to increase.
North Atlantic Drilling Ltd. Company Position Overview (Sept 2014)Andrew Gelston
North Atlantic Drilling provides a summary of its business and key investment highlights. It operates 10 harsh environment drilling rigs in the North Atlantic region, with over 1,600 employees and more than 40 years of operating experience. The company has a solid contract backlog of $6.3 billion, and is committed to growth of approximately $365 million in annualized EBITDA from 2014 to 2017 through its partnership with Rosneft. This partnership includes contracts for 5 offshore drilling rigs with Rosneft, as well as North Atlantic Drilling's acquisition of approximately 150 land drilling rigs in Russia. The presentation outlines the company's fleet, locations, contract backlog, market outlook and investment highlights.
Tsakos Energy Navigation Q2 2013 results presentationTradeWindsnews
This document contains the earnings presentation from Tsakos Energy Navigation Ltd's Q2 & 6 Months 2013 Earnings Conference Call. The summary includes:
- For the six months ended June 30, 2013 TEN reported revenues of $205.8 million, EBITDA of $68.1 million (a 10.7% increase over 2012), and a net loss of $0.5 million compared to a $14.5 million loss in 2012.
- As of July 31, 2013 TEN had secured employment for 32 vessels under time charters, representing $316 million in minimum secured revenues through the end of 2013 and into 2014.
- Since listing on the NYSE in 2002, T
This document provides an overview of Bourbon, a leader in offshore oil and gas marine services. It summarizes that in 2013, Bourbon operated a fleet of 485 vessels serving exploration, development and production activities. It also offered subsea services with 18 vessels and underwater robots. For 2014, Bourbon expected demand for offshore vessels to grow by 10% annually and targeted 8-10% revenue growth and a slight improvement in profitability ratios.
The document is a newsletter from Seabrokers Group providing updates on the offshore support vessel (OSV) market. Key points from the document include:
- Spot rates for OSVs in the North Sea increased slightly in August but some fixtures dropped below £3,000, suggesting the tough market is not over yet.
- Vessel owners have mixed views on whether the market has bottomed out, with one calling bottom in Q1/Q2 2016 but another disagreeing.
- Contract awards and extensions were announced for OSVs in various regions including the North Sea, Brazil, Nigeria, and East Africa.
- Average spot rates and utilisation rates for August 2016 are shown for various vessel
Aker BP ASA (“the company” or “Aker BP”) reported total income of USD 656 (255) million in the fourth quarter of 2016. Production in the period was 126.5 (54.0) thousand barrels of oil equivalent per day (“mboepd”), realizing an average oil price of USD 52
(45) per barrel and a gas price of USD 0.19 (0.23) per standard cubic metre (scm). EBITDA amounted to USD 485 (208) million in the quarter and EBIT was USD 281 (-95) million. Net loss for the quarter was USD 67 (156) million, translating into an EPS of USD -0.20 (-0.77). Net interest-bearing debt amounted to USD 2,425 (2,532) million per December 31, 2016.
The Chairman and Group CEO discuss the Maersk Group's strong financial performance in 2014, with a profit of USD 5.2 billion. They delivered on their strategy to develop premium businesses, increasing focus through divestments of USD 2.5 billion. They achieved a return on invested capital of 11% and shared value with shareholders through dividend raises and a USD 1 billion share buyback. The four large business units successfully delivered on strategic and financial targets, with Maersk Line, APM Terminals, Maersk Drilling, and Maersk Oil improving results. The Group remains committed to its core values as it expands globally.
Stolt Tankers operates a fleet of 148 vessels, including 58 deep-sea parcel tankers and 45 regional tankers, barges, and time-chartered vessels. The fleet transports bulk liquids globally along established deep-sea and regional trade routes between North and South America, Europe, Asia, Africa, and Australia/New Zealand. Stolt Tankers provides customers with reliable, frequent sailings and a variety of vessel sizes from 1,000 to 44,000 DWT, with a focus on stainless steel and high segregation capabilities.
Olympic Shipping investor presentation 27 May 2014TradeWindsnews
Olympic Ship AS is contemplating a NOK 500 million bond issue to partly refinance existing bonds and for general corporate purposes. It is a leading provider of high-end offshore vessels with a fleet value of NOK 8.1 billion and a contract backlog of NOK 4.9 billion. The bond terms include a 5-year tenor, quarterly coupon payments of 3M NIBOR + 4.75-5.00%, and senior unsecured status. The market outlook is positive for Olympic Ship AS's core offshore segments, with projected strong growth in global E&P spending and deepwater production through 2020.
Ship Finance International Q1 2014 results presentationTradeWindsnews
Ship Finance International reported net income of $40.7 million for 1Q 2014 with EBITDA of $129.7 million including associated companies. Key highlights included an increased quarterly dividend of $0.41 per share, equivalent to a 9% dividend yield, and the successful delivery of 10 vessels and rigs so far in 2014. The company also has investment opportunities planned across multiple segments for the remainder of 2014 and into 2015.
Oceanteam Shipping ASA is an Oslo Stock Exchange listed shipping company that operates a fleet of large construction support vessels and provides engineering services. The company's CEO is Haico Halbesma and CFO is Torbjørn Skulstad. Oceanteam presented at the Pareto Conference in Oslo on September 4, 2013, providing an overview of the company, its finance structure, recent financial performance, and positive market outlook for large deep-water vessels.
DOF ASA presented its Q2 2013 financial results and outlook. Key highlights included:
- Record high Q2 EBITDA of NOK 770 million due to high project activity and good vessel utilization.
- Delivery of a newbuild vessel and orders for 4 new pipe-laying support vessels from Brazil.
- Several contract extensions and awards increasing the backlog value above USD 300 million.
- PSV and subsea segments performed well in Q2 while AHTS utilization was impacted by vessel breakdowns.
