Beruflich Dokumente
Kultur Dokumente
February 2014
Table of contents
I.
Investment highlights
II.
Group overview
III.
The fleet
IV.
Financials
V.
Market update
VI.
Executive summary
Appendix
Investment highlights
1
High quality and advanced offshore service vessels with diversified exposure
Modern fleet of 29 vessels with average age of approx. 3.7 years (incl. 5 newbuilds)
Total market value of fleet delivered NOK 10 billion
Aging subsea infrastructure drives need for well intervention and maintenance
Improving outlook for AHTS, PSV more stable
Two strong and long term owners in Borgstein/Ulstein and Edison Chouest
Financing
Contract
Contract
Contract
Contract
Contract
Contract
Contract
Contract
Contract
Contract
Contract
Contract
Contract
Contract
Contract
Contract
Contract
Contract
Contract
Contract
Fleet changes
Group structure
Ownership structure
Comments
Borgstein AS
100%
100%
Borgstein
Skipsinvest AS
50%
Island
Investment LLC
Amnor LLC
(GP in IOSH LP)
50%
1%
49.5%
Island Offshore
Shipholding LP
49.5%
Table of contents
I.
Investment highlights
II.
Group overview
III.
The fleet
IV.
V.
Financials
VI.
Market update
VII.
Executive summary
Appendix
Key figures
NOK million
2009
2010
2011
2012
2013
Gross revenue
1 346
1 520
1 708
1 954
2 146
EBITDA
491
550
663
773
847
EBIT
236
379
479
551
596
7 352
7 602
7 893
9 046
10 018
17
17
18
21
24
Total assets
Number of vessels
Well stimulation
Anchor handling
Business areas
PSV
AHTS
Well Stimulation
SCV
RLWI
12 vessels; 3 on order
2 vessels
4 vessels
3 vessels; 1 on order
3 vessels; 1 on order
Operates 4 well
stimulation vessels
especially equipped for
transporting and
handling liquid cargo
and chemicals for use
in well stimulation
operations
The vessels are
equipped with acid
storages, blender
equipment, and
stimulation pump
rooms
Operates a fleet of
advanced and versatile
vessels with subsea
capabilities
Specializes in
developing and
implementing
innovative engineered
solutions for RLWI to
obtain increased oil
recovery
Ownership
Borgstein (50%)
Shipping
50% ownership in Island Offshore Shipholding LP
25% ownership in 8 PSVs operating in the US Gulf, as well as
10%, 25%, 25% and 50% ownership in 4 SCVs through the
Island Ventures group remaining ownership by Chouest
Provider of commercial shipping services to the Island
Offshore Group
Real estate
Owner and developer of 18,000 sqm real estate in Ulsteinvik
Owner of local shopping mall, approx. 12,000 sqm
Owner and developer of other property projects in the region
Industry
30% ownership in Ulstein Marine Technology AS. Includes
companies such as Diesel Power AS, Djupvik Dreieverksted
AS, Baro Mekaniske Verksted AS, Pyrofabrikken AS
Corporate structure
Borgstein Skipsinvest
50%
50%
50%
Island Offshore
Shipholding LP
80%
Wellserver
Centurion
Frontier
Pride (NB)
Champion
Crown
Condor (NB)**
Clipper (NB)**
Island Offshore
Management AS
100%
Island Offshore
Subsea AS
Navigator (NB)
54%
IO VIII KS
51%
IO LNG
Invest KS
Spirit
Captain
Empress
70%
IO III KS
Constructor
70%
IO Pioneer
KS
100%
IO X KS
51%
IO XII Ship
AS
Ocean Intervention
Vanguard
Duke
Valiant
Affiliated companies
Duchess
Earl
Express
58%
IO LNG KS
Dawn
Dragon (NB)
Endeavour
Patriot
Contender
Commander
Crusader
Performer (NB)
Chieftain
Challenger
*The ownership percentages presented above includes indirect ownerships through the General Partners.
** Shipbuilding contracts for Condor and Clipper have not been formally assigned to IOSH as of date
10
Table of contents
I.
Investment highlights
II.
Group overview
III.
The fleet
IV.
V.
Financials
VI.
Market update
VII.
