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This presentation should be read in conjunction with STX OSV Holdings Limited’s results for the period ended 31 December 2011 in the SGXNet announcement. Financial figures are presented according to SFRS.
This presentation may contain forward-looking statements that involve risks and uncertainties. Such forward-looking statements and financial information involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements and financial information. Such forward-looking statements and financial information are based on numerous assumptions regarding our present and future business strategies and the environment in which we will operate in the future. As these statements and financial information reflect our current views concerning future events, these statements and financial information necessarily involve risks, uncertainties and assumptions. Actual future performance could differ materially from these forward-looking statements and financial information. You are cautioned not to place undue reliance on these forward looking statements, which are based on the Company’s current view of future events.
Disclaimer
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Annual General MeetingSTX OSV Holdings Limited
25 April 2012
Significant events 2011
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Significant events 2011
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Vessels delivered in 2011
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Vessels delivered in 2011
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Order book development
2007 2008 2009 2010 2011
2007 2008 2009 2010 2011
Order book at the end of the period (NOK million)1)
New order intake during the period (NOK million)1)
22 389
16 411
4 Vessels5 692 8 Vessels
4 458
17 031
27 Vessels12 555
16 675
28 Vessels11 117
1) Includes firm orders only. Includes variation orders and trading packages
28 Vessels15 461
27 363
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Order book status
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Order book as of 31 Dec. 2011 (# of vessels)
21
23
8
26
17
3
0 10 20 30
2010
2011
2012
2013
2014
2014-168 LPG carriers to be
constructed at new yard in Brazil
delivered
Del
iver
y ye
ar
Delivery year
Norway / Romania
Brazil Vietnam Total
2014-16
8 Other
8
2014
2 Other
1 AHTS
3
2013
2 AHTS7 PSV
4 Other
1 ATHS1 PSV 2 PSV 17
2012 17 PSV1 OSCV2 Other
2 AHTS2 PSV
1 AHTS1 PSV 26
Note: Includes firm orders only
delivered
Order book by region and vessel type
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By RegionOrder book
31 Dec. 2010Deliveries
2011Order intake
2011Order book
31 Dec. 2011
Norway / Romania 34 18 19 35
Brazil 9 2 8 15
Vietnam 6 3 1 4
Total 49 23 28 54
By Vessel TypeOrder book
31 Dec. 2010Deliveries
2011Order intake
2011Order book
31 Dec. 2011
AHTS 12 7 2 7
PSV (incl. MRV) 26 8 12 30
OSCV 4 3 - 1
Other 7 5 14 16
Total 49 23 28 54
Note: Includes firm orders only
New contracts YTD 2012
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1Q 2012One subsea support vessel for Island OffshoreOne offshore subsea construction vessel for DOFTwo multifunctional deep water anchor handling / offshore service vessels for Farstad Shipping
2Q 2012One anchor handling tug supply vessel for IcemanTwo offshore subsea construction vessels for Siem Offshore
Stable operations with improvements in productivity as well as key health, safety and environment (HSE) indicatorsSuccessful project deliveries and release of risk contingencies to profit at the end of complex projects contributing to exceptional financial results
Norway and RomaniaGood yard utilization and excellent performanceHigh rate of on-time deliveries
BrazilYard operating at maximum capacityConstraints in the subcontractor market leading to some delays; limited economic impactAgreement with Rio Nave shipyard for subcontracting of hull production to mitigate risk of delays
VietnamContinued successful development of the organizationTwo out of three vessels in 2011 delivered ahead of time
Strong track record in operations maintainedthroughout 2011
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Positive trend in key health and safety indicators
0
1
2
3
4
5
6
7
8
2007 2008 2009 2010 20110%
1%
2%
3%
4%
5%
6%
2007 2008 2009 2010 2011
LTI frequency(number of Lost Time Injuries per million hours work)
Sick leave (%)
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All-time high revenues and margins
Strong cash balance
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Based on the Group’s exceptional financial performance in 2011, theBoard of Directors recommends to pay a final dividend of SGD 10 cents per share for FY 2011
Earning per share and dividend
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Earnings per share (SGD cents)
22.59
29.30
0
5
10
15
20
25
30
35
2010 2011
Note: Earnings per ordinary share for the financial period attributable to equity holders of the parent. SGD amounts are translated from NOK based on the exchange rates prevailing at the reporting dates.
Dividend per share (SGD cents)
3.0
5.0
10.0
0
2
4
6
8
10
12
Final 2010 Special interim 2011 Final 2011
Shareholding structure
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1) Investment funds affiliated with OZ Management LPNote: Shareholding structure as of 12 March 2012
“The Company has been informed that its majority shareholder, STX Europe AS ("Majority Shareholder"), is exploring a potential sale of its shares in the Company and has retained JPMorgan Chase Bank, N.A., Hong Kong Branch and Standard Chartered Securities Korea Limited in connection therewith. However, the Company has been informed by the Majority Shareholder that, at this juncture, there is no certainty that the aforementioned sale of its shares in the Company would take place.
In the event that the Company is aware of any significant developments in this regard, it will make the appropriate announcement in compliance with the SGX-ST Listing Manual.
The Company also wishes to advise shareholders of the Company to exercise caution in relation to market rumours, particularly in the context of dealing in the shares of the Company.”
(Clarification announcement dated 18 January 2012)
Other free float
50.75% 29.25%
32.9%
Och-Ziff 1)
20.0%
Strong market fundamentals
Oil majors continue to increase E&P spending budgets
Increasing demand for anchor handlers and offshore construction vessels, and further opportunities in specialized vessel segments
But order conversion still influenced by constraints in shipowners’ ability to finance new vessel projects
Recent upturn in order activity
Sustained higher new order intake yet to be demonstrated
STX OSV believes it is fundamentally well-positioned to seizeopportunities in the market
Outlook
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Q&AQ&A