Olympic Shipping 27 Pitch Deck: 44-Slide Breakdown

The Olympic Shipping 27 presentation, dated May 2014, is a formal debt financing deck for a NOK 500 million bond issue. Unlike typical startup equity pitches, this document focuses on asset-backed security, long-term contract coverage, and balance sheet strength. The company showcases a sophisticated fleet of 21 offshore vessels, including PSVs, AHTS, and Subsea units, supported by a NOK 4.9 billion order backlog. The deck is characterized by high transparency regarding corporate structure, where founder Stig Remøy holds an 82.9% stake. It serves as a masterclass in presenting capital-intensi…

Key takeaways

• The primary objective of the deck is a NOK 500 million bond issuance to repay existing debt (OLSH01 PRO) and fund operations (Slide 6).
• The company operates a modern fleet of 21 offshore vessels, including 9 subsea vessels and 4 PSVs (Slide 11).
• Olympic Ship AS maintains a significant order backlog of NOK 4.9 billion including options as of May 2014 (Slide 16).
• The corporate structure is complex, involving multiple 'KS' (limited partnership) entities for specific vessels to manage risk and investment (Slide 6).
• Fleet utilization is highly visible, with a detailed chart showing contract coverage through 2019 for major charterers like Petrobras and Statoil (Slide 16).
• Financial health is anchored by a market-adjusted equity of NOK 4.7 billion and a market-adjusted equity ratio of 49% (Slide 21).
• The management team is led by founder Stig Remøy, a Master Mariner with 15 years of experience as a Master on fishing and offshore vessels (Slide 41).
• Market outlook data suggests a 25% projected growth in the total subsea fleet, with 115 vessels on order globally (Slide 31).

Frequently asked questions

What is the specific financial 'ask' in this presentation?

The deck specifies a 'NOK 500 million Contemplated Bond Issue' for Olympic Ship AS. According to Slide 6, a portion of these proceeds is intended to repay the outstanding OLSH01 PRO bonds, which had a NOK 350 million amount outstanding. This indicates a refinancing and capital optimization strategy rather than a pure growth-equity round.

How does the company manage its vessel assets?

Olympic uses a tiered corporate structure. Olympic Ship AS acts as the issuer and holding entity for various vessel-owning subsidiaries, many structured as 'KS' companies with varying ownership percentages (ranging from 30% to 100%). Technical and commercial management is centralized under Olympic Shipping AS, while crewing is handled by Olympic Crewing AS (Slide 6 and 11).

Who are the primary customers for Olympic Shipping?

The company serves major global energy and subsea players. Slide 16 lists charterers including Petrobras (Brazil), Statoil (North Sea), BP, Centrica, and Oceaneering. The contract coverage shows a heavy concentration in the North Sea and Brazil, providing geographic diversification across key offshore oil and gas hubs.

What is the state of the company's balance sheet at the time of the pitch?

As of Q1 2014, the company reported total assets of NOK 8.146 billion. The fleet's market value was estimated at NOK 8.1 billion, significantly higher than the book value of vessels (NOK 6.521 billion). This valuation supports a market-adjusted equity ratio of 49%, providing a cushion for bondholders (Slide 21).

What market trends were they betting on in 2014?

The company was betting on continued expansion in the subsea sector. Slide 31 highlights a subsea order book of 115 vessels against a current fleet of 457, representing 25% growth. They specifically noted high growth projections for 'Cable, Umbilicals & FP/Flowline Lay' vessels at 47%.

Olympic Shipping 27 pitch deck: the facts

Company

Olympic Shipping 27

Slides

44

Olympic Shipping 27 pitch deck PDF

The full Olympic Shipping 27 deck is embedded on this page and can be read slide by slide in the browser — no download or account required. Each slide is covered in the breakdown above.

What the Olympic Ship AS pitch deck was used for

This deck is a May 27, 2014 investor presentation for Olympic Ship AS, a Norwegian offshore vessel operator, marketing a contemplated NOK 500 million senior unsecured bond issue. The proceeds were intended partly to refinance existing bonds and for general corporate purposes. At the time, Olympic Ship AS presented itself as a leading provider of high-end offshore vessels with a large fleet and contract backlog, positioning the bond as a way to support continued operations and growth in offshore markets. Subsequent restructurings of the group led to bondholder positions being converted into new instruments issued by Olympic Subsea ASA in 2017, indicating later financial stress relative to the optimistic 2014 framing.