Executive summary
Appendix
11
ISLAND PERFORMER
Design: Ulstein SX 121
Yard: Ulstein Verft AS
Build: 2014
Type: RLWI DP III
L.O.A.: 130.0m
Well Stimulation
MV ISLAND PATRIOT
Design: P 105
Yard:
Ulstein Verft AS
Build: 2005
DWT
3,628
L.O.A.: 86.2m
MV ISLAND CAPTAIN
Design: UT 776 CD
Yard:
STX OSV Brevik
Build: 2011
DWT:
4,600
L.O.A.: 93.0m
MV ISLAND CENTURION
Design: UT 776 CD
Yard:
STX OSV Brevik
Build: 2011
DWT:
4,600
L.O.A.: 93.0m
MV ISLAND COMMANDER
Design: UT 776 CD
Yard:
STX Brevik
Build: 2009
DWT:
4,790
L.O.A.: 93.0m
Subsea Support
AHTS
MV ISLAND VANGUARD
Design: UT 787 CD
Yard:
Aker Yards Langsten
Build: 2007
BHP:
22,000
L.O.A.: 86.3m
MV ISLAND VALIANT
Design: UT 787 LCD
Yard:
Aker Yards Langsten
Build: 2007
BHP:
22,000
L.O.A.: 93.3m
PSV
MV ISLAND CHAMPION
Design: UT 776 E
Yard:
Brevik Construction
Build: 2007
DWT:
4,802
L.O.A.: 93.0m
MV ISLAND CHALLENGER
Design: UT 776 E
Yard:
Brevik Construction
Build: 2007
DWT:
4,802
L.O.A.: 93.0m
MV ISLAND DUKE
Design: UT 717 CD
Yard:
VARD Brevik
Build: 2013
DWT: 3,800
L.O.A.: 84,85m
MV ISLAND DUCHESS
Design: UT 717 CD
Yard:
VARD Brevik
Build: 2013
DWT: 3,800
L.O.A.: 84,85m
MV ISLAND EXPRESS
Design: UT 755 LN
Yard:
Brevik Construction
Build: 2007
DWT:
3,180
L.O.A.: 76.6m
MV ISLAND DAWN
Design: UT 717 CD
Yard:
VARD Brevik
Build: 2014
DWT: 3,800
L.O.A.: 84,85m
MV ISLAND EMPRESS
Design: UT 755 LN
Yard:
Brevik Construction
Build: 2007
DWT:
3,204
L.O.A.: 76.6m
MV ISLAND DRAGON
Design: UT 717 CD
Yard:
VARD Brevik
Build: 2014
DWT:
3,800
L.O.A.: 84,85m
MV ISLAND EARL
Design: UT 755 LN
Yard:
Brevik Construction
Build: 2008
DWT:
3,238
L.O.A.: 76.6m
MV ISLAND ENDEAVOUR
Design: UT 755 LN
Yard:
Aker Yards Brevik
Build: 2008
DWT: 3,170
L.O.A.: 76.6m
MV ISLAND CHIEFTAIN
Design: UT 776 CD
Yard:
STX OSV Brevik
Build: 2009
DWT: 4,790
L.O.A.: 93.0m
MV ISLAND CONDOR
Design: UT 776 CD
Yard:
VARD Brevik
Build: 2014
DWT:
4,800
L.O.A.: 93,00m
MV ISLAND CLIPPER
Design: UT 776 CD
Yard:
VARD Brevik
Build: 2015
DWT: 4,800
L.O.A.: 93,00m
MV ISLAND CRUSADER
Design: UT 776 CDG
Yard:
Brevik Construction
Build: 2012
DWT:
4,750
L.O.A.: 96.0m
MV ISLAND CONTENDER
Design: UT 776 CDG
Yard:
STX OSV Brevik
Build: 2012
DWT: 4,750
L.O.A.: 96.0m
12
2 0 13
2 0 14
2 0 15
2 0 16
J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D
IO III
Co ntructo r
RLWI
B P UK / Shell / Stato il
RLWI
Stato il
Wellserver
RLWI
Stato il
Champio n
PSV
Chevro nTexaco
Centurio n
Well Stim
Schlumberger
Cro wn
W2W
Pride
SCV
Co ndo r
PSV
Clipper
PSV
Spirit
SCV
P etro bas
Express
PSV
To tal
Empress
PSV
To tal
Earl
PSV
Endeavo ur
PSV
Co mmander
Well Stim
Co no co P hillips
Chieftain
PSV
B P No rge
Challenger
PSV
Stato il
Patrio t
Well Stim
Stimwell/BP
Ocean Interventio n
SCV
Oceaneering
Duke
PSV
Duchess
PSV
A nadarko
Dawn
PSV
A nadarko
Drago n
PSV
Perfo rmer
LWI
Vanguard
AHTS
Valiant
AHTS
IO VIII
IOX
IOXII
B P UK
Stato il
Shell
TW
Exxo n
Exxo n
M OUK
Talisman
Kosmo s E
Lundin
SV/FTO
IOLNG I Captain
Well Stim
IOLNG
Crusader
PSV LNG
Lundin
Co ntender
PSV LNG
Lundin
Contract
BP UK
Schlumberger
Option
Framework agreement
Delivery
The RLWI contracts with Statoil for Frontier and Wellserver only guarantees 200 days utilization per year, however the demand for the
service has been on a full year basis since 2006.
