Ocean Rig UDW Inc. 4th Quarter Ended December 31, 2012 Earnings Presentation NASDAQ: OCEAN RIG UDW INC. ORIG March 7, 2013
2012 financial results Results for Q4 2012 Reported Net Loss: (71.0) million or (0.54) per share Plus 10-year class special survey (Eirik Raude) costs: 43.9 million or 0.33 per share Adjusted Net Loss: (27.1) million or (0.21) per…
2012 key highlights Fleet comprised of six technologically advanced UDW units, with three more delivering this year Start-up of two drillships in Brazil following lengthy acceptance period Two semis performed below expectations:…
ER & LE 2013 developments Developments on Eirik Raude: Commenced contract with ExxonMobil for drilling offshore Ireland Entered into a twelve-month four well contract with Lukoil for drilling offshore West Africa European…
2013 corporate reorganization Corporate focus to increase efficiency & reduce expenses within challenging industry conditions Relocation of regional offices near drilling locations Leiv Eiriksson Stavanger Eirik Raude HQ…
Industry Overview OCEAN RIG UDW INC.
Exploration success fuels deepwater E&P spending At the present time global open demand by type of well: 8% development, 92% exploration Expected continuing exploratory drilling as a result of E&P capex growth and continuing…
Market fundamentals remain strong UDW backlog signed by year UDW Dayrates Even though Petrobras has not chartered any UDW units Young and high quality UDW units command premium from the international market since early 2011, 2012…
UDW oil project breakeven below OPEC fiscal breakeven Offshore projects are competitive with onshore projects High fiscal breakeven for major producers supports current oil price levels 2011 Fiscal Balance Break-Even Price for…
Aged midwater & deepwater fleets Significant shortage of midwater and deepwater high specification assets This substantial increase in demand is stretching am aging and underinvested fleet Age Profile of MW fleet Age Profile of DW…
Supply constraints UDW Newbuilding Deliveries & Availability UDW Units Ordered Each Year 45 42 42 29 30 40 7 10 25 23 35 21 30 29 19 30 26 18 18 20 Number of UDW units 25 15 Number of UDW units 13 20 10 15 13 20…
Financial Highlights OCEAN RIG UDW INC.
Solid multi-year fleet employment profile Average contract1 remaining fixed period of 2.8 years, 4.4 years with options Enviable position with our 7th generation drillship Ocean Rig Skyros, available in 2013 98%, 88%, 64%, 30%…
Q4 2012- Revenue analysis During the quarter, we had 552 calendar days, 38 days spent on mobilization and 80 class survey days for the Eirik Raude These resulted in 434 available drilling days, of which 406 were revenue earning days…
Q4 2012- OPEX analysis Direct Rig Q4 2012 Q4 2012 Direct Rig Opex 1 Opex1 Amortization of Drilling Unit Q3 2012 (in USD Falkland Island Deferred Opex ( per day) ( per day) million) contract (in USD million) completed Leiv…
Income Statement (Expressed in Millions of U.S. Dollars except for share and per share data) Q4 2012 FY 2012 REVENUES : Drilling revenues 214.5 863.8 Amortization of deferred revenue 15.3 78.1 Total Revenues from drilling…
Healthy liquidity & capital structure December 31, (in million) 2012 Ownership on March 1st, 2013 Cash Shares Outstanding 131.7 million 317.4 Restricted cash Free float shares 53.4 million 192.7 Secured bank debt % of free…
Sensible growth All equity -over 727 million- for 2013 newbuilds already invested Modest capital expenditures associated with 2015 newbuilding (S millions) Total Already Remaining Cost(1) Delivered Funded From Cost Equity 2013…
Closing Remarks OCEAN RIG UDW INC.
Closing remarks Pure-play ultra-deepwater Fleet composed of 100% UDW assets driller with premium Sixth largest UDW company globally with a fleet of 10 drillships/rigs assets Latest generation assets with an average age of 2.9 years…
Appendix OCEAN RIG UDW INC.
Strong contract backlog provides cash flow visibility Unit Year built Redelivery Operating area Backlog (m) Leiv Eiriksson 2001 Q1 16 Norway 627 Eirik Raude 2002 Q3 13 Ireland 112 Eirik Raude 2002 Q4 14 Sierra Leone, Ghana, Ivory…
Fleet status report Date: March 7, 2013 Known Estimated Mobilization Days Estimated Available Drilling Days Year Built / Estimated Estimated Off-Hire Days Expected Commencement Completion 2013 2013 Footnote 2013 FY 2013 UDW Unit…
Net drilling revenue indicative calculator To 2013 Net Drilling Revenue add approximately 103.8 million in amortization of deferred revenues Available Earnings Local Agent Net Drilling Mobilization Days 2013 Drilling Day Rate…
Deferred revenue & expense amortization Estimated Deferred Revenue and Expenses Schedule As of December 31, 2012 (USD million) Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 FY 2013 Amortization of deferred revenues 1 15.3 32.7 13.7 11.6…
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