Aqualis ASA THIRD QUARTER RESULTS 2014 Oslo, 29 October 2014 aqualis.no
Disclaimer This Presentation has been produced by Aqualis ASA (the “Company” or “Aqualis ”) solely for use at the presentation to investors and other stake holders and may not be reproduced or redistributed, in whole or in part, to any other person. This presentation is strictly confidential, has not been reviewed or registered with any public authority or stock exchange, and may not be reproduced or redistributed, in whole or in part, to any other person. To the best of the knowledge of the Company, the information contained in this Presentation is in all material respect in accordance with the facts as of the date hereof, and contains no material omissions likely to affect its importance. However, no representation or warranty (express or implied) is made as to, and no reliance should be placed on, any information, including projections, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and, accordingly, neither the Company nor any of its subsidiary companies or any such person’s officers or employees accepts any liability whatsoever arising directly or indirect ly from the use of this Presentation. This Presentation contains information obtained from third parties. Such information has been accurately reproduced and, as far as the Company is aware and able to ascertain from the information published by that third party, no facts have been omitted that would render the reproduced information to be inaccurate or misleading. This Presentation contains certain forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometime s identified by the words “believes”, expects”, “predicts”, “intends”, “projects”, “plans”, “estimates”, “aims”, “foresees”, “anticipates”, “targets”, and similar expression s. The forward-looking statements contained in this Presentation, including assumptions, opinions and views of the Company or cited from third party sources are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. None of the Company or any of its parent or subsidiary undertakings or any such person’s officers or employees provides any assurance that the assumptions underlying such forward -looking statements are free from errors nor does any of them accept any responsibility for the future accuracy of the opinions expressed in this Presentation or the actual occurrence of the forecasted developments. The Company assumes no obligation, except as required by law, to update any forward-looking statements or to conform these forward-looking statements to our actual results. AN INVESTMENT IN THE COMPANY INVOLVES RISK, AND SEVERAL FACTORS COULD CAUSE THE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE COMPANY TO BE MATERIALLY DIFFERENT FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS THAT MAY BE EXPRESSED OR IMPLIED BY STATEMENTS AND INFORMATION IN THIS PRESENTATION, INCLUDING, AMONG OTHERS, RISKS OR UNCERTAINTIES ASSOCIATED WITH THE COMPANY’S BUSINESS, SEGMENTS, DEVELOPMENT, GROWTH MANAGEMENT, FINANCING, MARKET ACCEPTANCE AND RELATIONS WITH CUSTOMERS, AND, MORE GENERALLY, GENERAL ECONOMIC AND BUSINESS CONDITIONS, CHANGES IN DOMESTIC AND FOREIGN LAWS AND REGULATIONS, TAXES, CHANGES IN COMPETITION AND PRICING ENVIRONMENTS, FLUCTUATIONS IN CURRENCY EXCHANGE RATES AND INTEREST RATES AND OTHER FACTORS. SHOULD ONE OR MORE OF THESE RISKS OR UNCERTAINTIES MATERIALISE, OR SHOULD UNDERLYING ASSUMPTIONS PROVE INCORRECT, ACTUAL RESULTS MAY VARY MATERIALLY FROM THOSE DESCRIBED IN THIS PRESENTATION. THE COMPANY DOES NOT INTEND, AND DOES NOT ASSUME ANY OBLIGATION, TO UPDATE OR CORRECT THE INFORMATION INCLUDED IN THIS PRESENTATION. By attending or receiving this Presentation you acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performa nce of the Company’s business. This Presentation does not constitute an offer to sell or a solicitation of an offer to buy any securities in any jurisdiction to any person to whom it is unlawful to make such an offer or solicitation in such jurisdiction. 2