- Total assets of NOK 33.1 billion with equity of NOK 6.4 billion and long-term debt of NOK 22.2 billion.
- DOF ASA reported record high Q4 EBITDA of NOK 830 million, up from NOK 692 million in Q4 2012.
- Subsea activities contributed 68% of EBITDA in Q4 2013 due to high project activity.
- DOF's fleet consists of 69 vessels in operation and 8 newbuildings on order, with a total backlog of NOK 62 billion including firm contracts and options.
- In Q4, DOF was awarded several new subsea contracts in regions like Asia Pacific, Atlantic, and Brazil totaling over NOK 10 billion.
The document provides an overview of DOF ASA's Q3 2013 financial presentation. Some key highlights include:
- Record high EBITDA of NOK 912 million for Q3 2013.
- Improved utilization for both the AHTS and PSV fleets. Good utilization of the subsea project fleet across all regions.
- Several new subsea contract awards securing work for vessels through 2014-2015.
- Ordering of 4 new PLSV vessels from Vard for long-term contracts with Petrobras.
DOF reported lower activity in the first quarter of 2014 compared to the previous quarter. Several vessels underwent upgrades, class dockings, and mobilization for new contracts. Total EBITDA was NOK 960 million and operational EBITDA was NOK 756 million. New contracts were awarded in the Gulf of Mexico, Asia Pacific, and Atlantic regions. DOF also issued a new bond of NOK 700 million and repaid an existing bond with a net cash effect of NOK 454 million.
Deep Sea Supply Investordagen KristiansandNordnet Norge
Deep Sea Supply owns and operates a fleet of 40 offshore supply vessels worldwide. It is a public company listed on the Oslo Stock Exchange with a market capitalization of approximately $390 million. Hemen Holding Limited is the largest shareholder, owning 35.1% of shares. Deep Sea Supply has expanded its fleet through newbuild orders and acquisitions, growing from 6 vessels in 2005 to 40 vessels currently. It aims to create shareholder value through dividend payments and opportunistic acquisitions and sales of vessels.
Siem Offshore Inc. presented in March 2014. The presentation covered the company's financial results for 2013, future vessel construction plans, and the offshore vessel market. Key points included:
- Revenue for 2013 was $364 million with a 34% operating margin, an improvement over 2012.
- The company has 41 vessels currently in operation and 15 more under construction through 2016 with a total contract backlog value of $395 million.
- New orders in 2013 and 2014 include platform supply vessels, offshore subsea construction vessels, and well intervention vessels.
Siem Offshore is an offshore vessel owner and operator with 38 vessels in operation and 10 under construction. The company provides offshore support vessels and has expanded into subsea vessels and offshore renewable energy. Siem Offshore reported operating revenue of $172 million for the first half of 2013 and has a contract backlog of $806 million for vessels and $180 million for submarine power cable activities. The company has a strong financial position with a book equity ratio of 44% and has secured financing for its newbuilding program through 2014.
- Ferrovial's toll roads, airports, construction and services businesses all saw increased revenues and traffic in 2015, supported by economic recovery and currency effects.
- Key assets like Heathrow airport and 407ETR toll road increased dividends. Ferrovial also executed a share buyback and scrip dividend program.
- The consolidated net debt decreased due to asset sales like the Chicago Skyway toll road. The order book remained high for construction and services.
GE Shipping is India's largest private shipping company. It owns and operates 41 vessels for shipping crude oil, petroleum products, and dry bulk commodities. It also has an offshore division that provides offshore oil field services with vessels like platform supply vessels. In FY2009, GE Shipping's revenue increased 14% to Rs. 4123.93 crores but profit decreased 3% to Rs. 1407.7 crores due to higher operating expenses. The company's tankers earned higher revenues and profits than dry bulk carriers. GE Shipping has a strong financial position with cash reserves of Rs. 2575 crores.
20070201 - Asian Workboat OSV Forum - February 2007, SingaporeM3 Marine Group
1) The document discusses the market for offshore support vessels (OSVs) in Asia, noting unprecedented high utilization rates and tight shipyard supply through 2010.
2) It analyzes the size and age of fleets for various OSV classes (PSVs, AHTS) and the large number of newbuilds on order, questioning if some markets like the PSV market are being overbuilt.
3) Several major owners and new entrants in the Asian OSV market are profiled, along with their fleet sizes and newbuild strategies.
The document provides an earnings presentation for Q2 2013 by Navios Maritime Acquisition Corporation (NNA). It discusses NNA's recent acquisitions totaling $342 million which added 12 vessels to its fleet. It also outlines NNA's growth strategy, strong liquidity position, and low cost structure providing a cash flow cushion. Recent fleet developments include the delivery of 10 vessels in 2013 including chartering arrangements which provide stable cash flow.
Asia is interesting market for companies in the offshore sector. Levels of investment are growing and the significance of these regions is expected to increase.
North Atlantic Drilling Ltd. Company Position Overview (Sept 2014)Andrew Gelston
North Atlantic Drilling provides a summary of its business and key investment highlights. It operates 10 harsh environment drilling rigs in the North Atlantic region, with over 1,600 employees and more than 40 years of operating experience. The company has a solid contract backlog of $6.3 billion, and is committed to growth of approximately $365 million in annualized EBITDA from 2014 to 2017 through its partnership with Rosneft. This partnership includes contracts for 5 offshore drilling rigs with Rosneft, as well as North Atlantic Drilling's acquisition of approximately 150 land drilling rigs in Russia. The presentation outlines the company's fleet, locations, contract backlog, market outlook and investment highlights.
Tsakos Energy Navigation Q2 2013 results presentationTradeWindsnews
This document contains the earnings presentation from Tsakos Energy Navigation Ltd's Q2 & 6 Months 2013 Earnings Conference Call. The summary includes:
- For the six months ended June 30, 2013 TEN reported revenues of $205.8 million, EBITDA of $68.1 million (a 10.7% increase over 2012), and a net loss of $0.5 million compared to a $14.5 million loss in 2012.
