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Q1 2011 RESULT – Dof Asa

Dof Asa · May 25, 2011 · 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. Q1 2011 RESULT – Dof Asa – slide 1
    DOF ASA Q1 2011 CEO - Mons S. Aase CFO - Hilde Drnen Photo Bernhard Hansen
  2. Q1 2011 RESULT – Dof Asa – slide 2
    Agenda Highlights Q1 Overview Group Status DOF Subsea Status Supply Q1 Financials Outlook Photo: Tom Gulbransen www.dof.no DOF ASA Presentation 2011 - 2
  3. Q1 2011 RESULT – Dof Asa – slide 3
    Highlights Q1 Contracts: New 4 years contract with Petrobras for Skandi Leblon 4-6 months contract for Skandi Falcon at good rate 3 months contract for Skandi Sotra at good rate 2 x 6 years contracts with ConocoPhillips Norway 3 x 7…
  4. Q1 2011 RESULT – Dof Asa – slide 4
    Highlights Q1 Geograph onhire to Petrobras in February Skandi Commander rebuilt and onhire to Petrobras in May Skandi Gamma delivered and onhire to Statoil in February Skandi Hercules repositioned to Asia. Commenced first job in…
  5. Q1 2011 RESULT – Dof Asa – slide 5
    Company overview DOF ASA Norskan Ltda DOF Subsea Holding Ship owning company Modern fleet Modern fleet 17 AHTSs 3 AHTSs 7 PSVs DOF Subsea 17 PSVs 2 CSVs 3 CSV Modern fleet & Equipment 21 CSV/ROV vessels 44 ROVs + 1 AUV Leading…
  6. Q1 2011 RESULT – Dof Asa – slide 6
    The fleet market segments PSV AHTS ROV/OCSV/DSV/ Total fleet No. of vessels SEISMIC VESSELS DOF ASA 17 3 3 23 NORSKAN OFFSHORE 7 12 2 21 DOF SUBSEA AS 0 0 21 21 DOF INSTALLER ASA 0 0 3 3 AKER DOF DEEPWATER AS 0 5 0 5 Total…
  7. Q1 2011 RESULT – Dof Asa – slide 7
    Global Player 26 Austevoll Bergen Moscow Aberdeen St. Johns 1 Houston Cairo 1 Manila Singapore Brunei Angola Jakarta Macae 2 Rio de Janeiro Perth 4 24 Buenos Aires GEOGRAPHICAL FOCUS AREAS www.dof.no DOF ASA…
  8. Q1 2011 RESULT – Dof Asa – slide 8
    Long Term Contracted Cash Flows DOF group has solid cash flow visibility over the next 3-5 years By 31st March 2011 the total back-log (incl. options) was approx NOK 38 bn Firm contract counts for NOK 20 bn Options count for NOK 18…
  9. Q1 2011 RESULT – Dof Asa – slide 9
    DOF SUBSEA www.dof.no DOF ASA Presentation 2011 - 9
  10. Q1 2011 RESULT – Dof Asa – slide 10
    DOF Subsea Contract Coverage (Vessels) 2011 2012 2013 2014 2015 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 Geograph Ocean Protector Skandi Seven Long…
  11. Q1 2011 RESULT – Dof Asa – slide 11
    DOF Subsea Contract Coverage (ROV & Others) 2011 2012 2013 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Norskan Botafogo P etro bras Skandi Fluminence P etro bras Norskan Skandi Chieftain P etro bras Sk Commander P etro bras Skandi Aker…
  12. Q1 2011 RESULT – Dof Asa – slide 12
    Newbuilds planned to deliver in 2011 Skandi Singapore Skandi Niteroi DOFSUB Asia project vessel Construction vessel (OSCV 06) DP II Dive Support Vessel LOA: 141.3 m 2 x Triton XLX W ROV Breadth: 27.0m 18 man saturation diving…
  13. Q1 2011 RESULT – Dof Asa – slide 13
    Newbuilds planned to deliver in 2011 Skandi Skansen Construction & AHTS vessel 90 men accommodation Hybrid propulsion The Skandi Skansen also features STX's new bow design, optimised for Eco-drive 361 t Bollard Pull in all…
  14. Q1 2011 RESULT – Dof Asa – slide 14
    New vessel in 2011 Skandi Constructor (M/S Sarah) All specifications are subject to changes without prior LOA 120.2 m notice. Please contact us for details and verifications. B = 25.0 m LPP 112.3 m www.dof.no DOF ASA…
  15. Q1 2011 RESULT – Dof Asa – slide 15
    Photo: Tom Gulbransen Status Supply Skandi Nova (STX MRV 05, B.nr. 779) Skandi Hugen (STX MRV 05 ROV, B.nr. 780) Skandi Mary (STX MRV 05 SP, B.nr. 778) www.dof.no DOF ASA Presentation 2011 - 15
  16. Q1 2011 RESULT – Dof Asa – slide 16
    DOF Contract Coverage 2011 2012 2013 2014 2015 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 PSV 1 Skandi Falcon M OG 2 Skandi Marstein SHELL UK Opt Nov…
  17. Q1 2011 RESULT – Dof Asa – slide 17
    Aker DOF Deepwater - Contract Coverage Aker DOF Deepwater AS - 50% DOF Vessel Name 2011 2012 2013 2014 2015 J FM AM J J A S ON D J FM AM J J A S ON D J FM AM J J A S ON D J FM AM J J A S ON D J FM AM J J A S ON D 1 Skandi P eregrino…
