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Q1 2012 RESULTS – Fred Olsen Energy

Fred Olsen Energy · May 8, 2012 · 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. Q1 2012 RESULTS – Fred Olsen Energy – slide 1
    Fred. Olsen Energy ASA Presentation 1Q results 2012 8 May 2012 1
  2. Q1 2012 RESULTS – Fred Olsen Energy – slide 2
    AGENDA FINANCIAL RESULT 1Q 2012 MARKETS OPERATIONS SUMMARY AND OUTLOOK 2
  3. Q1 2012 RESULTS – Fred Olsen Energy – slide 3
    Income Statement Key Figures (NOK mill) 1Q 2012 4Q 2011 Operating revenues 1 530 1 630 Recharged income 76 52 Total revenues 1 606 1 682 Operating costs (687) (743) Recharged expenses (75) (50) Total operating expenses (762) (793)…
  4. Q1 2012 RESULTS – Fred Olsen Energy – slide 4
    EBITDA Comparison 1Q 2012 vs. 4Q 2011 1000 950 900 MNOK 850 83 59 800 19 889 14 21 844 9 750 700 4Q EBITDA Borgsten Borgholm Blackford Belford Bredford Other 1Q EBITDA 4
  5. Q1 2012 RESULTS – Fred Olsen Energy – slide 5
    Financial Items Breakdown (NOK mill) 1Q 2012 4Q 2011 Interest income 3 3 Gains on financial instruments 15 18 Financial income 18 21 Interest expenses (30) (33) Losses on financial instruments (15) (16) Other financial expenses (4)…
  6. Q1 2012 RESULTS – Fred Olsen Energy – slide 6
    Offshore Drilling Segment (NOK mill) 1Q 2012 4Q 2011 Operating revenues 1 464 1 586 Recharged income 76 52 Total revenues 1 540 1 638 Operating costs (623) (701) Recharged expenses (75) (50) Total operating expenses (698) (751) Oper.…
  7. Q1 2012 RESULTS – Fred Olsen Energy – slide 7
    Engineering & Fabrication Segment (NOK mill) 1Q 2012 4Q 2011 Operating revenues 66 44 Operating costs (64) (42) Oper. result before depr. (EBITDA) 2 2 Depreciation (2) (1) Operating result (EBIT) - 1
  8. Q1 2012 RESULTS – Fred Olsen Energy – slide 8
    Consolidated Balance Sheet (NOK mill) 1Q 2012 4Q 2011 Intangible assets 99 99 Property, plant & equipment 9 936 10 449 Other non-current assets 61 61 Total non-current assets 10 096 10 609 Other current assets 1 808 2 071 Cash and cash…
  9. Q1 2012 RESULTS – Fred Olsen Energy – slide 9
    Consolidated Cash Flow (NOK mill) 1Q 2012 4Q 2011 Profit before income taxes 395 516 Depreciation and impairment 338 347 Interest expense 30 33 Changes in working capital 86 53 Unrealized loss/(gain) financial instruments (15) (18) Cash…
  10. Q1 2012 RESULTS – Fred Olsen Energy – slide 10
    Offshore drilling EBITDA and margin 1600,0 80 % 1500,0 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 -200,0…
  11. Q1 2012 RESULTS – Fred Olsen Energy – slide 11
    Fleet status as per 7 May 2012 Rig Type / design W depth ft Location Client Contract status Day rate Next CR survey (in USD) Ultra deepwater and deepwater units Bolette Dolphin - delivery 3Q'13 Drillship 12 000 Mozambique Anadarko 4Q…
  12. Q1 2012 RESULTS – Fred Olsen Energy – slide 12
    AGENDA FINANCIAL RESULT MARKETS OPERATIONS SUMMARY AND OUTLOOK 12
  13. Q1 2012 RESULTS – Fred Olsen Energy – slide 13
    Global market outlook floating units Continued positive ultra- ACTIVE SUPPLY AND DEMAND WORLDWIDE FLOATERS NUMBER OF UNITS deepwater market 300 Ultra Deepwater Demand development with a number Deepwater Demand 250 Midwater…
  14. Q1 2012 RESULTS – Fred Olsen Energy – slide 14
    Norwegian floater market 2012 2013 2014 2015 Tight market with limited Name Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 rig availability through Bredford Dolphin Stena Don 2013 Borgland Dolphin Polar Pioneer Scarabeo 5…
  15. Q1 2012 RESULTS – Fred Olsen Energy – slide 15
