Rederiforbundet 01.03.16 Presentasjon av Farstad Shipping ASA Karl-Johan Bakken - CEO Torstein L. Stavseng - CFO
Farstad Shipping ASA Looking ahead from 2015 Dressing the Company for the Future Strategically fleet adjustment Operationally cost reductions and efficiency gains Financially engangement of Financial Advisors In order to withstand a prolonged market downturn, and to further build on our leading position in our industry. Slide 2
Farstad Shipping ASA Brief summary No of vessels in operation: 59 (30 AHTS, 23 PSV, 6 Subsea) No of newbuilds: 1 (1 Subsea) No of employees offshore: 1.860 No of employees onshore: 240 Market value fleet*) (excl. newbuilds): Bln. NOK 17.2 Newbuilds: Bln. NOK 0.5 Share price (31.12.15): NOK 15.20 Market capitalization: Bln. NOK 0.6 Book equity ratio (31.12.15): 24.0 % Value adjusted equity ratio *) (31.12.15): 30.9 % *) Calculated and based upon average values, estimates from 3 shipbrokers per 31.12.15 Slide 3
Farstad Shipping ASA Listed since 1988 Largest shareholders (23 February 2016) Slide 4
Farstad Shipping ASA 100% 100% 100% 100% 100% 100% 100% 100% Farstad Shipping SA (Macae/Rio) 3 vessels Farstad Shipping (Indian Pacific) Pty. Ltd. (Melbourne/Perth) Farstad Shipping Pte.Ltd (Singapore) 7 vessels Farstad Shipping Aalesund AS Farstad Offshore AS Farstad Marine AS 8 vessel Farstad Construction AS 4 vessel 1 newbuilds Farstad Supply AS 35 vessels Farstad Shipping Offshore Simulator Centre Pty Ltd Farstad Shipping Crewing Services Pte. Ltd. 50% 100% Farstad International AS 50% P/R International Offshore Services ANS 2 vessels Company structure February 2016 Slide 5
Farstad Shipping ASA Result 4 th Quarter 2015 (NOK mill.) Res 4Q-14 Res 4Q-15 Operating income 1 111,7 939,9 Profit on sale of fixed assets 0,0 0,0 Total operating income 1 111,7 939,9 Crewing expenses vessels 452,4 385,8 Other operating expenses vessels 210,7 150,3 Administration 41,7 73,4 Total operating expenses 704,9 609,5 Operating result EBITDA 406,9 330,4 Deferred maintenance 59,4 61,8 Depreciation 142,9 156,0 Impairment 101,8 1 094,6 Operating result EBIT 102,8 (982,0) Financial income 10,3 8,7 Financial expenses (166,5) (174,7) Currency gain/loss 43,9 (73,3) Currency gain/loss unrealized (223,0) (31,3) Net financial items (335,3) (270,6) Pre-tax profit (232,6) (1 252,6) Taxes (6,8) 58,2 Profit (225,8) (1 310,9) CF pre tax and sale of assets 294,6 91,0 Margins EBITDA 36,6 % 35,1 % Margins EBIT (ex. impairment) 18,4 % 12,0 % Pressure on rates Vessels in lay up Changes in the Farstad-fleet Crew costs Dry dockings Brazil exposure Pensions Depreciations/Impairments Currency effects Taxes Avg 4Q-14 Avg 4Q-15 31/12/2014 31/12/2015 GBP 11,5710 13,0650 11,5710 13,0720 USD 7,4332 8,6751 7,4332 8,8090 EUR 9,0365 9,4018 9,0365 9,6190 AUD 6,0881 6,2521 6,0881 6,4471 BRL 2,7984 2,2407 2,7984 2,2559 Slide 6
