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Q1 2011 EARNINGS CALL – Prosafe Se

Prosafe Se · May 25, 2011 · 44 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. Q1 2011 EARNINGS CALL – Prosafe Se – slide 1
    25 May 2011 Q1 2011 results
  2. Q1 2011 EARNINGS CALL – Prosafe Se – slide 2
    3 Agenda n Intro and the quarter in brief n Financial results n Operations n Outlook n Attachments
  3. Q1 2011 EARNINGS CALL – Prosafe Se – slide 3
    4 Prosafe the leading accommodation rig company n Global leader q The worlds leading owner and operator of accommodation semi- submersible rigs in harsh environments q Strategically focused on high-end accommodation segment n…
  4. Q1 2011 EARNINGS CALL – Prosafe Se – slide 4
    5 The first quarter in brief n Rig utilisation rate of 61 per cent n New contract awards for Safe Scandinavia, MSV Regalia, Safe Bristolia and extensions for Safe Hibernia and Jasminia n Safe Concordia mobilised to Brazil n SPS…
  5. Q1 2011 EARNINGS CALL – Prosafe Se – slide 5
    6 Agenda n Intro and the quarter in brief n Financial results n Operations n Outlook n Attachments
  6. Q1 2011 EARNINGS CALL – Prosafe Se – slide 6
    7 Income statement (Unaudited figures in USD million) Q1 11 Q4 10 Q1 10 2010 Operating revenues 71.1 75.3 87.4 442.4 Operating expenses (41.3) (41.4) (32.0) (159.3) EBITDA 29.8 33.9 55.4 283.1 Depreciation (15.7) (15.5) (15.4)…
  7. Q1 2011 EARNINGS CALL – Prosafe Se – slide 7
    8 Operating revenues (USD million) Q1 11 Q4 10 Q1 10 2010 Charter income 64.2 65.5 81.3 397.1 Mob/demob income 1.4 1.9 0.2 6.5 Other income 5.5 7.9 5.9 38.8 Total 71.1 75.3 87.4 442.4
  8. Q1 2011 EARNINGS CALL – Prosafe Se – slide 8
    9 Order backlog 1 200 1 000 800 USD million Option 600 Firm order 400 200 0 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11
  9. Q1 2011 EARNINGS CALL – Prosafe Se – slide 9
    10 Balance sheet (Unaudited figures in USD million) 31.03.11 31.12.10 31.03.10 Goodwill 226.7 226.7 226.7 Rigs 911.2 898.8 908.4 Other non-current assets 4.5 4.5 4.6 Total non-current assets 1 142.4 1 130.0 1 139.7 Cash and deposits…
  10. Q1 2011 EARNINGS CALL – Prosafe Se – slide 10
    11 Key figures Q1 11 Q4 10 Q1 10 2010 Operating margin 19.8 % 24.4 % 45.8 % 50.0 % Equity ratio 32.5 % 32.4 % 22.2 % 32.4 % Return on equity 6.5 % 35.6 % 38.0 % 58.9 % Net interest bearing debt (USD million) 636.3 607.1 774.1…
  11. Q1 2011 EARNINGS CALL – Prosafe Se – slide 11
    12 Shareholders SHAREHOLDERS AS AT 12.05.2011 No. of shares Ownership Folketrygdfondet 16 646 685 7.2 % Pareto 14 600 672 6.3 % Goldman Sachs (nom) 11 939 556 5.2 % KAS Dep. Trust (nom) 10 510 563 4.6 % Brown Brothers Harriman 8…
  12. Q1 2011 EARNINGS CALL – Prosafe Se – slide 12
    13 Robust financial position total debt/EBITDA 4,00 3,50 3,00 2,50 2,00 1,50 1,00 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011
  13. Q1 2011 EARNINGS CALL – Prosafe Se – slide 13
    14 Evaluating refinancing n Due to falling leverage and increasing free cash flow, the Board has resolved to initiate a process of exploring the possibilities of refinancing the companys bank debt q Increase financial…
  14. Q1 2011 EARNINGS CALL – Prosafe Se – slide 14
    15 Dividend n Long-term dividend policy targeting 40-50% of net profit paid tri-annually the following year n Resolution on 25 May to declare an interim dividend equivalent to USD 0.148 per share to shareholders of record as…
  15. Q1 2011 EARNINGS CALL – Prosafe Se – slide 15
    16 Agenda n Intro and the quarter in brief n Financial results n Operations n Outlook n Attachments
