Arrow Prospectus - PGS

More documents

Recommendations

Info

1.7 SUMMARY OF OPERATING AND FINANCIAL INFORMATION 1.7.1 Historical financial information Table 1-1: Summary of income statements for Arrow Seismic ASA Income statement (USD 1,000’) Reviewed IFRS 3 Months ended 31 March 2007 Unaudited IFRS 3 Months ended 31 march 2006 Audited IFRS 12 Months ended 31 December 2006 Audited IFRS 12 Months ended 31 December 2005* Revenues 5,586 814 9,572 518 Operating expenses (excluding depreciation and amortisation) (2,104) (317) (5,992) (121) EBITDA 3,482 497 3,580 397 Depreciation and amortisation (2,932) (522) (5,042) (203) Operating profit (loss) 550 (25) (1,462) 194 Net finance (3,417) (1,478) (4,431) (182) Profit (loss) before tax (2,867) (1,502) (5,893) 12 Tax (270) 0 (669) 16 Net income (loss) for the period (3,137) (1,502) (6,561) 28 * From inception 27 October 2005 Reviewed IFRS 3 Months ended 31 March 2007 Unaudited IFRS 3 Months ended 31 march 2006 Audited IFRS 12 Months ended 31 December 2006 Audited IFRS 12 Months ended 31 December 2005* Earnings (loss) per share – basic (USD) (0.170) (0.135) (0.376) (0.003) Earnings (loss) per share – diluted (USD) (0.170) (0135) (0.376) (0.003) Dividend per share (USD) 0 0 0 0 *From inception 27 October 2005 Table 1-2: Summary of balance sheets for Arrow Seismic ASA Balance sheet (USD 1,000’) Reviewed IFRS 31 March 2007 Unaudited IFRS 31 march 2006 Audited IFRS 31 December 2006 Audited IFRS 31 December 2005 Total non-current assets 156,638 68,767 134,485 48,110 Total current assets 23,429 60,858 27,952 34,974 Total assets 180,067 129,625 162,437 83,084 Total equity 90,262 91,160 90,427 46,620 Total non-current liabilities 68,393 28,095 57,889 30,056 Total current liabilities 21,412 10,370 14,121 6,409 Total equity and liabilities 180,067 129,625 162,437 83,084 1.7.2 Summary of operating and financial review The “Geo Atlantic” was until February 2006 employed on a bare boat contract to Polar Ship Invest AS, an affiliate company, operating within offshore subsea support. Most of the revenue in Q1 2006 relates to this bare boat contract. Later in Q1 2006, the vessel started conversion to a state-of-the-art high capacity seismic vessel. The conversion was more time consuming than originally planned and was completed medio October 2006, where after the “Geo Atlantic” commenced on a seven year fixed charter to Fugro Geoteam AS whereupon the charterer has a 2 x 2 year option. In addition, the “CGG Laurentian” has since it was purchased 1 July 2006 been employed under a time charter with CGGVeritas which expires in September 2008 whereafter CGGVeritas has an option to extend the charter party for either two or three years. 9
Summary of comparison of three months ended 31 March 2007 and 2006 The Group’s consolidated income was USD 5.6 million (2006: USD 0.8 million). The increase in income was due to operations for three months compared to two months in 2006 regarding “Geo Atlantic” and income from the vessel “CGG Laurentian” (purchased 1 July 2006). EBITDA was USD 3.5 million (2006: USD 0.5 million). The figures are not directly comparable for the same periods in each year, due to operations for three months in 2007 compared to two months in 2006, rebuilding of the vessel “Geo Atlantic” from Q1 (ending October 2006) and purchase of the vessel “CGG Laurentian” in July 2006. Operating profit (EBIT) was USD 0.6 million (2006: USD -0.0 million). Based on operating profit as discussed above and the effect of foreign exchange and net interest expenses, net profit was USD -3.1 million (2006: USD -1.5 million). Summary of comparison of years ended 2006 and 2005 The Group’s consolidated income was USD 9.6 million (2005: USD 0.5 million). The increase in income was due to operations for twelve months compared to two months in 2005 and income from the vessel “CGG Laurentian” acquired 1 July 2006. EBITDA was USD 3.6 million (2005: USD 0.5 million). The figures are not directly comparable for the same periods in each year, due to operations for twelve months in 2006 compared to two months in 2005, rebuilding of the vessel “Geo Atlantic” from Q1 (ending October 2006) and purchase of the vessel “CGG Laurentian” in July 2006. Operating profit (EBIT) was negative USD 1.5 million (2005: USD 0.2 million). Based on operating profit as discussed above and the effect of foreign exchange and net interest expenses, net profit was USD –6.6 million (2006: USD 0.0 million). 