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Q4 2012 EARNINGS CALL – Dof Asa

Dof Asa · Feb 27, 2013 · 38 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 2012 EARNINGS CALL – Dof Asa – slide 1
    Q4 Financial Presentation 2012 DOF ASA
  2. Q4 2012 EARNINGS CALL – Dof Asa – slide 2
    Agenda Summary Recent highlights Overview group Financials DOF Subsea update Outlook DOF ASA - Q4 Presentation 2012
  3. Q4 2012 EARNINGS CALL – Dof Asa – slide 3
    Summary Several new contracts/renewals in DOF Subsea and in DOF Supply The DOF group is exposed with 4 vessels in the North Sea spot market High tender activity Good overall contract coverage for 2013 All time high Q4 Ebitda of…
  4. Q4 2012 EARNINGS CALL – Dof Asa – slide 4
    Recent highlights Vessels DOF Several vessels started on new contracts: Skandi Hugen delivered from yard and on-hire to ConocoPhillips in January Skandi Mary delivered and on-hire to ConocoPhillips in November Skandi Nova…
  5. Q4 2012 EARNINGS CALL – Dof Asa – slide 5
    Recent highlights Contracts Various project contracts in DOF Subsea 3 + 2 x 1 yrs extension with Statoil in Brazil for Skandi Peregrino 150 days contract for Skandi Ipanema with Karoon in Brazil Skandi Emerald 220 days contract…
  6. Q4 2012 EARNINGS CALL – Dof Asa – slide 6
    Company overview DOF ASA Norskan SA DOF Subsea Holding DOF/DOF Rederi (Brazil) (North Sea/Asia) Modern fleet Modern fleet 12 AHTSs DOF Subsea 8 AHTSs (incl ADD) 5 PSVs Modern fleet & Equipment 18 PSVs 2 CSVs 23 CSV/ROV vessels 4…
  7. Q4 2012 EARNINGS CALL – Dof Asa – slide 7
    The fleet market segment PSV AHTS Subsea Total fleet No. of vessels DOF ASA/DOF REDERI AS 18 3 4 25 NORSKAN OFFSHORE 5 12 2 19 DOF SUBSEA AS 0 0 23 23 DOF INSTALLER ASA 0 0 3 3 AKER DOF DEEPWATER AS 0 5 0 5 Total fleet…
  8. Q4 2012 EARNINGS CALL – Dof Asa – slide 8
    Global player Focus regions 31 Austevoll Bergen Aberdeen Moscow St. Johns Houston 4 Manila 3 Singapore Brunei 7 Angola Jakarta 26 Darwin Macae Perth Rio de Janeiro Melbourne Buenos Aires DOF Group employees…
  9. Q4 2012 EARNINGS CALL – Dof Asa – slide 9
    Backlog development DOF Group 40 000 37 657 Note: Includes extension options on long-term contracts. 35 000 30 939 30 000 26 059 25 000 21 886 20 000 18 156 14 927 15 000 12 256 10 029 10 000 8 358 6 927 5 000 -…
  10. Q4 2012 EARNINGS CALL – Dof Asa – slide 10
    Updates on remaining newbuilding programs Vessel Yard Delivery Type Contract Financing Skandi Urca STX Brazil Sep 13 AHTS 8 yrs Petrobras Funding secured Skandi Bergen STX Norway May 13 CSV Uncommitted Funding secured (DOF…
  11. Q4 2012 EARNINGS CALL – Dof Asa – slide 11
    Recent events Vessels Chartered the Jones Act compliant CSV, the Harvey Deep-Sea, on a four year time charter agreement. Delivery from yard in June 2013. Only Jones Act compliant CSV newbuild available in the GOM-market until latter…
  12. Q4 2012 EARNINGS CALL – Dof Asa – slide 12
    STX Newbuild State-of-the-art construction and pipe laying vessel OSCV 12 design 2x WROV from Perry 2x Moonpool launched LARS LOA: 160,9 m Beam: 32 m 900 t Crane + 150 t SWL crane 3500 t carousel 150 t - 650 t Vertical Lay…
