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Q2 2014 EARNINGS CALL – Dof Asa

Dof Asa · Aug 22, 2014 · 34 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 2014 EARNINGS CALL – Dof Asa – slide 1
    Q2 Financial Presentation 2014 DOF ASA
  2. Q2 2014 EARNINGS CALL – Dof Asa – slide 2
    Highlights
  3. Q2 2014 EARNINGS CALL – Dof Asa – slide 3
    Highlights Q2 2014 All time high Q2 EBITDA - MNOK 866 (MNOK 773) Subsea Asia Pacific - Low utilisation, but good project execution North Sea - Reasonable utilisation and good project execution US Gulf - Increased activity and more…
  4. Q2 2014 EARNINGS CALL – Dof Asa – slide 4
    Highlights Q2 2014 Skandi Yare, 4 yrs with Petrobras Skandi Neptune, 1 yr extension with Subsea7 firm until Q1 2016 Skandi Chieftain, 1 yr with Petrobras and firm until June 2015 Skandi Captain, 18 months (+ 6 months option)…
  5. Q2 2014 EARNINGS CALL – Dof Asa – slide 5
    Overview Group
  6. Q2 2014 EARNINGS CALL – Dof Asa – slide 6
    DOF ASA in brief Fleet 70 vessels in operation (PSV: 24, AHTS: 18, Subsea: 28) 7 newbuildings (AHTS: 2 Subsea: 5) Operates 49 ROVs, 19 ROVs on order Market value total fleet (100% basis) in operation at NOK 34.6 bn Average age 8…
  7. Q2 2014 EARNINGS CALL – Dof Asa – slide 7
    Company overview DOF ASA - Q2 Presentation 2014
  8. Q2 2014 EARNINGS CALL – Dof Asa – slide 8
    The fleet market segment PSV AHTS Subsea Total fleet No. of vessels DOF ASA/DOF REDERI AS 19 3 3 25 NORSKAN OFFSHORE 5 12 2 19 DOF SUBSEA AS 0 0 25 25 DOF INSTALLER ASA 0 0 3 3 DOF DEEPWATER AS 0 5 0 5 Total fleet 24 20…
  9. Q2 2014 EARNINGS CALL – Dof Asa – slide 9
    Global player 29 4 3 31 7 Focus Region Norway Brazil US/Canada UK Asia Pacific Angola Marine Crew Total DOF employees 493 573 189 361 326 20 3 041 5 003 DOF ASA - Q2 Presentation 2014
  10. Q2 2014 EARNINGS CALL – Dof Asa – slide 10
    Remaining newbuilding program Vessel Yard Delivery Type Contract Financing Skandi Angra Vard Brazil Q1 2015 AHTS 8 yrs Petrobras Funding secured Skandi Paraty Vard Brazil Q3 2015 AHTS 4 yrs Petrobras Funding secured Skandi Africa…
  11. Q2 2014 EARNINGS CALL – Dof Asa – slide 11
    Financials- Management Reporting
  12. Q2 2014 EARNINGS CALL – Dof Asa – slide 12
    Result Q2 2014 AllALL figures in NOK FIGURES million IN NOK MILLION Q2 2014 Q2 2013 YTD Q2 2014 YTD Q2 2013 Comments Opera-onal result Operating income 2 791 2 493 5 032 4 487 PSV: Operating expenses -1 925 -1 728 -3 411 -3 123…
  13. Q2 2014 EARNINGS CALL – Dof Asa – slide 13
    Segment reporting Q2 2014 Amounts in NOK ALL FIGURES mill MILLION IN NOK PSV AHTS Subsea Total Q2 2014 Q2 2013 Q2 2014 Q2 2013 Q2 2014 Q2 2013 Q2 2014 Q2 2013 Operating income 296 283 393 338 2 102 1 872 2 791 2 493 Operating…
  14. Q2 2014 EARNINGS CALL – Dof Asa – slide 14
    Historical Performance Group (excl gain from sale of assets) 3 000 40 % Operating revenue EBITDA 35 % 2 500 30 % 2 000 EBITDA Margin % 25 % MNOK 1 500 20 % 15 % 1 000 10 % 500 5% - 0% Q2 2011 Q3 2011 Q4…
  15. Q2 2014 EARNINGS CALL – Dof Asa – slide 15
    Balance Q2 2014 Amounts i n NOK million ALL FIGURES IN NOK MILLION 30.06.2014 30.06.2013 31.12.2013 Comments ASSETS Intangible a ssets 724 784 781 Vessel a nd other tangible a ssets 26 766 26 839 26 244 One new-build delivered in Q2…
  16. Q2 2014 EARNINGS CALL – Dof Asa – slide 16
    Cash Flow Q2 2014 ALL FIGURES Amounts in IN NOK MILLION NOK million Q2 2014 Q2 2013 YTD Q2 2014 YTD Q2 2013 Cash from operating activities 533 473 1 206 921 Net interest paid -315 -293 -683 -673 Taxes paid -13 -25 -24 -29 Net…
  17. Q2 2014 EARNINGS CALL – Dof Asa – slide 17
    Key figures Q2 2014 Q2 2014 Q2 2013 YTD Q2 2014 YTD 02 2013 2013 FINANCIAL RESULT EBITDA margin ( e x n et ga i n o n s a l e o f ves s el ) 31 % 31 % 32 % 31 % 32 % EBITDA margin 31 % 31 % 36 % 31 % 32 % EBIT margin 22 % 19 % 27 % 17 %…
  18. Q2 2014 EARNINGS CALL – Dof Asa – slide 18