13
Order backlog (excl. options) as of date is NOK 9.5bn (16.1bn incl. options)
Definition: Value adjusted contract coverage calculated based on contract days, adjusted by average broker value of vessel
14
Fleet utilization
2013
Comments
88% fleet utilization in 2013
Significant yard stay program carried out this year
Increased exposure in the spot market in 2013 due to new
deliveries
Volatile spot market for both PSVs and AHTS.
2012
Comments
93% fleet utilization in 2012
Overall satisfactory for the RLWI fleet, especially Frontier
with 99% utilization
PSV utilization somewhat lower than budget due to weak
spot market
AHTS satisfactory despite weak spot market
Challenges with utilization for Brazil subsea vessel, but
improvement in second half of 2012
Solid counterparties
The Island Offshore Groups key customers are major oil & gas companies with strong credit ratings
AA-
AA
AA-
A
BBB
A
A+
The Companys well intervention services are performed in an alliance with FMC and Aker Solutions
BB+
BBB
16
UT 737 CD
(SCV)
Island
Dragon
UT 717 CD
(PSV)
Island
Performer
SX 121
Island
Condor
UT 776 CD
Island
Clipper
UT 776 CD
27th March
2014
12th June
2014
25th June
2014
30th October
2014
17
Customer base
18
19
12 - 16 days
20
Cons:
Lower day-rate
Faster transit
Improved Safety
22
Table of contents
I.
Investment highlights
II.
Group overview
III.
The fleet
IV.
V.
Financials
VI.
Market update
VII.
Executive summary
Appendix
23
2008
2009
2010
2011
2012
2013
Audited
Audited
Audited
Audited
Audited
Unaudited
1 193
1 043
-530
514
-210
303
-310
-7
-10
-37
1 346
1 129
-638
491
-256
236
-102
134
125
-50
1 520
1 289
-739
550
-171
379
-204
175
171
-42
1 708
1 431
-768
663
-184
479
-166
313
309
-101
1 954
1 660
-887
773
-222
551
-202
350
350
-117
2 146
1 824
-977
847
-251
596
-245
352
Revenue
10%
1 129
1 289
EBITDA
1 660
1824
15%
1 431
491
43%
8%
2009
14%
11%
2010
2011
773
847
47%
46%
2012
2013
663
16%
2012
550
43%
46%
10%
2013
2009
2010
EBITDA
2011
EBITDA margin*
Revenue growth
24
Segment contribution
Gross revenue
EBITDA
RLWI and Well Stimulation have shown rapid growth through 2009-2013,
and now combined represents approx. 56% of revenue
25
31.12.2010
31.12.2011
31.12.2012
31.12.2013
Audited
Audited
Audited
Unaudited
0
0
43
21
5 427
1 686
29
7 207
0
1
81
117
5 677
1 502
35
7 413
0
72
6 966
1 317
38
8 393
30
0
161
7 842
1 133
97
9 263
13
125
202
55
395
18
152
181
129
480
22
331
265
36
653
26
257
216
432
931
Total assets
7 602
7 893
9 046
10 193
Paid in capital
Other equity
Minority interests
Total equity
596
398
606
1 600
596
606
720
1 922
596
857
900
2 353
596
1 058
989
2 643
24
14
122
1 686
3 903
226
5 815
1 502
4 057
258
5 818
1 317
4 844
278
6 440
1 133
6 009
153
7 295
0
48
13
0
102
163
1
27
10
0
102
140
133
9
0
103
246
2
33
1
0
97
132
Total liabilities
6 002
5 971
6 693
7 549
7 602
7 893
9 046
10 193
Deferred tax
Liabilities to Eksportfinans ASA*
Liabilities to credit institutions
Other long-term liabilities
Total long-term liabilities
Liabilities to credit institutions
Accounts payable
