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Q4 2013 Earnings Call – Ocean Rig UDW Inc.

Ocean Rig UDW Inc. · Feb 19, 2014 · 26 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Q4 2013 Earnings Call – Ocean Rig UDW Inc. – slide 1
    Ocean Rig UDW Inc. 4th Quarter Ended December 31, 2013 Earnings Presentation NASDAQ: OCEAN RIG UDW INC. ORIG February 19, 2014
  2. Q4 2013 Earnings Call – Ocean Rig UDW Inc. – slide 2
    Q4 & FY2013 financial results Results for Q4 2013 Net Revenue from drilling contracts: 345.5 million Adjusted EBITDA: 163.8 million Net Income: 39.7 million or 0.30 per share Results for FY 2013 Net Revenue from drilling…
  3. Q4 2013 Earnings Call – Ocean Rig UDW Inc. – slide 3
    Key highlights Achieved 95.8% and 94.7% fleet operating performance for the fourth quarter and full year 2013 respectively OCR Skyros delivered on December 20th 2013 and expected to commence drilling operations under the Total…
  4. Q4 2013 Earnings Call – Ocean Rig UDW Inc. – slide 4
    2012 vs. 2013 operational performance Ocean Rig Available Drilling Days Utilization 100.0% 96.2% 98.1% 97.0% 100.0% 96.9% 93.7% 94.1% 93.9% 94.8% 94.3% 94.7% 91.4% 92.0% 88.5% 88.9% 90.0% 84.2% 83.4% 83.8% 78.3% 80.0% 70.0%…
  5. Q4 2013 Earnings Call – Ocean Rig UDW Inc. – slide 5
    Peer-leading contract coverage Net Revenue Contracted Revenue Backlog 1,500 % denotes fleet operational utilization 2,000 % denotes fleet calendar days under contract 1,883 1,300 1,750 1,180 1,547 1,100 1,500 942 ( in…
  6. Q4 2013 Earnings Call – Ocean Rig UDW Inc. – slide 6
    Operational & Financial Highlights OCEAN RIG UDW INC.
  7. Q4 2013 Earnings Call – Ocean Rig UDW Inc. – slide 7
    Solid multi-year fleet employment profile Average contract1 remaining fixed period of 2.6 years, 4.1 years with options 99%, 72% and even 38% contract coverage for 2014, 2015 and 2016 respectively 5.4 billion backlog2 up from 1.6…
  8. Q4 2013 Earnings Call – Ocean Rig UDW Inc. – slide 8
    Q4 2013- Revenue analysis During the quarter, we had 655 calendar days and 46 days spent on mobilization Resulting in 609 available drilling days, of which 584 were revenue earning days i.e. 95.8% operating efficiency(1) Available…
  9. Q4 2013 Earnings Call – Ocean Rig UDW Inc. – slide 9
    Q4 2013- OPEX analysis Q4 2013 Q4 2013 Direct & Onshore Amortization of Drilling Unit Rig Opex Deferred Opex (in USD million) ( per day) (in USD million) Leiv Eiriksson 17.0 184,568 4.9 Eirik Raude 13.8 149,937 0.0 OCR…
  10. Q4 2013 Earnings Call – Ocean Rig UDW Inc. – slide 10
    Income Statement (Expressed in Millions of U.S. Dollars except for share and per share data) Q4 2013 REVENUES: Drilling revenues 319.7 Amortization of deferred revenue 25.7 Total Revenues from drilling contracts 345.5…
  11. Q4 2013 Earnings Call – Ocean Rig UDW Inc. – slide 11
    Healthy liquidity & capital structure December 31, Ownership on December 31st, 2013 (in million) 2013 Shares Outstanding 131.9 million Total cash 659.0 Bank / ECA Facility(1) 875.7 Free float shares 53.4 million B-1 / B-2 Term…
  12. Q4 2013 Earnings Call – Ocean Rig UDW Inc. – slide 12
    Improved debt maturity profile Weighted average maturity of 5.0 years Improved Ocean Rig liquidity through more sensible debt amortization 9.5% Unsecured 6.5% Secured Bank / ECA Term Loan B-1 Notes Notes Facility Amount (1) 1,895…
  13. Q4 2013 Earnings Call – Ocean Rig UDW Inc. – slide 13
    Measured growth OCR Skyros delivered on December 20th 2013 311 million equity invested for 2015 newbuildings Only 52 million to be funded from equity in 2014 Total Delivered Funded From Remaining Cost (1) Delivery ( million) Cost…
  14. Q4 2013 Earnings Call – Ocean Rig UDW Inc. – slide 14
    Industry Overview OCEAN RIG UDW INC.
