Presentation 3 rd Quarter 2013 CEO Kåre Johannes Lie
REACH SUBSEA – HIGHLIGHTS-2012 Reach Subsea was established in 2008 in Norway by four founders with • extensive subsea experience. During the last 4 years the company has provided ROV and – engineering/ consultancy services to the oil industry, incl. development of a new survey ROV, the “Surveyor” Reach Subsea expansion plan launched summer 2012. • Ambition to become a complete Subsea Service Provider – Business expansion through new equity, new management, new – shareholders and a focused business plan. First 2 complete Work ROV systems ordered for July 2013 delivery – Reach Subsea merged with Transit Invest ASA in December 2012 (former • Green Reefers) to create a new listed subsea company Reach Subsea ASA (Reach) on Oslo Stock exchange. Raised NOK 42m in short term funding December 2012 – Financial Group Accello Partners 1 in Oslo now largest shareholder. – 2
REACH SUBSEA – HIGHLIGHTS-2013 Reach Subsea agreed with Solstad in February this year to charter the • newbuild Normand Reach for a 5 year period plus options. The vessel is a state of the art OCV with 250 tonnes crane and will be – delivered early June next year. Raised NOK 110 million in may 2013 to support this commitment – Reach Subsea signed a letter of intent in Q2 this year with MMT (Marin • Mätteknik) to create a new Joint Venture company for advanced ROV/survey operations. AS part of this plan the JV has now ordered the first “Surveyor “ ROV – for high speed pipeline inspections and seabed mapping. Delivery will be 2nd quarter next year. Reach Subsea chartered in July this year the MPSV Bourbon Emerald for • 140 days with further options for next year. First operation in July very successful using own newbuild ROV – system Working up to end november for several different clients like – CaleCore /Wintershall , Lundin and Mojo/Voith in the North Sea 3
REACH SUBSEA – HIGHLIGHTS-2014 Reach Subsea agreed with Dof Subsea AS in november this year a 2 year • firm contract with 2 yearly options. The contract will start upon delivery of the newbuild from yard and – include 2 of Reach Subsea WorkROV systems with personnel. The contract opens for further delivery of engineering support and subsea services to Dof Subsea onboard Normand Reach. Reach Subsea purchases 2 WorkROV systems. • Delivery of the systems will take place in December this year . – Reach Subsea is planning to operate 2 vessels next year in cooperation • with our survey partner. The first vessel will be similar to Bourbon Emerald (90-100m)but with – some upgraded capabilities. Our WorkROV system will be installed onboard .The vessel will be operated by Reach Subsea. The second vessel will be a survey vessel (70-80m). Our new – “Surveyor” ROV will be installed onboard and operated by Reach Subsea. Order backlog approaching NOK 400 million. • 4
FIVE YEAR PERSPECTIVE – ON PLAN SO FAR Vessel spread ready for • offshore work 3Q 2013 Realistic growth plan – • increasing fleet by one vessel 2012e 2013e 2014e 2015e 2016e per year Vessels 0 1 3 4 5 Investing in new assets and • securing the right assets ROV systems 0 3 7 12 12 Targeting an efficient mix of • owned and leased vessels 100- Employees 10-15 30-40 200 250 150 Reach is well positioned to • Engineering take advantage of the 5 15 40 60 80 staff increasing number of subsea installations and IMR services going forward 5
SUBSEA SERVICES Subsea Subsea EPIC Vessel Owners Services • Asset intensive (-) • Less asset intensive (+) Asset intensive (-) • • Lump-sum turn-key risk (-) Business • Dayrate + spread revenue model (+) Dayrate revenue model (+) • • Principally capex driven, more volatile • High demand within capex and opex characteristic (-) Demand growth (+) • (+) • s Highly differentiated, engineering (+) Limited differentiation (-) • • High barriers to entry for expertise (+) • High barriers to entry, expertise and • Low barriers to entry/ fragmented (-) • Engineering/technology driven (+) capital (+) • Traditional Several publicly traded companies and regional players competitors Located in the 6 Haugesund region
HIGHLY EXPERIENCED MANAGEMENT TEAM