Tax payable
Government dues
Other short-term liabilities
Total short-term liabilities
26
Comments
The new building capex program totals NOK 2,856 mill
comprising five vessels to be delivered in 2014-2015;
NOK 2,723 remains as committed
Island Dawn delivered in January 2014
27
Debt financing
Debt maturity profile
Comments
As of 31.12.13, the Group had outstanding debt of NOK 6bn
including ship mortgages, bond and project financing
CIRR double financing arrangement with total book value of
NOK 1.1bn at 31.12.2013
Group financial covenants are based on market practice:
Minimum value clause (MVC*) typically 120 % / 125 %
Positive WC
EBITDA / Debt Service > 1.1
2014 balloons relate to mortgage maturity for two AHTS
owned by Island Offshore XII Ship AS; term sheet to
refinance obtained
2014 maturity includes NOK 184 mill repaid in January
following sale of Island Pioneer
Large and diversified group of core lending banks
On a general basis, balloon payments are expected to be
refinanced through extensions on existing loan agreements,
with limited changes to terms
28
Table of contents
I.
Investment highlights
II.
Group overview
III.
The fleet
IV.
V.
Financials
VI.
Market update
VII.
Executive summary
Appendix
29
700
650
618
638
550
530
500
583
600
450
550
500
519
462
450
400
452
432
350
416
400
374
350
318
300
311
250
300
206
250
200
200
150
156
150
139
134
124
90
100
100
64
58
58
ENI
Exxon
Mobil
Premier
Oil
50
50
0
0
2006
2007
2008
2009
2010
2011
Petrobras Statoil
BP
Shell
Total
Chevron Anadarko
30
3,500
3,000
2,500
2,000
1,500
1,000
500
0
2012
2013e
2014e
2015e
2016e
31
USD
USD
35 000
60 000
30 000
50 000
25 000
40 000
20 000
30 000
15 000
20 000
10 000
10 000
5 000
0
Q1-05
Q2-05
Q3-05
Q4-05
Q1-06
Q2-06
Q3-06
Q4-06
Q1-07
Q2-07
Q3-07
Q4-07
Q1-08
Q2-08
Q3-08
Q4-08
Q1-09
Q2-09
Q3-09
Q4-09
Q1-10
Q2-10
Q3-10
Q4-10
Q1-11
Q2-11
Q3-11
Q4-11
Q1-12
Q2-12
Q3-12
Q4-12
Q1-13
Q2-13
Q3-13
Q4-13
Q1-05
Q2-05
Q3-05
Q4-05
Q1-06
Q2-06
Q3-06
Q4-06
Q1-07
Q2-07
Q3-07
Q4-07
Q1-08
Q2-08
Q3-08
Q4-08
Q1-09
Q2-09
Q3-09
Q4-09
Q1-10
Q2-10
Q3-10
Q4-10
Q1-11
Q2-11
Q3-11
Q4-11
Q1-12
Q2-12
Q3-12
Q4-12
Q1-13
Q2-13
Q3-13
Q4-13
70 000
88%
92%
93%
93%
86%
400
77%
83%
81%
81%
233
238
248
800
92%
96%
93%
99%
84%
78%
88%
86%
316
351
2011
2012
600
300
200
123
135
2005
2006
155
173
185
197
100
0
448
400
200
91%
123
151
175
2005
2006
2007
219
236
252
2008
2009
2010
0
2007
2008
Demand
2009
2010
Utilization
2011
2012
2013
Demand
2013
Utilization
32
350
300
4.0x
300
250
3.0x
250
200
100
100
1.0x
2015e
2014e
2013
2012
2011
2010
2009
2008
2007
2006
2004
2003
2002
2001
2005
63
0
2012
2013
68
4
2014
e
2015
e
66
2014e 2015e
201
2
AHTS
Delivery
201
3
PSV
Fleet
2 000 000
600 000
Dayrate NOK
Dayrate NOK
254
8
0.0x
65
50
50
0
246
19
150
2.0x
150
202
200
227
1 500 000
1 000 000
500 000
0
500 000
400 000
300 000
200 000
100 000
0
1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51
Average historical spot rate
2014
1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51
Average historical spot rate
2014
33
Table of contents
I.