Farstad Shipping ASA Result - quarterly development (NOK mill.) 4Q-14 1Q-15 2Q-15 3Q-15 4Q-15 Operating income excl. sale of vessels 1 111,7 1 067,7 1 038,8 969,3 939,9 Crewing expenses vessels 452,4 449,8 435,8 436,1 385,8 Other operating expenses vessels 210,7 169,1 167,8 162,9 150,3 Administration 41,7 78,0 70,3 68,5 73,4 Total operating expenses 704,9 697,0 673,9 667,6 609,5 EBITDA (excl. sale of vessels) 406,9 370,7 364,8 301,7 330,4 Depreciation 202,3 225,5 225,9 228,1 217,8 Impairment 101,8 15,0 170,0 0,0 1 094,6 Operating result EBIT 102,8 130,2 (31,0) 73,6 (982,0) Financial items excl. currency items (156,2) (155,0) (152,0) (164,5) (166,0) Profit/loss on currency items 43,9 (0,3) (32,7) 19,9 (73,3) Currency gain/loss unrealized (223,0) (266,5) 104,8 (355,6) (31,3) Net financial items (335,3) (421,8) (79,9) (500,3) (270,6) Profit before tax (incl. sale of vessels) (232,6) (296,1) (110,9) (426,7) (1 252,6) Tax (6,8) 8,1 8,7 8,7 58,2 Profit after tax (225,8) (304,2) (119,5) (435,3) (1 310,9) Cash Flow incl. sale of assets/others 294,6 210,8 180,2 157,0 91,0 Sale of assets/other items 0,0 (4,6) 0,0 0,0 0,0 Cash Flow excl. sale of assets/others 294,6 215,4 180,2 157,0 91,0 EBITDA- margin 36,6 % 34,7 % 35,1 % 31,1 % 35,1 % EBIT- margin (ex.impairment) 18,4 % 13,6 % 13,4 % 7,6 % 12,0 % CF- margin 26,5 % 20,2 % 17,3 % 16,2 % 9,7 % Average no of shares (1000) 39 000,0 39 000,0 39 000,0 39 000,0 39 000,0 Slide 7
Farstad Shipping ASA EBITDA margin sorted by segment EBITDA in % of income sorted by vessel type AHTS PSV SUBSEA 60% EBITDA in % of income sorted by region Northwest Europe Brazil Indian Pacific 70% 50% 60% 40% 50% 40% 30% 30% 20% 20% 10% 10% 0% 0% -10% -10% Slide 8
Farstad Shipping ASA Operating income excl. sale of assets - quarterly development Mill NOK 1 400,0 1 200,0 1 000,0 800,0 600,0 400,0 200,0 0,0 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 2010 724 846 861 897 2011 793 871 960 961 2012 916 933 959 906 2013 911 993 1 073 1 029 2014 995 1 051 1 212 1 112 2015 1 068 1 039 969 940 Slide 9
Farstad Shipping ASA EBITDA excl. sale of assets - quarterly development Mill NOK 600,0 500,0 400,0 300,0 200,0 100,0 0,0 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 2010 291 386 380 328 2011 267 347 412 375 2012 321 348 357 291 2013 321 360 455 380 2014 356 368 496 407 2015 371 365 302 330 Slide 10
Farstad Shipping ASA EBIT excl. sale of assets and impairment - quarterly development Mill NOK 350,0 300,0 250,0 200,0 150,0 100,0 50,0 0,0 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 2010 166 255 252 196 2011 135 216 276 230 2012 175 200 214 152 2013 170 202 283 208 2014 178 179 311 205 2015 145 139 74 113 Slide 11
