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Q2 2013 RESULTS – Prosafe Se

Prosafe Se · Aug 22, 2013 · 31 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. Q2 2013 RESULTS – Prosafe Se – slide 1
    22 August 2013 Q2 2013 results
  2. Q2 2013 RESULTS – Prosafe Se – slide 2
    Agenda Introduction Financial results North Sea fleet Record high order book Outlook Attachments 3
  3. Q2 2013 RESULTS – Prosafe Se – slide 3
    Recent Prosafe developments Vessel utilisation rate of 84 per cent in Q2 Interim dividend of USD 0.15 resolved for Q2 Strong contract inflow, record high order backlog and high contract visibility Robust outlook 4
  4. Q2 2013 RESULTS – Prosafe Se – slide 4
    Agenda Introduction Financial results North Sea fleet Record high order book Outlook Attachments 5
  5. Q2 2013 RESULTS – Prosafe Se – slide 5
    Income statement (Unaudited figures in USD million) Q2 13 Q1 13 Q2 12 YTD 2013 YTD 2012 2012 Operating revenues 143.5 85.8 129.3 229.3 255.0 510.4 Operating expenses (60.3) (52.4) (65.2) (112.7) (116.3) (230.3) EBITDA 83.2 33.4 64.1…
  6. Q2 2013 RESULTS – Prosafe Se – slide 6
    Operating revenues (USD million) Q2 13 Q1 13 Q2 12 YTD 2013 YTD 2012 Charter income 127.5 75.3 103.1 202.8 218.2 Mob/demob income 3.7 1.7 2.0 5.4 2.0 Other income 12.3 8.8 24.2 21.1 34.8 Total 143.5 85.8 129.3 229.3 255.0 7
  7. Q2 2013 RESULTS – Prosafe Se – slide 7
    Balance sheet (Unaudited figures in USD million) 30.06.13 31.03.13 31.12.12 30.06.12 Goodwill 226.7 226.7 226.7 226.7 Rigs 926.6 926.3 896.3 909.3 New builds 148.6 142.0 135.6 64.1 Other non-current assets 18.3 20.3 21.9 5.0 Total…
  8. Q2 2013 RESULTS – Prosafe Se – slide 8
    Key figures KEY FIGURES Q2 13 Q1 13 Q2 12 YTD 2013 YTD 2012 2012 Operating margin 47.9 % 22.1 % 38.5 % 38.2 % 43.3 % 43.6 % Equity ratio 44.0 % 42.0 % 34.7 % 44.0 % 34.7 % 34.7 % Return on equity 34.5 % -0.5 % 30.4 % 18.4 % 35.3 %…
  9. Q2 2013 RESULTS – Prosafe Se – slide 9
    Steady growth in dividend Dividend payments 0,6 An interim dividend 0,5 +11% equivalent to USD 0.15 per Q4 +13% share declared 0,4 Q4 Q3 USD per share +70% The shares will trade ex- Q3 +13% dividend on 28 August 0,3…
  10. Q2 2013 RESULTS – Prosafe Se – slide 10
    Agenda Introduction Financial results North Sea fleet Record high order book Outlook Attachments 11
  11. Q2 2013 RESULTS – Prosafe Se – slide 11
    Safe Boreas progress Semi-submersible to be built as NCS compliant/ harsh environment DP3 and 12-point mooring Scheduled delivery from yard summer 2014 First contract (six-month plus options) with Lundin for Financial status…
  12. Q2 2013 RESULTS – Prosafe Se – slide 12
    Safe Zephyrus progress Semi-submersible to be built as NCS compliant/ harsh environment DP3 and 12-point mooring Ready for operations in the North Sea in the summer season of 2015 Contract in 2016 with Statoil Financial status…
  13. Q2 2013 RESULTS – Prosafe Se – slide 13
    Safe Scandinavia SPS and life extension Some scope added to aim for 20 years life extension Take advantage of rare three-month yard period Fatigue life enhancement New cranes, 2 x Liebherr Upgrade mooring system New and stronger…
  14. Q2 2013 RESULTS – Prosafe Se – slide 14
    High quality North Sea fleet Safe Boreas new build currently under construction Safe Zephyrus new build currently under construction Safe Scandinavia - full life extension 2014 (20 years) Safe Caledonia full life extension 2013…
  15. Q2 2013 RESULTS – Prosafe Se – slide 15
    Capital expenditure 2013 USD 130 -150 million of which about USD 70 million capitalised in H1 2013 Major items Safe Caledonia completion Safe Scandinavia SPS, mooring winches and life extension Regalia SPS and…
  16. Q2 2013 RESULTS – Prosafe Se – slide 16
