Skip to main content Q4 2011 EARNINGS CALL – Dof Asa Investor Presentation | Shale Experts
Loading...
Pm

Q4 2011 EARNINGS CALL – Dof Asa

Dof Asa · Feb 27, 2012 · 45 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 2011 EARNINGS CALL – Dof Asa – slide 1
    DOF ASA Q4 2011 Mons S. Aase CEO Hilde Drnen CFO
  2. Q4 2011 EARNINGS CALL – Dof Asa – slide 2
    Agenda Summary Recent highlights Overview Group Q4 Financials DOF Subsea update Outlook Skandi Skansen www.dof.no DOF ASA Presentation 2012 - 2
  3. Q4 2011 EARNINGS CALL – Dof Asa – slide 3
    Summary Several new contracts in DOF Subsea and in DOF Supply High exposure to expected strong Subsea market Expect stronger spot market in 2012 vs 2011, well positioned in the AHTS segment New bonds in DOF and DOF Subsea have…
  4. Q4 2011 EARNINGS CALL – Dof Asa – slide 4
    Recent Highlights Contracts: Several contracts for DOF Subsea project fleet securing high utilization in the North Sea Several vessels renewed in Brazil at higher rates Skandi Singapore and Skandi Hercules secured several contracts in…
  5. Q4 2011 EARNINGS CALL – Dof Asa – slide 5
    Recent Highlights Fleet: Skandi Singapore delivered in September earnings from early November Skandi Pacific delivered to Aker DOF Deepwater in November onhire from mid November Skandi Niteroi onhire to Petrobras early October…
  6. Q4 2011 EARNINGS CALL – Dof Asa – slide 6
    Recent Highlights Finance: Supply: Total new loans of approx. USD 200 mill drawn upon delivery of four vessels in 4th quarter and so far in 1st quarter New bond of NOK 700 mill (2017) and bought back NOK 520 mill of DOF 07 (2013)…
  7. Q4 2011 EARNINGS CALL – Dof Asa – slide 7
    Company overview DOF ASA Norskan Ltda DOF Subsea Holding Ship owning company Modern fleet Modern fleet 17 AHTSs 3 AHTSs 7 PSVs DOF Subsea 17 PSVs 2 CSVs 3 CSV Modern fleet & Equipment 22 CSV/ROV vessels 53 ROVs Leading…
  8. Q4 2011 EARNINGS CALL – Dof Asa – slide 8
    The fleet market segments PSV AHTS ROV/OCSV/DSV/ Total fleet No. of vessels SEISMIC VESSELS DOF ASA 17 3 3 23 NORSKAN OFFSHORE 7 12 2 21 DOF SUBSEA AS 0 0 22 22 DOF INSTALLER ASA 0 0 3 3 AKER DOF DEEPWATER AS 0 5 0 5…
  9. Q4 2011 EARNINGS CALL – Dof Asa – slide 9
    Global Player 30 Austevoll Bergen Moscow Aberdeen St. Johns Houston Cairo 2 Manila Singapore Brunei Angola Jakarta Macae 2 Rio de Janeiro Perth 5 25 Buenos Aires GEOGRAPHICAL FOCUS AREAS www.dof.no DOF ASA…
  10. Q4 2011 EARNINGS CALL – Dof Asa – slide 10
    Backlog Development DOF Group 40 000 Note: Includes extension options on long-term contracts. 36 745 35 000 30 914 30 000 26 048 25 000 22 080 Million NOK 18 890 20 000 16 032 13 564 15 000 11 485 10 000 5 000 -…
  11. Q4 2011 EARNINGS CALL – Dof Asa – slide 11
    Cash positive based on EBTIDA estimates MNOK EBITDA 2012 (Consensus analysts) 2 900 Amortization loans -1 500 Interest (est) -1 100 Capex new-builds, docking etc -3 300 Drawdown 3 400 Surplus 400 In addition, DOF plans…
  12. Q4 2011 EARNINGS CALL – Dof Asa – slide 12
    Update on remaining newbuilding program Vessel Yard Delivery Type Contract Financing Skandi Kvitsy STX Norway Mar 12 PSV, 4 900 dwt 6 yrs ConocoPhillips N Secured from commercial bank GIEK and ND Skandi Atlantic STX Vietnam Mar 12 AHTS…
  13. Q4 2011 EARNINGS CALL – Dof Asa – slide 13
    Skandi Bergen to be delivered in May 2012 High end OSCV vessel ROV UHD62 & ROV HD05, rated for 3000/4000 m ROV and WORK Moonpool LOA: 110,9 m 250 t Crane Suitable for Arctic operations, DNV ICE-1B & DEICE notation 100 men…
  14. Q4 2011 EARNINGS CALL – Dof Asa – slide 14
    Skandi Hawk PSV 09 CD GA More money in Subsea mode than in PSV mode 64 men accommodation 60 T AHC Crane 2 x WROVs DP II www.dof.no DOF ASA Presentation 2012- 14