- As of July 31, 2013 TEN had secured employment for 32 vessels under time charters, representing $316 million in minimum secured revenues through the end of 2013 and into 2014.
- Since listing on the NYSE in 2002, T
This document provides an overview of Bourbon, a leader in offshore oil and gas marine services. It summarizes that in 2013, Bourbon operated a fleet of 485 vessels serving exploration, development and production activities. It also offered subsea services with 18 vessels and underwater robots. For 2014, Bourbon expected demand for offshore vessels to grow by 10% annually and targeted 8-10% revenue growth and a slight improvement in profitability ratios.
The document is a newsletter from Seabrokers Group providing updates on the offshore support vessel (OSV) market. Key points from the document include:
- Spot rates for OSVs in the North Sea increased slightly in August but some fixtures dropped below £3,000, suggesting the tough market is not over yet.
- Vessel owners have mixed views on whether the market has bottomed out, with one calling bottom in Q1/Q2 2016 but another disagreeing.
- Contract awards and extensions were announced for OSVs in various regions including the North Sea, Brazil, Nigeria, and East Africa.
- Average spot rates and utilisation rates for August 2016 are shown for various vessel
Aker BP ASA (“the company” or “Aker BP”) reported total income of USD 656 (255) million in the fourth quarter of 2016. Production in the period was 126.5 (54.0) thousand barrels of oil equivalent per day (“mboepd”), realizing an average oil price of USD 52
(45) per barrel and a gas price of USD 0.19 (0.23) per standard cubic metre (scm). EBITDA amounted to USD 485 (208) million in the quarter and EBIT was USD 281 (-95) million. Net loss for the quarter was USD 67 (156) million, translating into an EPS of USD -0.20 (-0.77). Net interest-bearing debt amounted to USD 2,425 (2,532) million per December 31, 2016.
The Chairman and Group CEO discuss the Maersk Group's strong financial performance in 2014, with a profit of USD 5.2 billion. They delivered on their strategy to develop premium businesses, increasing focus through divestments of USD 2.5 billion. They achieved a return on invested capital of 11% and shared value with shareholders through dividend raises and a USD 1 billion share buyback. The four large business units successfully delivered on strategic and financial targets, with Maersk Line, APM Terminals, Maersk Drilling, and Maersk Oil improving results. The Group remains committed to its core values as it expands globally.
Stolt Tankers operates a fleet of 148 vessels, including 58 deep-sea parcel tankers and 45 regional tankers, barges, and time-chartered vessels. The fleet transports bulk liquids globally along established deep-sea and regional trade routes between North and South America, Europe, Asia, Africa, and Australia/New Zealand. Stolt Tankers provides customers with reliable, frequent sailings and a variety of vessel sizes from 1,000 to 44,000 DWT, with a focus on stainless steel and high segregation capabilities.
Olympic Shipping investor presentation 27 May 2014TradeWindsnews
Olympic Ship AS is contemplating a NOK 500 million bond issue to partly refinance existing bonds and for general corporate purposes. It is a leading provider of high-end offshore vessels with a fleet value of NOK 8.1 billion and a contract backlog of NOK 4.9 billion. The bond terms include a 5-year tenor, quarterly coupon payments of 3M NIBOR + 4.75-5.00%, and senior unsecured status. The market outlook is positive for Olympic Ship AS's core offshore segments, with projected strong growth in global E&P spending and deepwater production through 2020.
Ship Finance International Q1 2014 results presentationTradeWindsnews
Ship Finance International reported net income of $40.7 million for 1Q 2014 with EBITDA of $129.7 million including associated companies. Key highlights included an increased quarterly dividend of $0.41 per share, equivalent to a 9% dividend yield, and the successful delivery of 10 vessels and rigs so far in 2014. The company also has investment opportunities planned across multiple segments for the remainder of 2014 and into 2015.
Höegh LNG reported financial results for the first quarter of 2014, with an EBITDA of -$1.0 million and loss before tax of $4.5 million. Two FSRU projects were completed on time and on budget, with the PGN FSRU Lampung delivered in April and the Independence delivered in May. A letter of intent was also signed for a 5-year FSRU contract with Egas of Egypt. Global LNG demand is expected to continue strong growth in Asia and other markets. Höegh LNG aims to further expand its fleet of FSRUs and pursue FLNG opportunities.
This document is a registration statement filed by Dorian LPG Ltd. with the U.S. Securities and Exchange Commission for an initial public offering of its common shares in the United States. Dorian LPG Ltd. is registering an unspecified number of its common shares. The filing includes basic company information, biographical details of officers and directors, descriptions of the company's capital stock, plan of distribution for the offering, financial statements and other standard disclosures required in such filings. The company intends to apply to list its common shares on the New York Stock Exchange.
This document provides a summary of Jinhui Shipping and Transportation Limited's Q4 2013 and full year 2013 results presentation. It highlights the following key points:
1) For 2013, revenue decreased 7% to $218 million while net profit decreased 29% to $25 million compared to 2012.
2) For Q4 2013, revenue increased 2% while the company reported a net loss of $3 million compared to a net profit in Q4 2012.
3) The company owns 38 dry bulk carriers with a total capacity of 2.2 million DWT and an average age of 7 years.
