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Global Industries Ltd. (NASDAQ:GLBL)

Q2 2010 Earnings Call

August 05, 2010 10:00 am ET

Executives

Andy Smith - SVP & CFO

John Reed - CEO

Analysts

Graham Mattison

Brad Handler

Joe Gibney - Capital One

Marshall Adkins

Martin Malloy - Johnson Rice

Michael Marino - Stephens

Jeff Spittel - Madison Williams

Operator

Welcome to the Global Industries’ Second Quarter Earnings Conference Call. At this time, all participants are in a listen-only mode. After the presentation, we will conduct a question-and-answer session. (Operator Instructions) Today’s conference is being recorded. If you have any objections, you may disconnect at this time.

On the call this morning are John Reed, Chief Executive Officer and Andy Smith, Chief Financial Officer.

I’d now like to turn the meeting over to Mr. Andy Smith. Sir, you may begin.

Andy Smith

Thank you, and good morning. I would like to welcome everyone to Global Industries’ second quarter 2010 earnings conference call. The call is being recorded and will be available on our website at globalind.com.

Before we began, I’d like to remind everyone that certain of our comments and responses to questions reflect our current views and assumptions and are considered forward-looking statements as defined in securities laws and regulations. It may include risks and uncertainties, which are more fully described in our filings with the Securities & Exchange Commission. Interested parties are directed to our website for access to our SEC filings.

Now I’ll turn it over to our Chief Executive Officer, John Reed. John?

John Reed

Good morning and welcome to our call. During the call this morning, we will cover operational and financial results. Before we do that, I’d like to stay a few words about the quarter and our plans going forward.

We’re clearly disappointed with our second quarter results. The current worldwide market for our services is suppressed and as a result pricing has suffered.

In addition, both our North America OCD and North America Subsea segment has been negatively affected by the permitting delays our customers are experiencing as a consequence of the oil spill in the US Gulf of Mexico.

In this environment execution is crucial. We will continue to improve our execution in all aspects of our business to achieve satisfactory results regardless of market condition. While favorable market conditions are clearly preferred, we must actively manage our robust and lean times.

To that end, we’re continuing our pursuit of a number of initiatives. First, we remained focused on utilization of our assets and the rationalization of our fleet. We’re taking a hard look at our fleet and made decisions about some assets and their contribution to our strategic plans.

During the quarter, we sold two vessels as they no longer met our needs. Assets which are idle, underutilized, ineffective or inefficient, will continue to be evaluated.

We continue to better match expenses to the revenue for the current opportunity set so that we can maintain adequate profitability regardless of market condition. Specifically, in our North American region during the second quarter, we executed a reduction in force to maintain control of overall costs, though we added corporate staff. As our efforts to centralize our project execution continue, our regional Senior Vice Presidents and Directors are pursuing cost reduction in line with the current market conditions in their regions.

We continue to build our business acquisition and project execution capability. Last quarter, we announced the addition of John Sprot as Vice President of Projects as well as Mr. Ashit Jain who is assuming his position as COO in the next week. We’ve since added Mr. Eric van Baars as VP of Engineering. Eric has 30 years plus experience in the offshore pipelay industry primarily with Allseas and Subsea 7. His focus will be building engineering support for tender preparation and project execution.

In addition, Mr. Jim Osborn joined Global as Chief Marketing Officer. He also has 30 years experience in the industry, primarily with KBR and INTECSEA Engineering. Jim will build on our business acquisition capability and focus our efforts on improved targeting of projects worldwide.

As most of you are aware, we will be taking delivery of our newest vessel, the Global 1200 in September this year. I’m happy to announce that the 1200 is on schedule and on budget. The 1200 and following its completion, the 1201, will be the centerpieces of Global’s fleet and we are currently forming and coordinating, marking the operations and project management team to support each vessel.

With regard to our JV with Fluor, we have after good discussions with their management, decided to dissolve our formal relationship. We have for various reasons, differing views on risk profiles and think that going forward, both companies would be better served to evaluate future joint opportunities on a case by case basis. We remain confident that given the right project, the combination of Global and Fluor would be mutually beneficial and we continue to evaluate those opportunities.