  16. Q1 2011 EARNINGS CALL – Prosafe Se – slide 16
    17 Safe Caledonia life extension Hull maintenance and topside refurbishment 20 years life extension Safe Caledonia will be refurbished with 450 beds, 1 & 2 bed cabins (417 beds in new blocks) Safe Caledonia will go to yard…
  17. Q1 2011 EARNINGS CALL – Prosafe Se – slide 17
    18 Safe Astoria upgrade Bed capacity to be increased by 102 beds, total bed capacity after upgrade of 347 beds A new recreation module A new aluminium helideck The SPS which is due mid next year will be done as part of the…
  18. Q1 2011 EARNINGS CALL – Prosafe Se – slide 18
    19 Total capex expectation for 2011 n Capex excl. Safe Caledonia upgrade of USD 60-70m q Approximately USD 20m on Safe Concordia for preparations for Brazil contract (including SPS and spare thruster) q Approximately USD 10-15m on…
  19. Q1 2011 EARNINGS CALL – Prosafe Se – slide 19
    20 Operations in Brazil n Three-year contract for Safe Concordia to perform safety and maintenance support services n Office in Rio de Janeiro (marketing) and in Maca (operations) n Safe Concordia arrived Rio de Janeiro on the 11th…
  20. Q1 2011 EARNINGS CALL – Prosafe Se – slide 20
    21 Operations in Brazil n Safe Concordia is currently in operation alongside Petrobras FPSO P-37 n Gangway connected on 22 May n This operation represents a new milestone, since it is the first time a DP vessel is gangway…
  21. Q1 2011 EARNINGS CALL – Prosafe Se – slide 21
    22 Recent contract awards order book increased n Contract for Safe Bristolia and contract extension for Jasminia and Safe Hibernia in Mexico n Contract for Safe Scandinavia for ConocoPhillips in the UK and the Norwegian North…
  22. Q1 2011 EARNINGS CALL – Prosafe Se – slide 22
    23 Utilisation rate and charter revenue 100 % 450 90 % 400 80 % 350 70 % Charter revenue (USD m) 300 Utilisation rate 60 % 250 50 % 200 40 % 150 30 % 100 20 % 10 % 50 0% 0 2008 2009 2010 2011 2012…
  23. Q1 2011 EARNINGS CALL – Prosafe Se – slide 23
    24 Contract status Safe Astoria Safe Esbjerg Safe Caledonia Safe Scandinavia MSV Regalia Safe Bristolia Safe Concordia Safe Britannia 2001 Safe Lancia 1998 Safe Regency 1997 Jasminia 1998 Safe Hibernia…
  24. Q1 2011 EARNINGS CALL – Prosafe Se – slide 24
    25 Agenda n Intro and the quarter in brief n Financial results n Operations n Outlook n Attachments
  25. Q1 2011 EARNINGS CALL – Prosafe Se – slide 25
    26 Market outlook supply Dynamically positioned semi rigs Anchored semi rigs Advanced units with high operational Primary strengths: versatility: Shallow to medium water depths All water depths, any seabed Fixed installations…
  26. Q1 2011 EARNINGS CALL – Prosafe Se – slide 26
    27 Market outlook demand UK and Norwegian North Sea Drivers: Maintenance, modifications, IOR projects and tie-ins of satellite fields to existing installations The demand outlook for accommodation rigs appears to be positive
  27. Q1 2011 EARNINGS CALL – Prosafe Se – slide 27
    28 Market outlook demand Mexico Drivers: q Construction support q Maintenance support q Hotel/catering/ logistical support Six rigs on bareboat contract The demand for accommodation rigs in Mexico appears to be stable…
  28. Q1 2011 EARNINGS CALL – Prosafe Se – slide 28
    29 Market outlook demand Brazil Fixed installation Semi-submersible FPSO
  29. Q1 2011 EARNINGS CALL – Prosafe Se – slide 29
    30 Market demand Emerging markets North Sea Mexico West Africa Southeast Asia Brazil and Australia Current location Previous operations Mature regions Emerging markets / potential growth regions