  15. Q4 2011 EARNINGS CALL – Dof Asa – slide 15
    Financials www.dof.no DOF ASA Presentation 2012 - 15
  16. Q4 2011 EARNINGS CALL – Dof Asa – slide 16
    Financial/Operational Highlights Q4 2011 Utilization Subsea fleet (87 %) - One vessel in transit/rebuilt - Skandi Singpore partly in operation in the quarter - Good utilization in Brazil - Good utilization vessels in the Atlantic…
  17. Q4 2011 EARNINGS CALL – Dof Asa – slide 17
    Result Q4 2011 ALL FIGURES IN NOK MILLION Q4 2011 Q4 2010 Acc Q4 2011 Acc Q4 2010 Operating income 1 859 1 574 6 536 5 462 Operatin expenses 1 278 1 121 4 488 3 753 Operating profit before depreciation- EBITDA 581 454 2 048 1 709…
  18. Q4 2011 EARNINGS CALL – Dof Asa – slide 18
    Financial results Q4 2011 ALL FIGURES IN NOK MILLION ALL FIGURES IN NOK MILLION Financial items Q4 2011 Acc Q4 2011 Q4 2010 Acc Q4 2010 Share of loss profit from associated -2 - 2 -5 Interest reveneue 5 68 18 75 Interest costs -275…
  19. Q4 2011 EARNINGS CALL – Dof Asa – slide 19
    P&L Q4 2011 Supply and Subsea ALL FIGURES IN NOK MILLION Supply Subsea Group Supply Subsea Group Q4 2011 Q4 2011 Q4 2011 YTD 2011 YTD 2011 YTD 2011 Operating income 620 1 239 1 859 2 283 4 253 6 536 Total operating income 620 1…
  20. Q4 2011 EARNINGS CALL – Dof Asa – slide 20
    Results - Business Segments ALL FIGURES IN NOK MILLION EBITDA Q4 2011 EBITDA (MNOK) Q4 2011 Q4 2010 12 % PSV 68 70 AHTS 124 90 67 % 21 % CSV 389 293 Total 581 453 EBITDA Q4 2010 15 % 65 % 20 % * Installer vessels…
  21. Q4 2011 EARNINGS CALL – Dof Asa – slide 21
    Balance Q4 2011 31.12.2011 31.12.2010 ALL FIGURES IN NOK MILLION ASSETS 507 506 Vessel and other tangible assets 23 766 19 707 Newbuildings 1 910 1 925 Financial assets 343 285 Non-currents assets 26 526 22 423 Receivables 2 232 1 984…
  22. Q4 2011 EARNINGS CALL – Dof Asa – slide 22
    Key figures Q4 2011 FINANCIAL RESULT Q4 2011 Q4 2010 Acc Q4 2011 Acc Q4 2010 EBITDA margin 31 % 29 % 31 % 31 % EBIT margin 24 % 7% 17 % 10 % Cashflow per share 2,90 1,89 9,91 11,91 Profit per share ex. non-controlling interest 1) 0,51…
  23. Q4 2011 EARNINGS CALL – Dof Asa – slide 23
    Net interest bearing debt ALL FIGURES IN NOK MILLION 31.12.2011 31.12.2010 Bond loan 2 804 2 754 - Current part of bond loan 356 647 Debt to credit institutions 16 194 13 085 - Current part of other non-current liabilites 1 776 1 229…
  24. Q4 2011 EARNINGS CALL – Dof Asa – slide 24
    Debt maturity profile Million NOK 3 000 Bond Loan Bank debt Balloons DOF Supply 2 475 2 500 DOF 07 DOF 08 - NOK 950 million - NOK 600 million 2 000 - Maturity July 2013 - Maturity Dec 2015 - Net NOK 410 million 1 500 DOF 09 964…
  25. Q4 2011 EARNINGS CALL – Dof Asa – slide 25
    Remaining newbuild capex and financing New Builds DOF 24.02.2012 NOK 000 REMAINING Vessel Name owner Delivery CAPEX FINANCING EQUITY Charter Contracts Skandi Iguazu BN 27 Dof Naveg 2) June 12 800 000 906 000 -91 000 8 yrs…
  26. Q4 2011 EARNINGS CALL – Dof Asa – slide 26
    DOF asset values Market value vessel - split on segment Valuations PSV: MT 6000, AHTS: UT 722, CSV: OSV 03 800 000 700 000 T H 600 000 O U 500 000 S A 400 000 N D 300 000 N 200 000 O PSV AHTS CSV K 100 000 - Q4 - Q1…
  27. Q4 2011 EARNINGS CALL – Dof Asa – slide 27
    DOF Subsea in brief www.dof.no DOF ASA Presentation 2012- 27
  28. Q4 2011 EARNINGS CALL – Dof Asa – slide 28
    DOF Subsea company history DOF Subsea was incorporated on 24 May 2005 after DOF DOF Subsea fleet evolution ASA acquired GEO Group AS and its subsidiary Geoconsult AS 28 18 24 16 DOF Subsea was established by DOF ASA in order to…
  29. Q4 2011 EARNINGS CALL – Dof Asa – slide 29
