Presentation 4Q2014
REACH SUBSEA ASA IN BRIEF Reach Subsea was established in 2008 in Norway as a consultancy company. • Reach Subsea merged with former Green Reefers and created Reach Subsea ASA • (Reach) on Oslo Stock exchange. new equity, new, experienced management, new shareholders and a focused – business plan in June 2012. Raised NOK 42m in short term funding December 2012. – Raised further NOK 100m May 2013. – Started first operations august 2013 with Bourbon Emerald and own ROV equipment. • Achieved NOK 311 m in turnover in 2014 (2012: NOK 3.6 m, 2013: NOK 62 m). – Owns 6 WROV-spreads and one Surveyor Interceptor. • Moderate risk profile – Market 5 vessels and have a firm order backlog for 2015 • and beyond of NOK 400 million, plus options. Total 65 on- and offshore personnel. •
FIVE YEAR PERSPECTIVE – ON PLAN SO FAR Realistic growth plan – • 2012 2013 2014 2015e 2016e increasing fleet by one Vessels 0 1 3 4 5 vessel per year ROV systems 0 2 5 8 12 Investing in new assets • and securing the right Employees 10-15 30 50 100 250 assets Engineering 5 15 25 60 80 /staff Reach is well positioned to • take advantage of the increasing number of subsea installations and IMR services going forward
BUSINESS SEGMENTS
4Q2014 HIGHLIGHTS REACH has contributed successful offshore operation with four ROV spreads (vessel and • associated ROV equipment and personnel) in the fourth quarter from the vessels Dina Star, Stril Explorer, Edda Fonn and Normand Reach . REACH delivers an EBITDA-margin of 8,1 % on revenues of NOK 84.3 million, and a net profit of • NOK 7.7 million (9 %) in Q4. Preliminary net result for 2014 was NOK 24.8 million (8 %) with an EBITDA-margin of 11.1 % and • 16.1 % return on equity. REACH has as of today an order book of close to NOK 400 million, of which approximately • NOK 335 million (all figures are excluding options) is related to work for 2015.
4Q2014 RESULT Turnover from four • vessels EBITDA-margin 8,1% • ROE 16,1 % • Solid, positive growth • compared to 2013
4Q2014 BALANCE SHEET Equity represents 58.6 % • of the total balance sheet Current assets/current • liabilities = 3,1 Of the receivables, NOK • 53 mill is a cash deposit serving as security for bank and leasing debt
MARKETS AND PROSPECTS Market outlook Reduced tender activity in Oil&Gas marked. • Oil companies reconsidering spending plans. • Reach Subsea: Maintain the flexible business model with low risk compared to peers. • Maintain high focus on cost. • Increased focus on marketing and sales in other regions and markets. • Exploit opportunities in cooperation agreements with vessel owners. • Strenghten the cooperation with MMT. •
FLEET 2015 Normand Reach (CSV): Timecharter with DOF Subsea 2 x Supporter WROV Dina Star (MPSV): Tenders/Spot market - low risk 1 x Supporter WROV Stril Explorer (Survey-vessel): ROV-services to MMT Sweden AB 1 x Supporter WROV Surveyor Edda Fonn (IMR-vessel): Tenders/Spot market 1 x Supporter WROV Surveyor Viking Neptun (construction-vessel): Contrakt with Technip/Eidesvik 1 x Constructor WROV 1 x Supporter WROV
SURVEYOR Successful testing of Surveyor Interceptor in December and January with Edda Fonn. The testresults where above expectations and the Surveyor will perform its first commercial job in 1Q15.
OWNERSHIP Shareholders Number % of total Highlights: Management and other • employees have a substantial ownership share Stock option • programme for employees
KÅRE JOHANNES LIE
EXPANDING RESOURCE BASE Our h ur hum uman an res esour ources ces bo both o th ons nshor hore a e and nd of offshor hore c e cons onsis ist t of of hig highl hly skilled killed per personnel, all onnel, all with long e ith long experience in xperience in planning, planning, mana management gement and e and execution of ecution of adv advanced anced subs ubsea ea oper operations tions!
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