Farstad Shipping ASA Result 31.12.15 - preliminary (NOK mill.) Res. 31.12.14 Res. 31.12.15 Operating income 4 368,9 4 015,7 Profit on sale of fixed assets 15,0 (4,6) Total operating income 4 384,0 4 011,1 Crewing expenses vessels 1 748,4 1 707,6 Other operating expenses vess 728,9 650,1 Administration 265,2 290,3 Total operating expenses 2 742,5 2 648,1 Operating result EBITDA 1 641,5 1 363,1 Deferred maintenance 238,6 259,5 Depreciation 515,8 637,7 Impairment 101,8 1 279,6 Operating result EBIT 785,3 (813,8) Financial income 35,2 32,6 Financial expenses (617,5) (670,2) Currency gain/loss 71,1 (86,4) Currency gain/loss unrealized (281,2) (548,6) Net financial items (792,3) (1 272,6) Pre-tax profit (7,0) (2 086,3) Taxes 1,3 83,6 Profit (8,3) (2 170,0) 5 000 4 500 4 000 3 500 3 000 2 500 2 000 1 500 1 000 500 0 2011 2012 2013 2014 2015 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% CF pre tax and sale of assets 1 115,3 643,7 Margins EBITDA 37,2 % 34,1 % Margins EBIT (ex.impairment) 20,0 % 11,7 % Operating Income EBIT (excl impairment) EBIT-Margin (excl impairment) EBITDA EBITDA-Margin Slide 12
Farstad Shipping ASA Comprehensive Income/Equity 31.12.15 - preliminary STATEMENT OF 4th quarter 4th quarter 1.1-31.12 1.1-31.12 1.1-31.12 COMPREHENSIVE INCOME 2 015 2014 2015 2014 2013 Profit (1 310 860) (225 751) (2 169 961) (8 341) 260 124 Items not to be reclassified to profit/loss in subsequent periods Actuarial gains and losses pensions 27 180 (29 025) 27 180 (29 025) 22 166 Change in deferred tax pensions (1 455) 661 (1 455) 661 - Items to be reclassified to profit/loss in subsequent periods Change in foreign exchange contracts and interest swaps 40 090 (198 845) (33 067) (233 604) (36 362) Change in deferred tax (149) 781 2 507 835 - Translation effects foreign operations 66 663 82 050 11 115 133 258 (26 803) Total other comprehensive income 132 329 (144 378) 6 280 (127 875) (40 999) Comprehensive income for the period (1 178 531) (370 129) (2 163 681) (136 216) 219 125 CHANGE IN EQUITY 4th quarter 4th quarter 1.1-31.12 1.1-31.12 1.1-31.12 2015 2014 2015 2014 2013 Equity at the beginning of the period 5 522 608 6 994 887 6 624 758 6 877 974 6 775 849 Comprehensive income (1 178 531) (370 129) (2 163 681) (136 216) 219 125 Dividend payment 0 0 (117 000) (117 000) (117 000) Equity at the end of the period 4 344 077 6 624 758 4 344 077 6 624 758 6 877 974 Slide 13
Farstad Shipping ASA CASH FLOW 31.12.15 - preliminary STATEMENT OF CASH FLOW 4th quarter 4th quarter 1.1-31.12 1.1-31.12 1.1-31.12 2015 2014 2015 2014 2013 Cash flow from operating activity 293 114 849 941 1 246 483 1 752 821 1 529 059 Sale of fixed assets 40 437 1 981 93 437 20 790 32 857 Investment in fixed assets and contracts newbuilds (17 879) (177 497) (1 834 882) (2 112 935) (2 278 866) Other investments activity 25 398 8 154 61 825 40 465 42 906 Cash flow from investment activity 47 956 (167 362) (1 679 620) (2 051 680) (2 203 103) New long-term debt 269 610 1 426 802 2 181 100 2 982 998 2 715 250 Repayment of debt (325 013) (864 376) (1 629 885) (1 620 941) (1 087 916) Dividend paid 0 - (117 000) (117 000) (117 000) Interest costs (148 193) (165 270) (560 935) (600 719) (534 271) Cash flow from finance activity (203 596) 397 156 (126 720) 