4) Average daily time charter equivalent rates were $14,092 for 2013, down from $15
Maersk Drilling reported strong financial results for 2013, with profits increasing from USD 347M in 2012 to USD 528M in 2013. Operational uptime also increased, from 92% in 2012 to 97% in 2013. For 2014, Maersk Drilling expects results to be below 2013 due to planned rig maintenance and start-up costs for new rigs. Maersk Drilling secured several new contracts in 2013 and has high contract coverage for 2014-2016, with a revenue backlog of USD 7.9B. The company continues expanding through its newbuild program but some rig deliveries will be delayed 2-4 months. Maersk Drilling's priorities for 2014 include successful rig deliveries and maintenance
Teekay Corp group presentation September 2013TradeWindsnews
Teekay Corporation is a leading provider of marine services to the global oil and gas industry. It has a fleet of over 170 vessels across its business segments of offshore, liquefied gas, and tankers. The presentation discusses trends supporting continued growth in the offshore and liquefied natural gas markets. It also outlines Teekay's diversified business model and significant forward fixed contracts of over $15 billion. Teekay has been pursuing a strategy of growing its daughter companies like Teekay LNG and Teekay Offshore through organic projects and dropdown acquisitions, which benefit Teekay Corporation through increasing cash distributions.
GasLog investor day presentation September 2013TradeWindsnews
- The presentation provides an overview of GasLog Ltd. and their investor day activities
- It discusses GasLog's business strategy, growth trajectory, and portfolio of LNG shipping vessels
- An external speaker then provides context on the growing LNG market and shipping demand outlook
SeaBird Exploration provides marine 2D and 3D seismic data to the oil and gas industry. It has a global presence and leading operational excellence. The company focuses on core business segments like 2D acquisition and niche 3D acquisition. It has a diversified fleet and blue-chip client base. SeaBird aims to optimize fleet utilization through a mix of long and short-term contracts while also pursuing multi-client projects to capitalize on opportunities. Historical data shows high vessel utilization and revenues, though repositioning can impact utilization. Market pricing remains strong with high tender activity in 2D and 3D segments.
The document provides an agenda and materials for a Polarcus Limited investor presentation covering highlights, financials, operations, and market updates. Key points include revenues of USD 275.3 million for the first half of 2013, up 28% from the prior year. The balance sheet was strengthened through refinancing at a reduced average interest rate of 7.1%. Operational performance showed technical downtime below 5% and completion of a large multi-client project. The company also discussed ongoing legal matters and shareholder information.
BW Offshore is an experienced FPSO (floating production, storage and offloading vessel) operator with 16 FPSOs and 1 FSO currently in operation. It has a global production of 700,000 barrels of oil equivalent per day and a strong safety record with a low lost time injury rate. BW Offshore has a $7.8 billion contract portfolio and significant potential for growth through existing assets and new projects. It aims to create value through contract extensions, redeployments of existing FPSOs, and potential new contracts.
This document provides an overview and summary of Atwood Oceanics for investors attending the 20th Annual Oil & Offshore Conference. It summarizes Atwood's strategy of modernizing and expanding its fleet through newbuild rig deliveries from 2011-2015. This will provide a younger fleet of ultra-deepwater floaters and high-spec jackups. The summary also outlines Atwood's strong safety and operating performance, revenue efficiency, and focus on superior shareholder returns. Key details include $3.9 billion in contracted backlog through 2016 and funding for remaining capital expenditures of $1.4 billion through operating cash flows and credit facilities.
The document reports Globus Maritime's financial and operating results for the second quarter and first half of 2013, showing improvements in adjusted EBITDA and average daily TCE rates compared to the same periods in 2012, along with details on fleet deployment and market conditions. It also provides statements of comprehensive income, financial position, cash flows, and bank debt developments.
Golar reported net income of $59.0 million for Q2 2013, including a non-cash gain of $47.9 million. EBITDA was $8.2 million for the quarter. Underlying dividends received from Golar LNG Partners increased to $16.0 million from $14.4 million in Q1. Two vessels entered layup due to volatile spot market conditions. Golar has secured $1.1 billion in funding for 8 newbuilds and concluded two 10-year FSRU charters. Cash flow from operations and dividends from Partners will help fund the remaining $720 million of the $2.74 billion newbuild program. The LNG shipping market outlook remains supported by
Golar LNG Partners reported second quarter 2013 results with net income of $28.0 million and operating income of $44.4 million. They generated distributable cash flow of $26.4 million for the quarter and declared a quarterly distribution of $0.515 per unit. Recent events included completing drydockings and refinancing two vessels. Near and medium term growth opportunities include potential acquisitions of the FSRU vessels Igloo and Eskimo which have been awarded long term contracts by Golar LNG in Kuwait and Jordan respectively.
The document summarizes Seadrill's second quarter 2013 conference call. Key highlights include:
- Seadrill generated a record $665 million in EBITDA for Q2 2013.
- Economic utilization of floaters increased to 94% from 92% last quarter.
- Net income was $1.75 billion and earnings per share was $3.68.
- The quarterly cash dividend was increased to $0.91 per share.
Lamprell reported interim results for the first half of 2013, showing a return to profitability. Revenue was broadly flat at $521 million compared to the first half of 2012. Profit before tax was $10.1 million, compared to a loss before tax of $50.8 million in the same period last year. The company secured a new $181 million refinancing facility that matures in 2016. Operationally, several key projects were successfully delivered in the first half and the company's order book stands at $1.1 billion with a bid pipeline of $4.6 billion.
- Seadrill Partners reported net income of $22.1 million for Q2 2013 and generated distributable cash flow of $15.8 million.
- They completed the acquisition of tender rig T-15 from Seadrill Limited for $210 million.
- Seadrill Partners has opportunities for further growth through potential dropdowns of additional rigs from Seadrill's fleet of $15.4 billion in contracted backlog.
The document is a corporate presentation by ASL Marine for FY2013. It provides an overview of ASL Marine's business segments which include shipbuilding, shiprepair and conversion, shipchartering, and engineering. For FY2013, key highlights included revenue increasing 19% to $465.4 million driven by higher shipbuilding activity. Gross profit rose 47% to $83.6 million and net profit increased 40% to $45.3 million. The presentation also reviews each business segment's financial performance for FY2013 and 4Q FY2013.