  18. Q1 2011 RESULT – Dof Asa – slide 18
    DOF / Norskan /DOF Subsea Contracts in Brazil 2 0 11 2 0 12 2 0 13 2 0 14 2 0 15 Vessel Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 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…
  19. Q1 2011 RESULT – Dof Asa – slide 19
    Newbuilds Supply in 2011 3 x AH08 Skandi Gamma Skandi Feistein (STX PSV09 CD) Skandi Amazonas Skandi Hawk www.dof.no DOF ASA Presentation 2011 - 19
  20. Q1 2011 RESULT – Dof Asa – slide 20
    Financials www.dof.no DOF ASA Presentation 2011 - 20
  21. Q1 2011 RESULT – Dof Asa – slide 21
    Financial/Operational Highlights Q1 2011 Utilization Subsea fleet (75%) 6 vessels partly off hire due to conversion/docking and transit new operational areas Low activity in the North Sea Stable activity in Australia and Brazil…
  22. Q1 2011 RESULT – Dof Asa – slide 22
    Result Q1 2010 (MNOK) ALL FIGURES IN NOK MILLION Q1 2011 Q1 2010 2010 Opera ting i ncome 1 386 1 129 5 462 Opera ting expens es ves s el s 1 011 791 3 753 Operating profit before depreciation EBITDA 375 338 1 709 Depreci a tion 263…
  23. Q1 2011 RESULT – Dof Asa – slide 23
    P&L Q1 2011 Supply and Subsea ALL FIGURES IN NOK MILLION DOF ASA DOF SUBSEA Total Q1 2011 Q1 2011 Q1 2011 Operating income 495 891 1 386 Total operating income 495 891 1 386 Operating expenses 342 669 1 011 Total operating…
  24. Q1 2011 RESULT – Dof Asa – slide 24
    Results - Business Segments ALL FIGURES IN NOK MILLION EBITDA Q1 2011 EBITDA Q1 2011 Q1 2010 PSV 58 62 16 % AHTS 103 80 CSV 214 196 57 % 27 % Total 375 338 EBITDA Q1 2010 18 % 58 % 24 % Stable allocation on…
  25. Q1 2011 RESULT – Dof Asa – slide 25
    Results Geographical Segments ALL FIGURES IN NOK MILLION EBITDA EBITDA Q1 2011 Q1 2011 Q1 2010 Europe/ West Africa 59 85 16 % Australasia 23 35 6% Brazil 105 104 50 % America/Worldwide 188 114 Total 375 338 28 % EBITDA…
  26. Q1 2011 RESULT – Dof Asa – slide 26
    Currency effects on Q1 2010 results ALL FIGURES IN NOK MILLION ALL FIGURES IN NOK MILLION Financial items Q1 2011 Q1 2010 Acc 2010 Share of loss profit from associated 2 1 -5 Interest reveneue 13 12 75 Interest costs -249 -129 -772…
  27. Q1 2011 RESULT – Dof Asa – slide 27
    Balance Q4 2010 (MNOK) ALL FIGURES IN NOK MILLION 31.03.2011 31.03.2010 31.12.2010 ASSETS Intangible assets 501 474 506 Fixed assets 22 324 18 613 21 632 Financial assets 366 212 285 Total non current assets 23 191 19 299 22 423…
  28. Q1 2011 RESULT – Dof Asa – slide 28
    Key figures Q1 2010 Q4 2011 Q1 2010 2010 EBITDA margin 27 % 30 % 31 % EBIT margin 8% 9% 10 % Cashflow per share 3,09 4,99 11,91 Profit per share ex. minority interest -0,04 -0,49 -1,53 Profit per share ex. unrealized loss/gain -1,77…
  29. Q1 2011 RESULT – Dof Asa – slide 29
    DOF asset values Fair market values DOF fleet have been stable and slightly increased since 2007 Total FMV values: PSV 4,9 bn, AHTS 13,4 bn, CSV 15,7 bn Market value vessel - split on segment valuations PSV, MT 6000, AHTS UT 755,…
  30. Q1 2011 RESULT – Dof Asa – slide 30
    Significant Asset Coverage The combined market value DOF vessels per March is NOK 24 bn Supply FMV NOK 10,3 bn NIBD NOK 6,0 bn Subsea FMV NOK 12,7 bn NIBD NOK 8,0 bn NOK 23,0 bn NOK 14,0 bn Asset-level gearing on the fleet…
  31. Q1 2011 RESULT – Dof Asa – slide 31
    OUTLOOK www.dof.no DOF ASA Presentation 2011 - 31
  32. Q1 2011 RESULT – Dof Asa – slide 32
    SHORT TERM OUTLOOK (Q2) PSV: 100% contract coverage for PSVs in Q2 Higher rates for Skandi Falcon and Skandi Sotra Higher rate for Skandi Leblon on new contract Skandi Gamma, delivered in February, full utilization in Q2 AHTS:…
  33. Q1 2011 RESULT – Dof Asa – slide 33
    Long Term Outlook Ebitda growth new vessels H1 2011 H2 2011 2012 2013 Skandi Urca (8 yrs Petrobras) Skandi Iguacu (8 yrs Petrobras) Skandi Parati Skandi Angra (8 yrs Petrobras) Skandi Pacific Skandi Vietnam 6 Skandi Kvitsy…
  34. Q1 2011 RESULT – Dof Asa – slide 34
    Thank you This presentation and webcast is available at: www.dof.no

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