Finally on a rolling 12-month basis, our bids in-house and outstanding volume is up approximately 20% over last quarter. While we don’t see a major upturn in the near future, bid activity in our Asia-Pacific, Middle East and Latin American regions have increased. In addition, we believe that our backlog will continue to increase at a slow pace over the remainder of this year.

And with that, I’ll turn it back over to Andy.

Andy Smith

Thanks, John. For the second quarter 2010, consolidated revenues were $121.8 million compared with $294.8 million for the same quarter last year. Gross profit was $7.2 million for the second quarter compared to $65.2 million for the same quarter last year.

Net income attributable to common shareholders was $1.4 million or $0.01 per diluted share for the second quarter of 2010 compared to net income of $45.4 million or $0.40 per diluted share for the second quarter of 2009.

Before I discuss the overall results of operations, I would like to address these specific items affecting the quarter. During the quarter, we transferred the Hercules reel to assets held for sale and took an impairment charge of $5 million to write this asset down to its net realizable value.

Also during the quarter, we recognized impairment charges of $5.2 million in our Asia-Pacific Middle East segment upon the revaluation of the Subtec One and other equipment, all of which are assets that were previously classified as held for sale.

Finally, the structure of our operations resulted in tax benefit that exceeded our loss before taxes for the quarter. We had incurred losses this year in jurisdictions with high tax rates, so these losses have been fully tax benefited. In addition, we have earnings in jurisdictions with low tax rates. This combination of earnings and losses in jurisdictions with different tax rates produced a cumulative tax benefit adjustment for the quarter, which resulted in a consolidated tax rate for the quarter of 106.3% versus our consolidated tax rate last year of 14.3%.

Now let me get to the income statement in a little more detail. During the quarter, we booked $258.5 million of new work and at June 30, 2010, our backlog stood at $247.2 million. The backlog is distributed among our reportable segments as follows. Asia-Pacific Middle East $73.2 million, Latin America $140.4 million, North America $33.6 million.

Bookings during the quarter were highlighted by the $125 million award of the L59 project from Pemex. Subsequent to the quarter end and not included in backlog of June 30, we have also been awarded the L58 project by Pemex at a contract value of $40 million and just last week, an additional $90 million project in Brazil.

As described earlier, our revenue fell approximately 59% for the quarter versus the comparable quarter last year. This decrease was due to lower activity in all reporting segments which John will discuss in greater detail later in the call. The reduction in activity has a magnified effect on gross profit, as fixed cost associated with underutilized vessels resulted in lower overall profitability.

Gross profit for the quarter was $7.2 million versus $65.2 million for the comparable quarter last year. This decrease was primarily due to lower revenues attributable to decreased project activity and higher non-recovered vessel costs due to lower overall vessel utilization. The underutilization is primarily attributable to the present industry conditions and the impact of project delays and cancellations resulting from the oil spill in the Gulf of Mexico.

In the second quarter, selling, general and administrative expenses totaled $17.4 million, an increase of 700,000 over the same period last year. However, this increase is primarily the result of increased non-cash stock comp expense of $500,000 related to the recent hiring of executive management.

Interest expense decreased $2 million a year as a result of higher capitalized interest on the construction cost of 1200 and 1201 and the reversal of interest accruals related to uncertain tax positions which rolled off during the quarter. Interest income of $492,000 for the second quarter of 2010 decreased from $618,000 in the second quarter of 2009, primarily as a result of lower cash balances and interest rates on our cash investments.

Other expense of approximately $500,000 in the quarter primarily related to losses on foreign exchange transactions. During the quarter, UBS repurchased auction rate securities totaling $30 million from us pursuant to the settlement agreement signed in November 2008. UBS purchased the remaining $750,000 in auction rate securities on July 1, 2010. All transactions were settled at par value plus accrued interest.

At June 30, our cash balance stood at $270 million. During the quarter, we spent approximately $73 million on capital expenditures and our remaining commitments on the Global 1200 and 1201 were $180 million at June 30.