This document discusses Frontline's Q2 2013 results and provides an outlook. Some key points:
- Frontline reported a net loss of $120.3 million for Q2 2013, which included a $81.3 million vessel impairment loss. Excluding impairment, the net loss was $39 million.
- Average VLCC spot rates increased to $8,000 per day in Q2 from $1,250 in Q1, while average Suezmax spot rates fell slightly to $11,500 from $12,500.
- Frontline's fleet consists of 48 vessels, including two Suezmax newbuildings with remaining payments of $87.9 million. The company expects VLCC cash breake
4. quarterly report 1 - 2013 - farstad shipping asa
safety
conscious
value
productive
reliable
inclusive visible and
Transparent
CORPORATE VISION
Better by Far®
We intend to develop the company
further by abiding our values so
that we can maintain a leading,
competitive position in those
markets in which we are present.
BUSINESS CONCEPT
We shall be a leading provider of
specialized offshore tonnage to the
international oil and gas industry.
FOCUS AREAS
We focus on large, advanced
vessels in the anchor handling,
supply and subsea segments.
We focus on health, safety,
environment and quality. This
provides the foundation for all our
activities and is vital with regard to
competitiveness.
We focus on stimulating and
further developing the competen-
ce, knowledge and awareness of
our employees.
LONG-TERM PERSPECTIVE
We are an industrial operator with
a long-term perspective on our
activities. Our services shall
contribute to a sustainable
development for our customers
and their businesses, as well as
form a basis for a long-term
value creation which benefits
shareholders, employees and
society in general. We have a
long-term chartering strategy.
this is
farstad shipping
Farstad Shipping is a leading supply shipping company within
our defined segment of large and more advanced offshore
supply vessels. We are a value-driven company with focus on
safety, quality and efficiency in our services. The company’s
fleet consists of 58 vessels: 26 PSV, 29 AHTS and 3 SUBSEA
vessels. In addition we have seven newbuilds (3 PSV, 3 AHTS
and 1 SUBSEA) for delivery between May 2013 and March
2015. The company’s operations are managed from Ålesund,
Aberdeen, Melbourne, Perth, Singapore, Macaé and Rio de
Janeiro with a total of approx. 2,080 employees. At the moment,
15 vessels are stationed in Brazil, 15 in North-West Europe,
26 in the Indian Pacific region and two vessels in East Africa.
4
5. Ålesund
Aberdeen
Macaé
Rio de Janeiro
Singapore
Perth
Melbourne
26% 45% 3%26%
20% 36% 41% 3%
54% 2%14%30%
quarterly report 1 - 2013 - farstad shipping asa
PSV
Platform Supply Vessel
26 vessels + 3 newbuilds
AHTS
Anchorhandling Tug Supply
vessel
29 vessels + 3 newbuilds
Subsea
Subsea Construction Vessel
3 vessels + 1 newbuild
26 vessels 2 vessels15 vessels 15 vessels
415 employees 754 employees 855 employees 56 employees
271 NOK million 132 NOK million 494 NOK million 14 NOK million
braZil north-west europe indian pacific other regions
the farstad fleet
the Market
5
7. quarterly report 1 - 2013 - farstad shipping asa
Farstad Shipping achieved an operating income of NOK 914.8 million for the
1st
quarter. The operating profit (EBIT) was NOK 173.3 million. The profit after taxes
was NOK 82.1 million.
RESULTSFORTHE1ST
QUARTER2013
Farstad Shipping achieved an operating income of NOK
914.8 million for the 1st
quarter (NOK 905.5 million for the
same period in 2012). The operating costs for the period
were NOK 590.1 million (NOK 595.8 million). Both opera-
ting income and operating costs have been positively influ-
enced by fewer dockings than normal this quarter. A weak
spot market in the North Sea has influenced the operating
income negatively as has four vessels that have been com-
pletely or partly without work during this quarter. Three of
these vessels have been idle awaiting start-up of new con-
tracts.
The operating profit (EBIT) was NOK 173.3 million
(NOK 163.9million)afterdepreciationofNOK151.3million
(NOK 145.7 million). Net finance was negative NOK 83.8
million (negative NOK 47.7 million). Currency gain of
NOK 30.2 million is booked during the 1st
quarter (gain
NOK 11.1 million). Further an unrealized currency loss of
NOK 11.3 million (gain NOK 27.9 million) is booked due to
the adjustment of the company’s long-term liabilities in for-
eign currency. The profit after taxes was NOK 82.1 million
(NOK 113.7 million). The Group’s cash flow*) for the period
was NOK 252.1 million compared to NOK 234.0 million for
thesameperiodin2012.
FINANCINGAND CAPITALSTRUCTURE
In the balance sheet at 31.03.13, interest-bearing mort-
gage debt totals NOK 8,763.4 million (NOK 6,681.0 million
at 31.03.12). Of the company’s interest-bearing debts,
77.6% is in NOK, 9.9% in USD, 7.8% in GBP and 4.7% in
AUD. Interest-bearing current assets at 31.03.13 were
NOK1,531.5million(NOK1,325.7million).
The Group’s booked equity at 31.03.13 was NOK 6,849.0
million(NOK6,891.5million)correspondingtoNOK175.61
(NOK176.71)pershare.Equityratiowas41.4%(47.6%).
ACCOUNTINGPRINCIPLES
The quarterly report has been prepared in accordance with
today’s International Financial Reporting Standards (IFRS)
and interpretations, and the IAS 34 standard for quarterly
reporting. Except for the implementation of changes in the
Pension Standard (IAS 19), all accounting principles used
are in accordance with principles used in the last annual
report. The financial statements for the first quarter of
2013areunaudited.
