Leading international ship- & offshore broker and investment bank
RS Platou overview
• RS Platou is a leading global ship- and offshore brokerage house
― Established in 1936
― Approx. 350 employees worldwide
― Revenues in 2013 of NOK 1.3 billion
• RS Platou is present in all key geographical regions of the worldwide offshore and shipping sector
• RS Platou Markets established in 2008
― Leading international investment bank with core focus on offshore and shipping
― Approx. 75 employees located in Oslo and New York
• Strong international placing power and client relationships
― Majority of investor demand from the U.S., UK, Continental Europe, the Nordic countries and Asia
The Platou Group – global reach, local expertise
2
Shipping Offshore Economic Research
Investment banking Project Finance
Platou Markets is a leading investment bank dedicated towards the Shipping and Offshore sectors
The diversity of the Platou Group effectively makes it a “one-stop shop” for shipping and offshore companies
3
The Platou Group - “one-stop shop” for shipping and offshore companies
The Platou Group
Shipping Offshore Investment Banking
The Platou Group
Market Research Equity and Credit Research
• Key facts
―World leading ship- broker
―Established 1936
• Provides research of all major shipping markets and macro economic factors affecting the shipping, energy and offshore markets
• Global coverage within our core industries
• Covering blue-chip stocks in other sectors
• Key facts
―Largest offshore broker in the world
―Established 1973
• Key facts
―Full service investment bank
―Established 2008
• Key segments
―Tankers
―Dry cargo ships
― Industrial shipping
• Key segments
―Offshore support vessels
―Drilling units
―Field development
• Key segments
―Shipping
―Offshore
―E&P
Financial Services
• Key facts
―Norwegian financing company
―Established 2004
• Key segments
―Shipping projects
―Offshore projects
―Real Estate
Platou Group with extensive research coverage
RS Platou Markets
• Equity research with international coverage within our core sectors
• Credit research with in-depth daily, weekly, monthly and quarterly sector reports within our core areas
Coverage of the Maritime and Offshore Industry
4
Platou offers in depth company, sector, and macro reports together with regular company reports and daily updates
RS Platou
• Industry specific research reports within a wide range of sectors: Rig, Offshore Support Vessels, Shipping, Tanker, LNG, Dry Bulk, Container
Crude carrier Product carrier
Shuttle tankers
LNG carriers Container carriers
Car carriers
Offshore drilling rigs Offshore support
vessels
Cruise
Equipment & services
FSO/FPSO
Bulk carriers
Macro Oil Steel New building
Key drivers
Seismic services E&P Offshore
construction vessels/Subsea
250
300 300
350
101 120
100
58
310
225
110
227
230
235
300
219
168 250
100
64
95
7
128
21 75
127 156
115
23
64
16
138
280
262
80
71
140
142
30
150
40 128
127
235
100
209
116
94
73
119
50
61
23
120
160
245
75
50
250
193
150
75
0
200
400
600
800
1,000
1,200
1,400
1,600
Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14
Global Shipping Equity Issues: 2013 – 2014 YTD
5
Public Shipping ECM Transactions Globally 2013 - 2014 YTD
Source: Bloomberg, company information and RS Platou Markets.
RS Platou Markets is the global market leader in shipping equity issues
USD
m
RSPM: USD604m Total: USD611m
RS Platou Markets
RSPM: USD101m Total: USD229m
RSPM: USD235m Total: USD331m
Total: USD365m
RSPM: USD250m Total: USD465m
RSPM: USD420m Total: USD443m
RSPM: USD219m Total: USD647m
Total: USD269m
RSPM: USD400m Total: USD719m
RSPM: USD300m Total: USD776m
RSPM: USD110m Total: USD1,383m
RSPM: USD350m Total: USD630m
RSPM: USD511m Total: USD961m
RSPM: USD158m Total: USD252m
Total: USD543m
RSPM: USD 116m Total: USD235m
USDm Market share
RS Platou Markets 3,773 43%
Total 8,826
Total shipping ECM transactions 2013 - 2014 YTD
6
RS Platou Markets shipping equity markets activity 2013 - YTD
Platou Markets market share by exchange
Issue volume by company on OSE
# of issues per company
Issue volume by company on NYSE
• RS Platou Markets with the largest market share on shipping equities regardless of exchange
• Working with the most active issuers on both OSE and NYSE measured by issue volume and activity Source: RS Platou Markets, company information, SEC, Newsweb and Bloomberg.
43% 54%
32%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Total NYSE OSE
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2
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3
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4
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850
535 518 443 405
322 280
235 150 127 100 84 75 75
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-
100
200
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400
500
600
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800
900
1,000
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SALT
FRN
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EPIC
PN
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BEL
984
378 350 337 325 286 262
202 168 159 156 151 140 138 128 120 115 87 50 21
-
100
200
300
400
500
600
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800
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1,000
1,100
STN
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Platou Markets is the undisputed OTC leader
N-OTC market share 2011 (%) N-OTC market share 2012 (%) N-OTC market share 2013 (%)
7
.
Source: Norwegian Securities Dealer Association.
Platou Markets provides strong after market support
• The OTC market continues to be an attractive funding market for companies with growth ambitions
• Short time to market creates flexibility to use the market sentiment
• Turnover OTC 2013, NOK 5.4bn (NOK 3bn in 2012 and 7.2m in 2011)
• NOK 20.7 billion raised in equity in 2013 (NOK 4.3 bn in 2012 and NOK 18.2bn in 2011)
• Platou Markets with largest market share of 19.78% in 2013 (27.6% in 2012 and 27.7% in 2011)
• Scorpio Bulkers, North Atlantic Drilling, Agrinos, and Frontline 2012 most traded companied in 2013. Platou Markets has acted as manager for all four companies
“…this year’s champions of the capital markets.”
