aqualis.no
Aqualis ASA
THIRD QUARTER RESULTS 2014
Oslo, 29 October 2014
Aqualis ASA THIRD QUARTER RESULTS 2014 Oslo, 29 October 2014 - - PowerPoint PPT Presentation
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
aqualis.no
THIRD QUARTER RESULTS 2014
Oslo, 29 October 2014
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 indirectly 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.
Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words “believes”, expects”, “predicts”, “intends”, “projects”, “plans”, “estimates”, “aims”, “foresees”, “anticipates”, “targets”, and similar expressions. 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.
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.
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.
and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance 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.
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USD 1.4m one-off costs related to restructuring and listing)
Offshore S. de R.L. de C.V.
energy company
* Includes contractors on 100% utilization equivalent basis
USDm
Notes: (1) Tristein AS included from May 2014; OWC Ltd from July 2014
0,0 2,0 4,0 6,0 8,0 10,0 12,0 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Aqualis Offshore Tristein OWC
20 40 60 80 100 120 140 160 180 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014
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Notes: (1) Numbers include contractors on 100% utilization equivalent basis (2) Tristein AS included from May 2014; OWC Ltd from July 2014
Number of employees 3x
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Subsequent events:
Lloyd’s Register Quality Assurance (LRQA), the company was been successful in achieving ISO 9001:2008 certification
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retention as MWS on behalf of London underwriters
vessel for transportation to the Far East for conversion into a MOPU
in Houston
major financial institution based in Norway
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2006 - 2013 Nov 2013 – Jul 2014 Aug 2014 ASA ASA ASA
Nov 2013 Apr 2014 Jun 2014 Aug 2014 Aqualis Offshore Holding ASA Listed on Oslo Stock Exchange Listed on Oslo Stock Exchange
Acquisitions: Spin-off:
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Aqualis Offshore Ltd Tristein AS Offshore Wind Consultants Ltd
Aqualis ASA
(listed entity – OSE: AQUA)
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Current locations RIO DE JANEIRO MEXICO CITY HOUSTON OSLO/SANDEFJORD SINGAPORE SHANGHAI DAMMAM DUBAI ABU DHABI MANAMA LONDON
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0,0 10,0 20,0 30,0 40,0 50,0 60,0 1 2 USDm
equivalents
Cash & cash
USD 21.4m Other current assets – USD 10.0m Non-current assets – USD 22.9m Equity – USD 46.9m Current liabilities – USD 7.1m Non-current liabilities – USD 0.2m
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USDm Q3 2014
Operating cash flow
One-off items* 1.3
0.2 Investing cash flow
Financing cash flow 19.3 Cash beg. of period 3.4 Change in cash & cash equiv. 18.0 Cash end of period 21.4
quarter adjusted for one-off items was positive: USD 0.2m
capex (as expected) in the quarter
financing cash flow of USD 19.3m in Q3 2014
contribution (USD 10.5m)
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
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Market:
Micro:
margins
already undertaken
aqualis.no
APPENDIX
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**The company is 100% controlled by Aqualis Offshore
Aqualis ASA
* In KSA / Bahrain, Aqualis operates through agency agreement with AET
Aqualis Offshore Inc (Houston, USA) Aqualis Offshore Marine Services LLC (Dubai,UAE) Aqualis Offshore Pte Ltd (Singapore) Aqualis Offshore UK Ltd (London, UK) Aqualis Offshore Serviçõs Ltda (Rio de Janeiro, Brazil) Aqualis Offshore AS (Sandefjord, Norway)
49%** 100% 100% 100% 100%
Aqualis Offshore Marine Consulting Co., Ltd. (Shanghai, China) Aqualis Offshore Ltd (London, UK)
100% 100%
Aqualis Dammam, KSA*
100%
Tristein AS (Oslo, Norway)
100% 100%
Offshore Wind Consultants Ltd (London, UK)
100%
Aqualis Offshore S. de R.L. de C.V. (Mexico City, Mexico) Aqualis Offshore Marine Consulting LLC (Abu Dhabi, UAE)
100%
Aqualis Manama, Bahrain*
100% 49%**
Executive Management Board of Directors
David Wells, CEO Has more than 30 years experience in the offshore sector with particular focus on offshore operations, MWS and marine consultancy. Specialist on jack up operations, location approvals and all aspects of rig moving. More recently involved in senior management duties. Based in London.