CHANGESTOTHEFLEET
Far Spica (STX PSV 08 CD) was delivered from Vard Lang-
sten 31 January and started immediately after delivery on a
contract with Statoil. The vessel is financed by Danish Ship
FinanceAS. FarSitella (STX PSV08 CD)was delivered from
Vard Vung Tau, Vietnam 5 February. After the arrival in
Australia, the vessel started on a long term contract with
Shell Australia. The vessel is financed by Nordea Bank. Far
Senator (AHTS 731 CD) was delivered from Vard Langsten
21March.ThevesselwassoldtoOceanYieldASandleased
backona12yearbareboatcharter.Theagreementincludes
optionsforustobuybackthevesselatgivenconditions,and
willbetreatedasafinancialleaseintheaccounts.Thevessel
istradingtheNorthSeaspotmarket.
AHTSLadyCynthia(1987,HartFenton)wassold2January.
After the sale, only two of the company’s vessels are built
duringthe1980’s.
In February, an agreement was reached with Vard AS to
build a Subsea/IMR vessel. The newbuild is part of the
company’s expansion into the subsea market, and repre-
sents an investment of approx. NOK 825 million. The vessel
is a STX OSVOSCV07 design (Offshore Subsea Construc-
tion Vessel) and is constructed for subsea/IMR operations
(Inspection, Maintenance and Repair).The vessel has a total
lengthof143meters,beamof25metersandadeckareaof
more than 1,800 m2
, and is equipped with two offshore cra-
nes, of which the larger one has a lifting capacity of 250
tons. Furthermore the vessel is arranged for three ROV’s
(Remote Operating Vehicles) and has accommodation for
130 persons. Delivery of the vessel will take place in the
firstquarter2015.
NEW CONTRACTS
Farstad Shipping has achieved a number of new charter
*) Cash flow is defined as pre-tax profit + depreciation and deferred maintenance +/- change on revaluation of long-term liabilities
in foreign currency.
7
8. quarterly report 1 - 2013 - farstad shipping asa
The company’s 20 largest shareholders
per. 13.05.13
Number %
Tyrholm & Farstad AS 15 796 199 40.50
Brown Brothers Harriman Fidelity 3 200 000 8.21
Folketrygdfondet 2 988 260 7.66
Pareto Aksje Norge 2 010 627 5.16
Jan H. Farstad 1 050 000 2.69
Sverre A. Farstad 1 000 000 2.56
Odin Norge 925 063 2.37
Pareto Aktiv 847 445 2.17
Odin Norden 623 569 1.60
Odin Offshore 620 553 1.59
Mondrian Int. Equity Fund 519 455 1.33
Pareto Verdi 464 545 1.19
MP Pensjon 420 000 1.08
Highclere International Investors 394 251 1.01
Forsvarets Personellservice 228 000 0.58
Citibank DFA-INTL SML CAP 207 709 0.53
The Bank of New York 163 632 0.42
JPMorgan Chase Bank 161 563 0.41
Pareto Sicav 151 135 0.39
Nortura Konsernpensjon 150 000 0.38
Total 20 largest shareholders 31 922 006 81.85
Other shareholders 7 077 994 18.15
Total number of shares 39 000 000 100.00
commitments during this quarter - the most significant of
these arepresentedbelow:
PSVFar Star left the North Sea in January after being awar-
dedatwomonthscontractwithTechnipinBrazil.
PSV Far Spica and PSV Far Scotsman were awarded con-
tracts of approx. 9 months duration each to support the
Statoil drilling campaign on the coast of East Africa. Start-
up of the contractswas inApril, and Statoil has the option to
extendthecontractsforafurtherninemonths.
PerencoPetroleoeGasdoBrasilawardedAHTSFarSagaris
a 12 month contract with a 6 month option to support the
Ocean Star drilling campaign in Brazil. The vessel was idle
during the quarter until start-up of this contract medio Fe-
bruary.
Fugro Rue in Norway awarded IMR vessel Far Saga a six
monthcontract.Thevesselwasidleinthequarteruntilstart-
up of the contract in the end of February.The contract inclu-
des ROV support operations and other subsea related acti-
vitiesintheNorthSea.
Petrobras declared their option to extend the contract for
AHTSFarSeawith292days.
PSV Far Solitaire was awarded a new four month contract
with fourmonthly options forStatoil.The contract is a direct
continuationofpreviouscontract.
Statoil declared their one year options to extend the con-
tracts for PSV Far Seeker and PSV Far Searcher until April
andMarch2014respectively.
Peterson SBS Den Helder B.V. awarded PSV Far Splendour
a one year contract with two yearly options. Start-up of the
contractwasinthebeginningofMay.
CONTRACTCOVERAGE
The contract coverage of the Farstad Fleet is approximately
72% for the remaining part of 2013, and approximately
45% for 2014. These figures include the charterer’s op-
tionstoextendcertaincontracts.
SHAREHOLDERMATTERS
The company’s shares have during the quarter been traded
quarterly report 1-2013
8
9. quarterly report 1 - 2013 - farstad shipping asa
between NOK 128.50 and NOK 145.00, and were
NOK 128.50 at the end of the quarter. The share price at
31.03.13valuesthecompanytoapprox.NOK5.0billion.
THEMARKET
The market for the first quarter turned out as expected.
Most of our markets have been characterized by too much
idletonnage.TheNorthSeamarketwasweakinthetwofirst
months of the year, but improved as spring progressed.
There have been brief periods with balance in the market.
EventhoughthesummermarketintheNorthSeathisyearis
expected to be better than lastyear, a more stable market is
dependentuponanetdepartureoftonnagetootherregions.
Brazil has shown a positive development during the quarter
as Petrobras once more has started awarding contracts,
which gives reasons for optimism. The Indian Pacific region
is still characterized by overcapacity of tonnage and pres-
sure on rate levels. This situation is not expected to improve
in2013.