Business model: Olympic Ship AS (later part of Olympic Subsea ASA) operates and charters high-end offshore vessels, generating revenue from long-term contracts and spot-market employment with oil and gas and offshore energy clients.

Year

2014

Headquarters

Norway.

Industry

Offshore shipping / offshore support vessels.

Raising: NOK 500 million bond issue contemplated in the May 27, 2014 investor presentation for Olympic Ship AS.

Use of funds as presented: Partly to refinance existing bonds and for general corporate purposes.

What happened after the Olympic Ship AS deck

The contemplated NOK 500 million senior unsecured bond for Olympic Ship AS was part of a capital structure that later required comprehensive restructuring. By February 2017, existing bond holdings in Olympic Ship AS were converted into a NOK 60 million subordinated mandatory convertible bond and a NOK 300 million senior unsecured bond issued by Olympic Subsea ASA, reflecting significant changes to

• By 2016, public disclosures reference a comprehensive restructuring of the Olympic group, indicating that the company’s
• In connection with the restructuring of the group on February 7, 2017, holders of bonds in Olympic Ship AS had their hol

What the Olympic Ship AS deck got right

• Significant fleet value and contract backlog supporting credit story. The deck presents Olympic Ship AS as a leading provider of high-end offshore vessels with a substantial fleet value of NOK 8.1 billion and a contract backlog of NOK 4.9 billion, offering investors tangible assets and visible future cash flows supporting the contemplated bond.
• Clear, market‑standard bond terms and tenor. The bond structure described in the presentation is relatively standard and transparent for the Norwegian market at the time, with a 5‑year tenor, quarterly coupon payments linked to 3‑month NIBOR plus 4.75–5.00%, and senior unsecured status, making the terms straightforward for fixed‑income investors to evaluate.
• Compelling alignment with then‑favorable offshore market outlook. The deck situates Olympic Ship AS within a positive outlook for offshore segments, including strong projected growth in global E&P spending and deepwater production through 2020, aligning the company’s asset base with expected demand drivers at the time.
• Explicit use of proceeds for refinancing and corporate purposes. By explicitly stating that the NOK 500 million bond would partly refinance existing bonds and fund general corporate purposes, the presentation gives investors a clear view of use of proceeds and the role of the issue in the company’s broader capital structure.
• Demonstrated ability to complete a restructuring preserving going‑concern operations. The later documentation from Olympic Subsea ASA shows that the group was able to negotiate a restructuring and convert existing bonds into new instruments rather than an outright liquidation, indicating some degree of ongoing operational viability of the fleet and business post‑downturn.

What could have been stronger

• Limited visible emphasis on downside risk and covenant protection. The deck markets a NOK 500 million senior unsecured bond for a capital‑intensive offshore fleet but, based on the available excerpt, does not clearly present detailed downside scenarios, covenant protections or restructuring history, which is material given the sector’s cyclicality and later financial stress that led to bond conversions in 2017.
• Insufficiently detailed leverage and liquidity metrics in the visible content. While the presentation highlights a fleet value of NOK 8.1 billion and a contract backlog of NOK 4.9 billion to support the bond story, the excerpted information does not show granular disclosure of leverage metrics, liquidity profile, or debt maturity ladder that many fixed‑income investors would expect when assessing a new unsecured issue.
• Macro optimism not balanced with historical volatility of offshore markets. The deck leans heavily on a positive macro outlook for offshore E&P and deepwater production through 2020, but the subsequent need for comprehensive restructuring and bond conversions suggests that macro and company‑specific risks may have been underweighted in the investment narrative, at least in the excerpted material.

How an investor would read this deck

What draws attention

• Verify the full bond documentation (prospectus and covenant package) underlying the contemplated NOK 500 million senior unsecured issue, including security, covenants, and permitted indebtedness, rather than relying solely on headline terms from the presentation.
• Assess sustainability of Olympic Ship AS’s business given later restructurings and bond conversions into Olympic Subsea ASA, to understand how the 2014 bond investors ultimately fared and what that implies for current credit risk.
• Focus on the quality, duration, and counterparties of the contract backlog (NOK 4.9 billion as presented) in relation to the NOK 8.1 billion fleet value and total debt, to gauge cash‑flow resilience under adverse scenarios.

