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Q1 2015 EARNINGS CALL – Fred Olsen Energy

Fred Olsen Energy · May 6, 2015 · 31 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Q1 2015 EARNINGS CALL – Fred Olsen Energy – slide 1
    Financial results 1Q 2015 Oslo, 6 May 2015
  2. Q1 2015 EARNINGS CALL – Fred Olsen Energy – slide 2
    AGENDA FINANCIAL RESULTS 1Q 2015 MARKET OPERATIONS SUMMARY
  3. Q1 2015 EARNINGS CALL – Fred Olsen Energy – slide 3
    Income Statement Key Figures (USD mill) 1Q 2015 4Q 2014 Change Operating revenues 272,0 286,4 (14,4) Recharged income 11,9 11,2 0,7 Total revenues 283,9 297,6 (13,7) Operating costs (114,9) (129,6) 14,7 Recharged expenses (11,7)…
  4. Q1 2015 EARNINGS CALL – Fred Olsen Energy – slide 4
    EBITDA Comparison 1Q 2015 vs. 4Q 2014
  5. Q1 2015 EARNINGS CALL – Fred Olsen Energy – slide 5
    Financial Items Breakdown (USD mill) 1Q 2015 4Q 2014 Change Interest income 0,4 0,4 - Gains on financial instruments - - - Financial income 0,4 0,4 - Interest expenses (11,5) (12,3) 0,8 Capitalized borrowing cost (projects) 1,7 1,7…
  6. Q1 2015 EARNINGS CALL – Fred Olsen Energy – slide 6
    Offshore Drilling Segment (USD mill) 1Q 2015 4Q 2014 Change Operating revenues 268,0 283,3 (15,3) Recharged income 11,9 11,2 0,7 Total revenues 279,9 294,5 (14,6) Operating costs (111,8) (128,1) 16,3 Recharged expenses (11,7) (10,9)…
  7. Q1 2015 EARNINGS CALL – Fred Olsen Energy – slide 7
    Engineering & Fabrication Segment (USD mill) 1Q 2015 4Q 2014 Change Operating revenues (external) 4,0 3,1 0,9 Inter-segment revenues 33,7 3,0 30,7 Total operating revenues 37,7 6,1 31,6 Operating costs (35,4) (4,4) (31,0) Oper.…
  8. Q1 2015 EARNINGS CALL – Fred Olsen Energy – slide 8
    Consolidated Balance Sheet (USD mill) 1Q 2015 4Q 2014 Change Intangible assets 12,2 13,3 (1,1) Property, plant & equipment 2 989,7 2 901,6 88,1 Other non-current assets 30,8 31,4 (0,6) Total non-current assets 3 032,7 2 946,3 86,4…
  9. Q1 2015 EARNINGS CALL – Fred Olsen Energy – slide 9
    Consolidated Cash Flow (USD mill) 1Q 2015 4Q 2014 Change Profit before income taxes 74,9 104,2 (29,3) Depreciation and impairment 91,1 86,6 4,5 Interest expense 9,9 10,6 (0,7) Gain on sale of assets 0,1 - 0,1 Changes in working capital…
  10. Q1 2015 EARNINGS CALL – Fred Olsen Energy – slide 10
    Offshore drilling EBITDA and margin
  11. Q1 2015 EARNINGS CALL – Fred Olsen Energy – slide 11
    Fleet status Rig Type / design W depth ft Location Client Contract status Day rate (in USD) Next CR survey Ultra-deepwater and deepwater units Bollsta Dolphin SS / Moss 10 000 UK Chevron 4Q 2015- 4Q 2020 560 000 3Q 2020 Bolette…
  12. Q1 2015 EARNINGS CALL – Fred Olsen Energy – slide 12
    FINANCIAL RESULTS MARKET OPERATIONS SUMMARY
  13. Q1 2015 EARNINGS CALL – Fred Olsen Energy – slide 13
    Global market floating units The market continues to be challenging in all segments The contracting and tender activity is low, while further newbuilds are entering the market The imbalance between demand and supply is expected…
  14. Q1 2015 EARNINGS CALL – Fred Olsen Energy – slide 14
    Norwegian floater market 2015 2016 2017 The low contracting activity over the last Name Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 West Navigator two years will continue through 2015 Transocean Spitsbergen West Venture Transocean…
  15. Q1 2015 EARNINGS CALL – Fred Olsen Energy – slide 15
    Average dayrates Norway
  16. Q1 2015 EARNINGS CALL – Fred Olsen Energy – slide 16
