Ocean Rig UDW Inc. 1st Quarter Ended March 31, 2014 Earnings Presentation NASDAQ: OCEAN RIG UDW INC. ORIG May 23, 2014
Q1 2014 financial results Net Revenue from drilling contracts: 360.8 million Adjusted EBITDA: 172.2 million Reported Net Loss: 1.5 million or 0.01 per share Plus: Non-cash write offs and redemption costs from debt repayment:…
Key highlights Achieved 86% (94% excluding OCR Mylos) average fleet wide operating performance for the first quarter OCR Athena delivered on March 24th, 2014 and expected to commence drilling operations under the contract with…
Advanced design 7th generation newbuild drillships Signed a contract to construct two advanced-specification 7th generation drillships at Samsung Heavy Industries 685 million total cost for each drillship Expected delivery in Q1 and…
Operational & Financial Highlights OCEAN RIG UDW INC.
Solid multi-year fleet employment profile Average contract remaining fixed period of 2.4 years, 3.7 years with options 99%, 72%, 39% calendar days under contract1 in 2014, 2015, and 2016 respectively 5.0 billion backlog1 up from 1.6…
Q1 2014- Revenue analysis During the quarter, we had 728 calendar days and 69 days spent on mobilization Resulting in 659 available drilling days, of which 566 were revenue earning days i.e. 86% operating efficiency(1) Available…
Q1 2014- OPEX analysis Q1 2014 Q1 2014 Direct & Onshore Amortization of Drilling Unit Rig Opex Deferred Opex (in USD million) ( per day) (in USD million) Leiv Eiriksson 20.9 232,635 4.8 Eirik Raude 12.8 142,090 0.0 OCR…
Income Statement (Expressed in Millions of U.S. Dollars except for share and per share data) Q1 2014 REVENUES: Drilling revenues 328.0 Amortization of deferred revenue 32.7 Total Revenues from drilling contracts 360.8…
Improved debt maturity profile Weighted average maturity of 5.1 years No near-term maturities; next significant maturity in Q4 2017 7.25% Unsecured 6.5% Secured Bank / ECA Term Loan B-1 Notes Notes Facility (1) Amount…
Growth capital expenditure program 516 million equity invested for our newbuildings Ordered two advanced-specification 7th generation drillships from Samsung Heavy Industries Expected delivery in Q1 and Q2 2017 respectively Total…
Industry Overview OCEAN RIG UDW INC.
Challenging UDW market in 2014 and 2015 UDW Supply and Demand Recovery from late 2015: Attrition of floaters. Need for oil reserves replacement. Renewed interest in areas such as Mexico and Brazil. Escalation of…
Market recovery from late 2015 Production gap of 32mmboe/day in 2020 Source: Industry sources, wall street research OCEAN RIG UDW INC. 15
Modern & advanced UDW rigs outperform older units Industry Trends UDW capable rigs preferred in all water depths Increased safety awareness 7,500ft. 12% Deeper and more challenging…
Attrition of floater rigs will support market recovery Floaters Fleet Age Profile Floaters Scrapping Vast majority of midwater and deepwater floaters are over 20 years old and becoming obsolete About 37% of mid and deep water…
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 March 31, Ownership on March 31st, 2014 (in million) 2014 Shares Outstanding 131.9 million Total cash 728.1 Bank / ECA Facility(1) 1,298.6 Free float shares 53.4 million B-1 Term Loans(1)…
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 382…
2014 Net drilling revenue indicative calculator To calculate FY2014 Revenues from drilling contracts add to the 9M net drilling revenue calculated below: approximately 133.4 million in projected amortization of deferred revenues Net…
Fleet status report Date: 15-May-14 Scheduled Off-Hire Estimated Mobilization Days Estimated Available Drilling Days Year Built / Estimated Estimated Days Expected Commencement Completion 2014 2014 Footnote 2014 UDW Unit Name…
Projected deferred revenue & expense amortization As of May 15, 2014 (USD million) Q1A 2014 Q2E 2014 Q3E 2014 Q4E 2014 FY 2014 Q1E 2015 Amortization of deferred revenues 32.7 43.5 47.1 42.7 166.1 33.0 Amortization of deferred…
Balance Sheet (Expressed in Thousands of U.S. Dollars) December 31, 2013 March 31, 2014 ASSETS Cash, cash equivalents and restricted cash (current and non-current) 659,028 728,145 Other current assets 400,689 496,752 Advances…
Loading...