Risks that stand out

• Exposure to highly cyclical offshore oil and gas markets means that optimistic forecasts for E&P spending and deepwater production can reverse, as evidenced by the group’s subsequent need for comprehensive restructuring and bond conversions.
• The contemplated NOK 500 million bond was senior unsecured, implying no direct asset security even though the fleet is capital‑intensive; in downturns this can significantly affect recovery values for investors.
• Later events show that bondholders in Olympic Ship AS had their holdings converted into different instruments in Olympic Subsea ASA, including a subordinated mandatory convertible bond, illustrating that capital structure changes can materially alter investors’ risk and return profiles over time.

Questions this deck invites

• What was the full set of covenants, security, and ranking terms attached to the contemplated NOK 500 million senior unsecured bond, and how did these compare to other Norwegian offshore bond issues at the time?
• How did Olympic Ship AS’s leverage, liquidity, and debt maturity profile look around May 2014, beyond the fleet value and contract backlog figures mentioned in the deck?
• What specific factors (market downturn, counterparty issues, operational challenges) led to the comprehensive restructuring announced in 2016 and the subsequent conversion of Olympic Ship AS bonds into new instruments issued by Olympic Subs
• How were holders of the 2014‑era bonds treated in the 2017 restructuring (haircuts, changes in coupon, maturity, or security), and what does that imply about the risk embedded in the original investment case?
• What is the current credit profile and business outlook of Olympic Subsea ASA, which now issues bonds that replaced those of Olympic Ship AS, and how does it differ from the assumptions used in the 2014 presentation?

What founders can take from the Olympic Ship AS deck

• Relying heavily on optimistic macro forecasts for offshore markets, as the 2014 deck did, can be misleading when sector cyclicality later forces restructuring; fixed‑income investors should stress‑test assumptions against adverse scenarios even when near‑term data look strong.
• Headline figures such as fleet value and contract backlog (NOK 8.1 billion and NOK 4.9 billion, respectively) are not substitutes for detailed leverage, liquidity, and covenant analysis when assessing an unsecured bond in a capital‑intensive industry.
• Senior unsecured bonds in asset‑heavy sectors may face weaker recovery prospects if downturns lead to restructurings and conversions, as seen when Olympic Ship AS bond holdings were turned into new bonds—including a subordinated mandatory convertible—under Olympic Subsea ASA.
• Tracking the subsequent history of an issuer and its securities, including restructurings and bond exchanges, is essential for understanding how original investment theses played out and for refining future credit-risk assessments.
• Investor presentations should be read alongside independent sources such as trustee notices, restructuring announcements, and updated issuer documentation to obtain a full picture of credit risk beyond marketing narratives.
• Complex group structures and later conversions of bonds into different instruments highlight the need for investors to understand intercompany relationships and ranking of claims across subsidiaries and parent entities in maritime and offshore groups.

Olympic Ship AS pitch deck: common questions

What is the Olympic Shipping investor presentation dated 27 May 2014?

It is an investor presentation dated May 27, 2014 for Olympic Ship AS, a Norwegian offshore vessel operator, prepared to market a contemplated NOK 500 million senior unsecured bond issue to potential investors.

What were the main terms of the NOK 500 million bond described in the deck?

The deck describes a contemplated NOK 500 million bond with a 5‑year tenor, quarterly coupon payments at 3‑month NIBOR plus around 4.75–5.00%, and senior unsecured status, intended partly to refinance existing bonds and for general corporate purposes.

How large was Olympic Ship AS’s fleet and contract backlog at the time of the 2014 deck?

According to the presentation, Olympic Ship AS was a leading provider of high-end offshore vessels with a fleet value of NOK 8.1 billion and a contract backlog of NOK 4.9 billion at the time of the 2014 deck.

What market outlook did the 2014 Olympic Shipping deck present?

The deck was prepared against a backdrop of positive market expectations for offshore segments, including projected strong growth in global E&P spending and deepwater production through 2020, which the company used to support the investment case for its bond issue.

