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Q4 2011 RESULTS – Prosafe Se

Prosafe Se · Mar 1, 2012 · 42 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. Q4 2011 RESULTS – Prosafe Se – slide 1
    1 March 2012 Q4 2011 results
  2. Q4 2011 RESULTS – Prosafe Se – slide 2
    3 Agenda Introduction Financial results Operations Outlook Attachments
  3. Q4 2011 RESULTS – Prosafe Se – slide 3
    4 Prosafe the leading accommodation rig company Global leader The worlds leading owner and operator of semi-submersible accommodation rigs in harsh environments Strategically focused on high- end accommodation segment Long…
  4. Q4 2011 RESULTS – Prosafe Se – slide 4
    5 Recent developments Rig utilisation rate of 80 per cent in Q4 New build ordered NOK 500 million bond issuance completed Recent contract awards: Regalia: Talisman extended the contract at Yme on the NCS Safe Scandinavia: BP…
  5. Q4 2011 RESULTS – Prosafe Se – slide 5
    6 Agenda Introduction Financial results Operations Outlook Attachments
  6. Q4 2011 RESULTS – Prosafe Se – slide 6
    7 Income statement (Unaudited figures in USD million) Q4 11 Q3 11 Q4 10 2011 2010 Operating revenues 121.7 131.8 75.3 449.6 442.4 Operating expenses (53.2) (45.8) (41.4) (192.0) (159.3) EBITDA 68.5 86.0 33.9 257.6 283.1…
  7. Q4 2011 RESULTS – Prosafe Se – slide 7
    8 Operating revenues (USD million) Q4 11 Q3 11 Q4 10 2011 2010 Charter income 106.6 119.6 65.5 400.7 397.1 Mob/demob income 2.0 0.7 1.9 4.1 6.5 Other income 13.1 11.5 7.9 44.8 38.8 Total 121.7 131.8 75.3 449.6 442.4
  8. Q4 2011 RESULTS – Prosafe Se – slide 8
    9 Balance sheet (Unaudited figures in USD million) 31.12.11 30.09.11 31.12.10 Goodwill 226.7 226.7 226.7 Rigs 893.7 910.4 898.8 Prepayment new build 58.3 0.0 0.0 Other non-current assets 5.1 4.9 4.5 Total non-current assets 1 183.8 1…
  9. Q4 2011 RESULTS – Prosafe Se – slide 9
    10 Key figures KEY FIGURES Q4 11 Q3 11 Q4 10 2011 2010 Operating margin 42.6 % 52.4 % 24.4 % 42.8 % 50.0 % Equity ratio 33.6 % 34.2 % 32.4 % 33.6 % 32.4 % Return on equity 33.5 % 58.2 % 35.6 % 36.2 % 58.9 % Net interest bearing…
  10. Q4 2011 RESULTS – Prosafe Se – slide 10
    11 Revision of depreciation plan Remaining depr. period Annual depreciation Vessel Old plan New plan Old plan New plan Safe Britannia 3 yrs 10 yrs USD 3m < USD 1m Safe Hibernia 1 yr 10 yrs < USD 1m < USD 1m Safe Lancia 7 yrs 10…
  11. Q4 2011 RESULTS – Prosafe Se – slide 11
    12 Bond loan successfully completed in the quarter A NOK 500 million unsecured bond issue with maturity date on 8 February 2017 successfully completed Interest rate: NIBOR plus credit margin of 3.75 per cent Proceeds used for…
  12. Q4 2011 RESULTS – Prosafe Se – slide 12
    13 Dividend An interim dividend equivalent to USD 0.133 per share declared In line with policy of paying out up to 75 per cent of previous years net profit (2011 EPS USD 0.71) The shares will trade ex- dividend on 7 March…
  13. Q4 2011 RESULTS – Prosafe Se – slide 13
    14 Steady growth in dividend Dividend payments 0,6 Policy of paying out up to 75 per cent of previous years 0,5 net profit in four payments 0,4 Q4 Steady growth in dividend USD per share since 2009 0,3 Q4 Q3 Full payout…
  14. Q4 2011 RESULTS – Prosafe Se – slide 14
    15 Agenda Introduction Financial results Operations Outlook Attachments
  15. Q4 2011 RESULTS – Prosafe Se – slide 15
    16 The worlds most advanced and efficient harsh- environment semi-submersible accommodation rig Compliant with stringent Norwegian regulations Turnkey contract with Jurong Shipyard in Singapore GVA 3000E design DP3 and 12pt…
  16. Q4 2011 RESULTS – Prosafe Se – slide 16
    17 New build progress Contract with yard signed on 14 December 2011 Initial installment of USD 58 million (20 per cent of total yard price) paid upon signing Project team established and in place at the yard in Singapore…
  17. Q4 2011 RESULTS – Prosafe Se – slide 17
    18 Safe Caledonia refurbishment and life extension Scheduled for seven months yard stay from mid-April 2012 Fabrication of modules and equipment progressing well Rig life to be extended by 20 years Cost estimate unchanged…
  18. Q4 2011 RESULTS – Prosafe Se – slide 18
    19 Fleet size and utilisation 100% 14 90% 12 80% 10 70% Fleet utilisation rate 60% 8 Fleet size 50% 6 40% 30% 4 20% 2 10% 0% 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Fleet…
  19. Q4 2011 RESULTS – Prosafe Se – slide 19
    20 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 2013…
  20. Q4 2011 RESULTS – Prosafe Se – slide 20
    21 Contract status Safe Boreas Safe Scandinavia Regalia Safe Caledonia Safe Bristolia Safe Astoria Safe Concordia Safe Esbjerg Safe Hibernia Safe Britannia Safe Regency Safe Lancia Jasminia 2006…
  21. Q4 2011 RESULTS – Prosafe Se – slide 21
    22 Agenda Introduction Financial results Operations Outlook Attachments