644 338 976 063 Net changes in liquidity in the period 137 474 1 079 735 (559 857) 345 479 302 019 Net currency exchange differences subsidiaries 17 604 (46 945) 17 400 (25 070) 3 501 Cash and cash equivalents at the beginning of the period *) 1 423 541 1 088 286 2 121 076 1 800 667 1 495 147 Cash and cash equivalents at the end of the period *) 1 578 619 2 121 076 1 578 619 2 121 076 1 800 667 *) Ex. shares, equity certificates and bonds Shares, equity certificates and bonds 58 318 73 818 58 318 73 818 79 028 Liquid assets 1 636 937 2 194 894 1 636 937 2 194 894 1 879 695 Slide 14
Farstad Shipping ASA Result 31.12.15 sorted by segment - preliminary OPERATING INCOME *) 4th quarter 4th quarter 1.1-31.12 1.1-31.12 1.1-31.12 2015 2014 2015 2014 2013 AHTS 510 245 610 482 2 186 808 2 526 448 2 364 690 PSV 258 339 398 093 1 261 624 1 549 894 1 417 350 SUBSEA 168 203 99 810 549 915 275 698 216 378 Other income 3 131 3 343 17 348 16 898 8 749 Total 939 918 1 111 728 4 015 695 4 368 938 4 007 167 North-West Europe 115 101 203 678 516 674 894 570 815 070 Brazil 313 173 361 737 1 407 327 1 407 695 1 186 713 Asian Pacific 447 033 503 678 1 901 600 1 902 408 1 901 376 Other segments 61 480 39 292 172 746 147 367 95 259 Others 3 131 3 343 17 348 16 898 8 749 Total 939 918 1 111 728 4 015 695 4 368 938 4 007 167 OPERATING PROFIT (EBIT) *) 4th quarter 4th quarter 1.1-31.12 1.1-31.12 1.1-31.12 2015 2014 2015 2014 2013 Operating income - sorted by segment Northwest Europe Brazil Indian Pacific Other Markets 100% 1,2 1,5 0,1 2,6 3,8 4,7 90% 80% 70% 48,3 48,7 52,4 47,5 43,5 47,4 60% 50% 40% 25,3 27,9 26,1 29,6 32,2 30% 35 20% 10% 25,2 21,9 21,4 20,3 20,5 12,9 0% AHTS PSV Subsea AHTS (100 030) 83 205 48 286 574 116 623 591 PSV (909 925) 7 987 (987 182) 188 245 233 448 SUBSEA 66 719 24 359 172 924 26 606 23 480 Other income (38 748) (12 766) (43 212) (18 662) (18 039) Total (981 984) 102 785 (809 184) 770 305 862 480 North-West Europe (406 550) 13 001 (661 245) 194 426 161 258 Brazil 12 457 66 812 329 640 285 868 266 957 Asian Pacific (541 637) 65 213 (442 589) 322 194 423 711 Other segments (7 517) (29 475) 8 211 (13 521) 28 593 Others (38 737) (12 766) (43 201) (18 662) (18 039) Total (981 984) 102 785 (809 184) 770 305 862 480 *) excl. sale of vessel 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 5,4 4,6 6,6 5,6 6,3 13,7 30,7 30,6 31,7 35,4 35,5 31,4 63,8 64,7 61,6 59,0 57,8 54,5 Slide 15
Farstad Shipping ASA Balance Sheet 31.12.15 - preliminary ASSETS 31.12.2015 31.12.2014 31.12.2013 Fixed assets: Goodwill 57 793 101 938 96 778 Vessels etc. 15 383 886 15 984 824 14 179 071 Contracts newbuilds 18 336 33 715 333 620 Deferred tax benefit 55 106 83 865 63 506 Other long-term receivables 2 716 16 302 17 861 Currency and interest swap derivatives 0 0 776 Shares 4 936 5 059 5 071 Total fixed assets 15 522 773 16 225 703 14 696 683 Current assets: Account receivables, freight income 517 627 622 641 