With an oil price at today’s level, the offshore activity is ex-
pected to increase in the years ahead.This applies to opera-
tions related to drilling activity as well as operations related
to installation and production and not least the increasing
activity related to inspection, maintenance and repair of
subsea installations. Profitability for the participants in this
market will be dependent upon the development on the
supply side. An increasing number of new participants with
easyaccesstocapitalthattheyarewillingtoriskisaconcern
in terms of continued high contracting. Especially, for the
subsea market the development and completion of planned
projects will be dependent on sufficient access to enginee-
ring and other critical shore based resources, which will
eventually lead to revised time schedules and a flattening of
theactivitylevel.
ANNUAL GENERAL MEETING MAY15TH
2013
The Annual General Meeting will be held at the company’s
premisesonWednesday15May. TheBoardofDirectorswill
propose a dividend of NOK 3.00 per share for 2012
(NOK 5.00persharefor2011).Theshareswillbetradedex.
dividend on Thursday 16 May. Payment of dividend will take
placeon29May.
Aalesund,May14th
2013
TheBoardofDirectors
9
10. quarterly report 1 - 2013 - farstad shipping asa
FARSTAD SHIPPING ASA (NOK 1000) Group
PROFIT AND LOSS ACCOUNT
STATEMENT OF COMPREHENSIVE INCOME
1.1-31.03 1.1-31.03 1.1-31.12 1.1-31.12
2013 2012 2012 2011
Freight income and other income 911 318 916 349 3 714 024 3 584 889
Profit (loss) on sale of fixed assets 3 450 (10 847) (10 252) 16 909
Total operating income 914 768 905 502 3 703 772 3 601 798
Operating expenses vessels (523 331) (523 943) (2 108 838) (1 948 798)
Administration (66 779) (71 891) (288 736) (234 565)
Total operating expenses (590 110) (595 834) (2 397 574) (2 183 363)
Operating profit before depreciation (EBITDA) 324 658 309 668 1 306 198 1 418 435
Ordinary depreciation (151 347) (145 735) (575 928) (544 808)
Operating result before other
revenues and expences 173 311 163 933 730 270 873 627
Gain from gradual acquisition - - - 70 431
Operating result (EBIT) 173 311 163 933 730 270 944 058
Financial income 11 730 11 940 48 305 64 632
Financial expenses (114 453) (98 700) (435 844) (410 900)
Agio/(disagio), realised 30 181 11 140 15 827 25 436
Agio/(disagio), unrealised (11 286) 27 945 (33 861) (92 915)
Net financial expenses (83 828) (47 675) (405 573) (413 747)
Pre-tax profit 89 483 116 258 324 697 530 311
Taxes (7 341) (2 535) (12 866) 38 137
Result 82 142 113 723 311 831 568 448
Profit/diluted profit per share (NOK) 2,11 2,92 8,00 14,58
Cash flow per share (NOK) 6,46 6,00 23,96 28,14
Average number of outstanding shares 39 000 000 39 000 000 39 000 000 39 000 000
1.1-31.03 1.1-31.03 1.1-31.12 1.1-31.12
2013 2012 2012 2011
Result 82 142 113 723 311 831 568 448
Other comprehensive income:
Change in currency and interest hedging contracts (46 671) 52 324 23 303 (53 866)
Change in deferred tax - (3 126) (9 439) 2 014
Translation effects
foreign operations 37 663 (10 111) (101 442) (66 670)
Change in actuarial gains and losses pensions - (81 542) (73 639) -
Total other comprehensive income (9 008) (42 455) (161 217) (118 522)
Comprehensive income for the period 73 134 71 268 150 614 449 926
10
13. quarterly report 1 - 2013 - farstad shipping asa
FARSTAD SHIPPING ASA (NOK 1000) GROUP
CHANGE IN EQUITY
STATEMENT OF CASH FLOW
1.1-31.03 1.1-31.03 1.1-31.12 1.1-31.12
2013 2012 2012 2011
Cash flow from operating activity 293 343 302 536 1 171 243 1 362 490
Sale of fixed assets 18 762 9 279 24 913 41 951
Investment in fixed assets and contracts newbuilds (1 087 010) (271 265) (1 627 350) (688 613)
Net payment purchase of subsidiary - - - (296 763)
Other investments 10 782 60 211 81 623 83 161
Cash flow from investment activity (1 057 466) (201 775) (1 520 814) (860 264)
New long-term debt 1 066 499 397 400 2 235 440 4 760
Repayment of debt (251 851) (527 787) (1 125 540) (741 827)
Dividend paid - - (195 000) (156 000)
Interest costs (110 625) (95 944) (412 196) (396 647)
Cash flow from finance activity 704 023 (226 331) 502 704 (1 289 714)
Net changes in cash and
cash equivalents in the period (60 100) (125 570) 153 133 (787 488)
Net currency exchange differences subsidiaries (2 987) (871) (242) (6 620)
Cash and cash equivalents
at the beginning of the period *) 1 495 147 1 342 256 1 342 256 2 136 364
Cash and cash equivalents
at the end of the period *) 1 432 060 1 215 815 1 495 147 1 342 256
*) Ex. shares, equity certificates and bonds
1.1-31.03 1.1-31.03 1.1-31.12 1.1-31.12
2013 2012 2012 2011
Equity at the beginning of the period 6 775 849 6 820 235 6 820 235 6 582 368
Comprehensive income 73 134 71 268 150 614 449 926
Change in foreign currency translation due
to gradual aquisition of subsidiary - - - (56 059)
Dividend payment - - (195 000) (156 000)
Equity at the end of the period 6 848 983 6 891 503 6 775 849 6 820 235
13
14. 2013 2014 2015 2016 2017
quarterly report 1 - 2013 - farstad shipping asa
CONTRACT OVERVIEW AT 13.05.13
Year
builtDesign BHP
Employment i
)
at 13.05.13Vessel name Owner
Owner:
SUP = Farstad Supply AS
IOS = P/R International Offshore Services ANS
FSL = Farstad Shipping Ltd.
FSS = Farstad Shipping Pte. Ltd.