  22. Q4 2011 RESULTS – Prosafe Se – slide 22
    23 Supply Prosafe reinforces its leading position Prosafe largest player by far Three vessels under construction delivery scheduled for 2012 (African Challenger) and 2014 (Safe Boreas and Floatel Victory) No. of accommodation…
  23. Q4 2011 RESULTS – Prosafe Se – slide 23
    24 Investment costs fields on stream in Norway Demand - North Sea 120 Source: Statistic Norway (SSB) 100 Robust North Sea demand 80 NOKbn expected for coming three 60 year period 40 Driven by increased 20…
  24. Q4 2011 RESULTS – Prosafe Se – slide 24
    25 Demand Mexico Demand in Mexico has been stable for a number of years The rigs are assisting on maintenance and construction projects Vital in the efforts of keeping up production at the Cantarell field Demand for accommodation…
  25. Q4 2011 RESULTS – Prosafe Se – slide 25
    26 Demand Brazil The demand currently comes from the Campos basin, where safety and maintenance units are assisting in connection with maintenance of FPSOs and fixed installations Longer term it is expected that there will…
  26. Q4 2011 RESULTS – Prosafe Se – slide 26
    27 Demand Rest of world Positive development in markets where semi- submersible accommodation rigs traditionally have not been widely used Both the Australian and Asian markets appear promising and a number of concrete…
  27. Q4 2011 RESULTS – Prosafe Se – slide 27
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  28. Q4 2011 RESULTS – Prosafe Se – slide 28
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  29. Q4 2011 RESULTS – Prosafe Se – slide 29
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  30. Q4 2011 RESULTS – Prosafe Se – slide 30
    31 Summary Leading market position High quality and versatile rig fleet Good market outlook Robust financial position High dividend capacity
  31. Q4 2011 RESULTS – Prosafe Se – slide 31
    32 Agenda Introduction Financial results Operations Outlook Attachments
  32. Q4 2011 RESULTS – Prosafe Se – slide 32
    33 SHAREHOLDERS AS AT 13.02.2012 No. of shares Folketrygdfondet 18 317 591 State Street Bank & Trust (nom) 15 908 822 Pareto 12 055 818 KAS Dep. Trust (nom) 9 675 948 State Street Bank & Trust (nom) 8 976 749 Fidelity 7 900 000…
  33. Q4 2011 RESULTS – Prosafe Se – slide 33
    34 Debt as of end Q4 2011 Credit facility New credit facility of USD 1.1 billion in place in August 2011 Maturity of six years The applicable margin on the credit facility is 1.875%. This will increase to 2.25% after the 4th year…
  34. Q4 2011 RESULTS – Prosafe Se – slide 34
    35 Debt as of end Q4 2011 Total interest-bearing debt USD 760.5 million: Credit facility: USD 590 million (long-term) Bond loan: NOK 500 million (USD 83.4 million) (long-term) Bond loan : NOK 500 million (USD 83.4 million)…
  35. Q4 2011 RESULTS – Prosafe Se – slide 35
    36 Financial covenants on credit facility Maximum leverage ratio of 5.0 and 4.5 after second anniversary Minimum liquidity (including up to USD 25 million of undrawn amounts under the credit facility) of USD 65 million in the…
  36. Q4 2011 RESULTS – Prosafe Se – slide 36
    37 Rig name Location Client name Type of contract Firm contract Option Dayrate Current contract Regalia Norway, Draugen Shell Time charter Late April 2013 (150 days) USD 340 000 Norwegian North Sea, Yme Talisman Time charter Feb. 12 -…
  37. Q4 2011 RESULTS – Prosafe Se – slide 37
    38 Safe Concordia around USD 150 000 (average daily income, consisting of dayrate and other income over the contract period, a major part of the dayrate is adjusted for inflation (yearly) and BRL Brazil Petrobras LoI Time…
  38. Q4 2011 RESULTS – Prosafe Se – slide 38
    39 Fleet overview Name Regalia Safe Scandinavia Safe Caledonia Geographical area Harsh environment, NCS Harsh environment, NCS Harsh environment Mooring system None 12 point chain winches 10 point wire winches Station keeping…
  39. Q4 2011 RESULTS – Prosafe Se – slide 39
    40 Fleet overview Name Safe Astoria Safe Bristolia Safe Esbjerg Geographical area Moderately harsh env. Moderately harsh env. Moderately harsh env. Mooring system 8 point wire winches 8 point wire winches 4 point wire winches…
  40. Q4 2011 RESULTS – Prosafe Se – slide 40
    41 Fleet overview Name Safe Britannia Safe Lancia Safe Hibernia Geographical area Harsh environment Moderately harsh env. Harsh environment Mooring system 9 point wire winches 8 point chain winches 12 point wire winches Station…
  41. Q4 2011 RESULTS – Prosafe Se – slide 41
    42 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…
  42. Q4 2011 RESULTS – Prosafe Se – slide 42
    43 Financial calendar and IR contacts Financial calendar IR contact Cecilie Helland Ouff Finance and IR Manager 23 May 2012 Publication of first cecilie.ouff(a)prosafe.com quarter 2012 results Phone: +47 51 64 25 20 23 August…

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