Kein Folientitel

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Kein Folientitel
7th
Annual MM Gulf Ship Finance
Conference
Growing pain in an growing OSV industry?
Geir Sjurseth
Managing Director DVB Bank SE
Dubai
9 March 2011
Introducing DVB
DVB Facts
• European Company (SE), listed on the Frankfurt Stock Exchange, with
market capitalisation of c. EUR 1.14bn (Nov 10)
• 95% owned by DZ Group, the largest co-operative banking group in
Germany
• Rated A for long term debt and A1 for short term debt by Standard &
Poor’s
• Over 500 professionals, all specialising in transport finance
• Over 500 clients worldwide, all active in the transport sector
• EUR 18.4bn (USD 25.1bn) loan book (Sep 2010)
• Net profit of EUR 98.0m YTD 2010 vs. EUR 56.9m YTD 2009
• Return on equity before tax of 16.9%
• Basel II core capital ratio of 15.5%
Global Presence Through 13 Offices
Market Approach
Shipping
Aviation
Land Transport
Bergen
Oslo Oslo
Bergen
Cardiff
Hamburg
London Hamburg
London
Frankfurt
Rotterdam Frankfurt
Rotterdam
Zurich
New York New York
Curaçao
Zurich
Monaco
Piraeus
Piraeus
Tokyo
Tokyo
Curacao
Singapore
Singapore
Structured Asset Financing
Advisory and M&A
Asset Management
Risk Distribution
Loan Participations
Asset & Market Research
Page 2
2
DVB’s Global Offshore Support Group
Offshore Support Group
Financing
Advisory and M&A
Shipping / Offshore Investment Fund
S&P and Newbuild Finance
Mergers & Acquisitions (M&A)
Equity Investments
Sale & Leasebacks, Acquisition Finance
and Mezzanine Finance
Debt & Equity Capital Raisings
Sale & Leasebacks
Ability to finance Mexican and Brazilian flag
vessels
Valuations & Fairness Opinions
Structured Equity and Mezzanine Finance
Restructuring
Page 3
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Overview of the Offshore Support Sector
Offshore Support Market
Supply
Subsea & Construction
Heavy Lift
Accommodation
Seismic
• Anchor Handling Tug (AHT)
• Diving Support Vessel (DSV)
• Float on / Float off (Flo / Flo)
• Jack-up Platforms
• Seismic Survey Vessel (SSV)
• Anchor Handling, Tug &
Supply (AHTS)
• Lay Support Vessel
• Lift on / Lift off (Lo / Lo)
• Semisubmersible Platforms
• ROV Support Vessel
• Roll on / Roll off (Ro / Ro)
• Mono-hull Vessels
• Electro Magnetic Survey
Vessel
• Lay Barge
• Semi-submersible Heavy Lift
Barge
• Accommodation Barges
• Platform Supply Vessel (PSV)
• Crew Boat
• Stand-by Vessel
• Emergency Response Rescue
Vessel (ERRV)
• Utility Vessel
Supply & Anchor Handling
• Reel Lay Vessel
• Hybrids
• Well Intervention Vessels
• Derrick Barge
• Pipe Carrier
Seabed Installation
Transport
Crew Accommodation
Hydrocarbon Exploration
Page 4
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Right now – still recovering
 OSV Cycle
 Cycle trough was Q2 2010, however..
 Growth in E&P spending
 We’re back on trend but there are leads..
 Oil price
 Above 100 again
 The banks
 Capacity is 40% down but improving
 Unfunded NB capex?
 yes but less so
 Is equity available?
 Always, but things have changed a bit..
 Supply
 2011 worse year ever..
 And demand?
 Focus on large PSVs, subsea, seismic,
accommodation units – DEEP WATER
Page 5
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How’s the public markets doing – an important indicator
Any IPOs out there?
Page 6
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The Middle East OSV players – keeping track?
 Growth is elsewhere
 Local focus while market is increasingly
regional or global
 Age limitations on vessels & equipment
 A fragmented market with many small to
mid cap companies
 Enough capital to replenish old fleet?
 IRAN
 Or just stay local with aging vessels?
Page 7
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Vessel CAPEX – current state of affairs
Mid size to large PSVs
Small to mid size AHTSs
 NBs, yard terms
Large AHTS, subsea, CVs
Accommodation units
Attractive: 10/90 or 5X4 + 80: Challenge is LC
 No debt no equity
Most likely
Yes
 No employment no
debt
Maybe not
Yes
 Debt leverage
Max 50%?
Max 70%?
 Equity returns
Higher
Lower
Page 8
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Fast Expanding OSV players - crisis no obstacle?
Americas
Europe
Middle East
Far East
Page 9
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Thank you for your attention!
[email protected]
Page 10
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