Martin Nes (Deputy member) He is CEO and Partner of investment firm Ferncliff TIH AS. Has previously worked several years for the Norwegian law firm Wikborg Rein, both in their Oslo and London offices, and for the shipping law firm Evensen & Co. Mr Nes’ experience is especially within the shipping and offshore industry. Mr Nes joined Ferncliff in March 2008.
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Christian Opsahl, CFO Extensive international finance, investment banking and private equity experience within the global financial markets, together with industrial experience from companies servicing the offshore oil and gas markets. Based in Norway.
Yvonne L. Sandvold She is the Chief Operating Officer of Frognerbygg AS, and has extensive experience from the Norwegian real estate industry. Ms Sandvold currently serves on the Board of several private companies.
Øystein Stray Spetalen He is Chairman and owner of investment firm Ferncliff TIH AS, and an independent
advisor in different investment banks and as a portfolio manager in Gjensidige Forsikring. Synne Syrrist She is an independent business consultant, and has extensive experience as a non- executive director. She has previously worked as a financial analyst at Elcon Securities and First Securities, and currently serves on the Board of several public companies, including Awilco Drilling Ltd and Eidesvik Offshore ASA. Glen Rødland, Chairman Director and co-investor Direct Active Investments in Ferncliff TIH AS. Mr. Rødland has PhD studies in Finance from NHH and UCLA. He has worked within management consulting, portfolio management and investment banking. Mr. Redland's experience is mainly in Energy, Basic Materials and Shipping. Reuben Segal
experience in the offshore and shipping sectors covering both engineering design and ship surveying. He is a naval architect, and has extensive recent global business development experience with focus on design and construction of offshore oil and gas.
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Strengthened position in a growing market space Enhanced services through sharing of knowledge, resources and expertise Stronger foothold in the offshore wind industry Utilisation of the group’s global network
Ticker: AQUA
Project initiation Engineering / design phase Project procurement Construction Hook-up and commissioning Asset management De- commissioning
Marine project / asset life cycle Aqualis Offshore services
Engineering (niche-focus):
Basic / conceptual design / FEED Modifications and upgrades of drilling rigs / FPSOs / FSOs / lift- boats Transportation & installation analysis
Inspection & approvals:
Marine warranty services Mooring analysis Condition and suitability surveys / audits DP inspections and audits Jack-up site assessments
Construction yard supervision:
Site attendance on behalf of owners, shipyards, financial institutions, 3rd parties New-builds + conversions & upgrades Due diligence / compliancy; financial community focus
Marine operations:
Transport and installation services; “moving of offshore assets” Rig moving Float-overs Site attendance & procedure management
Aqualis’ key competencies are conjointly exposed to both offshore opex and capex cycles
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Projects
installation
Services (MWS)
and installation
Offshore operations «Doing» «Observing»
(basic design, upgrade and conversion)
consultancy
surveys
approvals
verifications
Rig / vessel owners: NOCs / IOCs: Offshore cont. / shipyards: Underwriters / financial inst.:
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Ferncliff and associated companies: ~24% Management and employees: ~24%
Holding Percentage (%) Name Citizenship 5 450 973 12,62 STRATA MARINE & OFFS NOR 2 350 169 5,44 GROSS MANAGEMENT AS NOR 2 187 500 5,06 AQUALIS HOLDCO LIMIT GBR 1 761 972 4,08 ARCTIC FUNDS PLC IRL 1 475 000 3,42 VERDIPAPIRFONDET DNB NOR 1 363 498 3,16 DEUTSCHE BANK AG GBR 1 340 963 3,10 FERNCLIFF LISTED DAI NOR 1 135 666 2,63 JP MORGAN CLEARING C USA 1 093 750 2,53 AS FERNCLIFF NOR 1 074 702 2,49 BINKLEY CAPITAL AS NOR 814 648 1,89 DIAB BADREDDIN GBR 696 286 1,61 T10 INVEST AS NOR 653 929 1,51 LENOX PHILIP ALAN GBR 650 000 1,50 PORTIA AS NOR 646 023 1,50 SAXO PRIVATBANK A/S DNK 644 599 1,49 AMAN MARINE LIMITED GBR 598 122 1,38 ALSTO CONSULTANCY LT SYC 555 074 1,29 BONNON IAN DENNIS GBR 512 188 1,19 THEOFANATOS ANDREAS BRA 468 594 1,08 REWAL AS NOR 25 473 656 58,98
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