BUSINESS SEGMENTS Inspection, Construction and Survey and pipeline maintenance and Decommissioning installation inspection repair • Inspection of subsea • 3D seabed mapping • • Reach aims at the Light Growing immature infrastructure for oil construction support market • Pipeline inspection market companies assisting EPIC contractors or • “In house” developed • Project contracts • oil companies direct Maintenance and repair “Surveyor” ROV • • of subsea assets Can be complex projects with Similar assets and • higher risk, better margins Partnership with MMT • competence requirement Module handling • Growing market with few • as construction Key elements: • Light construction players. • – Data processing Complementary market • • Well stimulation (scale Existing players in capacity segment to IMR and – Accuracy squeeze open possibilities for squeeze) I&C, as demand for subcontracting entire vessel – High quality • Often long term frame spreads and/or engineering services is likely to – High speed contracts packages increase . 8
NORMAND REACH DOF SUBSEA CONTRACT 2 year contract from yard delivery plus 2 yearly – options Delivery includes Reach 2 workrov units with – advanced handling and rov personel Possibility for increased services related to – offshore an engineering services Cooperation started already with further – development of Normand Reach capabilities The contract provide Reach with a safe and – stable income at acceptable terms The contract give Reach more financial – freedom to invest in new assets growing the company 9
INSPECTION,MAINTENANCE AND REPAIR Reach Subsea has shown this year to the – market that the company can provide high quality IMR services at competitive pices to the end- clients fully satisfaction Next year we plan to introduce in 1.quarter an – IMR chartered vessel similar to Bourbon Emerald but with even better capabilities Our new vessel will be capable of serving – Construction support to EPIC contractors • Pipeline inspection and IMR tasks to oil • companies Survey and Light construction jobs • The vessel will be of high north Sea • standard and meeting all requirements for operations in harsh environment 10
REACH SUBSEA AND MMT COOPERATION Reach Subsea and MMT has in 2013 worked together – onboard Bourbon Emerald where MMT has delivered specialized survey services and Reach ROVS and other subsea services The parties plan in 2014 to continue this cooperation on – one Survey vessel and one larger ROV/IMR vessel outfitted with services from both Reach and MMT . The Survey vessel will in 2.quarter 2014 be equipped with – our new “Surveyor” ROV owned by both parties. Marketing and sales of the 2 vessels will be done by both – parties . MMT (Marin Mætteknik) is a Swedish survey company with 25 years experience 11
PROJECT – INSTALLATION OF TURBINE Installation of a cable management system and a cable for a new tidal water turbine at Eday test site. Due to extreme current conditions, operation had to be preformed in a given period. Vessel was therefore mobilized with ROV equipment in Kirkwall. Reach Subsea provided additional engineering for the end client. Client Mojo Marine Location Kirkwall Period August
PROJECT – MARIA SEABED SURVEY For end client Wintershall, Reach Subsea preformed route survey, site survey, environmental investigation and geotechnical work with vessel Bourbon Emerald. Our Supporter 20 was installed with survey equipment and preformed excellent during the project. Mobilization started in Kristiansund 14th of August and port of demobilization was Stavanger the 17th of October. Client Calecore Location Haltenbanken Period August - October
PROJECT – NETGUARD REPLACEMENT During installation from rig, Lundin had failed to install the well protection cover. These type of covers had never before been installed or replaced from a vessel, as drill string was the normal lifting device. Reach Subsea performed all engineering, procurement and planning within 10 days from project start and mobilized vessel Bourbon Emerald. Well protection cover was successfully replaced and sensor equipment for well monitoring installed. Client Lundin Petroleum Location Johan Sverdrup Period October
PROJECT – TURBINE RECOVERY Problems occurred with the tide water turbine that was installed in august and due to the good performance of our Supporter ROV in the extreme current conditions, Reach Subsea was again asked to support the recovery operation. Vessel Bourbon Emerald worked together with a 400Te lifting vessel and recovered the turbine as planned. Reach Subsea supported the project with engineering resources during planning of recovery. Client Voith Location Kirkwall Period November
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