Presentation 4 th Quarter 2009 22 F b 22. February 2009 2009 Jon A. - - PowerPoint PPT Presentation

Presentation 4th Quarter 2009 22 F b 2009

• 22. February 2009

Jon A. Elde CFO

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CFO

Highlights 4th quarter 2009

• The Board of Directors will propose to the Annual General Meeting a dividend of NOK 3.5 per share after issued

t id d guarantees are considered.

• 2 Nov 2009 Global Tender Barges AS, a wholly owned subsidiary in Global Tender Barges Group (GTB) sold 90% of the

shares in Global Tender Barges Pte Ltd (GTB Pte), for a price of USD 110 million in cash. Profit from the transaction was USD 20 4 illi USD 20.4 million.

• The main continuing operation activities are a multi client library offshore Iran called PC 2000 and cash holdings. The

tender barge segment is from now on presented as discontinued operations.

• Sector Asset Management bought 11 November 33.3 % of the outstanding shares. These shares were sold 18 February.

HNA Group bought 33.3% of the outstanding shares on the 18 February 2010.

• A merger proposal set out by Bergen Oilfield Services AS was negotiated but the parties did not reach an agreement
• A merger proposal set out by Bergen Oilfield Services AS was negotiated, but the parties did not reach an agreement.
• EBITDA for consolidated continuing operations in GTB was USD ‐5.3 million in 4th quarter versus USD 2.1 million last year.
• At 31 12 2009 the cash position is USD 122 million There is no interest bearing debt
• At 31.12.2009 the cash position is USD 122 million. There is no interest bearing debt.
• The company has issued guaranties in connection with the discontinued operations. Based on present knowledge the

company has considered that there is no need to accrue for the guaranties in the financial statements.

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Global Tender Barges ASA 31. December 2009

Cash 122 MUSD Of hi h 341 6 MNOK

• Of which 341,6 MNOK

2 D multi client study offshore Iran 4,3% of outstanding shares in Ziebel AS and a 0,9 MUSD bond loan

• Written down to 0,5 MUSD

No interest bearing debt

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Cash position

At 31. December 2009 ‐ USD Cash 122 MUSD Of hi h 341 6 MNOK

• Of which 341,6 MNOK

A 22 F b 2010 20 MUSD h i i i NOK At 22. February 2010: 20 MUSD the remaining in NOK

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The PC‐2000 library covers entire Iranian offshore with a 2 x 2 km seismic grid

– Standard Offshore library about 90,700 line kilometres – Shallow water about 11 700 line kilometres Shallow water about 11,700 line kilometres – Transition zone about 3,600 line kilometres

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Guarantees

SPA SPA GTB has given customary seller warranties among others related to accounts, including tax and working capital. GTBs maximum aggregate liability in respect of such warranties is limited to USD 12.5 million unless there has been fraud or grossly negligent non-disclosure. Any claims from the buyer against GTB stemming from breach of the warranties have to be notified on or before June 30, 2010 for all warranties other than tax, where the deadline is June 30, 2011. After 30 June 2011, the guarantee is USD 6.25 million. GTB gave a client guarantee when operating the tender rigs. The buyer indemnifies any claims until transferral of guarantee mid May 2010. GGS Atlantic GGS Atlantic GTB has a secondary guaranty of approximately USD 11 million for the financial lease for the 2D seismic vessel GGS Atlantic which is operated under the responsibility of Spectrum ASA. The lease runs through 2012.

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GTB: Profit & loss 4th quarter 2009

31 Dec 31 Dec 31 Dec 31 Dec Quarter ended Period ended TUSD

Note

2009 2008 2009 2008 Continuing operations Revenue 3 279 (798) 3 958 4 511 Operating expenses 3 (5 613) 2 878 (16 866) (6 965) EBITDA (5 334) 2 081 (12 908) (2 454) Amortisation and depreciation

• (549)