    Agenda Introduction Financial results North Sea fleet Record high order book Outlook Attachments 17
  17. Q2 2013 RESULTS – Prosafe Se – slide 17
    Strong contract inflow recently Rig Client Country Contract year Duration Dayrate (USD) Safe Zephyrus Statoil UK 2016 240 days* 300,000 Safe Caledonia Nexen UK 2014 330 days** 235,000** Safe Regency Cotemar Group Mexico 2013 230…
  18. Q2 2013 RESULTS – Prosafe Se – slide 18
    Record high order backlog Order backlog Firm contracts USD 1 020m 1 600 + Options USD 405m = Total contract backlog USD 1 425m 1 400 1 200 2013 1 000 2017-19 16 % USD million 20 % 800 2016 13 % 600 2014 28 %…
  19. Q2 2013 RESULTS – Prosafe Se – slide 19
    High contract visibility Safe Zephyrus Safe Boreas Safe Scandinavia Regalia Safe Caledonia Safe Bristolia Safe Astoria Safe Concordia Safe Hibernia Safe Britannia Safe Regency Safe Lancia Jasminia…
  20. Q2 2013 RESULTS – Prosafe Se – slide 20
    Agenda Introduction Financial results North Sea fleet Record high order book Outlook Attachments 21
  21. Q2 2013 RESULTS – Prosafe Se – slide 21
    Clear market leader in the high-end segment No. of accommodation semis by owner* No. of accommodation semis by regional capabilites* 30 30 28 Axis Off. 28 26 Jasper 26 24 24 22 CIMC 22 20 20 ETESCO Rest of World 18 18 16 FOE 16 UK 14…
  22. Q2 2013 RESULTS – Prosafe Se – slide 22
    North Sea demand is robust The market for offshore accommodation in the North Sea has been growing the last years and the demand outlook remains robust Maintenance and modification projects and new developments Tendering activity…
  23. Q2 2013 RESULTS – Prosafe Se – slide 23
    North Sea demand index shows robust demand Robust demand North Sea accommodation rig demand index 110 106 101 100 103 99 100 100 Fewer prospects than six 90 91 90 87 90 months ago, but several 80 81 79 76 78 contract…
  24. Q2 2013 RESULTS – Prosafe Se – slide 24
    Mexico and Brazil a number of opportunities A number of opportunities and tenders for long-term requirements, mainly driven by maintenance and IOR projects However, particularly in Brazil, the number of potential suppliers has…
  25. Q2 2013 RESULTS – Prosafe Se – slide 25
    26
  26. Q2 2013 RESULTS – Prosafe Se – slide 26
    Rest of World dayrates (time charter) 300 250 200 USD k 150 100 50 0 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Regalia Safe Caledonia Safe…
  27. Q2 2013 RESULTS – Prosafe Se – slide 27
    Summary Record high order book High contract visibility Robust outlook Prosafe is well positioned Clear market leader High-quality, diversified fleet Strong cash flow Robust financial position High dividend combined with fleet…
  28. Q2 2013 RESULTS – Prosafe Se – slide 28
    Agenda Introduction Financial results North Sea fleet Record high order book Outlook Attachments 29
  29. Q2 2013 RESULTS – Prosafe Se – slide 29
    Credit facility Total commitments end of Q2 2013: USD 859 million Maturity: August 2017 The current applicable credit margin on the credit facility is 1.875% The availability under the credit facility is reduced semi-annually with…
  30. Q2 2013 RESULTS – Prosafe Se – slide 30
    Current bond loan portfolio Bond loans Outstanding Maturity Margin NOK 500 million bond (2009-13) NOK 204.5 million Q4 2013 400 bps NOK 500 million bond (2011-16) NOK 500 million Q1 2016 350 bps NOK 500 million bond (2012-17) NOK 500…
  31. Q2 2013 RESULTS – Prosafe Se – slide 31
    Shareholders SHAREHOLDERS AS AT 16.08.2013 No. of shares Ownership State Street Bank & Trust (nom) 32 795 851 13.9 % Folketrygdfondet 17 838 211 7.6 % State Street Bank & Trust (nom) 16 113 241 6.8 % Pareto 8 852 861 3.8 % Clearstream…

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