Farstad Shipping ASA. Pareto Fonds Oil and Offshore Conference 13th September 2000

Transcription

1 Farstad Shipping ASA Pareto Fonds Oil and Offshore Conference 13th September 2000

2 Farstad Shipping ASA Pareto Fonds Oil and Offshore Conference 13th September 2000 Company Structure and Shareholders The Fleet and Employment Financial Matters and Values Market and Competitors

3 Farstad Shipping ASA Operating offshore supply vessels since 1973 Listed on Oslo Stock Exchange since 1988 No of employees onshore 50 No of sailors 750 No of vessels 34 No of newbuilds 4 Marketvalue Farstad-fleet NOK 4.bln.. Shareprice NOK 38,- Market cap. Farstad approx. NOK 1,7 bln..

4 Farstad Shipping Group Ownership structure Farstad Shipping ASA 100% 100% 100% Farstad Shipping Ltd Farstad Brasil AS Farstad Supply AS 50% 100% Petroserv, Brasil 50% BOS Navegacao Ltda Farstad International AS 50% P&O, Australia 50% P/R International Offshore Services ANS

5 LARGEST SHAREHOLDERS per 8th September 2000 No of share s % 1 Tyrholm & Farstad AS ,9 2 Odin Norge ,9 3 Folketrygdfondet ,9 4 Sverre A. Farstad ,2 5 Jan H. Farstad ,2 6 Storebrand Livsforsikring ,9 7 Credit Suisse Equity ,8 8 Bankers Trust Company ,4 9 Gjensidige NOR Spare Investering ,4 10 Firstnordic Norge ,3 11 Farstad Shipping ASA ,2 12 Brown Borthers Harris ,2 13 Bank of New York ,0 14 Verdipapirfondet Avanse ,9 15 DnB Real-Vekst ,9 16 Postbanken Aksjespar ,9 17 Tine Pensjonskasse ,8 18 Vesta Liv AS ,7 19 Aksjefondet K-Avkastning ,7 20 Vital Forsikring AS ,5 20 largest shareholders ,6 Remaining shareholders (2.183) ,4 Total no of shares ,0 Foreign shareholders (54) ,1

6 Payment to shareholders NOK / share 1,20 1,00 1,00 1,00 1,00 0,80 0,60 0,40 0,50 0,60 0,75 0,75 0,20 0,

7 Farstad Shipping ASA Pareto Fonds Oil Offshore Conference 13th September 2000 Company Structure and Shareholders The Fleet and Employment Financial Matters and Values Market and Competitors

8 THE FLEET Farstad fleet (100%): AHTS: BHP > : 9 PSV : DWT> 2.000: 12 PSV newbuild DWT> 2.000: 3 PSV DWT< 2.000: 2 Pipelayer flexible pipes: 1 27 IOS fleet (50%): AHTS: BHP > : 8 AHTS newbuild BHP < : 1 PSV : DWT> 2.000: 2 11

9 FLEET ACTIVITY Term Farstad Supply AS Option Not delivered Sept FARSTAD VESSELS (100% ) 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q FAR TURBOT FAR CRUSADER FAR CENTURION FAR GRIP FAR FOSNA FAR SAILOR FAR SENIOR FAR SOVEREIGN FAR SANTANA LOCHNAGAR FAR VISCOUNT FAR SUN FAR SCOTSMAN FAR SLEIPNER FAR SPIRIT FAR GRIMSHADER FAR SUPERIOR FAR SCANDIA FAR SERVER FAR SERVICE FAR SUPPORTER FAR STRIDER FAR SUPPLIER FAR STAR FAR tbn SIMEK 1 FAR tbn SIMEK 2 F AR tbn B rattvaag

10 FLEET ACTIVITY International Offshore Services Sept Term Option Not delivered IOS VESSELS (50%) 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q LADY DAWN LADY AUDREY LADY VALISIA LADY ELAINE LADY CYNTHIA LADY KARI-ANN LADY ELIZABETH LADY SANDRA LADY TBN FAR SKY( ) FAR SEA

11 Future utilization rate*) Term contracts Sept Combined Farstad/IOS 100,0% 90,0% 86,8% 81,0% NOK 80,0% 60,0% 40,0% 73,2% 64,7% 59,1% 49,2% 44,6% 44,6% 46,3% 45,4% 38,5% 35,9% 32,4% 20,0% 23,1% 23,1% 23,1% 23,1% 0,0% *)Actual days term contracts div. by available days.