CON = Farstad Construction AS
FSB = Farstad Shipping S.A. (Brazil)
AHTS FLeet employment
FAR SIRIUS tbn UT 731 CD 2014 - SUP
FAR SIGMA tbn UT 731 CD 2014 - SUP
FAR STATESMAN tbn UT 731 CD 2013 - SUP
FAR SENATOR UT 731 CD 2013 - SUP Spot
FAR SARACEN UT 731 CD 2010 24400 SUP March 14 + opt.
FAR SHOGUN UT 731 CD 2010 24400 SUP March 14 + opt.
FAR SAGARIS UT 731 CD 2009 23700 SUP March 14 + opt.
FAR SCORPION UT 731 CD 2009 23700 SUP Spot
FAR SCIMITAR UT 712 L 2008 16000 SUP May 13
FAR SABRE UT 712 L 2008 16000 SUP Spot
FAR SAPPHIRE UT 732 CD 2007 27500 SUP Spot
FAR SOUND UT 712 L 2007 16000 SUP July 13 + opt.
BOS TURQUESA UT 722 L 2007 19000 FSB Feb. 15 + opt.
FAR STRAIT UT 712 L 2006 16000 FSS Nov. 13
FAR STREAM UT 712 L 2006 16000 SUP Nov. 13
FAR SWORD UT 712 L 2006 16000 SUP July 13 + opt.
BOS TURMALINA UT 722 L 2006 15500 FSB July 14 + opt.
BOS TOPÀZIO UT 728 L 2005 13240 FSB Dec. 13 + opt.
LADY ASTRID UT 712-2 2003 13500 IOS May 13
LADY CAROLINE UT 712-2 2003 13500 IOS Spot
FAR SALTIRE UT 728 L 2002 16300 FSL Spot
LADY GURO UT 719-2 2001 5450 FSS Oct. 16 + opt.
FAR SCOUT UT 722 L 2001 18700 SUP Feb. 16 + opt.
FAR SANTANA UT 730 2000 19200 SUP July 14 + opt.
FAR SOVEREIGN UT 741 1999 27400 SUP Feb. 15 + opt.
FAR SENIOR UT 722 L 1998 18900 SUP Feb. 16 + opt.
LADY SANDRA KMAR 404 1998 17000 FSS June 13 + opt.
FAR SAILOR UT 722 1997 14800 SUP Oct. 13 + opt.
FAR FOSNA UT 722 1993 14400 SUP June 13 + opt.
FAR GRIP UT 722 1993 14400 SUP May 13
FAR SKY ME 303 II 1991 13400 SUP May 13
FAR SEA ME 303 II 1991 13200 SUP Nov. 13 + opt.
14
15. 2014 2015 2016 2017
2013 2014 2015 2016 2017
2013
quarterly report 1 - 2013 - farstad shipping asa
FAR SYGNA tbn PSV 07 2014 - SUP May 20 + opt.
FAR SUN tbn PSV 07 2014 - SUP Aug. 20 + opt.
FAR STARLING tbn PSV 08 CD 2013 - SUP
FAR SITELLA PSV 08 CD 2013 4000 FSS June 14 + opt.
FAR SPICA PSV 08 CD 2013 4000 SUP Oct. 13 + opt.
FAR SOLITAIRE UT 754 WP 2012 5800 SUP Sept. 13 + opt.
FAR SKIMMER PSV 08 CD 2012 4000 FSS Nov. 14 + opt.
FAR SCOTSMAN PSV 08 CD 2012 4000 FSL Oct. 13 + opt.
FAR SERVER HY 832 CD 2010 4000 FSL May 13 + opt.
FAR SERENADE UT 751 CD 2009 5944 SUP April 14 + opt.
FAR SEARCHER UT 751 E 2008 4992 SUP March 14
FAR SEEKER UT 751 E 2008 4905 SUP April 14
FAR SPIRIT VS470MkII 2007 3624 FSL Nov 14 + opt.
FAR SWAN VS470MkII 2006 3628 FSS April 14 + opt.
FAR SPLENDOUR P 106 2003 3503 SUP April 14 + opt.
FAR SYMPHONY P 105 2003 4929 SUP April 17 + opt.
FAR SWIFT UT 755 L 2003 3084 SUP May 13 + opt.
LADY MELINDA UT 755 2003 2777 FSS Dec. 13 + opt.
LADY GRETE UT 755 L 2002 3271 FSS Nov. 13
LADY GRACE UT 755 2002 2936 IOS May 14 + opt.
FAR STAR UT 745 1999 4403 SUP Aug. 17 + opt.
FAR SUPPLIER VS 483 1999 4593 FSL May 14
FAR STRIDER VS 483 1999 4709 FSL July 17 + opt.
FAR SUPPORTER UT 750 1996 4680 FSL May 16
FAR SERVICE UT 745 1995 4680 FSL June 13 + opt.
FAR SCANDIA UT 705 1991 3100 SUP May 14
FAR SUPERIOR UT 705 L 1990 3796 FSL May 13
FAR GRIMSHADER UT 706 L 1983 3225 SUP Spot
LADY KARI-ANN ME 202 1982 2972 IOS Spot
FAR SLEIPNER tbn OSCV 07 2015 - SUP
FAR SAMSON UT 761 CD 2009 47600 CON April 14 + opt.
FAR SAGA UT 745 L 2001 10900 SUP Aug. 13 + opt.
FAR SCOTIA UT 755 2001 3022 FSL Nov. 16 + opt.
CONTRACT OVERVIEW AT 13.05.13
Year
builtDesign DWT
Employment i
)
at 13.05.13Vessel name Owner
Year
builtDesign BHP
Employment i
)
at 13.05.13Vessel name Owner
i
) Certain freight contracts contain clauses which give the charterer
the right to cancel the contract.
Contract Charterer’s option
Under construction
PSV/SUBSEA FLeet employment
15