Reach Subsea ppt - Home - · PDF fileREACH SUBSEA IN BRIEF ... Manhours offshore 35.00 80.000 0 6.50 0 Raised NOK 85m Equity. WORLDWIDE PROJECTS Atlantic West Africa Arctic Mediterranean

REACH

SUBSEA

A new landscape emerging

09.08.2017Haugesund

Bård Thuen Høgheim

REACH SUBSEA IN BRIEF

In brief• Established in 2008

• Based in Norway• Listed at Oslo Stock

Exchange (REACH)

Fleet• 6 vessels• 6 owned WROV’s

• 2 dedicated SROV• 4 Schilling HD’s on bb

Organization• Head office in Haugesund• 77 employees• 40 through Connect• Average employee age 35• 1 LTI’s (Lost Time Injuries)• World record in survey speed• Experience with over 20 clients

worldwide

Main Office Killingøy base

VESSEL FLEET

Edda Fonn Normand Reach

Viking Neptun

Stril ExplorerHavila Subsea

Olympic Delta

2008

2012

2013

2014

2015

2016

OUR HISTORY

Raised

NOK 142m

Equity

2017

634MNOK

revenue

327MNOK

311MNOK62

MNOK120.000Manhoursoffshore

80.00035.000

6.500

Raised

NOK 85m

Equity

WORLDWIDE PROJECTS

Atlantic

West Africa

Arctic

Mediterranean

North Sea

Baltic

Cable & Wind

Oil & Gas

South East Asia

Black Sea

SUBSEA UNIVERSE

7

xx

Outsourcing IMR

and construction

supportx

x

OPTIONS WHEN BEING UP AND COMING IN

COMPETITIVE LANDSCAPE

Try to look bigger than you are Make friends

Competitiveness Focus on core competence

VESSEL UTILIZATION

CUSTOMERS

PROJECT VOLUME

0

5

10

15

20

25

30

35

40

45

50

2013 2014 2015 2016 2017

Oil & Gas Renewable Subsea Mining

ABILITY TO FIND BUSINESS

0

50

100

150

200

250

Q1(15) Q2(15) Q3(15) Q4(15) Q1(16) Q2(16) Q3(16 Q4(16)

Quarterly revenue composition (NOKm)

Firm work at start of quarter Work won during quarter

RESTRUCTUREING – CLEAN SHEETS

0

10

20

30

40

50

60

Q2(16) Q3(16) Q4(16) Q1(17) Q2(17) Q3(17) Q4(17) Q1(18) Q2(18) Q3(18) Q4(18) Q1(19) Q2(19)

Quarterly total charter and lease commitments (NOKm)

Before May-16 restructuring After May-16 restructuring

LIFELINE - RENEWABLES

LIFELINE - RENEWABLES

Vessel that has been working in the wind farm market the last years:

• Aker Wayfarer • Havila Phoenix• Grand Canyon II• Despina• Maersk Recorder• Stril Explorer• Stril Server• Dina Star• Normand Progress• Normand Flower• Normand Mermaid• AKOFS Seafarer• EDT Protea• Deep Helder• Siem Moxie• Island Crown• Polar Prince• Polar King• Polar Queen

At least 30 subsea vessel has been working in the Offshore wind market the last few years

• Normand Jarstein

• Viking Poseidon• Acergy Viking• Edda Freya• Seabed Prince• Edda Fonn• Volstad Surveyor• Normand Reach

• Normand Jarl• Siem Sparefish• Havila Subsea• Edda Fauna

LESSONS LEARNED

• The importance of the ability to adapt to new segments and markets

• Market can always go lower

• Skill to win work is not always related to knowhow

• The whole business model has changed

• Visibility has been reduced/eliminated

• Happiness of winning contract is not linear with profit

• Utility companies benefited a great deal

• Beggars cannot be choosers

• “In the midst of chaos, there is also opportunity” (Sun Tzu)

Thank you