    Average dayrates Norway 15
  16. Q1 2012 RESULTS – Fred Olsen Energy – slide 16
    UK floater market Stronger market Name Q1 2012 Q2 Q3 Q4 Q1 2013 Q2 Q3 Q4 Q1 2014 Q2 Q3 Q4 Q1 2015 Q2 Q3 Q4 materialized in higher Sedco 712 contracting activity with J.W. McLean Sedco 704 increased dayrates Transocean John…
  17. Q1 2012 RESULTS – Fred Olsen Energy – slide 17
    Average dayrates UK 17
  18. Q1 2012 RESULTS – Fred Olsen Energy – slide 18
    Dayrates deepwater drilling units worldwide 18
  19. Q1 2012 RESULTS – Fred Olsen Energy – slide 19
    Global floater fleet and newbuilds 40 2.gen 3.gen 4.gen 5.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+ Semi/Drillship NB Semi NB Drillship…
  20. Q1 2012 RESULTS – Fred Olsen Energy – slide 20
    AGENDA FINANCIAL RESULT MARKETS OPERATIONS SUMMARY AND OUTLOOK 20
  21. Q1 2012 RESULTS – Fred Olsen Energy – slide 21
    Fred. Olsen Energy operating worldwide Bideford Byford Borgland Borgsten Bredford Borgholm Belford Borgny Blackford 21
  22. Q1 2012 RESULTS – Fred Olsen Energy – slide 22
    Contract schedule as per 7 May 2012 2011 2012 2013 2014 2015 2016 2017 Belford Anadarko Anadarko Blackford Reliance 1) 2) 3) Bideford Statoil Borgland Consortium Bredford Lundin 4) Lundin Borgny Petrobras Byford BP Borgsten TAQA…
  23. Q1 2012 RESULTS – Fred Olsen Energy – slide 23
    Contract backlog and customer base Contract backlog 900 000 Customer base 800 000 Anadarko 700 000 10 % 4% Statoil 600 000 6% Total USD 1000 500 000 5% 51 % BP 400 000 Lundin 9% 300 000 Petrobras 14 % 200 000…
  24. Q1 2012 RESULTS – Fred Olsen Energy – slide 24
    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…
  25. Q1 2012 RESULTS – Fred Olsen Energy – slide 25
    Midwater - Norway Bideford Dolphin Borgland Dolphin Continued operations under a three-year Continued operation under a four-year drilling drilling contract with Statoil estimated to contract with a consortium of originally eight oil…
  26. Q1 2012 RESULTS – Fred Olsen Energy – slide 26
    Midwater - Norway / United Kingdom Bredford Dolphin Borgholm Dolphin Commenced a drilling contract with Lundin Accommodation unit with 274 bed capacity Norway AS mid November, estimated to 20 months duration as all options are declared…
  27. Q1 2012 RESULTS – Fred Olsen Energy – slide 27
    Midwater - United Kingdom (cont.) Byford Dolphin Borgsten Dolphin Continued operation under a three-year Commenced the three-well contract with Valiant drilling contract with BP Exploration expiring Causeway Limited mid March 2012…
  28. Q1 2012 RESULTS – Fred Olsen Energy – slide 28
    Deepwater/ midwater - Brazil Blackford Dolphin Borgny Dolphin Currently operating under a one-well contract with Operating under a five-year drilling contract with Sonangol offshore Brazil, estimated to be completed Petrobras in Brazil,…
  29. Q1 2012 RESULTS – Fred Olsen Energy – slide 29
    Harland & Wolff Focus on ship repair, ship building, steel fabrication and engineering services Holds a Waste Management License for ship demolition The yard area is serving as a logistics and assembly base for offshore windfarms…
  30. Q1 2012 RESULTS – Fred Olsen Energy – slide 30
    Summary Financial Revenues were 1,606 million EBITDA was 844 million Profit before tax was 395 million Contract backlog amounting to approximately USD 2.8 billion Dividend payment estimated to take place 20 June 2012…
  31. Q1 2012 RESULTS – Fred Olsen Energy – slide 31
    Q&A 31

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