Välkommen till Rederi AB TransAtlantic Årsstämma 2014
1. Val av ordförande vid stämman
2. Upprättande och godkännande av röstlängd
3. Val av en eller två justeringsmän
4. Prövning av om stämman blivit behörigen sammankallad
5. Godkännande av föredragningslista
6. Framläggande av: (a) årsredovisningen och revisionsberättelsen för moderbolaget, samt koncernredovisningen och koncernrevisionsberättelsen. (b) Revisors yttrande huruvida riktlinjerna för ersättning till ledande befattningshavare följts. I anslutning därtill anförande av styrelsens ordförande, verkställande direktören och affärsområdescheferna för Viking Supply Ships och Industrial Shipping.
Tom Ruud Verkställande direktör och koncernchef
TransAtlantic in Brief Two business areas: - Industrial Shipping (IS), HQ Gothenburg - Viking Supply Ships (VSS), HQ Copenhagen About 850 employees 48 vessels, 34 within IS and 14 within VSS Listed on the NASDAQ OMX Stockholm, segment Small Cap 5,255 shareholders (March 31, 2014)
2013 - Highlights Rederi AB TransAtlantic: Equity issue of SEK 148 Further restructuring to establish two independent businesses Viking Supply Ships: New agreement with a major oil company Establishment of office in Canada Centralization completed in Copenhagen Raised NOK 185 in additional bond financing Industrial Shipping : Restructuring, rightsizing of organization, sale of non core assets, reduction of legal entities Centralization in Gothenburg Outsourced Short Sea Bulk to AtoB@C
Tomas Bergendahl Finansdirektör
5 Year Summary Operational profit/loss Group MSEK 300 200 100 0 -100 -121 -137 -200 -213 -300 -272 -327 -400 2009 2010 2011 2012 2013
5 Year Summary Operational profit/loss Viking Supply Ships MSEK 150 100 50 45 50 0 -25 -50 -100 -110 -119 -150 -200 2009 2010 2011 2012 2013
5 Year Summary Operational profit/loss Industrial Shipping MSEK 150 100 50 0 -50 -100 -105 -150 -140 -162 -200 -187 -208 -250 2009 2010 2011 2012 2013
5 Year Summary Financial position 50% 150% 45% 135% 40% 120% 35% 105% 30% 90% 25% 75% 20% 60% 15% 45% 10% 30% 5% 15% 0% 0% 2009 2010 2011 2012 2013 Equity ratio (left scale) Net debt ratio (right scale)
5 Year Summary Change in cash balance MSEK 900 Cash balance 800 Operating cash flow 637 700 548 600 500 381 361 327 400 300 200 100 0 -100 -200 2009 2010 2011 2012 2013
Key figures 2013 TransAtlantic Group IS VSS 2013 2012 2013 2012 2013 2012 (MSEK) 2 925 3 274 1 787 2 212 1 138 Net sales 1 062 -137 -327 -187 -208 50 -119 Operational result -321 -356 -283 -229 -38 -127 Result before tax 144 -94 Operating cash flow 381 361 Cash balance 4 884 5 745 Total assets 1 749 Shareholders equity 2 105 Equity/asset ratio % 35.8 36.6 129.7 Debt equity ratio % 124.7
Viking Supply Ships Head of Viking Supply Ships Christian W. Berg
Focus & highlights 2013 • Completed the cost saving program initiated in 2012. • In line with management strategy, VSS secured several significant term contracts in harsh environment offshore regions at premium rates. • Awarded a major consultancy contract with a oil company for general advise, logistical support and equipment supply for offshore work in harsh environments. As a result of this, VSS established “Services” as a new business segment. • After the year end, the loan facilities for Magne Viking & Brage Viking was refinanced, generating free liquidity of NOK 57 million.
Significant term contracts • Tor Viking is fixed to a major oil company for the 2015 season, with options for the 2016 and 2017 seasons. Tor Viking was originally also fixed for the 2014 season, but this has been cancelled due to altered operational schedule from the charterer. • Brage Viking, Magne Viking, Loke Viking and Balder Viking are fixed to a major oil company for operations in a harsh environment offshore region for the 2014 and 2015 seasons, with options for the 2016 and 2017 seasons. • VSS also entered into a significant consultancy contract with a major oil company including general advise, logistical support and equipment supply for offshore work in harsh environments during 2014 and 2015. The contract has an estimated value of USD 50 million. “ Total value of these new contracts contracts exceed NOK 2,1 billion.
