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Note 3 in the accompanying interim financial statements for further details.
Polarcus Limited (“Polarcus” or the “Company”) (OSE: PLCS) announces the release
of its second quarter and preliminary half year results 2019.
Polarcus CEO, Duncan Eley commented:
“Polarcus achieved increased earnings in Q2 2019 with revenue and EBITDA
improving significantly year-on-year. During the quarter we commenced the
industry’s largest 4D project in 2019 and were awarded a substantial wide-
azimuth project in the Americas. These project awards demonstrate that our top-
tier clients value Polarcus’ safe, efficient and high-quality services. Tender
activity remains elevated and we expect strong levels of demand to continue. We
look ahead to a third quarter with higher fleet utilization and associated
further improvements to revenue and EBITDA.”
HEADLINES Q2 2019
- Segment revenues of USD 64.8 million, up 34% from Q2 2018
- Segment EBITDA of USD 16.0 million, up 122% from Q2 2018
- Cash from operations of USD 4.9 million, increased by USD 11.1 million
compared to Q2 2018
- Total cash balance of USD 23.8 million (excluding the USD 40 million WC
facility)
- Vessel utilization of 72% impacted by vessel repositioning early in the
quarter
- Strong operational performance with low technical downtime
- Multi-client late sales of USD 3.6 million
- Backlog of USD 200 million, up from USD 150 million at the same time last
year
Segment revenues of USD 64.8 million in Q2 2019, increased 34% year-on-year
driven by a 50% improvement in day rates compared to the same quarter last year.
Revenue growth was achieved despite a reduction in utilization of the company’s
fleet to 72% compared to 85% in Q2 2018 as vessels were repositioned early in
the quarter for new projects. The revenue increase was also supported by the
first Polarcus hybrid project (towed streamer and ocean bottom node) that was
completed during the quarter and USD 3.6 million in multi-client late sales
compared to zero in Q2 2018.
Cost of sales of USD 45.1 million increased 19% year-on-year mainly due to the
operating costs related to the hybrid project, offset by deferred costs
associated with transits and mobilisations to new projects. General and
administrative costs increased to USD 3.8 million compared to USD 3.4 million in
Q2 2018.
Segment EBITDA increased by 122% during the quarter to USD 16.0 million compared
with USD 7.2 million in Q2 2018. The significant improvement in EBITDA was
driven by improved revenue combined with continued focus on cost management.
During the quarter, USD 3.7 million was recognised as other income from an
insurance claim relating to damaged seismic equipment.
Cash generated from operations during the quarter improved to USD 4.9 million,
compared to negative USD 6.2 million in Q2 2018. Cash from operations was
impacted by a USD 11.1 million negative net working capital movement. Total cash
at the quarter end was USD 23.8 million (excluding the USD 40 million working
capital facility), compared to USD 29.0 million at the end of the previous
quarter.
The Company was awarded a multi-vessel wide-azimuth project totaling 6 vessel
months which will commence in August 2019. This award demonstrates the Company’s
highly-rated credentials with top tier clients to execute operationally complex
projects, underpinned by the safe, efficient and high-quality services that
Polarcus delivers.
The Company’s secured backlog at 30 June 2019 is estimated at USD 200 million
compared to USD 150 million at the same time last year. We continue to focus on
identifying opportunities where we can secure an appropriate premium for our
technical and operational differentiation.
OUTLOOK
An oil price around recent levels is a positive driver for E&P spending. This
will increase demand for seismic data acquisition from both E&P companies and
multi-client companies.
The reshaping of the seismic industry has led to an expanded client base of more
multi-client companies without vessels. As Polarcus becomes one of only three
seismic vessel owners operating globally, the marine acquisition segment is
positioned to achieve further improved pricing.
The Company’s fleet is 80% booked for the second half of 2019 and backlog of USD
200 million. With a young and well-performing fleet, Polarcus is poised to
capitalise on the stronger market and will continue to focus on achieving higher
margins on new contracts, minimizing costs and delivering operational
efficiencies. The Company reiterates its view that it will deliver improved
EBITDA and cashflow in 2019 compared to 2018.
