April 2017 Nautilus Marine Services PLC Investor Presentation
Forward Looking Disclaimer Some statements contained in this presentation or in This presentation does not constitute, or form part of documents referred to in it are or may be forward- or contain any invitation or offer to any person to looking statements. Actual results may differ from those underwrite, subscribe for, otherwise acquire, or expressed in such statements, depending on a variety of dispose of any shares in Nautilus Marine Services PLC factors. The Company will not undertake any obligation to release publicly any revisions to these forward-looking or advise persons to do so in any jurisdiction, nor shall statements to reflect events, circumstances or it, or any part of it, form the basis of or be relied on in unanticipated events occurring after the date of this any connection with or act as an inducement to enter presentation, except as required by law or by any into any contract or commitment therefore. No appropriate regulatory authority. Nothing in this presentation or in documents referred to in it should be reliance may be placed for any purpose whatsoever on considered as a profit forecast. the information or opinions contained in this presentation or on its completeness and no liability Past performance of Nautilus Marine Services PLC (formerly Global Energy Development PLC) or its shares whatsoever is accepted for any loss howsoever arising is not a guide to future performance. from any use of this presentation or its contents otherwise in connection therewith. Any forward-looking information contained in this presentation has been prepared on the basis of a number of assumptions which may prove to be incorrect, This presentation has been prepared in compliance and accordingly, actual results may vary. with English law and English courts will have exclusive jurisdiction over any disputes arising from or connected with this presentation.
Nautilus - Pathway of Change
Companies trading on AIM 1 – 973 What 100% differentiates Energy companies trading on AIM 1 – 103 10% Nautilus Energy service companies trading on AIM 1 – 7 1% as an investment? Offshore energy service companies listed on AIM 1 - 4 0.4% “Unique investment…..small niche” ¹ Source: AIM Summary Statistics / London Stock Exchange February 2017
0 to 3 months Near Close transaction of offshore Close on $10.5 million of new Establish dock facilities accessing Term vessels – completed. capital funding – completed. Gulf of Mexico – completed. Plans 3 to 6 months Acquire or invest in Watch for further decline in vessel Assess and enhance current commercialised niche offshore pricing with banks and distressed vessels technologies companies 6 to 12 months Close further acquisitions of Become specialised service Enhance operations personnel and expertise in the Company assets (vessels and/or ROV) provider
Offshore Energy Services - Massive Industry Targeting a Niche Market Why the Gulf of Mexico 1 ? Offshore energy services • A trillion $ global industry • $32 billion contributed to U.S. economy • The highest concentration of offshore structures in • More than 10,000 companies the world • Production of 600 million barrels of oil annually globally in the industry from roughly 3% of the reserves in the Gulf of Mexico • Significant opportunities for acquisition/investment ¹ Source: NOIA America’s Offshore Energy Industry
• Gulf of Mexico utilisation rates have dropped 49% from 2013 to 2016 1 Decline • 36% drop in day rates since 2013 driven by sharp drop in utilization across all vessel type 1 in producer Gulf of Mexico Day Rates by Vessel Type (US$ thousands per day) 1 revenues 120 affected 100 100 97 93 80 80 77 73 72 66 offshore 60 52 50 49 47 46 40 40 38 36 36 35 energy 26 23 20 0 services 2012 2013 2014 2015 2016 Air Dive ROVSV 4P SAT Dive DP SAT Dive “…domino effect led to currently distressed market conditions…….” ¹ Source: Wood McKenzie
Offshore Commercialised Vessels and Niche Technology Assets What differentiates Specialised Service the Nautilus Provider strategy?
Near- term buying opportunity: window of time Investment window is open near-term before prices and demand increase Nautilus has sufficient financial strength and working capital to survive a continued downturn in 2017 while we execute the strategy.
• Acquiring/investing in offshore service assets and commercialised, niche technologies • Working towards become a provider of surveying, inspecting, repair and decommissioning services in the Gulf …In summary… of Mexico • Ongoing economic recovery in the U.S. • Gulf of Mexico provides the largest concentration of offshore structures in the world • Potential for sector cross-over and international application
Appendix Corporate Structure: Shares in issue: 36,112,187 (as at 31 December 2016) Registered Office: 3 More London Riverside, London SE1 2AQ, United Kingdom Nominated Adviser: finnCap Ltd Auditors: RSM UK Audit LLP Solicitors: Norton Rose Fulbright IR Adviser: Abchurch
Appendix Executive Management: John Payne, Director of Operations John Payne, Director of Operations, has more than 30 years’ experience in the international subsea sector. A qualified Master Mariner, Mr. Payne has held a number of senior business positions since coming ashore in 1999. He has gained his international experience within the subsea telecom, renewable and offshore subsea sectors and has held senior roles in Business Administration, Business Development and Service Delivery and more recently was interim Chief Executive to Hallin Marine before taking a senior role with specialist chemical provider Aubin Ltd. He has qualified as a Chartered Director and is a Fellow of the Institute of Directors with experience in operating in USA, Europe and Asia. Anna Williams, Director of Strategy and Business Development Anna Williams formerly served as Finance Director of Global Energy Development PLC from 2010 to 2016. She served as Chief Financial Officer for HKN, Inc. (formerly Harken Energy Corporation), a US publicly-listed company, from 2000 to 2010 and as International Finance Manager from 1996 to 2000. Prior to that, Ms. Williams began her career in public accounting work at Arthur Andersen & Co. She has also served on the Board of Directors and Audit Committee of an independent Canadian-listed oil and gas company. Ms. Williams is a Certified Public Accountant. Sarah B. Gasch, Finance Director Sarah Gasch formerly served as Executive Vice President and Chief Operating Officer of HKN, Inc. and Chief Executive Officer of BriteWater International, Inc., a wholly-owned subsidiary of HKN from 2009 to 2016. During her tenure with HKN, she also served as Chief Financial Officer, Chief Accounting Officer, Corporate Secretary, and Controller. Prior to joining HKN, Ms. Gasch served as Vice President and Chief Accounting Officer for Green Hunter Energy, Inc., a public alternative energy company where she was responsible for the creation and management of the entire accounting and reporting organization from 2008 to 2009. Ms. Gasch also served as Financial Reporting Manager for Magnum Hunter Resources, Inc., a public oil and gas company from 2002 to 2005. Ms. Gasch began her career in public accounting.
Appendix US$ Thousands Year ended Year ended 31 December 2016 31 December 2015 Statement of Financial Position Total non-current assets 1,053 1,100 Notes receivable 12,060 8,040 Cash and cash equivalents 16,446 25,608 Other current assets 608 754 Total current assets 29,114 34,402 Non-current liabilities 2,161 2,011 Current liabilities 2,370 1,238 Total liabilities 4,531 3,249 Net assets 25,636 32,253
For more information please contact globalinfo@abchurch-group.com www.nautilusmarineplc.com
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