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Conference Call Second Quarter 2014 Results – Seadrill Limited

Seadrill Limited · Aug 27, 2014 · 19 slides

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Slides

  1. Conference Call Second Quarter 2014 Results – Seadrill Limited – slide 1
    Seadrill Partners LLC Conference Call Second Quarter 2014 Results August 27, 2014
  2. Conference Call Second Quarter 2014 Results – Seadrill Limited – slide 2
    Agenda Highlights 2Q 2014 Market Outlook Growth Opportunities Financial Overview Q&A session 3
  3. Conference Call Second Quarter 2014 Results – Seadrill Limited – slide 3
    Seadrill Partners 2Q Highlights & Subsequent Events Highlights: Highlights: Seadrill Partners reports net income attributable to Seadrill Partners LLC Members for the second quarter 2014 of US31.2 million and net operating income of…
  4. Conference Call Second Quarter 2014 Results – Seadrill Limited – slide 4
    Significant Progress Since IPO More Growth to Come 40% increase 7% increase for West Major Events to Date since IPO Auriga aquisition Tender rig T-15 acquired for US210 million 2.25 Tender rig T-16 acquired for US200 million 2.17…
  5. Conference Call Second Quarter 2014 Results – Seadrill Limited – slide 5
    Acquisition of 28% Interest in Seadrill Operating LP Seadrill Operating LP West Aquarius West Leo (1) USD millions Total SDLP Share Purchase Price 2,872 804 Financed by: West Capella (56%) West Vencedor (2) Seadrill…
  6. Conference Call Second Quarter 2014 Results – Seadrill Limited – slide 6
    Add-on Term Loan B Refinancing Seadrill Limited Term Loan B Refinances existing (NYSE: SDRL) debt facilities at Seadrill Partners Public Unit Holders 51.1% 48.9% Issued an additional 1.1bn as an add-on to the existing 1.8bn Term…
  7. Conference Call Second Quarter 2014 Results – Seadrill Limited – slide 7
    Recent Discoveries to Become Produced Volumes Discovered resources 1980 to 2013 140 120 100 (billions boe) 80 60 40 20 0 1980 1985 1990 1995 2000 2005 2013 Shelf Deep Water Ultra deepwater Resources discovered and…
  8. Conference Call Second Quarter 2014 Results – Seadrill Limited – slide 8
    Global rig supply and demand imbalance favors contractors Significant newbuilds required to bridge expected demand gap 500 400 157 73 (50) 300 455 200 348 275 100 0 (1) (2) Current Floater Fleet Newbuilds 2014-2016…
  9. Conference Call Second Quarter 2014 Results – Seadrill Limited – slide 9
    Seadrill Partners Fleet & Potential Dropdowns 10
  10. Conference Call Second Quarter 2014 Results – Seadrill Limited – slide 10
    Assets & Contracts 2014 2015 2016 2017 2018 2019 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q West Vencedor US213,931 West Aquarius US540,000 US615,000 West Capella US627,500 West Capricorn US495,650…
  11. Conference Call Second Quarter 2014 Results – Seadrill Limited – slide 11
    Growth - Additional UDW rigs from Seadrill 2014 2015 2016 2017 Unit Customer 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q West Alpha ExxonMobil US537,000 US552,000 Rosneft West Vela BP US565,000 11.2020 West Auriga BP US565,000…
  12. Conference Call Second Quarter 2014 Results – Seadrill Limited – slide 12
    Growth Opportunities Acquisition of Additional OPCO Ownership Interests from Seadrill Ltd. - 42% of three UDW rigs and one tender rig - 49% of three UDW rigs Long-Term Contracted Jack-ups - E.g. 5 Jack-ups with long-term…
  13. Conference Call Second Quarter 2014 Results – Seadrill Limited – slide 13
    Financial Performance Highlights 14
  14. Conference Call Second Quarter 2014 Results – Seadrill Limited – slide 14
    Income Statement Operating income Unaudited accounts in USD millions 2Q14 1Q14 Contract revenues 339.6 260.6 Reimbursable revenues 6.7 14.7 Total operating revenues 346.3 275.3 Vessel and rig operating expenses 107.9 84.3…
  15. Conference Call Second Quarter 2014 Results – Seadrill Limited – slide 15
    Income Statement Net Income Unaudited accounts in USD millions 2Q14 1Q14 Net operating income 168.6 123.6 Financial items Interest income 1.0 0.9 Interest expense (37.6) (28.6) (Loss) / Gain on derivative financial instruments…
  16. Conference Call Second Quarter 2014 Results – Seadrill Limited – slide 16
    Balance Sheet - Assets Unaudited accounts in USD millions 2Q14 1Q14 Current assets Cash and cash equivalents 523.3 130.1 Accounts receivable, net 284.9 270.6 Mobilization revenue short term - 30.0 Amount due from related party 45.9…
  17. Conference Call Second Quarter 2014 Results – Seadrill Limited – slide 17
    Balance Sheet Liabilities & Members Capital / Owners Equity Unaudited accounts in USD millions 2Q14 1Q14 Current liabilities Current portion of long-term debt 29.0 58.3 Current portion of long-term related party payable 102.2 91.7…
  18. Conference Call Second Quarter 2014 Results – Seadrill Limited – slide 18
    Distributable Cash Flow Unaudited accounts in USD millions 2Q14 1Q14 EBITDA for the quarter 223.5 163.3 Less: Amortization of Mobilization Revenue and Expenses 0.1 (4.6) Adjusted EBITDA 223.6 158.7 Cash Interest Income 1.7 0.9…
  19. Conference Call Second Quarter 2014 Results – Seadrill Limited – slide 19
    Summary & Outlook Significant progress made since IPO More than doubled fleet size with the acquisition of five rigs Diversified fleet Making acquisition of OPCO units an option Strong track record - Distribution growth of 40% since…

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