616 853 Other short-term receivables 294 405 349 876 314 101 Currency and interest swap derivatives 2 790 1 405 29 733 Liquid assets 1 636 937 2 194 894 1 879 695 Total current assets 2 451 759 3 168 816 2 840 382 Assets classified as held for sale 151 438 0 0 Total assets 18 125 970 19 394 519 17 537 065 EQUITY AND LIABILITIES 31.12.2015 31.12.2014 31.12.2013 Equity: Paid-in capital 237 396 237 396 237 396 Retained earnings 4 106 681 6 387 362 6 640 578 Total equity 4 344 077 6 624 758 6 877 974 Liabilities: Non-current liabilities: Provision for liabilities 55 324 97 043 105 431 Deferred tax 43 140 42 657 41 790 Currency and interest swap derivatives 290 618 224 694 40 633 Interest-bearing debt and leasing obligations 11 287 530 9 932 526 8 702 740 Total non-current liabilities 11 676 612 10 296 920 8 890 594 Current liabilities: Accounts payable 199 127 281 949 281 623 Currency and interest swap derivatives 234 400 170 350 44 531 Taxes payable 38 271 26 540 31 639 Other current liabilities 597 150 610 883 464 954 Current portion of interest-bearing debt 1 036 333 1 383 119 945 750 Total current liabilities 2 105 281 2 472 841 1 768 497 Total liabilities 13 781 893 12 769 761 10 659 091 Total equity and liabilities 18 125 970 19 394 519 17 537 065 Vessels sold: 1Q-Far Sky 2Q-Far Superior 4Q Lady Guro Newbuilds delivered: 1Q-Far Sleipner 3Q-Far Sentinel Ordinary repayment of long term debt: 4Q NOK 325 mill. (NOK 1.058 mill. for 2015) New debt in 4Q was NOK 132 mill. (NOK 1.614 Mill. for 2015) Dividend paid to be shareholders in May with NOK 117.0 mill. Impairment in 4Q was NOK 1.095 mill. (NOK 1279,6 mill. for 2015) reducing Goodwill/Vessels etc. and Equity. Booked EQ per share: NOK 111,39 Booked EQ%: 24.0 % (4Q-14: 34,2%) Value adjusted EQ% *): 30.9 % (4Q-14: 42,7%) *) Calculated and based upon values as per 31.12.15 EUR 0,5 % GBP 2,0 % AUD 5,6 % USD 25,5 % Currency - Interest bearing debt NOK 66,4 % Slide 16
Market values vessels*) Willing buyer, Willing seller, Free of charter, Available in the market Mill. NOK 650 625 600 575 550 525 500 475 450 425 400 375 350 325 300 275 250 225 200 175 150 125 100 75 50 25 0 Mill. NOK 650 625 600 575 550 525 500 475 450 425 400 375 350 325 300 275 250 225 200 175 150 125 100 75 50 25 0 2012: Average decrease in values of Farstad fleet: 1,0%. 2013: Average decrease in values of Farstad fleet: 3,9%. 2014: Average decrease in values of Farstad fleet: 5,4%. 2015 1 st half year: Average decrease in values of Farstad fleet: 9,7%. 2015 2 nd half year: Average decrease in values of Farstad fleet: 7,0%. Far Service(PSV,1995) Far Star (PSV,1999) Far Senior (AHTS,1998) Far Sovereign (AHTS,1999) Far Sword (AHTS, 2006) Far Scorpion (AHTS,2009) *) Average values, based upon estimates from 3 shipbrokers. Vessel s first value is building cost. Slide 17