Q3 2014 - highlights Total revenues of USD 10.7m in the 3rd quarter of 2014 Adjusted EBIT of USD 0.3m in Q3 2014 (negative EBIT of USD 1.1m for the 3rd quarter after USD 1.4m one-off costs related to restructuring and listing) Order back-log of approx. USD 22m as of end September 2014 Cash and cash equivalents of USD 21.4m at 30 September 2014; no interest-bearing debt The Company had 166 employees* as of end September 2014 Continued high investment in growth and regional expansion (13 offices in 10 countries) Aqualis Offshore Holding ASA was listed on Oslo Stock Exchange on 13 August 2014 Aqualis Offshore Holding ASA changed name to Aqualis ASA on 20 August 2014 Aqualis established operations in Mexico through a newly formed subsidiary Aqualis Offshore S. de R.L. de C.V. The Company signed a rig moving services contract with Saudi Aramco, the world's largest energy company * Includes contractors on 100% utilization equivalent basis 3
Revenues – quarterly development USDm 12,0 10,0 8,0 6,0 4,0 2,0 0,0 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Aqualis Offshore Tristein OWC Notes: (1) Tristein AS included from May 2014; OWC Ltd from July 2014
Recruitment – quarterly development Number of employees 180 3x 160 140 120 100 80 60 40 20 0 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Notes: (1) Numbers include contractors on 100% utilization equivalent basis (2) Tristein AS included from May 2014; OWC Ltd from July 2014 5
Q3 2014 – highlights (cont’d) Subsequent events: 14 October 2014, Aqualis Offshore announced that following a multi-site assessment by Lloyd’s Register Quality Assurance (LRQA), the company was been successful in achieving ISO 9001:2008 certification 6
Q3 2014 – main new contract wins • a 3 year contract with Saudi ARAMCO to provide jack up rig movers • a 3 year with 1 year option call out marine consultancy contract with Total ABK of Abu Dhabi • a 9 month (renewable) marine warranty services (MWS) contract from ONGC to attend on all owned rig moves offshore India • completion of the Newfield LF7-2 topside floatover project offshore China following our retention as MWS on behalf of London underwriters • a detailed design engineering contract with an Indian client for the conversion and upgrade of 2 jack up drilling units into MOPU’s. Work for one unit will be undertaken in our Houston office and for the other in Dubai • the reactivation works associated with the bringing a stacked jack up drilling rig from offshore in the Gulf of Mexico into a shipyard and subsequent loadout onto a heavy lift vessel for transportation to the Far East for conversion into a MOPU • commencement of a contract to effect the basic engineering of an OM 100-4 design lift boat in Houston • two large technical due diligence vessel inspection contracts for a vessel operator and a major financial institution based in Norway • MSAs signed with Nabors Drilling and MMHE (Malaysia) 7
Company development Aug 2014 2006 - 2013 Nov 2013 – Jul 2014 Acquisitions: Nov 2013 Jun 2014 Aug 2014 Apr 2014 Listed on Oslo Stock Exchange ASA ASA Spin-off: Listed on Oslo Stock Exchange Aqualis Offshore Holding ASA ASA 8
Marine & engineering consultancy services Aqualis ASA (listed entity – OSE: AQUA) Aqualis Offshore Ltd Tristein AS Offshore Wind Consultants Ltd 9
Global presence – covering all major oil regions OSLO/SANDEFJORD LONDON SHANGHAI HOUSTON DAMMAM DUBAI MANAMA MEXICO CITY ABU DHABI SINGAPORE RIO DE JANEIRO Current locations 10
FINANCIAL HIGHLIGHTS
Q3 2014 – key figures 12
Solid financial position (30.09.14) 60,0 No interest-bearing debt Non-current liabilities – USD 0.2m 86% equity ratio 50,0 Current liabilities – USD 7.1m Non-current Strong liquidity position: assets – USD 21.4m in cash and cash USD 22.9m 40,0 equivalents USDm 30,0 Other current assets – Equity – USD 10.0m USD 46.9m 20,0 Cash & cash equiv. – 10,0 USD 21.4m 0,0 1 2
Q3 2014 – cash flow Operating cash flow in the USDm Q3 2014 quarter adjusted for one-off Operating cash flow -1.1 items was positive: USD 0.2m One-off items* 1.3 Limited cash expenditure on Adj. operating cash flow 0.2 capex (as expected) in the Investing cash flow -0.2 quarter Financing cash flow 19.3 Aqualis had a positive net Cash beg. of period 3.4 financing cash flow of USD 19.3m Change in cash & cash equiv. 18.0 in Q3 2014 Cash end of period 21.4 Net proceeds from cash contribution (USD 10.5m) Contribution in kind (USD 8.8m)** * USD 1.3m one-off cash outflow during Q3 2014 related to restructuring and listing ** Financial assets representing a part interest in the prepayment in relation to Weifa ASA’s (former Aqualis ASA) acquisition of Weifa AS 14
OUTLOOK
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