    UK floater market 2015 2016 2017 The activity is weak also in the Name Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Ocean Vanguard UK market Ocean Nomad Ocean Princess Transocean Prospect Despite some tendering activity Ocean Guardian…
  17. Q1 2015 EARNINGS CALL – Fred Olsen Energy – slide 17
    Average dayrates UK
  18. Q1 2015 EARNINGS CALL – Fred Olsen Energy – slide 18
    Wordwide deepwater dayrates
  19. Q1 2015 EARNINGS CALL – Fred Olsen Energy – slide 19
    FINANCIAL RESULTS MARKET OPERATIONS SUMMARY
  20. Q1 2015 EARNINGS CALL – Fred Olsen Energy – slide 20
    Fred. Olsen Energy Operating worldwide Byford Bideford Dolphin Dolphin Greenland Borgsten Borgland Dolphin Dolphin Borgholm Bredford Dolphin Iceland Dolphin Sweden Finnland Russia Norway Canada…
  21. Q1 2015 EARNINGS CALL – Fred Olsen Energy – slide 21
    Contract overview 2015 2016 2017 2018 2019 2020 Bolette Anadarko Bollsta Chevron Belford Anadarko1) Blackford Chevron Bideford Statoil Borgland RMN consortium Bredford AGR cons Byford BP Borgsten Total Borgholm BG Borgny Cold…
  22. Q1 2015 EARNINGS CALL – Fred Olsen Energy – slide 22
    Contract backlog Total backlog ca. USD 2.9 billion 22
  23. Q1 2015 EARNINGS CALL – Fred Olsen Energy – slide 23
    Bollsta Dolphin Harsh environment ultra deepwater semi-submersible under construction Moss Maritime CS 60 E (Enhanced) design from Hyundai Heavy Industries Delivery is scheduled to 3Q 2015 Mechanical completion continues Has…
  24. Q1 2015 EARNINGS CALL – Fred Olsen Energy – slide 24
    Ultra deepwater Bolette Dolphin Belford Dolphin Operates under a four-year contract with Anadarko, Continued operations for Anadarko offshore estimated to expire 2Q 2018 Mozambique Continued drilling operations under a two well…
  25. Q1 2015 EARNINGS CALL – Fred Olsen Energy – slide 25
    Midwater - Norway Borgland Dolphin Bideford Dolphin Continued its operations under the contract with an RMN Operates under a three-year contract with Statoil, consortium after the class renewal survey. The contract is estimated to be…
  26. Q1 2015 EARNINGS CALL – Fred Olsen Energy – slide 26
    Midwater - Norway / United Kingdom Bredford Dolphin Borgholm Dolphin Continued under the 12-well contract with an AGR Continued operations under the BG contract, estimated consortium. The contract is expected to expire end of to expire…
  27. Q1 2015 EARNINGS CALL – Fred Olsen Energy – slide 27
    Midwater - United Kingdom (cont.) Byford Dolphin Borgsten Dolphin The rig is under a drilling contract with BP Exploration, Continued under the tender support services contract of estimated to expire 3Q 2016 40 months duration with…
  28. Q1 2015 EARNINGS CALL – Fred Olsen Energy – slide 28
    Deepwater United Kingdom Blackford Dolphin Continued under the contract with Nexen, estimated to be completed end of May 2015. A contact with Chevron of approximately 19 months will follow. Chevron has an option for extending the…
  29. Q1 2015 EARNINGS CALL – Fred Olsen Energy – slide 29
    Harland & Wolff Focus on ship repair, ship building, steel fabrication and engineering services Byford Dolphin is undertaking its class renewal survey at the yard, estimated to be completed first half of June 2015 A number of ship…
  30. Q1 2015 EARNINGS CALL – Fred Olsen Energy – slide 30
    Summary Financial Revenues were USD 284 million EBITDA was USD 157 million Profit before tax was USD 75 million Contract backlog amounting to approximately USD 2.9 billion Annual General Meeting to be held 27th of May 2015…
  31. Q1 2015 EARNINGS CALL – Fred Olsen Energy – slide 31
    Q&A

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