Sea of Okhotsk Ice-management and Areas of operation supply operations in ice 2012 & 2013 Alaska Ice-management and anchorhandling 2010, 2012, 2014-2017 The North Pole Ice management and core drilling 2004 Northern Searoute NE Greenland Passage of the Northern Ice-breaking/seismic support Searoute twice 2012 & 2013, ice-mgt in 2008 Kara Sea Ice management 2014-2017 West Greenland Moved more than 200 ice- bergs during 2010 & 2011 Barents Sea Eni Norway, all duties 2011-ongoing Canada Baltic Sea Ice berg management Grand Seasonal Icebreaking since Banks Canada for Chevron and 2000. Husky Energy (2012 and 2013) 21
New business segment; Services “ VSS has a clear strategy to industrialize our knowledge on ice and ice-management.
Contract backlog • Strong Management focus on increasing contract backlog and contract coverage has stabilized cash flow at higher levels. • Three significant contracts signed during 2013, contributing to a significant increase in the contract backlog. • Since 1 st January 2013 the backlog has increased with NOK 1.655 million. • Current backlog consists of NOK 2.825 million. • Of this NOK 1.399 million is firm contracts, while “ NOK 1.426 million is for optional periods. VSS will continue our focus to increase the contract backlog, both for vessels and services. All figures as per 31.3.2014
Contract coverage VSS Fir m cont r act Opt ion 2 0 1 4 2 0 1 5 AH TS Apr il M a y J une J ul y Augus t S ept ember Okt ober N ovember D es ember J a nua r y Febr ua r y M a r ch To r Vikin g Oil major, firm season 2014-2015, opt 2016-2017 SMA stand by Bal d er Vikin g Sakhalin Energy, Firm till 1st December 2014 + 4x3 months options Vid ar Vikin g Spot Od in Vikin g Spot Oil major, firm season 2014-2015, opt 2016-2017 Lo ke Vikin g Eni Norge, Firm till 29th July 2015 + 2 x 1 yearly options N j o r d Vikin g Oil major, firm season 2014-2015, opt 2016-2017 Spot M ag n e Vikin g Spot Oil major, firm season 2014-2015, opt 2016-2017 Br ag e Vikin g 2 0 1 4 2 0 1 5 PSV Apr il M a y J une J ul y Augus t S ept ember Okt ober N ovember D es ember J a nua r y Febr ua r y M a r ch Peterson, Firm till 13th April + 2x7d + 10x1 d options Fr ig g Vikin g Spot I d u n Vikin g BP UK, Firm till 30th April 2014 + 4x1 month options S BS Tempest MOG, Firm till 6th April + 2x1 weekly options Fr eya Vikin g Enquest, Firm till 1st June + 1 well option est. 40 days S BS Typh o o n Spot S BS Cir r u s Updated per 31.3.2014. *Tor Viking is fixed to a major oil company for the season of 2015, with options for 2016 and 2017.
“ Focus 2014 Expand the company’s business model, and at the same time strengthening the solidity of the company. • Streamlining the company towards harsh environment offshore areas. Evaluate a possible sale of the PSV fleet, aiming to maximize values. • Continued strong management focus on term contracts. • Further development of the new segment “ Services ” . • Complete the refinancing of the loan facilities maturing in 2015. •
Market expectations 2014 • Stable activity in the North Sea, but E&P spending currently under pressure due to increased cost level with operators. • Several vessels bound for temporary exit from the North Sea market during the summer season, for projects in the Kara Sea, Pechora Sea and also in the North Sea. • Prospects for a good period in the North Sea has caused the fleet to grow by 10% since end of Q3 Figure: North Sea AHTS fixtures, 3 weeks moving average 2013. “ • Petrobras is negotiating with several North Sea owners and the outcome of this tender will have a major influence on the North Sea market in 2014. Increased rate levels in late 2013 and beginning of 2014 • Despite an unstable political situation in Crimea, tempted more owners of we have no signals that this will influence our bringing vessels to the North contracts in the region at the time of writing. Sea.
Future market outlook • The increased cost levels experienced among operators are posing a threat against the future E&P spending growth. • Should this continue it will push utilization for older rigs down, as new units enter the market. • Long term prospects still looks promising due to the need for more wells in order to reduce the production Figure: Expected number of rigs under contract, based on current orderbooks, decline. and all rigs currently under contract being prolonged. Source: IHS Rigbase. • Russian Arctic is expected to be a key driver for harsh environment offshore operations in the next few years. • Increased project activity in regions such as the Kara “ Sea, Pechora Sea and Greenland will lead to larger seasonal variations in the North Sea as replacement vessels will possibly remain in the region. An essential challenge going forward will be securing alternative contracts during the winter season.
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