Markedsrapport – Juni 2013 - NRP AS

Markedsrapport – Juni 2013 Side 18
BB-Troll DIS - offshore asset play
Contact: Ragnvald Risan (r.risan@nrp.as)
Date of analysis:
01.06.2013
Estimated share price (NOK) 1 %
Estimated share price (NOK):* 150 000
Key figures: 100 %
Paid in equity (NOK): 38 000 000
Accumulated dividend (NOK): 0
Residual value sensitivity on IRR :
LOW CASE BASE CASE HIGH CASE
Residual value 2014: 165 000 000 175 000 000 185 000 000
IRR estimated share price: -10,31 % 29,63 % 63,34 %
IRR total capital: 14,36 % 16,99 % 19,54 %
Corporate details
The Vessel
Corporate management: NRP Business Management AS Vessel name: M/V BB Troll
Technical management: Buksèr og Berging AS Type/design: AHTS - VS 473 design
Commercial management: Buksèr og Berging AS Class: DNV 1A1 Tug Supply Vessel , SF, EO, DK (+), HL (2,5)
LOA:
73,8 m
Purchase price vessel: NOK 199 000 000 Breadth: 16,0 m
Paid in capital: NOK 30 000 000 Yard: Ferguson Shipbuilders, Glasgow, UK
Paid in reserve capital: NOK 8 000 000 Delivery: Apr 2000
Tech. and commercial management fee 2013: NOK 916 260 Dwt: 2,881 t
Assumed Opex 2013: NOK 71 510 Main engine: Wartsila 12V32 Diesel, 2 x 7500 BHP
Current Employment: The Vessel trades in the spot market Bollard pull: 165 t
Delivery: september 10 Aux. engines: 2 x 430 kVA V 3ph 60 hz
Main generator:
2 x 2125 kVA 440V 3ph 60hz
Base case assumptions: Flag: NOR
Assumed TC equivalent income Apr. 2013 - Jun. 2013: NOK 180 000/day Next Special Survey: 2014
Assumed TC equivalent income Jul. 2013 - Sept. 2013: NOK 200 000/day
Assumed TC equivalent income Oct. 2013 - Dec. 2013: NOK 180 000/day
Assumed TC equivalent income Jan. 2014 - Sep. 2014: NOK 220 000/day
Estimated Cashflow Financing (31.12.2012)
Estimated Cashflow 2013 2014 Balance Annual Inst. 13 Interest Balloon 14
Operating revenue 48 171 625 58 383 250 Mortgage debt 1 203 000 000 11 041 683 5,00 % 181 808 317
Operating expenses 26 811 079 20 357 475 Total 203 000 000 11 041 683 181 808 317
Dry docking 8 000 000 0
Administration expenses 1 245 416 1 003 952
Net operating cashflow 12 115 130 37 021 823
Interest earned 151 910 142 923
Interest expenses 5 187 500 11 720 262
Repayment long term debt 11 041 683 181 808 317
Net financial items -16 077 273 -193 385 656
Sale of Vessel 0 175 000 000
Net project cashflow -3 962 143 18 636 167
Estimated dividend 0 22 624 798
Mortgage financing at establishment of the project equivalent to
NOK 190 000 000, the interest rate is floating. An additonal mortgage of
NOK 13 000 000 was drawn up in Q1 2011 in order to finance upgrading
to DP-II.
The terms of the mortgage agreement was re-negotiated in December
2012.. Two instalments were deferred, thus the first instalment will be
made in March 2014. Two instalments as well as two interest payments
will be added to the balloon. Cash sweep on all available cash exceeding
NOK 10 mill as of december 7th 2013. The minimum working capital
requirement of NOK 10 mill. was waived until December 30th 2013.
Final maturity on the mortgage is one year earlier, 7th Sept 2014. Fair
Market Value no less than 100% of the outstanding mortgage during the
first 18 months, thereafter no less than 120%. An overdraft facility of
NOK 4,500,000 was granted if drawn prior to December 31st 2013.
Estimated Balance (31.12)
2013 2014
Working capital 14 138 631 0
Vessel 181 851 148 175 000 000
Total assets 195 989 779 175 000 000
Outstanding debt 1. Prior 191 958 317 0
Total outstanding debt 191 958 317 0
* Vessel value is calculated based on a depreciation
of annual annuity factor of 16.0%.
Additional information
The project is considered "asset play". The Vessel is currently trading in
the spot market.
The participants in the project paid in their share of the reserve capitalof
NOK 8 000 000 in March 2011 as part of the upgrading to DP-II.
A residual value of NOK 175 000 000 has been assumed in 2014.
The Vessel passed intermediate survey in March 2013.
NRP Finans AS