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Q1 2015 Earnings Call – North Atlantic Drilling Limited

North Atlantic Drilling Limited · May 28, 2015 · 19 slides

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Slides

  1. Q1 2015 Earnings Call – North Atlantic Drilling Limited – slide 1
    North Atlantic Drilling Ltd. First quarter and preliminary 2015 results May 28, 2015
  2. Q1 2015 Earnings Call – North Atlantic Drilling Limited – slide 2
    Agenda Highlights First Quarter Contract Backlog Market Outlook First Quarter 2015 Financials Q &A 3
  3. Q1 2015 Earnings Call – North Atlantic Drilling Limited – slide 3
    Highlights First quarter 2015 EBITDA and Margin Quarterly EBITDA of US92.4 180 160 70.0 % 60.0 % 140 million 120 50.0 % 100 40.0 % Economic utilization at 89 percent 80 30.0 % 60 20.0 % 40 10.0 % Termination date for…
  4. Q1 2015 Earnings Call – North Atlantic Drilling Limited – slide 4
    Operational Excellence Recognized for providing high quality operations, in the most challenging sectors of offshore drilling Quality of Business has approximately 1,200 skilled employees with over 40 years of offshore drilling…
  5. Q1 2015 Earnings Call – North Atlantic Drilling Limited – slide 5
    Highlights First Quarter Contract Backlog Market Outlook First Quarter 2015 Financials Q &A 6
  6. Q1 2015 Earnings Call – North Atlantic Drilling Limited – slide 6
    Fleet status Current Contract status Rig Client dayrate (USk/day) 2015 2016 2017 2018 2019 2020 Semi-submersibles West Alpha 523/539 552 West Venture 431 West Phoenix 465 West Rigel Drillships West Navigator…
  7. Q1 2015 Earnings Call – North Atlantic Drilling Limited – slide 7
    Contract Coverage Contract coverage 2015-2017 Contract backlog of US1.1 bn excluding Rosneft related backlog 2015 25% Differentiated by premium harsh environment 75% assets and high operational performance 2016 High safety…
  8. Q1 2015 Earnings Call – North Atlantic Drilling Limited – slide 8
    Highlights First Quarter Contract Backlog Market Outlook First Quarter 2015 Financials Q &A 9
  9. Q1 2015 Earnings Call – North Atlantic Drilling Limited – slide 9
    Global oversupply pressure on commodity pricing 140 130 Global oversupply has put 120 pressure on commodity pricing 110 100 90 80 70 Oil companies reducing spend on 60 50 exploration and development 40 30 20 jan 2014 apr…
  10. Q1 2015 Earnings Call – North Atlantic Drilling Limited – slide 10
    Norwegian floater market Limited new fixtures Strong historical utilization Demand decline, followed by rigs moving to other regions, stacked, or scrapped At the moment 50% of the fleet could be idle by the end of 2016…
  11. Q1 2015 Earnings Call – North Atlantic Drilling Limited – slide 11
    Turnaround factors Unit cost assuming no development drilling g Unit cost Floater avg. age UK 33 yrs, NO 21 yrs Petoro estimates most fields in 19 floaters older than 30 years roll off Norway have break-even prices…
  12. Q1 2015 Earnings Call – North Atlantic Drilling Limited – slide 12
    Highlights First Quarter Contract Backlog Market Outlook First Quarter 2015 Financials Q &A 13
  13. Q1 2015 Earnings Call – North Atlantic Drilling Limited – slide 13
    Financial reporting highlights This quarter Previous quarter EBITDA US92 m US135 m Earnings per share US(0.06) US(2.0) Operating (loss)/profit US37 m US(403) m Financial items US(46) m US(60) m Cash flow from…
  14. Q1 2015 Earnings Call – North Atlantic Drilling Limited – slide 14
    Operating Income - Total 1Q15 4Q14 3Q14 2Q14 Unaudited accounts in USD millions Contract revenues 190 267 297 269 Reimbursables 2 24 46 58 Related party revenues - - 13 16 Total operating revenues 192 291 356 343 Vessel…
  15. Q1 2015 Earnings Call – North Atlantic Drilling Limited – slide 15
    Net Income - Total 1Q15 4Q14 3Q14 2Q14 Unaudited accounts in USD millions Net operating (loss)/income 37 (403) 111 105 Financial items Interest expense (25) (26) (27) (27) Gain / (loss) on derivatives (34) (60) (13) (19)…
  16. Q1 2015 Earnings Call – North Atlantic Drilling Limited – slide 16
    Balance Sheet - Assets March December September June 31, 2015 31, 2014 30, 2014 30, 2014 Current assets Cash and cash equivalents 139 116 100 81 Restricted cash 9 11 8 14 Accounts receivables, net 151 235 263 272 Related party…
  17. Q1 2015 Earnings Call – North Atlantic Drilling Limited – slide 17
    Balance Sheet Liabilities and Shareholders Equity March December September June 31, 2015 31, 2014 30, 2014 30, 2014 Current liabilities Current portion of long-term debt 218 218 218 218 Related party transaction 52 17 23 18 Tax…
  18. Q1 2015 Earnings Call – North Atlantic Drilling Limited – slide 18
    Highlights First Quarter Contract Backlog Market Outlook First Quarter 2015 Financials Q&A 19
  19. Q1 2015 Earnings Call – North Atlantic Drilling Limited – slide 19
    Q&A

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