(1 020) (2 907) EBIT (5 334) 1 532 (13 928) (5 361) Interest expense, net 706 1 213 1 185 3 319 Interest expense, net 706 1 213 1 185 3 319 Foreign exchange gain/(loss) 549 130 398 2 456 Other financial items (2 469) (2 776) (17 167) (2 899) Net financial items (1 214) (1 433) (15 584) 2 876 Profit/(loss) before tax (6 548) 99 (29 512) (2 485) Profit/(loss) before tax (6 548) 99 (29 512) (2 485) Tax expense 616 (145) Net profit/(loss) from continuing operations (5 932) 99 (29 657) (2 485) Net profit/(loss) from discontinued operations 4 17 934 (10 802) 18 677 (3 395)

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Net profit/(loss) 12 002 (10 703) (10 980) (5 879)

Balance sheet as of 4th quarter 2009 ‐ Assets

31 Dec 2009 31 Dec 2008 Assets TUSD TUSD I t ibl t t Intangible non-current assets Multi-client library

• 980

Tangible non-current assets Rigs

• 231 686

Other equipment

• 155

Other non-current assets Non-current deferred costs

• 30 643

Non-current receivables 433 22 146 Other financial assets 112 1 188 Total non-current assets 545 286 798 Current assets Inventory

• 5 230

Current deferred costs

• 12 168

Trade receivables 1 378 25 796 Other receivables 671 3 370 Restricted cash 193 1 948 Cash and cash equivalents 121 886 40 886 Cash and cash equivalents 121 886 40 886 Total current assets 124 128 89 398

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Total assets 124 673 376 195

Balance sheet as of 4th quarter 2009 – Equity and liabilities

31 Dec 2009 31 Dec 2008 Equity and liabilities TUSD TUSD Equity attributable to equity holders of the parent Equity attributable to equity holders of the parent Paid in equity 14 882 14 882 Share premium reserve

• 152 701

Approved, not registered reduction of share premium reserve 152 701 Retained earnings (31 896) (21 322) Other reserves (15 645) (20 084) 120 042 126 177 Minority interests

• 8 121

T t l it 120 042 134 298 Total equity 120 042 134 298 Non-current liabilities Non-current deferred revenue

• 25 896

Non-current interest bearing debt

• 110 278

Other financial liabilities 2 329 Other financial liabilities

• 2 329

Total non-current liabilities

• 138 502

Current liabilities Trade payables 673 35 701 Current interest bearing debt

• 37 500

Current interest bearing debt

• 37 500

Current deferred revenue

• 12 924

Taxes payable

• 4 716

Prepayment from customers

• 3 180

Other current liabilities 3 958 9 374

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Total current liabilities 4 631 103 395 Total equity and liabilities 124 673 376 195

Top 20 – Shareholders p

22.02.2010

Shareholder Shares % 1 OCEANUS INTERNATIONAL INV. CO. LTD 44 736 000 33.33 2 SPENCER ENERGY AS 6 010 665 4.48 3 FIRST CLEARING A/C LLC 3 150 000 2.35 4 FERNCLIFF DAI 1 AS 2 722 131 2.03 5 SVELA EIENDOM AS 2 515 233 1 87 5 SVELA EIENDOM AS 2 515 233 1.87 6 PERSHING LLC 2 362 000 1.76 7 HAVTRÅL AS 2 200 000 1.64 8 SKAGEN VEKST 1 800 000 1.34 9 CAMACA AS 1 650 000 1.23 10 FERNCLIFF TIH AS 1 600 833 1 19 10 FERNCLIFF TIH AS 1 600 833 1.19 11 VPF NORDEA SMB 1 420 166 1.06 12 ZONCOLAN ASA 1 343 000 1.00 13 DNB NOR SMB VPF 1 325 000 0.99 14 HAUGNÆSS THOR KRISTIAN 1 056 000 0.79 15 RANDOM BUSINESS VENTURES AS 1 052 000 0.78 16 MATSPECIALEN AS 1 050 000 0.78 17 SOLAN CAPITAL AS 963 999 0.72 18 TFR INVEST AS 962 000 0.72 19 DNB NOR NAVIGATOR VPF 944 208 0.70 20 JOHANSEN STIG JARLE 890 000 0.66 Total 134 212 781 79 753 235

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Areas going forward

E t

di G l M ti

Extraordinary General Meeting Election of board of directors Ordinary General Meeting 25. March 2010 Dividend 3.5 NOK per share Potential sale of PC 2000 Strategic process

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Thank you

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