Investment highlights
II.
Group overview
III.
The fleet
IV.
V.
Financials
VI.
Market update
Appendix
34
Investment highlights
1
35
Table of contents
I.
Investment highlights
II.
Group overview
III.
The fleet
IV.
V.
Financials
VI.
Market update
VII.
Executive summary
Appendix
36
Strategy
Island Offshore shall be an innovative supplier of services to the offshore
industry. We shall create value for our customers through enthusiasm,
flexibility and competence
Overall objective of Safe and Profitable operations
To be a reputable operator of high quality OSVs through differentiation
Fleet consisting of state of the art vessels
Fleet shall be maintained in compliance with national and international laws and
regulations, especially with regards to Health, Safety and the Environment.
All employees shall be highly qualified and conduct work of the highest standards and
professionalism in all areas.
Island Offshore shall be a responsive, trusted and flexible business partner. Through
innovation in services and vessel technology we shall retain our position as the preferred
operator in the market and continue to expand our business.
37
Build year
Work mode
2004
2005
2005
2006
2007
2007
2007
2007
2007
2007
2008
2008
2008
2008
2008
2009
2009
2011
2012
2012
2012
2013
2013
2013
RLWI
WS
SCV
SCV
AHTS
AHTS
SCV
PSV
PSV
PSV
PSV
PSV
PSV
RLWI
RLWI
PSV
WS
WS
PSV
PSV
WS
SCV
PSV
PSV
Design
UT 737L
Ulstein P105
UT 745 E
Ulstein P101
UT 787 CD
UT 787 CD
UT 755 LN
UT 755 LN
UT 755 LN
UT 776 CD
UT 755 LN
UT 755 LN
UT 776 CD
SX 121
UT 767 CD
UT 776 CD
UT 776 CD
UT 776 CD
UT 776 CDG
UT 776 CDG
UT 776 CD
UT 776 CD
UT 717 CD
UT 717 CD
Broker
valuation
665
298
374
438
590
618
223
175
175
321
175
175
336
950
963
365
365
423
453
453
423
518
273
273
10 018
Mortgage
382
100
226
183
193
193
72
69
69
78
73
75
137
468
741
199
191
303
266
278
277
331
184
187
5 275
LTV
57
34
60
42
33
31
32
39
39
24
42
43
41
49
77
55
52
72
59
61
66
64
67
68
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
53 %
38
Gary Chouest
Hvard
Morten Ulstein
2002 present
1970 present
Private Investor
Chairman of Island Offshore Group of companies
President of ECO
1999 2002
1960 - 1965
1999-1999
1965 - 1970
1995 1999
Executive Vice President, Ulstein Industrier AS
Managing Director, Ulstein Propeller
1992 1995
Corporate Vice President, Ulstein Holding AS
1985-1992
Managing Director, Ulstein Bergen AS
1985-1988
Managing Director, Bergens Mekaniske Verksteder AS
1985-1985
Marketing Manager, Ulstein Trading Ltd. AS.
1979 1985
Managing Director, Ulstein Pte. Ltd., Singapore
39
Hvard Ulstein
2004 present
2004 present
2000 2004
1995 2000
1999 2000
1993 1995
1992 1999
1990 1993
1989 1992
1985 1990
1988 1989
1981 1985
1982 1989
2000 2004
40
41
Engineering services
X-Mas Tree
installation
Plug and
abandonment
42