With that, I’ll turn the conference back over to John for more detail on operations during the quarter. Thank you.

John Reed

Thanks, Andy. I’ll be discussing a few operational highlights for the quarter ending June 30, 2010. Loss before taxes in our West Africa segment were $1.6 million for the second quarter of 2010 compared to income before taxes of $15.1 million for the second quarter 2009. The loss before taxes for the second quarter of 2010 was primarily due to non-recovered vessel costs associated with the Cheyenne and Tornado, which remain idle in Tema, Ghana and are held for sale.

Although we curtailed our operations in West Africa in mid ‘09, we are continuing our market efforts in the region. Revenues in Asia-Pacific Middle East segment declined $76.2 million to $41.3 million for the second quarter of 2010. The decrease was a result of decreased project activity in the region. Activity during the second quarter of 2010 consisted of two construction projects, one in Malaysia and one in Indonesia compared to three major construction projects, one in India, one in Indonesia and one in Thailand and the Berri and Qatif project in Saudi Arabia during the second quarter of ‘09.

Loss before taxes was $1.6 million for the second quarter of 2010 compared to income before taxes of $20.9 million for the second quarter of ‘09. This $22.5 million decrease was primarily attributable to lower project activity and vessel utilization.

In addition, as Andy discussed earlier, we recorded impairments of $5.2 million on reevaluation of the Subtec One and other equipment, which are currently held for sale. Revenues in our Latin America segment decreased to $33.6 million for the second quarter of 2010 compared with $73.5 million for the second quarter of ‘09.

During the second quarter of 2010, we progressed our work on the DSV charter project for Petrobras in Brazil and completed the [Ixtal] pipeline project in Mexico.

Loss before taxes was $2.5 million for the second quarter of 2010 compared to income before taxes of $16.4 million for the second quarter of 2009. This $18.9 million decline between the comparable quarters was primarily attributable to a decline in project activity and higher non-recovered vessels cost in the second quarter of 2010 due to decreased vessel utilization.

Revenues in our North American Subsea segment decreased $1.5 million to $32.7 million for the second quarter of 2010. Loss before taxes was $1.7 million for the second quarter of 2010 compared to income before taxes of $3.7 million for the second quarter 2009.

Lower revenues due to decreased utilization of the Global Orion, Pioneer, Sea Cat and Sea Fox were partially offset by increased utilization of the Olympic Challenger and Norman Commander.

The Global Orion was undergoing major repairs to its cranes and was unavailable for work until late May 2010. The Sea Cat and the Sea Fox was sold in the second quarter of 2010 and in addition, since the second quarter closed, we’ve also sold the Shawnee and the Sea Constructor.

Revenues in our North American OCD segment were $15.5 million for the second quarter of 2010 compared to $43.6 million for the second quarter of 2009. The lower revenues reflect decreased utilization of the Sea Constructor, which was cold-stacked for the second quarter of 2010 and the Hercules.

The decrease in vessel utilization was partially attributable to the permitting delays our customers experienced as a consequence of the oil spill in the U.S. Gulf of Mexico. In addition, lower pricing attributable to competitive bidding activity for the Cherokee and the Chickasaw projects also contributed to a decrease in revenues.

Loss before taxes was $7.6 million for the second quarter 2010 compared to income before taxes of $4.3 million for the second quarter of ‘09. This decline of $11.9 million is primarily due to unrecovered vessel cost associated with lower utilization of the Hercules and the $5 million impairment charge incurred upon the classification of the Hercules reel to assets for sale.

That concludes our prepared remarks and now we’ll take your questions. Thank you. Operator?

Question-and-Answer Session

Operator

Thank you. (Operator Instructions) One moment, please. The first question is from Graham Mattison. Your line is open.

Graham Mattison

I was wondering, just a question on the CapEx spend for the Global 1200 and 1201, you mentioned that $180 million. Can you give us a sense of the timing on that throughout the rest of the year and into ‘11?

Andy Smith

Yes. Hang on one second. Remaining on the 1200 and 1201 in 2010 is $103 million roughly and the remainder would be in 2011.