KEY FINANCIALS
Quarter ended Six months ended Year ended
(In millions of USD) 30-Jun-19 30-Jun-18 30-Jun-19 30-Jun-18 31-Dec-18
Segment reporting
Revenues 64.8 48.4 131.9 88.6 202.2
EBITDA 16.0 7.2 26.2 19.4 29.1
EBIT 8.7 (5.8) 11.5 (13.0) (19.8)
Net working capital
movement (11.1) (11.2) (14.5) (13.4) (11.9)
As per IFRS
Revenues 64.8 44.6 140.1 75.3 228.9
EBITDA 16.0 3.4 34.3 18.9 67.5
EBITDA (before non-
recurring items) 16.0 3.4 34.3 6.1 55.9
EBIT 8.7 (0.8) 11.5 4.4 (15.3)
EBIT (before non-
recurring items) 8.7 (5.1) 11.5 (9.8) (25.1)
Net profit/(loss) for
the period 0.6 (8.1) (4.7) (5.3) (31.8)
Basic earnings/(loss)
per share (USD) 0.001 (0.016) (0.009) (0.014) (0.071)
Net cash flows from
operating activities 4.9 (6.2) 10.7 (0.6) 11.3
Total assets (period
end) 470.4 527.7 470.4 527.7 465.6
Total liabilities
(period end) 396.8 423.2 396.8 423.2 387.3
Total Equity (period
end) 73.6 104.4 73.6 104.4 78.3
Equity Ratio 16% 20% 16% 20% 17%
PP&E cash investment 1.8 1.5 2.2 77.6 82.2
Multi-client projects
cash investment - 4.1 - 15.8 18.7
Total cash (period end) 23.8 34.7 23.8 34.7 31.2
Net interest bearing
debt (period end) 314.6 307.3 314.6 307.3 306.1
Contacts
Duncan Eley, CEO
+971 50 553 2198
duncan.eley@polarcus.com (mailto:duncan.eley@polarcus.com)
Hans-Peter Burlid, CFO
+971 50 559 8175
hp@polarcus.com (mailto:hp@polarcus.com)
About Polarcus
Polarcus (OSE: PLCS) is an innovative marine geophysical company with a
pioneering environmental agenda, delivering high-end towed streamer data
acquisition and imaging services from Pole to Pole. Polarcus operates a fleet of
high performance seismic vessels with 3D and 4D imaging capabilities, which
incorporate leading-edge maritime technologies for improved safety and
efficiency. Polarcus offers contract seismic surveys and multi-client projects
with advanced onboard processing solutions. The Company services its clients
globally from its head office in Dubai and regional offices located in Houston,
London and Singapore. For more information, visit www.polarcus.com
(http://www.polarcus.com)
Disclaimer
The information included herein may contain forward-looking statements. Forward-
looking statements include all statements that are not historical facts,
including but not limited to statements expressing or implying the Company’s
intent, belief or current expectations with respect to, among other things,
forecasts, estimates, and predictions. Such forward-looking statements
necessarily involve risks and uncertainties and are dependent on assumptions,
information, data or methods that may be incorrect or imprecise. Actual results
could differ materially from expectations expressed in the forward-looking
statements if one or more of the underlying assumptions or expectations proves
to be inaccurate or is unrealized. Some factors that could cause actual results
to differ materially from those in the forward-looking statements include, but
are not limited to, developments in the oil and gas industry, the demand for
seismic services, the demand for data from the Company’s multi-client library,
currency risks, political risks, regulatory risks, and unexpected operational
setbacks. For a further description of other relevant risk factors we refer to
our 2018 Annual Report. The reservation is also made that inaccuracies or
mistakes may occur in the information given above concerning the current status
of the Company or its business. Any reliance on the information given above is
at the risk of the reader, and Polarcus disclaims any and all liability in this
respect.
This information is subject to the disclosure requirements pursuant to section
5 -12 of the Norwegian Securities Trading Act.
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