Skip to main content Q2 2015 Earnings Call – Fred Olsen Energy Investor Presentation | Shale Experts
Loading...
Pm

Q2 2015 Earnings Call – Fred Olsen Energy

Fred Olsen Energy · Jul 10, 2015 · 32 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. Q2 2015 Earnings Call – Fred Olsen Energy – slide 1
    Financial results 2Q 2015 Oslo, 10 July 2015
  2. Q2 2015 Earnings Call – Fred Olsen Energy – slide 2
    AGENDA FINANCIAL RESULTS 2Q 2015 MARKET OPERATIONS SUMMARY
  3. Q2 2015 Earnings Call – Fred Olsen Energy – slide 3
    Income Statement Key Figures (USD mill) 2Q 2015 1Q 2015 Change Operating revenues 320,6 272,0 48,6 Recharged income 5,3 11,9 (6,6) Total revenues 325,9 283,9 42,0 Operating costs (112,1) (114,9) 2,8 Recharged expenses (5,2) (11,7) 6,5…
  4. Q2 2015 Earnings Call – Fred Olsen Energy – slide 4
    EBITDA Comparison 2Q 2015 vs. 1Q 2015
  5. Q2 2015 Earnings Call – Fred Olsen Energy – slide 5
    Impairment The impairment charge is due to a continuing weakening of the offshore drilling market Recent fixtures in second quarter indicate lower day-rate and utilization assumptions Impairment and net book values of impaired…
  6. Q2 2015 Earnings Call – Fred Olsen Energy – slide 6
    Financial Items Breakdown (USD mill) 2Q 2015 1Q 2015 Change Interest income 0,2 0,4 (0,2) Gains on financial instruments 7,2 - 7,2 Financial income 7,4 0,4 7,0 Interest expenses (11,7) (11,5) (0,2) Capitalized borrowing cost…
  7. Q2 2015 Earnings Call – Fred Olsen Energy – slide 7
    Offshore Drilling Segment (USD mill) 2Q 2015 1Q 2015 Change Operating revenues 318,3 268,0 50,3 Recharged income 5,3 11,9 (6,6) Total revenues 323,6 279,9 43,7 Operating costs (110,6) (111,8) 1,2 Recharged expenses (5,2) (11,7) 6,5…
  8. Q2 2015 Earnings Call – Fred Olsen Energy – slide 8
    Engineering & Fabrication Segment (USD mill) 2Q 2015 1Q 2015 Change Operating revenues (external) 2,3 4,0 (1,7) Inter-segment revenues 56,2 33,7 22,5 Total operating revenues 58,5 37,7 20,8 Operating costs (56,2) (35,4) (20,8) Oper.…
  9. Q2 2015 Earnings Call – Fred Olsen Energy – slide 9
    Consolidated Balance Sheet (USD mill) 2Q 2015 1Q 2015 Change Intangible assets 12,5 12,2 0,3 Property, plant & equipment 2 681,3 2 989,7 (308,4) Other non-current assets 32,0 30,8 1,2 Total non-current assets 2 725,8 3 032,7 (306,9)…
  10. Q2 2015 Earnings Call – Fred Olsen Energy – slide 10
    Consolidated Cash Flow (USD mill) 2Q 2015 1Q 2015 Change Profit before income taxes (322,7) 74,9 (397,6) Depreciation and impairment 513,1 91,1 422,0 Interest expense 9,9 9,9 - Gain on sale of assets (0,2) 0,1 (0,3) Changes in working…
  11. Q2 2015 Earnings Call – Fred Olsen Energy – slide 11
    Offshore drilling EBITDA and margin
  12. Q2 2015 Earnings Call – Fred Olsen Energy – slide 12
    Fleet status RIG DESIGN W DEPTH LOCATION CLIENT CONTRACT STATUS DAY RATE (USD) NEXT CRS ULTRA DEEPWATER UNITS Bollsta Dolphin SS / Moss 10 000 UK Chevron 4Q 2015- 4Q 2020 560 000 3Q 2020 Bolette Dolphin DS/ Gusto P10' 12 000 Colombia…
  13. Q2 2015 Earnings Call – Fred Olsen Energy – slide 13
    FINANCIAL RESULTS MARKET OPERATIONS SUMMARY
  14. Q2 2015 Earnings Call – Fred Olsen Energy – slide 14
    Global market floating units The market continues to be challenging in all segments Some contracting activity and revision of contracts have materialized Day-rates continues to be under pressure due to the market imbalance The…
  15. Q2 2015 Earnings Call – Fred Olsen Energy – slide 15