1.7.3 Trends and significant changes in the Company’s financial or trading position since 31 March 2007 The seismic market is developing positively, driven by increased E&P spending by oil companies. Arrow’s contract situation makes the group well positioned to take advantage of an expected continued strong seismic market over the next couple of years. The contract and letters of intent with seismic majors WesternGeco and CGGVeritas for the first three high capacity new buildings due for delivery in 2008 and 2009, confirm Arrow’s position as a leading supplier of high capacity seismic vessels to the marine seismic industry with cost efficient design and focus on safe and cost efficient operations. For the three second hand vessels recently purchased, Arrow plans to convert these vessels to 2D/source vessels of high standard with delivery in 2008 and believes there is strong demand for such vessels going forward. In April, the company issued a six month NOK 275 million commercial paper. The commercial paper was drawn on 16 April 2007 as a bridge to equity. The loan is senior unsecured, carries a coupon of 7.00% p.a. and has final maturity date 16 October 2007. The loan was arranged by DnB NOR Bank ASA. Since 31 March 2007 and up to the date of this Prospectus, the Company has made some USD 20 million in investments related to the newbuilds and some USD 5 million in investments related to the 2D/source vessels. 1.8 SUMMARY OF CAPITALISATION AND INDEBTEDNESS For further information, see Section 9.3 “Capitalisation and indebtedness”. Table 1-3: Summary of capitalisation and indebtedness NOK 1,000 As of 31 March 2007 Total Current Debt 21,412 Total Non Current Debt (excl. Portion of long term debt)) 68,393 Shareholders’ Equity (majority) 90,262 Liquidity 11,673 Net financial indebtedness 66,651 10
Page 1 and 2: Prospectus Arrow Seismic ASA Offeri
Page 3 and 4: The contents of this Prospectus are
Page 5 and 6: 7.2 OVERVIEW OF THE GLOBAL SEISMIC
Page 7 and 8: 1. SUMMARY The following summary sh
Page 9: • Geopolitical risks - Changes in
Page 13 and 14: Subscription Period: From and inclu
Page 15 and 16: 1.11.5 Statements from experts refe
Page 17 and 18: ARROW SEISMIC ASA - INITIAL PUBLIC
Page 61 and 62:
ARROW SEISMIC ASA - INITIAL PUBLIC
Page 63 and 64:
Page 65 and 66:
Page 67 and 68:
Page 69 and 70:
Page 71 and 72:
Page 73 and 74:
Page 75 and 76:
Page 77 and 78:
Page 79 and 80:
Page 81 and 82:
Page 83 and 84:
Page 85 and 86:
Page 87 and 88:
Page 89 and 90:
Page 91 and 92:
Page 93 and 94:
Page 95 and 96:
Page 97 and 98:
Page 99 and 100:
Page 101 and 102:
Page 103 and 104:
ARROW SEISMIC ASA - APPENDICES APPE
Page 105 and 106:
Page 107 and 108:
ARROW SEISMIC ASA - APPENDICES 106
Page 109 and 110:
Page 111 and 112:
Page 113 and 114:
Page 115 and 116:
Page 117 and 118:
Page 119 and 120:
Page 121 and 122:
Page 123 and 124:
Page 125 and 126:
Page 127 and 128:
Page 129 and 130:
Page 131 and 132:
Page 133 and 134:
Page 135 and 136:
Page 137 and 138:
Page 139 and 140:
Page 141 and 142:
Page 143 and 144:
Page 145 and 146:
Page 147 and 148:
Page 149 and 150:
Page 151 and 152:
Page 153 and 154:
Page 155 and 156:
Page 157 and 158:
Page 159 and 160:
Page 161 and 162:
Page 163 and 164:
Page 165:
Solheimsgt 13, PB 1114 Sentrum, N-5
show all

Arrow Prospectus - PGS

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?