Graham Mattison

Got you. And then when do you think, you guys have been marketing these vessels? Do you have any sense of when you might be able to announce a contract for these? Or are you any closer than you have in the past or maybe just a little bit of color on that?

John Reed

We are bidding several projects currently for the 1200. I don’t think we’re in a position to say much more than that other than we are actively bidding and have several live bids at the moment.

Graham Mattison

I understand. And then is there any potential for further vessel realignments or are you guys pretty much done at this point?

John Reed

We’re continuing to evaluate the fleet and trying to arrive at what we think will be the optimum fleet going forward with consideration that the 1200 and 1201 will come to the fleet very soon. So we’ll continue to look at that really hard.

Operator

The next question is from Brad Handler from Credit Suisse.

Brad Handler

Could you please speak to Mexico I guess specifically, and then I’ll follow up with another country or two but you’ve obviously won a little bit of work, I’m just trying to look for a broader context about Pemex spending, thoughts about how that might evolve into 2011?

John Reed

I think they are still very slow to open up the purse strings; they have a large volume of work that needs to be done. But they haven’t been able I think for various reasons, politically driven mostly, to access capital outside the country and obviously that constrains them to a point. We’ve done pretty well on the work that’s out there but it’s still kind of a slow leak of work going forward.

Brad Handler

Even though these are installation right, these are tying in work that would bring production online but that’s still sticky I gather?

John Reed

Yes, well, various types of projects. It’s not a lot of particularly new production that I can see in the project work that we’re doing.

Brad Handler

Okay. Got it. And then maybe you can just fill in more broadly actually looking at, you made some optimistic comments about bidding activity rising, can you just give us a little bit more color within the eastern hemisphere, where that’s coming from and then maybe some comments about the competitive landscape, presumably that- presumably there will be a lot of chasing after those incoming bids, but some color on that?

John Reed

Yes, okay, well, on the competitive side yes, it’s still very heavy competitive environment with a lot of fairly recent entrants I think into the lower end of the market. But we’re seeing a kind of general increase in Malaysia, some in Vietnam, Australia, Indonesia, India; so we have in our portfolio of projects either under bid or to be bid, opportunities in all those countries.

Brad Handler

And presumably this was stuff that in some sense has been sitting out there since early ‘09 right? That was just kind of tabled and has been brought back?

John Reed

I’m sure you’re right in some cases, I can’t specifically comment on that if it’s really been pent up and just getting released. I would assume that’s part of the increase. I can’t comment further than that on it.

Brad Handler

Got you. And again it’s, not sure how much we can really think about it this way but can you try to segment between kind of bringing production online versus working over existing facilities, sort of a brownfield versus newfield, greenfield distinction?

John Reed

My sense of it is, it’s primarily new, there is some brownfield in the infrastructure work but primarily it’s new greenfield things.

Operator

Our next question is from Joe Gibney with Capital One.

Joe Gibney - Capital One

I just want to talk a little about the Gulf of Mexico with the subsequent sale now of Shawnee, the Sea Constructor, you guys got rid of the Sea Cat and the Sea Fox. What is sort of a normalized asset base now from a derrick/pipelay perspective for your Gulf of Mexico OCD business. Just trying to understand if you feel that you’re right-sized now, sort of what is the fleet mix going forwards in the Gulf, obviously some consideration to the moratorium now, but sort of going forward in ‘11 are you right-sized now and how many assets will you have in place to attack this market?

John Reed

I don’t think we’re quite there yet, we obviously want to optimize ourselves for the competition in the shallow water and deeper waters as we get our hands on our new vessels. So we’re still deliberating a bit on exactly what the fleet looks like in the end, but I don’t think we’re there yet. I think there are still some assets in our fleet that we at this point don’t think will be productive for us in the future. So I think you’ll continue to see some rationalization.

Joe Gibney - Capital One

Okay, so within that OCD fleet currently within the Gulf, how many derrick/pipelay units are you currently actively bidding and seeking work? This is just in the OCD exclusive of your (inaudible) on that subsea side?