What happened to Olympic Ship AS’s bonds after the 2014 issuance period?

Later disclosures show that the Olympic group underwent a comprehensive restructuring, and by February 7, 2017 the holdings of bond investors in Olympic Ship AS were converted into two new bonds issued by Olympic Subsea ASA—a NOK 60 million subordinated mandatory convertible bond and a NOK 300 million senior unsecured bond with maturities 5.5 years from issuance—highlighting that the original capital structure required significant adjustment.

Sources

Funding and outcome facts on this page were researched on 2026-08-22 from the pages below.

• Olympic Shipping investor presentation 27 May 2014 | PDF
• Olympic Shipping To Get Finance - Marine Link
• Olympic Shipping AS. Information about the issuer.. News and credit ratings. Tables with accounting and financial reports.
• LNG Carriers Gaslog Financial Results Q2 2014
• NORDIC TRUSTEE
• TradeWindsnews
• NORDIC TRUSTEE
• [PDF] OLYMPIC SUBSEA ASA Your partner in Blue Energy

Olympic Shipping 27 pitch deck slides

What each slide of the Olympic Shipping 27 pitch deck says

Slide 2

Disclaimer oS Ro This presentation has been prepared by Olympic Ship AS(the “Issuer” and together with its direct and indirect subsidiaries referred to as the “Olympic Group") and is furnished solely for information purposes in connection with a proposed issuance of bonds (the "Bonds") by the Issuer (the "Bond Issue”), as further described herein, and may not be reproduced or redistributed, in whole or in part, to any other person. The contents of this presentation have not been reviewed by any regulatory authority. The managers for the transaction are Danske Bank, Norwegian Branch and Sparebank1 Markets AS (the “Managers”). The information contained herein has been prepared by the Issuer t…

Slide 4

Investment highlights CE a ai Investment summary ps, TORRES + The Olympic Group was established in 1996 and has been an active bond issuer since 2011 LEIENLEELELIEE | - Key part of Offshore cluster in North-western Norway issuer with strong + Global presence and experience in key offshore markets heritage + Offices in Rio and Manila + Total fleet value of NOK 8.1 bn. as of March 2014 Leading provider of + Modern and sophisticated fleet with average value adjusted age of ~5 years high end offshore + World's 6'" largest owner of subsea vessels vessels * Fleet development is driven by new technology, focus on environment and achieving better operational solutions + Contract backlog of approx.…

Slide 5

Summary of bond terms Er a ES Olympic Ship AS Senior Unsecured Bond Issue il fe A Investment summary Cay Issuer: Olympic Ship AS Loan Amount: NOK 500 million Borrowing limit: NOK 750 million Tenor: 5 years Settlement: Expected to be 18 June 2014 Coupon: 3M NIBOR + [4.75 — 5.00)% p.a., quarterly interest payment Purpose: Partly refinancing of OLSHO1 PRO and general corporate purposes Status: Senior unsecured Amortization: Bullet repayment Fin. Covenants: Market Adjusted Equity Ratio > 30% Minimum unrestricted cash of NOK 100 million at Issuer level (unconsolidated) Change of control: Put at 101% if Stig Remay reduces his ownership to less than 50.1% of the shares in the Issuer call options:…

Slide 6

Transaction summary and group overview orcad SN EA Investment summary RA (82.9%) + Olympic Ship AS is the Issuer of the contemplated Bond Issue Olympic Holding AS + Olympic Ship AS is also the issuer 70% of the following outstanding Less fees fs ss Olympic Shioeln — Olympic Ship AS 11/15 FRN, | Sruriclesiles Rast pees J : | lympic Pegasus lympic Elena OLSHO1 PRO, NOK 350 mill | Olympic Poseidon Olympic Orion ) Olympic Crewing AS i I Olympic Electra - 1 Olympic Ship AS 12/17 FRN, {Bard toon Kae: ] OLSH02 PRO, NOK 300 mill mm mmm mm ——————— Fone er shareholders in Group + OLSHO1 PRO to be repaid with the ETE mE Promoter companies: proceeds from the contemplated 1) Key management and local 2)…

Slide text above is read directly from the Olympic Shipping 27 deck PDF embedded on this page.

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