12 Farstad Shipping ASA Pareto Fonds Oil Offshore Conference 13th September 2000 Company Structure and Shareholders The Fleet and Employment Financial Matters and Values Market and Competitors

13 Freight income Sorted by sector % BU-2000 Norway UK Brazil Far East/Austr. Others 54,0 43,0 37,4 27,8 26,0 28,4 27,1 33,5 45,9 44,7 36,5 31,0 20,4 25,2 6,8 9,0 14,3 22,3 27,7 30,2 31,6 5,7 2,1 0,6 13,4 14,8 13,5 13,4 3,0 0,5 7,5 2,7

14 Mortgage on vessels*) Sorted by currency USD 51,4% GBP 18,0% NOK 30,6% *) Incl. 50% of IOS mortgage and based on exchange rates NOK

15 Cash flow per share ,00 Excl. sales profit Incl. sales profit NOK 4,00 3,00 2,00 2,35 1,99 2,05 1,88 1,89 3,33 3,97 2,84 4,21 3,60 3,60 3,91 3,91 1,56 1,59 1,60 1,00 0,

16 Development margins EBDIT, EBIT,CF 60,0% 50,0% 40,0% 30,0% 20,0% 61,2% 57,1% 57,2% 54,4% 52,0% 49,8% 50,2% 49,7% 49,9% 50,5% 49,7% 47,6% 48,1% 47,0% 47,3% 45,6% 45,8% 44,7% 43,7% 46,7% 45,0% 45,7% 42,8% 43,5% 42,1% 42,4% 42,9% 41,8% 41,1% 40,4% 40,3% 38,8% 37,8% 38,4% 36,4% 35,3% 35,3% 34,1% 34,8% 30,8% 31,3% 31,9% 31,9% 29,3% 28,0% 23,6% 25,0% 26,4% 25,1% 25,2% 22,5% 20,9% 16,9% 17,8% EBDIT-margin EBIT-margin CF-margin

17 Market value vessels*) (free of charter and available in the market) mill. NOK UT 705 (Scandia) ME 202 (Scotsman) ME 303 II (Sea) ME 303 (Crusader) *) average value based on estimates from 3 shipbrokers ,8 44,6 98,1 56,5 95,0 48,1 100,8 62,2 97,3 49,0 111,7 67,0 95,7 51,5 116,8 68,5 106,2 60,5 136,2 82,8 117,3 75,2 149,8 105,8 107,5 69,7 145,7 100,8 98,7 60,8 132,3 88,0 94,5 57,7 125,3 84,2 104,5 64,3 135,3 93,8

18 Valueadjusted eguity(pre tax) Total (mill NOK) Per share (NOK) Total (mill NOK) Per share (NOK) Market value vessels*) 3961,8 88, ,9 77,70 Booked value vessels 2837,1 63, ,1 57,65 Excess value vessels 1124,7 25,12 772,8 17,05 Booked eguity 1224,0 27, ,8 27,00 VAE pre tax 2348,7 52, ,6 44,05 *) average value based on estimates from 3 shipbrokers

19 MARKET VALUE*) vs. BOOKED VALUE and DEBT 2500 Market vs.booked Market vs. Debt 2035, ,4 1857,3 1692,9 mill. NOK ,2 899,9 738,6 1292,5 1102,6 1036,5 772,8 1124,7 571, ,9 424,1 186,4 298,5 405, *) average, based on estimates from 3 shipbrokers

20 NOK 60 VALUEADJUSTED EQUITY per share*) *) market value vessels based on estimates from 3 shipbrokers Booked value 3 11,76 12,20 13,30 15,56 15,74 21,55 26,22 27,00 27,34 VAE 14,52 17,90 21,61 26,39 34,30 45,87 49,10 44,05 52,45 Shareprice 3,80 11,00 13,10 14,95 24,25 42,00 21,00 25,50 30,00

21 Farstad Shipping ASA Pareto Fonds Oil Offshore Conference 13th September 2000 Company Structure and Shareholders The Fleet and Employment Financial Matters and Values Market and Competitors

22 Market Strategy PSV>2.000 dwt AHTS> hk *) 20% *) DWT Approx vessels worldwide HK *)No of vessels+newbuilds

23 The North Sea Market No of vessels/boat-year Est.fleet size dec Est.term demand dec Dec Jan-00Feb Mar Apr May Jun Jul E-Aug Sep Oct Nov Dec Jan-01Feb Mar Apr May Jun Jul Term demand Fleet size Est term dem Est fleet size Source: Petrodata

24 The North Sea Market Utilsation rate 100% 95% 90% E-2000 (aug-00) 85% 80% E-2000 (dec-99) 75% January March February April May June July September November August October December Source: Petrodata

25 AHTS > BHP Newbuildings*) Sorted by region No of vessels US GULF SINGAPORE NORTH SEA CANADA CHINA TOTAL ARABIAN GULF January 1999 December 1999 July/August 2000 Source: Petrodata

26 PSV> DWT Newbuildings*) Sorted by region No of vessels US GULF NORTH SEA BRAZIL CHINA TOTAL January 1999 December 1999 July/August 2000 Source: Petrodata

