Ocean Rig UDW Inc. 4th Quarter Ended December 31, 2014 Earnings Presentation NASDAQ: OCEAN RIG UDW INC. ORIG February 26, 2015
Q4 & FY2014 financial results Results for Q4 2014 Net Revenue from drilling contracts: 499.4 million Adjusted EBITDA: 276.7 million Net Income: 87.5 million or 0.66 per share Results for FY 2014 Net Revenue from drilling…
Key highlights Achieved appx. 95% and 96% average fleet wide operating performance for the fourth quarter and full year1 2014, respectively Entered into syndicated secured commercial loan for up to 475 million to finance the…
Solid backlog insulates ORIG from market softness Ocean Rigs fleet is 93% contracted in 2015 and 65% contracted in 2016 For 2016, our uncontracted units would only need to earn a dayrate of 351,000, in order for us to earn an average…
Operational & Financial Highlights OCEAN RIG UDW INC.
Solid multi-year fleet employment profile Average contract remaining fixed period of 2.5 years, 3.9 years with options 93%, 65% calendar days under contract in 2015 and 2016 respectively 5.2 billion revenue backlog 2014 2015 2016…
Q4 2014- Revenue and operating expenses summary During the quarter, we had 828 calendar days of which 29 days were uncontracted Resulting in 799 available contracted drilling days, of which 758 were revenue earning days i.e. 95%…
Income Statement Q4 2014 REVENUES: Drilling revenues, net 451.3 Amortization of deferred revenue 48.1 Total Revenues from drilling contracts 499.4 EXPENSES: Direct & onshore rig operating expenses 155.2 Maintenance expenses &…
Solid Balance Sheet Weighted average maturity of 5.2 years No near-term maturities; next significant maturity in Q4 2017 Free cash: 528.9 million DFHI Term Loan 7.25% Unsecured 6.50% Secured DOV Term Loan Commercial B-1 Notes Notes…
Industry Overview OCEAN RIG UDW INC.
Supply of uncontracted newbuilds decreasing in 2016 and beyond 27 out of a total 72 UDW capable newbuilds are currently uncontracted Only 17 mid and deepwater newbuilds in total (of which 5 are already contracted) 1 SETE Brazil has…
Older units unable to secure new contracts more stacking and scrapping Floaters Utilization Forward contract coverage 100% 80% 60% 40% 20% 0% Next 12m 2yrs 3yrs 4yrs…
Stacking and scrapping of older units has accelerated 53 Idled/Stacked units Stacked units by decade built 16 Over half of these units have undergone 15 significant upgrades in the late 90s early 00s 14 12 Warm 10 9 Stacked/Idle…
Closing Remarks OCEAN RIG UDW INC.
Closing remarks Attractive portfolio of modern drilling units Fleet of 11 modern (6th and 7th generation) UDW drillships and 2 UDW harsh environment semi-submersible rigs Premium high specification standardized assets Value…
Appendix OCEAN RIG UDW INC.
Pure-play ultra-deepwater driller with premium assets Harsh environment UDW semis Sister drillships provide benefits from standardization Optimized for development drilling 5th generation semisubmersibles Four 6th and five 7th generation…
Healthy liquidity & capital structure (in million) December 31, Ownership on February 25, 2015 2014 Shares Outstanding 132.0 million Total cash 531.5 Senior Secured Term Loan B Facility (1) 1,266.4 Free float shares 53.7 million…
Fleet status report Date: 26-Feb-15 Estimated Mobilization Days Expected Idle & Off-hire Days Year Built / Estimated Estimated Expected Commencement Completion 2014 2015 2014 2015 Footnote UDW Unit Name Delivery Location Customer…
Managing our capital expenditure program 280 million equity invested for our three newbuildings through Q4 2014s Current1 construction payment2 profile million 1,200 1,000 800 OCR TBN 2 OCR TBN 1 600 OCR Santorini…
Balance Sheet (Expressed in Thousands of U.S. Dollars) December 31, 2013 December 31, 2014 ASSETS Cash, cash equivalents and restricted cash (current and non-current) 659,028 531,497 Other current assets 400,689 446,695 Advances…
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