Farstad Shipping ASA Values NOK dividend/ share 6,00 Values NOK/ share 300 5,00 250 4,00 200 3,00 150 2,00 100 1,00 50 0,00 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Dividend 3,00 3,00 4,00 5,00 3,00 4,00 5,00 3,00 3,00 3,00 0,00 Book value 79,13 90,61 87,95 113,85 160,31 168,78 174,88 173,74 176,36 169,87 111,39 Share price 97,00 135,50 148,00 67,50 128,50 175,00 151,00 134,50 133,00 50,75 15,20 Value adjusted Equity 115,28 170,87 218,06 248,06 249,45 262,98 273,34 277,94 271,99 244,32 157,90 0 Value Adjusted Equity is calculated and based upon average market values of the fleet from 3 shipbrokers per 31.12/30.06. Slide 18
Farstad Shipping ASA Long term debt 31.12.15 repayment profile 2 500 000 2 000 000 1 500 000 1 000 000 500 000 0 1. half-year 2016 2. half-year 2016 1. half-year 2017 2. half-year 2017 1. half-year 2018 2. half-year 2018 1. half-year 2019 2. half-year 2019 1. half-year 2020 2. half-year 2020 Installments Repayment sale Balloons Bonds Guarantee renewals Slide 19
Farstad Shipping ASA Health, Safety, Environment and Quality LTIF - (No of injuries per mill. work hours ) 2,00 1,80 1,60 1,81 1,40 1,20 1,51 1,38 1,00 0,80 0,60 0,92 1,04 0,81 0,77 0,73 0,40 0,20 0,41 0,50 0,00 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Slide 20
Farstad Shipping ASA Fleet distribution 59 vessels - February 2016 10 PSV 5 AHTS 1 Subsea tbn ÅLESUND 1 Subsea 3 PSV 8 AHTS 4 SUBSEA 1 Subsea SINGAPORE 10 PSV 17 AHTS MACCAÈ RIO DE JANEIRO PERTH MELBOURNE Slide 21
Farstad Shipping ASA Contract summary AHTS February 2016 Slide 22
Farstad Shipping ASA Contract summary PSV and SUBSEA February 2016 Slide 23
Farstad Shipping ASA Contract summary*) Fleet February 2016 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Options Term contracts 54.1%**) 44.0%**) 36.2%**) 29.2%**) 20.6%**) Contract coverage exclusive options 2016: 43% 2017: 25% Back log: Total: NOK 6.0 mrd 2016 2017 2018 2019 2020 **) AHTS => 52.4% 37.5% 25.7% 23.3% 11.5% **) PSV => 47.3% 40.6% 36.1% 25.1% 21.7% **) SUBSEA => 87.3% 83.4% 81.1% 67.9% 56.0% *) Actual no of days term contracts divided by no. of available days **) incl. options Slide 24
Global energy demand IHS forecast October 2015 Source: IHS October 2015 Slide 25
Vessel Information & Newbuilding contract Yard no 838 Vung Tau - Far Superior TBN delivery November 2016 Slide 26
Newbuildings sorted by regions AHTS> 10.000 BHP, PSV> 2.000 DWT and Subsea No of vessels 250 AHTS = 84 vessels PSV = 270 vessels Subsea=87 200 40 150 100 153 50 0 34 2 9 29 13 1 15 23 7 7 11 13 1 4 15 16 3 16 52 14 2 42 12 01 4 32 10 3 31 2 1 1 Source: IHS/Clarkson Platou/ Farstad January-16 Slide 27
Worldwide Subsea vessel supply/demand October 2015! Source: IHS October 2015 Slide 28
World wide Fleet Term Utilization Source: IHS/Farstad, January 2016 Slide 29
Boat- years North West Europe Supply- Demand- Utilisation 400 100% 350 300 250 91% 91% 90% 91% 90% 346 326 331 314 305 300 293 294 268 277 367 79% 288 387 66% 254 90% 80% 70% 60% 200 50% 150 40% 30% 100 20% 50 10% 0 0% Average supply Average demand Average utilisation Source: IHS/Farstad, January 2016 Slide 30