    DOF Subsea Brief summary No of vessels in operation: 24 No of newbuilds: 1 No of ROVs in operation: 47 Employees as per January 2012: 1,400 Marine crew 1,000 Total 2,400 Offshore engineers and project staff: 850 Back-log incl.…
  30. Q4 2011 EARNINGS CALL – Dof Asa – slide 30
    Global player DOF Subsea Bergen (240) St. Petersburg Aberdeen (345) St. Johns (33) Cairo Houston(57) Manila Singapore (126) Brunei Angola Jakarta Macae (7) Rio de Janeiro (286) Perth (194) Buenos Aires…
  31. Q4 2011 EARNINGS CALL – Dof Asa – slide 31
    DOF Subsea Asset and Contract status www.dofsubsea.com DOF Subsea AS Presentation 2012 - 31
  32. Q4 2011 EARNINGS CALL – Dof Asa – slide 32
    Large, world class subsea vessel fleet DOF Subsea owns and operates one of the worlds largest and most modern subsea vessel fleets DOF Subseas fleet is far younger and better equipped than the market average Average vessel age of 6.8…
  33. Q4 2011 EARNINGS CALL – Dof Asa – slide 33
    Level of industry barriers to entry DSV OSCV Engineering requirement Level of barriers to entry Complex subsea operations ROV AHTS Marine transport/ services PSV DOF Subseas main presence is in segments with medium to…
  34. Q4 2011 EARNINGS CALL – Dof Asa – slide 34
    DOF Subsea - contract coverage (Vessels) DOF Subsea 2012 2013 2014 2015 2016 J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D Geograph 1 1 1 1 1 1 1 1 1 1 1 1 1 1…
  35. Q4 2011 EARNINGS CALL – Dof Asa – slide 35
    DOF Subsea AS Asset coverage Combined market value DOF Subseas fleet is NOK 16,1 billion Asset-level gearing on the existing fleet is 63%, decreasing to 44% in 2014 Provides a significant equity cushion on top of the existing…
  36. Q4 2011 EARNINGS CALL – Dof Asa – slide 36
    Substantial subsea growth announced Supply side Newbuilding program within all subsectors limited Old fleet Financing constraints Demand side Surface to subsea activity increasing Subsea capex to double by 2014 Increased…
  37. Q4 2011 EARNINGS CALL – Dof Asa – slide 37
    OUTLOOK www.dof.no DOF ASA Presentation 2012 - 37
  38. Q4 2011 EARNINGS CALL – Dof Asa – slide 38
    Short term AHTS exposure Name BHP BP Uncommitted from Skandi Skansen 34 776 349 t January 2012 Skandi Skolten 34 776 361 t May 2012 Skandi Saigon 16 300 196 t In spot Skandi Emerald 16 300 201 t March 2012 Skandi Mgster 16 000 192…
  39. Q4 2011 EARNINGS CALL – Dof Asa – slide 39
    Short term PSV exposure Name Deck area Uncommitted from Skandi Sotra 900 m2 In North Sea spot market Skandi Falcon 850 m2 In North Sea spot market Skandi Foula 900 m2 April 2012 Skandi Rona 900 m2 April 2012 Skandi Hawk 1 000 m2…
  40. Q4 2011 EARNINGS CALL – Dof Asa – slide 40
    Short term outlook Supply: Skandi Feistein delivered and onhire in December Skandi Pacific onhire in Vietnam in November Skandi Amazonas onhire in Brazil in December Skandi Mgster 2 years contract with OGX New and higher rates for…
  41. Q4 2011 EARNINGS CALL – Dof Asa – slide 41
    Thank you
  42. Q4 2011 EARNINGS CALL – Dof Asa – slide 42
    Appendix www.dof.no DOF ASA Presentation 2011 - 43
  43. Q4 2011 EARNINGS CALL – Dof Asa – slide 43
    DOF contract coverage DOF Supply 2012 2013 2014 2015 2016 J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D Skandi Falcon 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2…
  44. Q4 2011 EARNINGS CALL – Dof Asa – slide 44
    Aker DOF Deepwater contract coverage Aker DOF Deepwater 2012 2013 2014 2015 2016 J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D Skandi Peregrino 1 1 1 1 1 1 1…
  45. Q4 2011 EARNINGS CALL – Dof Asa – slide 45
    DOF / Norskan /DOF Subsea - contracts in Brazil Norskan 2012 2013 2014 2015 2016 J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D Skandi Leblon 1 1 1 1 1 1 1 1 1…

From the store

Browse maps, data & reports in the Shale Experts store