  30. Q1 2011 EARNINGS CALL – Prosafe Se – slide 30
    31
  31. Q1 2011 EARNINGS CALL – Prosafe Se – slide 31
    32
  32. Q1 2011 EARNINGS CALL – Prosafe Se – slide 32
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  33. Q1 2011 EARNINGS CALL – Prosafe Se – slide 33
    34 Summary n Good market outlook n Leading market position n High quality and versatile rig fleet n Robust financial position
  34. Q1 2011 EARNINGS CALL – Prosafe Se – slide 34
    35 Agenda n Intro and the quarter in brief n Financial results n Operations n Outlook n Attachments
  35. Q1 2011 EARNINGS CALL – Prosafe Se – slide 35
    36 Debt as of end Q1 2011 n Credit facility q Credit facility was initially drawn in May 2008 at USD 1.1 billion q Maturity of seven years q The applicable margin on the credit facility will vary in the range from 0.65% to 0.95%…
  36. Q1 2011 EARNINGS CALL – Prosafe Se – slide 36
    37 Debt as of end Q1 2011 n Total interest-bearing debt USD 715 million: q Credit facility: USD 530 million (long-term) q Bond loan: USD 3.6 million (short-term) q Bond loan: NOK 500 million (USD 90.7 million) (long-term) q Bond…
  37. Q1 2011 EARNINGS CALL – Prosafe Se – slide 37
    38 Financial covenants as of end Q1 2011 n Financial covenants in the credit facility: q Minimum cash of USD 65 million in the group q Maximum leverage ratio of 4.5 q Minimum value adjusted equity ratio of 35 per cent q Market…
  38. Q1 2011 EARNINGS CALL – Prosafe Se – slide 38
    39 Rig name Location Client name Type of contract Firm contract Option Dayrate Current contract MSV Regalia UK North Sea, Auk South Talisman Time charter March 12 - Aug 12 USD 225 000 Norwegian North Sea, Valhall BP Time charter…
  39. Q1 2011 EARNINGS CALL – Prosafe Se – slide 39
    40 Safe Caledonia UK North Sea BG Time charter March 11 - Nov 11 Jan 12 USD 200 000 UK North Sea, Dunbar Elgin Total Time charter Jun 10 - Sep 10 USD 220 000 Apr 09 - Jun 10 USD 150 000 May 07 - Apr 09 USD 140 000 Yard/mobilisation…
  40. Q1 2011 EARNINGS CALL – Prosafe Se – slide 40
    41 Fleet overview Name MSV Regalia Safe Scandinavia Safe Caledonia Geographical area Harsh environment, NCS Harsh environment, NCS Harsh environment Mooring system DP 12 point chain winches 10 point wire winches Station keeping…
  41. Q1 2011 EARNINGS CALL – Prosafe Se – slide 41
    42 Fleet overview Name Safe Astoria Safe Bristolia Safe Esbjerg Geographical area Moderately harsh env. Moderately harsh env. Harsh environment Mooring system 8 point wire winches 8 point wire winches 4 point wire winches Station…
  42. Q1 2011 EARNINGS CALL – Prosafe Se – slide 42
    43 Fleet overview Name Safe Britannia Safe Lancia Safe Hibernia Geographical area Harsh env. Moderately harsh env. Harsh environment Mooring system 9 point wire winches 8 point chain winches 12 point wire winches Station keeping…
  43. Q1 2011 EARNINGS CALL – Prosafe Se – slide 43
    44 Fleet overview Name Safe Regency Safe Concordia Jasminia Geographical area Harsh environment Benign environment Benign environment Mooring system 8 point wire winches 4 point wire winches 8 point wire winches Station keeping…
  44. Q1 2011 EARNINGS CALL – Prosafe Se – slide 44
    45 Financial calendar and IR contacts Financial calendar IR contact Cecilie Ouff Finance and IR Manager n 25 August 2011 Publication of cecilie.ouff(a)prosafe.com second quarter 2011 results Phone: +47 51 64 25 20 n 2 November…

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