  13. Q4 2012 EARNINGS CALL – Dof Asa – slide 13
    Harvey Deep-Sea Jones-act compliant 150 t crane 2 x WROV 4 year charter with DOF Subsea US Expect strong market in US GOM Building of Subsea organisation in Houston DOF ASA Q4 Presentation 2012 13
  14. Q4 2012 EARNINGS CALL – Dof Asa – slide 14
    Financials DOF ASA - Q4 Presentation 2012
  15. Q4 2012 EARNINGS CALL – Dof Asa – slide 15
    Financial/Operational highlights Q4 2012 Average utilization Subsea fleet (89%) Good project activity and utilization vessels in Brazil and Atlantic regions Low utilization project vessels in US Gulf Vessels in transit Average…
  16. Q4 2012 EARNINGS CALL – Dof Asa – slide 16
    Result Q4 2012 All ALLfigures in IN FIGURES NOK NOK million MILLION Q4 2012 Q4 2011 2012 2011 Operating income 2 062 1 862 8 136 6 503 Operating expenses -1 377 -1 278 -5 346 -4 488 Net gain on sale of vessel 7 -3 210 33…
  17. Q4 2012 EARNINGS CALL – Dof Asa – slide 17
    P&L Q4 2012 Supply and Subsea Amounts in NOK ALL FIGURES mill MILLION IN NOK PSV AHTS CSV Total Q4 2012 Q4 2011 Q4 2012 Q4 2011 Q4 2012 Q4 2011 Q4 2012 Q4 2011 Operating income 246 157 352 254 1 464 1 451 2 062 1 862 Operating…
  18. Q4 2012 EARNINGS CALL – Dof Asa – slide 18
    Financial results Q4 2012 ALL FIGURES IN NOK MILLION ALL FIGURES IN NOK MILLION Financial items Q4 2012 Q4 2011 2012 2011 Share of loss profit from associated 4 -2 6 -0 Interest reveneue 20 6 70 68 Interest costs -317 -275 -1…
  19. Q4 2012 EARNINGS CALL – Dof Asa – slide 19
    Historical EBITDA excl sales 2 500 50 % Operating revenue EBITDA EBITDA margin 45 % 2 000 40 % 35 % 1 500 30 % MNOK 25 % 1 000 20 % 15 % 500 10 % 5% - 0% Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2…
  20. Q4 2012 EARNINGS CALL – Dof Asa – slide 20
    Balance Q4 2012 Amounts in NOKIN ALL FIGURES million NOK MILLION 31.12.2012 31.12.2011 ASSETS Intangible assets 613 611 Vessel and other tangible assets 26 250 23 717 Newbuildings 373 1 969 Financial assets 393 343 Non-currents…
  21. Q4 2012 EARNINGS CALL – Dof Asa – slide 21
    Net interest bearing debt All ALL amounts in NOK FIGURES IN NOKmillion MILLION 31.12.2012 31.12.2011 Bond loan 4 164 2 804 - Current part of bond loan 141 647 Debt to credit institutions 16 614 16 391 - Current part of other…
  22. Q4 2012 EARNINGS CALL – Dof Asa – slide 22
    Key figures Q4 2012 Q4 2012 Q4 2011 2012 2011 FINANCIAL RESULT EBITDA margin ex net gain on sale of vessel 33 % 31 % 34 % 31 % EBITDA margin 34 % 31 % 37 % 31 % EBIT margin 16 % 25 % 23 % 18 % Cashflow per share 1) 3,05 1,73 15,04…
  23. Q4 2012 EARNINGS CALL – Dof Asa – slide 23
    Debt maturity profile 3 500 3 174 Bond Loan Bank debt Balloons DOF Supply 3 000 DOF 07* DOF 08 2 500 - NOK 950 million - NOK 600 million - Maturity July 2013 - Maturity Mar 2015 2 000 - Net NOK 132 million MNOK 1 500 DOF…
  24. Q4 2012 EARNINGS CALL – Dof Asa – slide 24
    DOF and DOF Subsea Status newbuild fleet Dec 2012 20 000 18 000 16 000 14 000 Value Newbuilds (MNOK) 12 000 10 000 8 000 6 000 4 000 2 000 - 2006 2007 2008 2009 2010 2011 2012 2013 2014 Value year end 11 112 16…
