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Q3 2012 EARNINGS CALL – Fred Olsen Energy

Fred Olsen Energy · Oct 30, 2012 · 33 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 2012 EARNINGS CALL – Fred Olsen Energy – slide 1
    Fred Olsen Energy ASA Fred. P Presentation t ti 3Q results lt 2012 Oslo, 30 October 2012 1
  2. Q3 2012 EARNINGS CALL – Fred Olsen Energy – slide 2
    AGENDA FINANCIAL RESULT 3Q 2012 MARKETS OPERATIONS SUMMARY 2
  3. Q3 2012 EARNINGS CALL – Fred Olsen Energy – slide 3
    Income Statement Key Figures (NOK mill) 3Q 2012 2Q 2012 Operating revenues 1 829 1 710 Recharged income 72 32 Total revenues 1 901 1 742 Operating costs (840) (771) Recharged expenses (69) (29) Total operating expenses (909) (800)…
  4. Q3 2012 EARNINGS CALL – Fred Olsen Energy – slide 4
    EBITDA Comparison 3Q 2012 vs vs. 2Q 2012 1000 39 950 28 59 23 900 19 MNOK 850 992 942 800 750 700 2Q EBITDA Bredford Borgland H&W Other Blackford 3Q EBITDA 4
  5. Q3 2012 EARNINGS CALL – Fred Olsen Energy – slide 5
    Financial Items Breakdown (NOK mill) 3Q 2012 2Q 2012 Interest income 5 2 Gains on financial instruments 11 6 Financial income 16 8 Interest expenses (65) (41) Capitalized borrowing cost (projects) 30 12 Losses on financial instruments…
  6. Q3 2012 EARNINGS CALL – Fred Olsen Energy – slide 6
    Offshore Drilling Segment (NOK mill) 3Q 2012 2Q 2012 Operating revenues 1 642 1 609 g Recharged income 72 32 Total revenues 1 714 1 641 Operating costs (682) (676) Recharged expenses (69) (29) Totall operating i expenses ( (751))…
  7. Q3 2012 EARNINGS CALL – Fred Olsen Energy – slide 7
    Engineering & Fabrication Segment (NOK mill) 3Q 2012 2Q 2012 Operating revenues 187 101 Operating costs (158) (95) Oper. result before depr. (EBITDA) 29 6 Depreciation (2) (2) Operating result (EBIT) 27 4
  8. Q3 2012 EARNINGS CALL – Fred Olsen Energy – slide 8
    Consolidated Balance Sheet (NOK mill) 3Q 2012 2Q 2012 Intangible assets 99 99 Property, plant & equipment 12 427 11 835 Other non-current assets 61 62 Total non-current assets 12 587 11 996 Other current assets 1 971 2 093 Cash and…
  9. Q3 2012 EARNINGS CALL – Fred Olsen Energy – slide 9
    Consolidated Cash Flow (NOK mill) 3Q 2012 2Q 2012 Profit before income taxes 566 628 Depreciation and impairment 330 326 Interest expense 35 28 Changes in working capital 26 (90) /(g ) financial instruments Unrealized loss/(gain)…
  10. Q3 2012 EARNINGS CALL – Fred Olsen Energy – slide 10
    Offshore drilling EBITDA and margin 1600,0 80 % 1500,0 1400 0 1400,0 70 % 1300,0 1200,0 60 % 1100,0 1000,0 50 % 900,0 NOK m illion 800,0 40 % 700,0 600,0 30 % 500,0 400,0 20 % 300,0 200,0 10 % 100,0 0,0 0% -100,0…
  11. Q3 2012 EARNINGS CALL – Fred Olsen Energy – slide 11
    Fleet status as per 30 October 2012 Rig Type / design W depth ft Location Client Contract status Day rate (in USD) Next CR survey Ultra-deepwater and deepwater units Bollsta Dolphin - delivery 1Q'15 SS / Moss 10 000 UK Chevron 1Q 2015-…
  12. Q3 2012 EARNINGS CALL – Fred Olsen Energy – slide 12
    FINANCIAL RESULT MARKETS OPERATIONS SUMMARY 12
  13. Q3 2012 EARNINGS CALL – Fred Olsen Energy – slide 13
    Global market outlook floating units The ultra ultra-deepwater deepwater market remains strong, about 2/3 of the units with delivery in 2013 are contracted t t d Stable activity in the mid- water and deepwater segments in…
  14. Q3 2012 EARNINGS CALL – Fred Olsen Energy – slide 14
    Norwegian floater market 2012 2013 2014 2015 Stronger market with no Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Name Polar Pioneer available il bl rigs i b before f 2014 West Navigator Transocean Winner High contracting…
  15. Q3 2012 EARNINGS CALL – Fred Olsen Energy – slide 15
    Average dayrates Norway 15
  16. Q3 2012 EARNINGS CALL – Fred Olsen Energy – slide 16
    UK floater market 2012 2013 2014 2015 Strong market with few rigs Name Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 available before 2014 Sedco 712 J.W. McLean Stena Carron Improved dayrates and Sedco 714 Ocean Princess…
  17. Q3 2012 EARNINGS CALL – Fred Olsen Energy – slide 17