    Net interest bearing debt Q2 2014 ALL FIGURES IN NOK MILLION 30.06.2014 30.06.2013 31.12.2013 Bond l oan 4 820 4 411 4 722 Debt to c redit i nstitutions 14 439 17 096 16 265 Total non-current interest bearing liabilities 19 258 21…
  19. Q2 2014 EARNINGS CALL – Dof Asa – slide 19
    Debt maturity profile 4 000 Bank Debt Bond Balloons 3 500 3 000 2 500 DOF GROUP COUNTERPARTY DOF 2 000 1 500 EXPOSURE Q2 2014 1 000 500 23 % - 2014 2015 2016 2017 2018 After 42 % Bond 2 500 Eca 35 % Bank Debt…
  20. Q2 2014 EARNINGS CALL – Dof Asa – slide 20
    DOF ASA Asset coverage Combined market value DOF Group fleet including newbuild is NOK 38.3 bn (total value 100% NOK 45.6 bn) New-building program to be completed in 2017 (including 50% in 4 PLSVs) Asset-level gearing on the existing…
  21. Q2 2014 EARNINGS CALL – Dof Asa – slide 21
    Contract Coverage
  22. Q2 2014 EARNINGS CALL – Dof Asa – slide 22
    PSV Contract coverage PSV 2014 2015 2016 2017 2018 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 Skandi Falcon 1 1 1 1 2 Skandi M arstein 1 1 1 1 1 2 2 2 2 2 2 2 2 2…
  23. Q2 2014 EARNINGS CALL – Dof Asa – slide 23
    AHTS Contract coverage AHTS 2015 2016 2017 2018 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 Skandi Stord 1 1 1 1 2 2 Supply Skandi Admiral 1 1 1 0 0 1 1 1 1 1 1 1 1…
  24. Q2 2014 EARNINGS CALL – Dof Asa – slide 24
    CSV Contract coverage CSV 2014 2015 2016 2017 2018 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 Supply Skandi Olympia 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1…
  25. Q2 2014 EARNINGS CALL – Dof Asa – slide 25
    Subsea Contract coverage Subsea 2014 2015 2016 2017 2018 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 Skandi Acergy 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2…
  26. Q2 2014 EARNINGS CALL – Dof Asa – slide 26
    DOF Subsea
  27. Q2 2014 EARNINGS CALL – Dof Asa – slide 27
    DOF Subsea Group In brief Fleet One of the largest subsea vessel owners in the world Owns and operates a fleet of 23 vessels, plus 5 newbuilds on order In addition 5 vessels on long-term charter The market value of owned vessels in…
  28. Q2 2014 EARNINGS CALL – Dof Asa – slide 28
    DOF Subsea Group In brief 2 500 40 % Quarterly figures 35 % 2 000 30 % 25 % 24.0 % 1 500 NOK million CAGR 20 % 1 000 15 % 10 % Key figures 500 18.7 % 5% CAGR Back-log incl. options NOK 32 billion - 0% Market…
  29. Q2 2014 EARNINGS CALL – Dof Asa – slide 29
    Key credit metrics Interest Coverage NIBD/EBITDA 2,50 12,00 10,00 2,00 8,00 1,50 6,00 1,00 4,00 0,50 2,00 - - 2009 2010 2011 2012 2013 Last 4 2009 2010 2011 2012 2013 Last 4 Qs Qs NIBD/Total assets Debt/Total assets…
  30. Q2 2014 EARNINGS CALL – Dof Asa – slide 30
    DOF Subsea Projects Operating income by segment DOF Subsea has built a global project 7 000 organization over the last 9 years 6 000 DOF Subsea has developed the project business gradually 5 000 4 000 Increased project…
  31. Q2 2014 EARNINGS CALL – Dof Asa – slide 31
    DOF Subsea - A global subsea player Region Main offices People Project vessels Skandi Singapore, Skandi Asia Pacific Perth, Singapore 306 Hercules, Skandi Hawk Skandi Skansen, Skandi Bergen, Aberdeen, Atlantic Angola 470…
  32. Q2 2014 EARNINGS CALL – Dof Asa – slide 32
    PLSV update 4 x PLSV newbuilds according to schedule Annual uplift in EBITDA: USD 110 million Skandi Vitria and Skandi Niteri new tender for Petrobras ongoing DOF ASA - Q2 Presentation 2014 32
  33. Q2 2014 EARNINGS CALL – Dof Asa – slide 33
    Outlook Brazil: We expect increased demand for our vessels and services. We expect increase in rates compared to old contracts. North Sea: The summer season in the North Sea spot market has so far been weak and below our…
  34. Q2 2014 EARNINGS CALL – Dof Asa – slide 34
    Thank you Presented by Mons Aase - CEO Hilde Drnen - CFO

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