North West Europe Supply- Demand- Utilisation 400 375 350 325 300 275 250 225 200 175 150 125 100 75 50 25 0 100,0% 90,0% 80,0% 70,0% 60,0% 50,0% 40,0% Term demand Spot demand Fleet size Total utilisation % Term utilization Source: IHS/Farstad, January 2016 Slide 31
North West Europe Fleet Utilization 2015 development 100% 95% 90% 85% 80% 75% 2015-april 2015-jan 2015-august 2015-final 70% 65% Source: IHS/Farstad, January 2016 Slide 32
North West Europe Fleet Utilization forecast 2016 100% 95% 90% 85% 80% 75% 70% 65% 2016-jan 2015 2016-lay up (100 vessels) 60% 55% 50% Source: IHS/Farstad, January 2016 Slide 33
North West Europe Supply- Demand- Utilisation Source: Platou Clarkson February 2016 Slide 34
PSV>2.000 dwt AHTS>10.000 bhp 1100 vessels + 270 newbuilds (24,5%) 512 vessels + 84 newbuilds (16,4%) DWT BHP Approx. 45% Approx. 3.600 vessels worldwide Source: IHS/Clarkson Platou/ Farstad January-16 Fleet Structure Supply Vessels Worldwide Slide 35
No of vessels Newbuildings sorted by deliverytime AHTS> 10.000 BHP, PSV> 2.000 DWT and Subsea 160 AHTS<12500 BHP (44 vessels) AHTS>20000 BHP(15 vessels) PSV>4000 DWT (144 vessels) 12500BHP<AHTS<20000BHP (25 vessels) PSV<4000 DWT (126 vessels) 140 120 100 80 60 40 20 0 Source: IHS/Clarkson Platou/ Farstad January-16 Slide 36
Worldwide Fleet Growth AHTS> 10.000 BHP No of vessels Increase in fleet Total fleet incl. Newbuilds No of vessels Increase in fleet Total fleet incl. Newbuilds 600 582 595 596 600 570 587 592 500 469 481 503 507 512 500 469 481 503 507 400 400 300 300 200 200 100 0 26 12 22 4 5 70 13 1 100 0 26 12 22 4 63 17 5 Expected January-16 Expected January-15 Source: IHS/Clarkson Platou/ Farstad January-16 Slide 37
Worldwide Fleet Growth PSV> 2.000 DWT No of vessels Increase in fleet Total fleet 1400 1339 1368 1370 No of vessels Increase in fleet Total fleet 1400 1259 1331 1341 1200 1013 1100 1200 1013 1000 895 1000 895 800 664 692 755 800 664 692 755 600 600 400 200 0 89 28 63 140 118 87 239 29 2 400 200 0 89 28 63 140 118 246 72 10 Expected January-16 Expected January-15 Source: IHS/Clarkson Platou/ Farstad January-16 Slide 38
Worldwide and Northwest Europe *) AHTS> 10.000 BHP and PSV> 2.000 DWT No of vessels PSV> 2000 DWT No of vessels AHTS> 10.000 BHP 1200 Other markets Northwest Europe 600 Other markets Northwest Europe 1000 500 800 400 600 400 396 477 490 549 650 764 845 300 200 336 372 405 417 434 440 435 200 0 179 187 202 226 245 249 255 100 0 65 71 64 64 69 67 77 *) Excl newbuilds Source: IHS/Clarkson Platou/ Farstad January-16 Slide 39
Worldwide sorted by regions AHTS> 10.000 BHP No of vessels 250 Jan.-10 Jan.-11 Jan.- 12 Jan.-13 Jan.-14 Jan.-15 Jan-16 200 150 194 185 176 165 158 150 138 116 100 94 104 104 95 50 77 71 69 65 67 64 64 77 81 70 67 65 67 56 53 45 27 29 24 26 19 21 23 14 15 17 18 15 12 12 51 52 46 39 41 43 35 0 Source: IHS/Clarkson Platou/ Farstad January-16 Slide 40