  15. Q4 2013 Earnings Call – Ocean Rig UDW Inc. – slide 15
    Market weakness historically with short duration Midwater to UDW Market Cycles Ultra Deepwater Supply & Demand Slow period in the market for 2014, expected market recovery from mid-2015 onwards, due to: 2013 proved lackluster year…
  16. Q4 2013 Earnings Call – Ocean Rig UDW Inc. – slide 16
    UDW market day rates and newbuild deliveries UDW day rates remain firm Slow down in newbuild ordering activity Delays in newbuild deliveries Ultra Deepwater Day Rates (USD) Floater Newbuild Deliveries UDW rates 35 30 4 25 14…
  17. Q4 2013 Earnings Call – Ocean Rig UDW Inc. – slide 17
    Bifurcation and cascading effect Vast majority of midwater and deepwater floaters are over 20 years old and becoming obsolete Over 12% of UDW assets over 10 years old and with reduced capabilities Age profile of MW fleet Age profile…
  18. Q4 2013 Earnings Call – Ocean Rig UDW Inc. – slide 18
    Closing Remarks OCEAN RIG UDW INC.
  19. Q4 2013 Earnings Call – Ocean Rig UDW Inc. – slide 19
    Closing remarks Attractive portfolio of modern drilling units Fleet of 9 modern (6th and 7th generation) UDW drillships and 2 UDW harsh environment semi-submersible rigs Premium high specification standardized assets Value…
  20. Q4 2013 Earnings Call – Ocean Rig UDW Inc. – slide 20
    Appendix OCEAN RIG UDW INC.
  21. Q4 2013 Earnings Call – Ocean Rig UDW Inc. – slide 21
    Pure-play ultra-deepwater driller with premium assets Harsh environment UDW semis Sister drillships provide benefits from standardization 5th generation semisubmersibles Four 6th generation drillships Five 7th generation NB…
  22. Q4 2013 Earnings Call – Ocean Rig UDW Inc. – slide 22
    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 431…
  23. Q4 2013 Earnings Call – Ocean Rig UDW Inc. – slide 23
    2014 Net drilling revenue indicative calculator To calculate FY2014 Revenues from drilling contracts add to the net drilling revenue calculated below: approximately 158.5 million in projected amortization of deferred revenues…
  24. Q4 2013 Earnings Call – Ocean Rig UDW Inc. – slide 24
    Fleet status report Date: 15-Feb-14 Scheduled Off-Hire Estimated Mobilization Days Estimated Available Drilling Days Year Built / Estimated Estimated Days Expected Commencement Completion 2013 2014 2013 2014 Footnote 2013 2014 UDW…
  25. Q4 2013 Earnings Call – Ocean Rig UDW Inc. – slide 25
    Projected deferred revenue & expense amortization As of February 15, 2014 (USD million) Q1A 2013 Q2A 2013 Q3A 2013 Q4A 2013 FY 2013 Q1E 2014 Q2E 2014 Q3E 2014 Q4E 2014 FY 2014 Amortization of deferred revenues 34.5 35.1 32.2 25.7…
  26. Q4 2013 Earnings Call – Ocean Rig UDW Inc. – slide 26
    Balance Sheet (Expressed in Thousands of U.S. Dollars) December 31, 2012 December 31, 2013 ASSETS Cash, cash equivalents and restricted cash (current and non-current) 510,061 659,028 Other current assets 242,447 400,689 Advances…

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