John Reed

Let’s say we’ve got four, five, six, about six.

Joe Gibney - Capital One

Okay. All right that’s helpful and then just one last quick one from me. Did you reference a project award in Brazil, I’m not sure, if you could just clarify that, I apologize if I missed it?

John Reed

Yes we did. In the last week, we got an award of about $90 million in Brazil.

Operator

The next question is from Marshall Adkins.

Marshall Adkins

Let’s go back to North America, obviously that was an area that was weak and it’s been in the news a little bit lately. What is the third quarter outlook for the Gulf and obviously I recognize none of us really know about the moratorium and the permitting and all that kind of stuff, but what’s your best guess as to how this whole thing unfolds and how it impacts both your deep and the shallow water business?

Andy Smith

Marshall, I’ll take a stab at it. I think you hit the nail on the head with the uncertainty around regulation and even new laws. I’m sure you’re aware of some of the discussions around Jones Act and some of the regulations that could promulgate from the new legal environment as well. So the visibility is just really terrible at the moment. We haven’t really seen permitting activities loosen up yet and for the short term things that we’re looking at for the third quarter, we would hope to see that activity loosen up rather quickly, but not a lot of signs of that so far. So, it’s difficult to say.

Marshall Adkins

So obviously third quarter, we have some kind of view on that. Should we expect that to kind of be flat from second quarter or further deterioration?

Andy Smith

I think we would go with flat. I don’t think it’s going to get worse.

Marshall Adkins

And the weather works in your favor?

Andy Smith

Yes.

Marshall Adkins

All right. You mentioned the Jones Act that was actually one of the questions – probably a lot of people are not aware, there are a lot of things being discussed there. Does that, from what you’re seeing out of Washington, would that play in your favor, since you are a U.S.-based company? Where you can reflag some the stuff as U.S. flagged vessel and still work in the Gulf? Or just give us an overview of what you’re seeing there, and does that help or hurt you?

John Reed

Well, without getting in, there’s a lot of technicalities in the Jones Act. But without getting into a lot of specifics, I think it generally could be detrimental, depending on exactly what interpretations or new laws are passed with regard to the Jones Act. I mean what’s being discussed is not helpful to us.

Marshall Adkins

Okay. And specifically, is it because they want inner coastal trade where you have to have a U.S. built vessel? Or could you just reflag them as a North American operated and owned company?

John Reed

No. Basically, no, that doesn’t work. But there’s several levels of discussion going on within the government on the Jones Act. And each one of them has different implications. So it’s kind of hard to answer the question without getting really down into the details. But generally, just re-flagging doesn’t help.

Marshall Adkins

Okay, all right. Wouldn’t that kind of leave the Gulf short of vessels?

John Reed

Yes, that’s a definite.

Marshall Adkins

All right. Last question for me. Could you discuss a little bit the competitive landscape out there? I mean obviously you’ve gotten a rid of a lot of assets. Where does the competitive landscape sit today and how is that affecting the margins on the stuff you’re bidding?

John Reed

Well, there’s obviously lots of pressure on the margins. And as I mentioned, there are a lot of relatively new competitors, particularly in areas like the Far East that have new equipment or have acquired some equipment recently, particularly on the lower end of the scale. And that obviously drives margins down. So with the new vessels that are coming out, I think that the landscape gets a bit more difficult.

On the other hand, the prior questioner was asking about how we’re going to optimize our fleet. And I think that’s what we’re doing now is trying to find that sweet spot for us. Particularly our new vessels we think can occupy a segment of the market where there’s a bit less competition and hopefully that means better margins somewhere in the future.

Marshall Adkins

Okay. So to kind of summarize, low end of the market’s still extremely competitive; but once you get to the 1200, 1201 size, you’re thinking maybe that it’s…?

John Reed

It lightens up a little bit.

Operator

Our next question is from Martin Malloy with Johnson Rice.

Martin Malloy - Johnson Rice

The global 1200, I think previously you’d said it’d be coming out in September. Is that still correct?

Andy Smith

Yes.

