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Q3 2011 RESULT – Dof Asa

Dof Asa · Nov 17, 2011 · 35 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. Q3 2011 RESULT – Dof Asa – slide 1
    DOF ASA Q3 2011 CEO Mons S. Aase CFO Hilde Drnen
  2. Q3 2011 RESULT – Dof Asa – slide 2
    Agenda Summary Highlights Q3 Overview Group Q3 Financials Outlook Skandi Skansen www.dof.no DOF ASA Presentation 2011 - 2
  3. Q3 2011 RESULT – Dof Asa – slide 3
    Summary Minimal risk in funding of remaining newbuilding program. Only for three vessels, all with 7 years charter contracts, a binding agreement has yet to be signed. No maturity on any significant bank loans before 2nd half 2013.…
  4. Q3 2011 RESULT – Dof Asa – slide 4
    Highlights Q3 Contracts: Several contracts for DOF Subsea project fleet 6 months extension with OGX for Skandi Mgster Skandi Singapore and Skandi Hercules secured several contracts in Asia and Australia Skandi Botafogo 2 years firm…
  5. Q3 2011 RESULT – Dof Asa – slide 5
    Highlights Q3 Fleet: Skandi Skansen delivered in July The newbuilding Cochin 081 delivered and sold in July Skandi Saigon delivered in August Skandi Leblon onhire on new contract for Petrobras from August Skandi Singapore delivered…
  6. Q3 2011 RESULT – Dof Asa – slide 6
    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 21 CSV/ROV vessels 44 ROVs + 1 AUV Leading…
  7. Q3 2011 RESULT – Dof Asa – slide 7
    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 21 21 DOF INSTALLER ASA 0 0 3 3 AKER DOF DEEPWATER AS 0 5 0 5 Total…
  8. Q3 2011 RESULT – Dof Asa – slide 8
    Global Player 28 Austevoll Bergen Moscow Aberdeen St. Johns Houston Cairo 2 Manila Singapore Brunei Angola Jakarta Macae 1 Rio de Janeiro Perth 5 25 Buenos Aires GEOGRAPHICAL FOCUS AREAS www.dof.no DOF ASA…
  9. Q3 2011 RESULT – Dof Asa – slide 9
    Long Term Contracted Cash Flows DOF group has solid cash flow visibility over the next 3-5 years By 30 September 2011 the total back-log (incl. options) was approx NOK 36 bn Firm contract counts for NOK 19 bn Options count for NOK 17…
  10. Q3 2011 RESULT – Dof Asa – slide 10
    Cash positive based on Ebitda estimates MNOK EBITDA 2012 (Consensus analysts) 2 900 Amortization loans -1 500 Interest (est) -1 000 Capex new-builds, docking etc -3 440 Drawdown 3 400 Surplus 360 In addition the company plans to…
  11. Q3 2011 RESULT – Dof Asa – slide 11
    Update on remaining newbuilding program September 2011 and onwards Vessel Yard Delivery Type Contract Comment Skandi Singapore St Marine 7 Sept 11 DSV Several projects Earnings from early Nov 2011 Skandi Pacific STX Vietnam 10 Nov 11…
  12. Q3 2011 RESULT – Dof Asa – slide 12
    Update on remaining newbuilding program September 2011 and onwards Vessel Yard Delivery Type Contract Comment Skandi Nova STX Norway Oct 12 MRV 05 7 years ConocoPhillips N Skandi Angra STX Brazil Nov 12 AHTS, 23 000 bhp 8 years…
  13. Q3 2011 RESULT – Dof Asa – slide 13
    Financials www.dof.no DOF ASA Presentation 2011 - 13
  14. Q3 2011 RESULT – Dof Asa – slide 14
    Financial/Operational Highlights Q3 2011 Utilization Subsea fleet (87 %) - One vessel in transit - Two more vessels in operation part of the quarter (Skansen & Constructor) - Good utilization in Brazil and Asia - Low utilization…
  15. Q3 2011 RESULT – Dof Asa – slide 15
    Result Q3 2011 ALL FIGURES IN NOK MILLION Q3 2011 Q3 2010 Acc Q3 2011 Acc Q3 2010 2010 Operating income 1 710 1 237 4 677 3 888 5 462 operating expenses vessels 1 113 805 3 210 2 632 3 753 Operating profit before depreciation EBITDA…
  16. Q3 2011 RESULT – Dof Asa – slide 16
    Financial results Q3 2011 ALL FIGURES IN NOK MILLION ALL FIGURES IN NOK MILLION Financial items Q3 2011 Acc Q3 2011 Q3 2010 Acc Q3 2010 Share of loss profit from associated 2 -8 -7 Interest reveneue 26 63 21 57 Interest costs -297 -803…
  17. Q3 2011 RESULT – Dof Asa – slide 17
    P&L Q3 2011 Supply and Subsea ALL FIGURES IN NOK MILLION DOF ASA DOF SUBSEA Total DOF ASA DOF SUBSEA Total Q3 2011 Q3 2011 Q3 2011 Acc Q3 2011 Acc Q3 2011 Acc Q3 2011 Operating income 607 1 103 1 710 1 663 3 014 4 677 Total…
