Ocean Rig UDW Inc. 2nd Quarter Ended June 30, 2013 Earnings Presentation NASDAQ: OCEAN RIG UDW INC. ORIG August 8th, 2013
Q2 2013 financial results Net Revenue from drilling contracts: 259.8 million Adjusted EBITDA: 115 .8 million Net Income: 38.8 million or 0.29 per share OCEAN RIG UDW INC. 2
Key highlights Signed 5-well contract with Total for OCR Skyros (Q4 2013 to Q4 2014) Received Letter of Award (LOA) for OCR Skyros for 6 years (Q4 2014 through Q4 2020) Signed 3 year contract with Total for OCR Apollo (Q1 2015…
Financial Highlights OCEAN RIG UDW INC.
Solid multi-year fleet employment profile Average contract1 remaining fixed period of 2.9 years, 4.4 years with options 100%, 97%, 72%, 41% calendar days under contract2 in 2013, 2014, 2015, and 2016 respectively 6.0 billion backlog2…
Q2 2013- Revenue analysis During the quarter, we had 546 calendar days and 91 days spent on mobilization Resulting in 455 available drilling days, of which 437 were revenue earning days i.e. 96% operating efficiency(1)…
Q2 2013- OPEX analysis Q2 2013 Direct & Onshore Q2 2013 Rig Opex Amortization of Drilling Unit Deferred Opex (in USD million) ( per day) (in USD million) Leiv Eiriksson 16.2 212,000 3.9 Eirik Raude 16.8 236,500 4.5 OCR…
Income Statement (Expressed in Millions of U.S. Dollars except for share and per share data) Q2 2013 REVENUES: Drilling revenues 224.7 Amortization of deferred revenue 35.1 Total Revenues from drilling contracts 259.8 EXPENSES:…
Healthy liquidity & capital structure Pro forma (1) Ownership on August 1st, 2013 (in million) 30-Jun-13 Shares Outstanding 131.7 million Total cash 665.4 Free float shares 53.4 million Secured bank debt 0.0 % of free float shares…
Shift to corporate from project debt Term Loan B-1 Term Loan B-2 Reduced predominance of amortizing Bank/ECA facilities Amount 1,075 mil 825 mil Extended maturities with no significant maturities until Q2 2016 Improved Ocean Rig…
Low newbuilding capex All equity -over 727 million- for 2013 newbuilds already invested Modest capital expenditures associated with 2015 newbuilding ( million) Total Delivered Funded From Remaining Cost (1) Delivery Cost Equity…
Industry Overview OCEAN RIG UDW INC.
UDW oil project breakeven keeps falling Technological advances have reduced the cost of deepwater well development Offshore projects are competitive with onshore projects Breakeven Brent oil prices for new developments Source:…
Exploration drilling remains strong, Development to follow Discoveries on pace for another significant year Development drilling, with longer contract durations, to follow Deepwater and Ultra deepwater discoveries by year 60 53…
Supply constraints Supply of UDW newbuilding units available for employment peaking in Q3 2014 Yard availability non-existent until Q4 2015 UDW market currently consists of 128 actively marketed units UDW utilization approximately…
Closing Remarks OCEAN RIG UDW INC.
Closing remarks Pure-play ultra-deepwater One of the few companies worldwide with 100% UDW capable fleet driller with premium Sixth largest UDW company globally with a fleet of 10 drillships/rigs assets Focus on UDW key areas West Africa…
Appendix OCEAN RIG UDW INC.
Premium standardized assets drive efficiencies Harsh environment UDW semis Sister drillships provide benefits from standardization 5th generation semisubmersibles Four 6th generation drillships Four 7th generation NB drillships…
Strong contract backlog provides cash flow visibility Counterpartys Unit Year built Redelivery Counterparties Operating area Backlog(2) parent credit rating (mm) Leiv Eiriksson 2001 Q2 16 Rig Management Norway (1) Norway 542…
2013 Net drilling revenue indicative calculator To calculate FY2013 Revenues from drilling contracts add to the 2H net drilling revenue calculated below: approximately 55.8 million in remaining amortization of deferred revenues…
Fleet status report Date: July 31, 2013 Scheduled Off-Hire Estimated Mobilization Days Estimated Available Drilling Days Year Built / Estimated Estimated Days Expected Commencement Completion 2013 2014 2013 Footnote 2013 2014 UDW…
Balance Sheet (Expressed in Thousands of U.S. Dollars) December 31, 2012 June 30, 2013 ASSETS Cash and restricted cash (current and non-current) 510,061 338,385 Other current assets 242,447 312,309 Advances for drillships under…
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