Presentation
SR-Markets oljeserviceseminar 5. juni - 2012
Sævik Family Offshore history
1904
The Sævik family starts its long history of maritime activity by acquiring its first fishing vessel
1981
Enter the offshore market with Sævik Supply
1996
Bought 12 PSV and AHTS from Viking Supply Ships in Kristiansand
Sævik Supply ASA was listed on the Oslo Stock exchange
1997
Trico acquired Sævik Supply ASA for USD 289 mill
1998
Havila Supply ASA was established
Listed at Oslo Stock exchange with a fleet of 12 vessels and 3 newbuildings
2003
Group Bourbon acquired the company, and renamed this part of its operations Bourbon Offshore Norway
AS. The company was de-listed from Oslo Stock exchange
In July, The Sævik family acquired the RRV fleet from Havila Supply ASA
The new offshore company, consisting of 10 vessels, was named Havila Shipping ASA
2005
Havila acquired 5 PSV and 1 AHTS vessels from the Seacor Group in March
Listed at Oslo Stock Exchange in May
2006
Joint venture agreement with PACC Offshore Services Holding in Singapore
2007-2011
New building program – 13 vessels delivered from Norwegian yards, 12 vessels from Havyard – Four
vessels operated out of Singapore
2011
Havila Shipping acquired 5 PSVs
Global presence
Fosnavåg - HQ
Aberdeen & London
Vessel Management
Havila Princess
POSH Fleet
Havila Harmony
Havila Favour
Havila Faith
Singapore
Vessel Management
Rio de Janeiro
Havila Office
3
Contract announcements YTD
NOK 1 billion – options not included
27.01.2012 – Value NOK 250m
Havila Harmony with FugroTSM in Australia for a
•2 year extension until March 2014, with 2 optional years until March 2016.
Havila Fortune with E.ON for the PSV
•2 wells and one well option.
•The charter commence in March 2012.
Havila Clipper with Statoil
•First 180 days option declared
•One 180 days option left
Havila Crusader with BP Norge
•Options exercised until June
22.03.2012 – Value NOK 400m
Havila Fortress with Petrobras in Brazil
•4 years firm
•Optional period of 4 years
.
Havila Mars with Statoil
•One year option declared
•Wessel on contract until June 2013.
11.04.2012 – Value NOK 350m
Havila Commander with Total E&P UK
•4 years firm
•2x1 year option
Havila Borg with Norske Shell AS
•1 year otpion declared
•Vessel on contract until 15(th) July 2013.
4
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
1
04.06.12
Weeks
Days
3
2
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
5
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
6
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.
7
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.
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%
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
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
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)
14
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
15
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
16
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
17
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
18
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
19
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
ƒ
6 x 8,000BHP 105TBP DP1 AHTS
Posh Value
9 POSH Viking, Vibrant, Virtue, Value, Resolve &
Resolute
ƒ
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
20
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
22
Shareholders
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 %
Senior unsecured bond loans
Senior unsecured
•
Unlisted: NOK 50 million – 2011/2013
– Maturity: 28.02.2013 – Fixed 10%
•
Havi 03: NOK 500 million – 2010/2011
– Maturity: 19.07.13 - 3M NIBOR + 9.5%
•
Havi 05: NOK 300 million – 2010/2014
– Maturity: 02.12.14 - 3M NIBOR + 8.5%
•
Matured bonds:
–
–
HAVI01 PRO: NOK 200 million 2006/2011 – 3M NIBOR + 1.50%
HAVI02 PRO: NOK 300 million 2009/2012 – 3M NIBOR + 11.00% (called July 2010)
24
Senior secured bond loans
PSV Havila Clipper – HAVI04 – NOK 225 million – Outstanding debt: NOK 211
Maturity: 08.11.16
3M NIBOR + 3,75%
Mortgage: 1st priority
Annual instalment: NOK 14.1 million
Next instalment: November 2012
Havila Subsea – HAVI06/07 – NOK 600 million – Outstanding debt: NOK 585 million
Maturity: 30.03.17
Mortgage: 1st priority
Havi06: Fixed interest 8.6%
Havi07: Floating 3M NIBOR + 4.5%
Annual instalment: NOK 30 mill
Next instalment: 30th June
25
Market comments
•General
•
•
•
•
•
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
•Subsea activity 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
26
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 njaal@havila.no
CFO ARNE JOHAN DALE (+47) 909 87 706 ajd@havila.no