  18. Q3 2011 RESULT – Dof Asa – slide 18
    Results - Business Segments ALL FIGURES IN NOK MILLION EBITDA Q3 2011 EBITDA (MNOK) Q3 2011 Q3 2010 12 % PSV 72 68 AHTS 154 86 26 % 62 % CSV 371 279 Total 597 433 EBITDA Q3 2010 16 % 20 % 64 % * Installer vessels…
  19. Q3 2011 RESULT – Dof Asa – slide 19
    Balance Q3 2011 ALL FIGURES IN NOK MILLION 30.09.2011 30.09.2010 31.12.2010 ASSETS Intangible assets 501 457 506 Vessel and other tangible assets 22 269 16 763 19 707 Newbuildings 1 627 3 428 1 925 Financial assets 376 255 285…
  20. Q3 2011 RESULT – Dof Asa – slide 20
    Key figures Q3 2011 FINANCIAL RESULT Q3 2011 Q3 2010 Acc Q3 2011 Acc Q3 2010 2010 EBITDA margin 35 % 35 % 31 % 32 % 31 % EBIT margin 21 % 11 % 15 % 11 % 10 % Cashflow per share 3,48 1,89 7,54 9,02 11,91 Profit per share ex.…
  21. Q3 2011 RESULT – Dof Asa – slide 21
    Net interest bearing debt ALL FIGURES IN NOK MILLION 30.09.2011 30.09.2010 31.12.2010 Bond loan 2 802 1 437 2 754 - Current part of bond loan 356 999 647 Debt to credit institutions 15 036 11 143 13 085 - Current part of other…
  22. Q3 2011 RESULT – Dof Asa – slide 22
    Debt maturity profile DOF Supply No balloon payments in 2012 2 500 2 342 2 061 2 000 1 701 Total debt amortization Baloon payments MNOK 206 in 1 500 1295 Bond 2013 are related to low 1 000 924 leveraged vessels all on long…
  23. Q3 2011 RESULT – Dof Asa – slide 23
    Remaining newbuild capex and financing New Builds DOF 08.11.2011 NOK 000 REMAINING Vessel Name owner Delivery CAPEX FINANCING EQUITY Charter Contracts Skandi Hawk* Norskan 1) feb. 12 230.000 224.000 6.000 uncommitted Skandi Amazonas BN…
  24. Q3 2011 RESULT – Dof Asa – slide 24
    DOF asset values Fair market value of the DOF fleet has been stable and slightly increasing since 2007 Total fair market value of fleet (incl. newbuilds): NOK 37 bn (on 100 % basis) PSV: NOK 7 bn AHTS: NOK 11 bn* CSV: NOK 19 bn…
  25. Q3 2011 RESULT – Dof Asa – slide 25
    OUTLOOK www.dof.no DOF ASA Presentation 2011 - 25
  26. Q3 2011 RESULT – Dof Asa – slide 26
    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 t…
  27. Q3 2011 RESULT – Dof Asa – slide 27
    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…
  28. Q3 2011 RESULT – Dof Asa – slide 28
    DOF Subsea - contract coverage (Vessels) 2011 2012 2013 2014 2015 2016 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 J F M Geograph Ocean Protector Skandi Seven Skandi…
  29. Q3 2011 RESULT – Dof Asa – slide 29
    Short term outlook (Q4) Supply: Good rates for Skandi Falcon, Skandi Emerald and Skandi Sotra in October and first week of November. Expect a soft market in December Skandi Saigon arrived North Sea spot in October Skandi Pacific…
  30. Q3 2011 RESULT – Dof Asa – slide 30
    Thank you This presentation and webcast is available at: www.dof.no
  31. Q3 2011 RESULT – Dof Asa – slide 31
    Appendix www.dof.no DOF ASA Presentation 2011 - 32
  32. Q3 2011 RESULT – Dof Asa – slide 32
    DOF Subsea contract coverage (ROV & Others) 2011 2012 2013 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Skandi Botafogo P etro bras Norskan Skandi Fluminence P etro bras Skandi Chieftain P etro bras Skandi Aker A KOFS DOFCON Skandi Seven…
  33. Q3 2011 RESULT – Dof Asa – slide 33
    DOF contract coverage 2011 2012 2013 2014 2015 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 PSV 1 Skandi Falcon M OG 2 Skandi Marstein SHELL UK Opt Nov…
  34. Q3 2011 RESULT – Dof Asa – slide 34
    Aker DOF Deepwater contract coverage Aker DOF Deepwater AS - 50% DOF Vessel Name 2011 2012 2013 2014 2015 J FM AM J J A S ON D J FM AM J J A S ON D J FM AM J J A S ON D J FM AM J J A S ON D J FM AM J J A S ON D 1 Skandi P eregrino…
  35. Q3 2011 RESULT – Dof Asa – slide 35
    DOF / Norskan /DOF Subsea - contracts in Brazil 2 0 11 2 0 12 2 0 13 2 0 14 2 0 15 Vessel Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 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…

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