Worldwide sorted by regions PSV> 2.000 DWT No of vessels Jan.-10 Jan.-11 Jan.-12 Jan.-13 Jan.-14 Jan.-15 Jan.-16 300 250 255 249 245 261 226 225 200 187 179 202 190 194 169 168 174 150 149 152 152 143 156 128 123 114 123 128 120 115 100 77 97 97 90 88 82 81 78 70 77 71 50 52 45 45 46 39 0 5 3 4 4 4 3 9 Source: IHS/Clarkson Platou/ Farstad January-16 Slide 41
Worldwide sorted by owners/ managers AHTS> 10.000 BHP and PSV> 2.000 DWT No of vessels 180 160 140 120 100 80 60 40 20 0 AHTS = 512 vessels PSV = 1100 vessels Newbuilds = 354 vessels Total fleet incl. newbuild count 1966 vessels 236 owners. The 53 largest owners having 10 or more vessels control 72,5 % of the fleet incl. newbuilds. 156 owners have 5 vessels/newbuilds or less 17,5 % of the fleet 344 vessels. The 53 largest owners have ordered 204 newbuilds 57,5 %. Source: IHS/Clarkson Platou/ Farstad January-16 Slide 42
Northwest Europe sorted by owners/ managers AHTS> 10.000 BHP and PSV> 2.000 DWT No of vessels 30 25 No of PSV=255 No of AHTS=77 Number of players: 54 Number of vessels: 332 (20,6%) Number of newbuilds: 40 (11,3%) 20 15 10 5 0 24 18 1 2 9 11 12 9 6 4 13 10 3 2 4 9 11 1 5 6 10 10 4 1 6 7 9 9 6 2 2 2 4 4 6 6 3 2 5 5 4 4 Source: IHS/Clarkson Platou/ Farstad January-16 Slide 43
Brazil sorted by owners/ managers AHTS> 10.000 BHP and PSV> 2.000 DWT No of vessels 50 45 40 No of PSV=146 No of AHTS=74 Number of players: 39 Number of vessels: 220 (13,6%) Number of newbuilds: 36 (10,2%) 35 30 25 20 15 10 5 0 35 5 2 19 17 3 14 11 11 8 8 10 3 4 7 2 4 1 3 3 3 1 1 2 3 3 2 1 3 2 2 2 2 2 2 2 2 1 2 Source: IHS/Clarkson Platou/ Farstad January-16 Slide 44
Brazil total fleet og supply vessels Supply vessel by flag Source: ABEAM Brazilian Association of Offshore Support Vessels - December 2015 Slide 45
Indian Pacific/China sorted by owners/ managers AHTS> 10.000 BHP and PSV> 2.000 DWT No of vessels 35 30 No of PSV=174 No of AHTS=194 Number of players: 84 Number of vessels: 368 (22,8%) Number of newbuilds 218 (61,6%) 25 20 15 9 15 8 8 10 5 0 10 16 16 12 11 11 11 8 5 1 2 2 1 1 9 7 8 7 6 3 2 4 1 4 2 6 6 3 4 5 2 2 3 5 1 1 5 5 5 2 4 3 3 4 4 2 4 2 2 Source: IHS/Clarkson Platou/ Farstad January-16 Slide 46
Australia/New Zealand sorted by owners/ managers AHTS> 10.000 BHP and PSV> 2.000 DWT No of vessels 18 16 14 5 No of PSV=16 No of AHTS=22 Number of players: 12 Number of vessels: 38 (2,4%) Number of newbuilds 0 12 10 8 6 11 4 1 2 0 4 3 3 3 2 1 1 1 1 1 1 Source: IHS/Clarkson Platou/ Farstad January-16 Slide 47
West/East-Africa sorted by owners/ managers AHTS> 10.000 BHP and PSV> 2.000 DWT No of vessels 40 35 30 No of PSV=156 No of AHTS=67 Number of players: 52 Number of vessels: 223(13,8%) Number of newbuilds 0 25 20 30 26 15 10 5 0 10 3 6 7 8 12 4 6 7 6 2 2 3 4 4 4 4 3 3 4 4 4 4 1 1 1 3 2 1 3 3 2 2 2 2 2 2 2 2 Source: IHS/Clarkson Platou/ Farstad January-16 Slide 48
Takk for oppmerksomheten! Slide 49