    Average g dayrates y UK 17
  18. Q3 2012 EARNINGS CALL – Fred Olsen Energy – slide 18
    Dayrates deepwater drilling units worldwide 18
  19. Q3 2012 EARNINGS CALL – Fred Olsen Energy – slide 19
    Global floater fleet and newbuilds 40 2 gen 2.gen 3 gen 3.gen 4 gen 4.gen 5 5.gen 6 gen 6.gen 35 30 25 Number of units 20 15 10 5 0 1973 1977 1981 1985 1989 1993 1997 2001 2005 2009 2013 2017+…
  20. Q3 2012 EARNINGS CALL – Fred Olsen Energy – slide 20
    FINANCIAL RESULT MARKETS OPERATIONS SUMMARY 20
  21. Q3 2012 EARNINGS CALL – Fred Olsen Energy – slide 21
    Fred Olsen Energy operating worldwide Fred. Bideford Byford B Borgland l d Borgsten Bredford Borgholm Bolette newbuild UDW drillship Bollsta - newbuild HE/UDW semi Belford Borgny Blackford 21
  22. Q3 2012 EARNINGS CALL – Fred Olsen Energy – slide 22
    Contract schedule 2012 2013 2014 2015 2016 2017 2018 2019 2020 Bolette Anadarko Bollsta Chevron Belford Anadarko Blackford 1) 2) 3) 2) Borgny Petrobras Bideford Statoil Statoil Borgland Consortium Consortium Bredford Lundin…
  23. Q3 2012 EARNINGS CALL – Fred Olsen Energy – slide 23
    Contract backlog and customer base Contract backlog 1 200 000 Customer base 1 100 000 1 000 000 Anadarko 900 000 20 % Chevron 25 % 800 000 Statoil 700 000 USD 1000 2% BP 2% 600 000 5% Total 500 000 Lundin 9% 400…
  24. Q3 2012 EARNINGS CALL – Fred Olsen Energy – slide 24
    Bollsta Dolphin Secured a five-year contract with Chevron for operations West of Shetland in the UK sector Commencement estimated to mid 2015, after mobilization from Korea Investment of a second BOP in connection with the contract…
  25. Q3 2012 EARNINGS CALL – Fred Olsen Energy – slide 25
    Bolette Dolphin newbuild project Hull fabrication is completed Outfitting O tfitti and d dock d k completion l ti phase h has h commenced d Factory Acceptance Tests ongoing and near completion 25
  26. Q3 2012 EARNINGS CALL – Fred Olsen Energy – slide 26
    Ultra deepwater Africa Bolette Dolphin Belford Dolphin Drillship from Hyundai Heavy Industries with Commenced a new four-year contract with estimated delivery 3Q 2013 Anadarko from January 2012 In November 2011, a four-year contract…
  27. Q3 2012 EARNINGS CALL – Fred Olsen Energy – slide 27
    Midwater - Norway Borgland Dolphin Bideford Dolphin Continued operation under a four-year drilling Continued operations under a three-year contract with a consortium managed by RMN (Rig drilling contract with Statoil estimated to…
  28. Q3 2012 EARNINGS CALL – Fred Olsen Energy – slide 28
    Midwater - Norway / United Kingdom Bredford Dolphin Borgholm Dolphin Continued under the drilling contract with Accommodation unit with 303 bed capacity Lundin Norway AS, estimated to be completed end of September 2013 Continued…
  29. Q3 2012 EARNINGS CALL – Fred Olsen Energy – slide 29
    Midwater - United Kingdom (cont (cont.)) Byford Dolphin Borgsten Dolphin Continued operation under a three-year Completed the contract with Valiant Causeway drilling contract with BP Exploration expiring Limited end of September 2012…
  30. Q3 2012 EARNINGS CALL – Fred Olsen Energy – slide 30
    Deepwater/ midwater - Brazil Blackford Dolphin Borgny Dolphin Continued operations under the one-well contract with Operating under a five-year drilling contract Anadarko offshore Brazil,, estimated to be completed p with Petrobras in…
  31. Q3 2012 EARNINGS CALL – Fred Olsen Energy – slide 31
    Harland & Wolff Focus on ship repair, ship building, steel fabrication and engineering services The yard area is serving as a logistics and assembly base for offshore windfarms Large projects completed during the quarter Construction…
  32. Q3 2012 EARNINGS CALL – Fred Olsen Energy – slide 32
    Summary Financial Revenues were 1901 million EBITDA was 992 million Profit before tax was 566 million Contract backlog amounting to approximately USD 5 billion Operational Borgsten Dolphin completed contract with Valiant and…
  33. Q3 2012 EARNINGS CALL – Fred Olsen Energy – slide 33
    Q&A 33

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