27 AHTS> BHP Worldwide*) Sorted by region 70 No of vessels North Sea Brazil Far East/Australia Gulf of Mexico West Africa 6 No of AHTS: Feb.-98: = 157 Jan.-99: = 162 Dec.-99: = 167 July-00: = Canada China S. America others Mediterranean 2 February 1998 January 1999 December 1999 July/August 2000 *) excl newbuilds Source: Petrodata

28 AHTS> BHP Worldwide*) Sorted by region 35 No of vessels No of vessels: Jan.-99: 29+25=54 Dec.-99: 43+16=59 July-00: 52+10= North Sea Brazil Far East/Australia West Africa Canada Gulf of Mexico S. America others 2 1 Mediterranean January 1999 December 1999 July/August 2000 *) excl newbuilds Source: Petrodata

29 PSV> DWT Worldwide*) Sorted by region 120 No of vessels North Sea Gulf of Mexico South America Mediterranean Far East/Australia No of PSV: Feb.-98: =164 Jan.-99: = 161 Dec.-99: = 163 July-00: = 177 Canada West Africa Februar 1998 January 1999 December 1999 July/August 2000 *) excl newbuilds Source: Petrodata

30 PSV> DWT Worldwide*) Sorted by region No of PSV: Dec.-99: = 91 July-00: = 106 No of vessels North Sea 1 Gulf of Mexico Brazil Mediterranean Far East/Australia Canada 1 West Africa December 1999 July/August 2000 *) excl newbuilds Source: Petrodata

31 AHTS > BHP and PSV > 2000 DWT Worldwide - sorted by owners/managers*) Mærsk Farstad/IOS Gulf Edison Chouest Trico Marine Tidewater Stirling Havila Solstad Seacor DOF Swire Eidesvik Taubåtkomp. Seamar Olympic Edda Hvide/Seabulk Secunda Møkster Toisa Seatruck Workships Brasileira S.M.S. Others *)per July/August 2000 No of newbuilds*) No of PSV No of AHTS Source: Petrodata No of vessels

32 AHTS > BHP North Sea*) Sorted by owners/managers No of vessels No of vessels Mærsk Solstad Farstad/IOS Trico Marine Havila Gulf DOF Swire Eidesvik Others *)per July/August 2000 Source: Petrodata

33 PSV > DWT North Sea*) Sorted by owners/managers 25 No of vessels No of vessels Gulf Offshore Stirling Farstad Havila Trico Marine Østensjø DOF Mærsk Tidewater Seacor Toisa Others Seatruck *)per July/August 2000 Source: Petrodata

34 AHTS > BHP and PSV> DWT Brazil*) Sorted by owners/managers No of PSV No of AHTS 10 No of vessels Mærsk Tidewater Solstad Farstad/IOS Finarge Gulf Workships Augusta Havila Toisa DOF Astro Brasileira *)per July/August 2000 Source: Petrodata

35 AHTS > BHP and PSV> DWT Far East/Australia*) Sorted by owners/managers 12 No of PSV No of AHTS 10 No of vessels Farstad/IOS Chinese Seacor Swire Mærsk Tidewater Gulf Stirling Others *)per July/August 2000 Source: Petrodata

36 AHTS > BHP and PSV> DWT West-Africa*) Sorted by owners/managers No of PSV No of AHTS No of vessels Mærsk Hvide Surf Swire Tidewater Semco Trico Gulf *)per July/August 2000 Source: Petrodata

37 AHTS > BHP and PSV> DWT Gulf of Mexico*) Sorted by owners/managers Edison Chouest Seacor Trico Gulf Hornbeck Sea Mar Tidewater No of vessels Cal Dive Ensco Workships West. Geophys. No of Newbuilds No of PSV No of AHTS *)per July/August 2000 Source: Petrodata

38 AHTS > BHP and PSV> DWT Canada*) Sorted by owners/managers 10 8 No of vessels Mærsk Secunda Atlantic Havila No of PSV No of AHTS *)per July/August 2000 Source: Petrodata

39 Worldwide mobile rig market forecast Semi-submersible Source: Petrodata, July No of rigs Apr May Jun July Aug Sep Oct Nov Dec Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun North Sea Asia Pacific N America S America West Africa Mid.East/Medi

40 DEMAND BY WORKMODE North Sea Source: Petrodata, August 00 Boat years E-2000 Spot Drilling Construction Production

41 SUPPLY - DEMAND - UTILISATION North Sea Source: Petrodata, August 00 Boat-years % 91% 92% 94% 95% 86% 83% % 89% E-2000 % 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Average supply Average demand Average utilisation

42 North Sea Market Term demand-fleet size Jan-96 July-96 Jan-97 July-97 Jan-98 July-98 Jan-99 July-99 Jan-00 July-01 E-Aug E-Jan-01 E-July Source: Petrodata, August 00 Term demand Fleet size Est. term demand Est. fleet size No of vessels/boat-year

43 North Sea Market Utilisation Rate Source: Petrodata, August % 95% 90% 85% E E % 75% January March February April May June July September November August October December