DET NORSKE Highlights Finance Q1 EBITDA USD 256 million, EPS 0.01 (USD) DETNOR02 loan agreement amended USD 500 million RCF fully underwritten Contemplating USD 300 million subordinated bond issue Operations Total production of…
Financials Q1 2015
FINANCIALS Statement of income Income statement (USD mill) Q1 2015 Q1 2014 FY 2014 Revenues 324 26 464 Production costs 39 7 67 Other operating expenses 14 1 49 EBITDAX 271 18 365 Exploration expenses 15 20 158 EBITDA 256 -2 208…
FINANCIALS Statement of financial position Assets Equity and Liabilities (USD mill) 31.03.15 31.03.14 (USD mill) 31.03.15 31.03.14 Goodwill 1 134 54 Equity 654 530 Other intangible assets 940 367 Other provisions for liabilities incl.…
FINANCIALS Amending current debt instruments Net debt of USD 2 billion Outstanding debt of USD 2.4 billion (bonds and bank debt) at the end of Q1 2015 Cash, cash equivalents and undrawn credit of about USD 1.0 billion at the end of Q1…
FINANCIALS Further diversifying the capital structure Debt capital structure Overview 3.85 New USD 500 million RCF fully underwritten by bank consortium 0.50 RCF - undrawn Four-year tenor and 1+1 extension option 2.95 Utilization fee…
Production Q1 2015
PRODUCTION Net production Net production (boepd) Q1 production Q1 2015 production of 64.9 mboepd Production availability was 96.4%, above target Realized oil price of USD 58/bbl New wells and work-overs Byla put on stream in…
PRODUCTION Continuing to develop the Alvheim area Alvheim area Near-term wells on Alvheim Kneler 1: Planned to commence production around year-end BoaKamNorth: Planned to commence drilling in Q4 2015 and to come on stream mid 2016…
Development Projects Q1 2015
IVAR AASEN (35%*) Development on track 2012 2013 2014 2015 2016 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 Concept selection FEED studies PDO approval Unitisation Agreement Construction of jacket Construction of topside Construction of…
IVAR AASEN (35%*) First geo-pilots in line with expectations Drilling of the geo-pilots in Ivar Aasen commenced in January First geo-pilots were broadly in line with expectations Provided valuable information for the placement of…
IVAR AASEN (35%*) Jacket ready for installation Jacket completed in January 2015 On time and on cost with no major incidents Jacket has arrived in Rotterdam Will remain in Rotterdam until the installation on the Ivar Aasen field…
IVAR AASEN (35%*) Topside construction about 60% completed Topside on schedule Detailed engineering in its final stage Key equipment packages arrived on site as planned Start commissioning this autumn Mechanical complete by year-end…
JOHAN SVERDRUP (11.89%, preliminary working interest) PDO submitted, contracts being awarded PDO submitted in February 2015 Production start-up: Q4 2019 Volumes: 1.7-3.0bn boe (80% from Phase 1) Capex: NOK 117bn in Phase 1, NOK…
Exploration Q1 2015
EXPLORATION & APPRAISAL 2015 drilling activity 2015 Drilling schedule 2015 wells in the North Sea License Prospect Share mmboe Rig Timing PL Krafla North & Transocean 25 % - Q4 14/Q1 15 272/035 Main Leader Maersk PL 001B Lvstakken 35%…
Outlook Q1 2015
COST EFFICIENCY PROGRAMME Identified 2015 reductions exceed USD 100m Cost efficiency programme progressing well Measures identified currently exceed USD 100 million 35 people offered redundancy packages or early retirement…
OUTLOOK Summary and outlook Financial Finalize the USD 300 million subordinated bond issue and the USD 500 million RCF Continue to optimize the capital structure of the company going forward Development projects Ivar Aasen…
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