“Never in our years of publishing this issue have we singled out an investment bank…”
“...words cannot express their accomplishments as well as the numbers can.”
RS Platou Markets: Marine Money 2013 Deal of the Year Award
9
Platou Markets has consistent transaction flow
Representative ECM, DCM and M&A transactions (1)
August 2013
USD 218.5m Registered Direct
Offering
Joint Lead Manager
September 2013
USD 100m Registered Direct
Offering
Sole Manager
September 2013
USD 350m (tap issue) Senior Secured Bond in Latina Offshore Limited
Sole Manager
September 2013
USD 300m Equity Private
Placement
Sole Manager
October 2013
USD 300m Equity Private
Placement
Sole Manager
December 2013
USD 350m IPO Listing on NYSE
Joint Lead Manager
November 2013
USD 110m Equity Private
Placement
Sole Manager
January 2014
USD 208m Follow-on Equity
Offering
Joint Lead Manager
Nov. / Dec. 2013
NOK 157m Bridge Loan and
Equity Placement
Sole Manager
November 2013
USD 176m Acquisition of licenses
in the Heimdal area
Sole Financial Advisor
November 2013
NOK 174m Equity Private
Placement
Joint Lead Manager
January 2014
USD 125m IPO Listing on NYSE
Joint Lead Manager
January 2014
USD 75m Equity Private
Placement
Joint Lead Manager
January 2014
USD 227m Follow-on Equity
Offering
Joint Lead Manager
January 2014
USD 186m Senior Secured Bond
Issue
Sole Manager
February 2014
USD 100m Equity Private
Placement
Joint Lead Manager
February 2014
USD 58m Follow-on Equity
Offering
Joint Lead Manager
March 2014
USD 300m Senior Unsecured
Notes
Co-Manager
March 2014
USD 160m Senior Secured
Callable Bond Issue
Sole Manager
March 2014
USD 125m Senior Secured Bond
Issue
Sole Manager
April 2014
USD 116m Common Equity
Offering
Joint Lead Manager
10
Platou Markets has consistent transaction flow
Representative ECM, DCM and M&A transactions (2)
December 2012
Sale of DSV Seven Havila
to Subsea 7
Sole Manager
January 2013
USD 310m Private Placement
Joint Lead Manager
January 2013
USD 230m Registered Direct
Offering
Sole Manager
January 2013
USD 64m Follow-On Offering
Co-Manager
February 2013
USD 250m Private Placement
Joint Lead Manager
February 2013
USD 100.5m Registered Direct
Offering
Sole Manager
March 2013
USD 90m Tap-issue Unsecured
Bond
Co-Manager
March 2013
USD 235m Registered Direct
Offering
Sole Manager
March 2013
USD 35m Private Placement
Co-Manager
March 2013
USD 140m 2nd Lien Callable Bond
Joint Lead Manager
March 2013
NOK 500m 1st Lien Bond secured
in two PSV’s
Joint Lead Manager
March 2013
USD 775m Senior Secured
Financing
Co-Manager
April 2013
Sale of Norske AEDC to KUFPEC
Sole Advisor
May 2013
USD 120m Registered Direct
Offering
Sole Manager
May 2013
USD 300m Registered Direct
Offering
Sole Manager
May 2013
USD 750m Senior Secured
Notes
Co-Manager
June 2013
NOK 500m Senior Unsecured
Notes
Co-Manager
June 2013
USD 175m Senior Secured Bond in Santa Maria Offshore
Sole Manager
June 2013
USD 250m Equity Private
Placement
Sole Manager
July 2013
NOK 650m Senior Secured 1st
Lien Bond
Joint Lead Manager
July 2013
USD 112m Private Placement
Sole Manager
May 2012
USD 210m Private Placement
Joint Lead Manager
11
Platou Markets has consistent transaction flow
Representative ECM, DCM and M&A transactions (3)
December 2011
JV with financial partner
Sole Financial Advisor
December 2011
Conversion of NOK 102m Convertible
Bonds and NOK 27m Private Placement
Sole Manager
January 2012
NOK 400m Senior Unsecured
Bond
Joint Lead Manager
January 2012
NOK 1,250m Senior Unsecured
Bond
Joint Lead Manager
February 2012
USD 300m Senior Unsecured
Bond
Joint Lead Manager
February 2012
NOK 120m Private Placement
Joint Lead Manager
March 2012
NOK 300m Senior Unsecured
Bond
Joint Lead Manager
March 2012
USD 300m Private Placement
Joint Lead Manager
April 2012
USD 27m Registered Direct
Offering
Placement Agent
July 2012
Farm-down in several assets on the NCS
Sole Advisor
August 2012
NOK 500m Senior Unsecured
Bond
Joint Lead Manager
September 2012
USD 150m Senior Unsecured
Bond
Joint Lead Manager
October 2012
USD 1,650m Senior Secured
Financing
Co-Manager
September 2012
USD 45m Private Placement
Joint Lead Manager
October 2012
Acquisition of approx. 30% of Asia Offshore
Drilling Ltd.
Advisor to Seadrill
October 2012
NOK 80m Private Placement
Joint Lead Manager
November 2012
NOK 100m Senior Unsecured
Bond
Sole Manager
November 2012
NOK 75m Senior Unsecured
Bond
Sole Manager
December 2012
NOK 100m Senior Unsecured
Bond
Joint Lead Manager
December 2012
USD 132m Registered Direct
Offering
Placement agent