    Norwegian floater market 2015 2016 2017 The imbalance in the market is Name Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 West Navigator expected to continue into 2017 Transocean Spitsberge COSLPioneer West Venture Several rigs will come…
  16. Q2 2015 Earnings Call – Fred Olsen Energy – slide 16
    Average dayrates Norway
  17. Q2 2015 Earnings Call – Fred Olsen Energy – slide 17
    UK floater market The UK market is also 2015 2016 2017 Name Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 experiencing low contracting Ocean Vanguard Ocean Nomad activity Ocean Princess Transocean Prospect Ocean Guardian Continued low…
  18. Q2 2015 Earnings Call – Fred Olsen Energy – slide 18
    Average dayrates UK
  19. Q2 2015 Earnings Call – Fred Olsen Energy – slide 19
    Wordwide deepwater dayrates
  20. Q2 2015 Earnings Call – Fred Olsen Energy – slide 20
    FINANCIAL RESULTS MARKET OPERATIONS SUMMARY
  21. Q2 2015 Earnings Call – Fred Olsen Energy – slide 21
    Fred. Olsen Energy Operating worldwide Byford Bideford Dolphin Dolphin Greenland Borgsten Borgland Dolphin Dolphin Borgholm Bredford Dolphin Iceland Dolphin Sweden Finnland Russia Norway Canada…
  22. Q2 2015 Earnings Call – Fred Olsen Energy – slide 22
    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…
  23. Q2 2015 Earnings Call – Fred Olsen Energy – slide 23
    Contract backlog Total backlog ca. USD 2.9 billion
  24. Q2 2015 Earnings Call – Fred Olsen Energy – slide 24
    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 and commissioning…
  25. Q2 2015 Earnings Call – Fred Olsen Energy – slide 25
    Ultra deepwater Bolette Dolphin Belford Dolphin Operates under a four-year contract with Anadarko, Completed operations for Anadarko offshore estimated to expire 2Q 2018 Mozambique end of June Continued drilling operations under a two…
  26. Q2 2015 Earnings Call – Fred Olsen Energy – slide 26
    Midwater - Norway Borgland Dolphin Bideford Dolphin Continued its operations under the 18-well contract with an Operates under a three-year contract with Statoil, RMN consortium. The contract is estimated to be estimated to be…
  27. Q2 2015 Earnings Call – Fred Olsen Energy – slide 27
    Midwater - Norway / United Kingdom Bredford Dolphin Borgholm Dolphin Continued under the 12-well contract with an AGR Completed operations for BG early June consortium. The contract is expected to expire in November 2015 The unit is…
  28. Q2 2015 Earnings Call – Fred Olsen Energy – slide 28
    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 estimated to expire 3Q 2016 with Total E&P UK Byford…
  29. Q2 2015 Earnings Call – Fred Olsen Energy – slide 29
    Deepwater United Kingdom Blackford Dolphin Completed operations for Nexen the 25th June Is undertaking acceptance tests for the Chevron contract at zero rate and is estimated to commenced the 572 days contract within mid July.…
  30. Q2 2015 Earnings Call – Fred Olsen Energy – slide 30
    Harland & Wolff Focus on ship repair, ship building, steel fabrication and engineering services Has carried out the class renewal survey of Byford Dolphin during the quarter A number of ship dockings have been carried out in the…
  31. Q2 2015 Earnings Call – Fred Olsen Energy – slide 31
    Summary Financial Revenues were USD 326 million EBITDA was USD 209 million Profit before tax was negative USD 323 million Impairment of USD 419 million Contract backlog amounting to approximately USD 2.9 billion Operational…
  32. Q2 2015 Earnings Call – Fred Olsen Energy – slide 32
    Q&A

From the store

Browse maps, data & reports in the Shale Experts store