  25. Q4 2012 EARNINGS CALL – Dof Asa – slide 25
    DOF assets value Fair market value of the DOF fleet has been stable and slightly increasing since 2007 Total fair market value of fleet (incl. newbuilds): NOK 37,4 bn (on 100 % basis) PSV: NOK 6,1 bn AHTS: NOK 10,5 bn CSV: NOK 20,6…
  26. Q4 2012 EARNINGS CALL – Dof Asa – slide 26
    DOF ASA Asset coverage Combined market value DOF Group fleet including newbuild is NOK 33,9 bn (total value 100% NOK 37,2 bn) New-building program to be completed in 2015 Asset-level gearing on the existing fleet is 54%, decreasing…
  27. Q4 2012 EARNINGS CALL – Dof Asa – slide 27
    Contract Coverage DOF ASA - Q3 Presentation 2012
  28. Q4 2012 EARNINGS CALL – Dof Asa – slide 28
    PSV Contract coverage PSV 2013 2014 2015 2016 2017 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 J F M A M J J A S O N D Skandi Falcon 1 1 1 1 1 1 1 1 2 2 2 2 Skandi M arstein 1 1 1…
  29. Q4 2012 EARNINGS CALL – Dof Asa – slide 29
    AHTS Contract coverage AHTS 2013 2014 2015 2016 2017 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 J F M A M J J A S O N D Skandi Stord SPOT Supply Skandi Admiral 1 1 1 1 1 1 1…
  30. Q4 2012 EARNINGS CALL – Dof Asa – slide 30
    CSV Contract coverage CSV 2013 2014 2015 2016 2017 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 J F M A M J J A S O N D Skandi Fjord 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2…
  31. Q4 2012 EARNINGS CALL – Dof Asa – slide 31
    DOF Subsea DOF ASA - Q4 Presentation 2012
  32. Q4 2012 EARNINGS CALL – Dof Asa – slide 32
    DOF Subsea Group Highlights Fleet One of the largest subsea vessel owners in the world Operates a fleet of 26 vessels with a total market value of NOK16.4 billion Operates 54 ROVs Value adjusted fleet age of 3.8 years Global…
  33. Q4 2012 EARNINGS CALL – Dof Asa – slide 33
    Quarterly Performance (excl. Asset Sales) 1 600 40 % Operating revenue EBITDA EBITDA margin 1 400 35 % 1 200 30 % 1 000 25 % 23.0 % NOK million CAGR 800 20 % 600 15 % 400 10 % 41.1 % 200 5% CAGR - 0% Q1…
  34. Q4 2012 EARNINGS CALL – Dof Asa – slide 34
    DOF Subsea Projects DOF Subsea has built a global organization over the last 7 years Presence in all major Oil Hubs Standardization of routines and systems Training of personnel DOF Subsea are growing the project business gradually…
  35. Q4 2012 EARNINGS CALL – Dof Asa – slide 35
    Outlook DOF ASA - Q4 Presentation 2012
  36. Q4 2012 EARNINGS CALL – Dof Asa – slide 36
    Markets Long term: PSV We are uncertain about the future balance in the PSV market AHTS We expect the AHTS market to turn in the favour of owners, with good rates and high utilisation in the spot market and higher rates on term…
  37. Q4 2012 EARNINGS CALL – Dof Asa – slide 37
    Summary 2012 and outlook for 2013 Full year 2012 Ebitda guidance given in Febr 2012: MNOK 2 800 3 000 (ex sales gain) Actual 2012 (excluding profit from sale of Skandi Bergen): MNOK 2 797 Comments actual 2012 vs guidance: Loss of…
  38. Q4 2012 EARNINGS CALL – Dof Asa – slide 38
    Thank you Presented by Mons Aase - CEO Hilde Drnen - CFO

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