Martin Malloy - Johnson Rice

Okay. And so by the time of the next call, we should have some more information about its first job?

Andy Smith

Hope so.

Martin Malloy - Johnson Rice

Okay. And then I just want to talk about operating cash flow. It looks like operating cash flow was maybe a little bit negative during the quarter?

Andy Smith

Operating cash flow was, hang on I need to pull some things out here real quick. I think it was just slightly positive, actually.

Martin Malloy - Johnson Rice

Okay.

Andy Smith

Yes, I think we had positive operating cash flow of about $15 million.

Martin Malloy - Johnson Rice

Okay. And do you expect to remain positive in terms of operating cash flow when you look at the second half of this year?

Andy Smith

You know, I think we’ll probably be flat through the remainder of the year. As we build the backlog, we’ll have some front-end working capital commitments, or as we start to run off some of this work. So I would expect that we’ll probably be a little flat for the remainder of the year.

Martin Malloy - Johnson Rice

Okay. And my last question, are you seeing any change from customers in terms of how they’re thinking about public management decommissioning obligations in the Gulf of Mexico?

John Reed

Not yet. I think, again, people are waiting on what the regulations are going to be or how they are going to be affected by the Macondo spill. But we haven’t seen anything yet.

Operator

(Operator Instructions) Our next question is from Michael Marino with Stephens.

Michael Marino - Stephens

Just to follow up on your comments about the Gulf of Mexico and Q3 being flat. Are you talking about top line there? And I guess my question is, should operating margins improve as you kind of right-size the business continuously? And then also, I think you’ve probably moved some vessels to Mexico as well?

Andy Smith

Yes, I would think the Gulf would be flat top line. And operating margins will improve over time and we should have better vessel utilization as we move some of the things that are currently being burdened a little bit in the Gulf into some other areas. So I would expect that yes, we might show a little bit of uptick there. But I would say margins or revenues are roughly flat.

Michael Marino - Stephens

Okay. And then on the Brazil contract, is that for 2010 work or 2011?

Andy Smith

The vast majority of that will be 2011. We might have some work in 2010, but the majority of it will be 2011 work.

Michael Marino - Stephens

Okay. And then a final question on Asia-Pacific. I guess the operating income or the pre-tax income contributions slipped a little there. And I know you all had I guess one less project going on, but...

Andy Smith

We also had a write-down on that as well.

Michael Marino - Stephens

Right, right. But even if you add that back, I guess that was $5.2 million?

Andy Smith

Right.

Michael Marino - Stephens

I mean, is that kind of, that margin the go-forward margin, given the contract mix there and the utilization? Or can you get back to where you’ve run the last couple of quarters?

Andy Smith

I think it’s going to be relatively flat for the remainder of the year.

Operator

The next question is from Jeff Spittel with Madison Williams.

Jeff Spittel - Madison Williams

For the 1200 and 1201, the stuff that you’re evaluating, did you have some projects in the queue in the Gulf of Mexico that you’d been bidding prior to all that’s going on? And if so, have you seen any kind of change in body language from clients on those?

John Reed

We did have a couple of projects in queue, and they were a little further out. So we really haven’t noticed anything in change of the posture of the clients on those projects.

Jeff Spittel - Madison Williams

Okay. And with regard to the Fluor relationship, am I understanding correctly that you’re still going to have an informal partnership where you’re going to be evaluating opportunities, and I guess there was an issue with matching up the risk profile. But I guess help us out with how you kind go forward on that front?

John Reed

Yes. You’re correct. I mean we have a good relationship with Fluor. We are going to maintain that and we are going to go with each other with project opportunities that we think might be mutually beneficial, as I said, on a case by case basis.

Jeff Spittel - Madison Williams

Okay. And still largely focused on the Middle East?

John Reed

It seems that that’s where a lot of those opportunities are, yes.

Operator

There are no further questions in queue.

Andy Smith

Okay, there’s no more questions, and thanks to everyone for participating in the call. We look forward to talking with you next quarter. Thank you.

Operator

This concludes today’s call. You may disconnect at this time.

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