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Q2 2014 EARNINGS CALL – Fred Olsen Energy

Fred Olsen Energy · Jul 11, 2014 · 32 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 – Fred Olsen Energy – slide 1
    Presentation 2Q 2014 Oslo 11th July 2014
  2. Q2 2014 EARNINGS CALL – Fred Olsen Energy – slide 2
    AGENDA FINANCIAL RESULT 2Q 2014 MARKETS OPERATIONS SUMMARY
  3. Q2 2014 EARNINGS CALL – Fred Olsen Energy – slide 3
    Income Statement Key Figures (USD mill) 2Q 2014 1Q 2014 Change Operating revenues 256,8 259,2 (2,4) Recharged income 16,5 18,6 (2,1) Total revenues 273,3 277,8 (4,5) Operating costs (150,5) (157,7) 7,2 Recharged expenses (16,2) (18,1)…
  4. Q2 2014 EARNINGS CALL – Fred Olsen Energy – slide 4
    EBITDA Comparison 2Q 2014 vs. 1Q 2014
  5. Q2 2014 EARNINGS CALL – Fred Olsen Energy – slide 5
    Financial Items Breakdown (USD mill) 2Q 2014 1Q 2014 Change Interest income 1,0 0,7 0,3 Gains on financial instruments - 0,8 (0,8) Financial income 1,0 1,5 (0,5) Interest expenses (14,8) (11,0) (3,8) Capitalized borrowing cost…
  6. Q2 2014 EARNINGS CALL – Fred Olsen Energy – slide 6
    Offshore Drilling Segment (USD mill) 2Q 2014 1Q 2014 Change Operating revenues 249,0 248,5 0,5 Recharged income 16,5 18,6 (2,1) Total revenues 265,5 267,1 (1,6) Operating costs (140,9) (145,2) 4,3 Recharged expenses (16,2) (18,1) 1,9…
  7. Q2 2014 EARNINGS CALL – Fred Olsen Energy – slide 7
    Engineering & Fabrication Segment (USD mill) 2Q 2014 1Q 2014 Change Operating revenues (external) 7,8 10,7 (2,9) Inter-segment revenues 15,9 37,7 (21,8) Total operating revenues 23,7 48,4 (24,7) Operating costs (18,7) (44,3) 25,6…
  8. Q2 2014 EARNINGS CALL – Fred Olsen Energy – slide 8
    Consolidated Balance Sheet (USD mill) 2Q 2014 1Q 2014 Change Intangible assets 16,0 16,5 (0,5) Property, plant & equipment 2 822,8 2 595,9 226,9 Other non-current assets 27,1 27,4 (0,3) Total non-current assets 2 865,9 2 639,8 226,1…
  9. Q2 2014 EARNINGS CALL – Fred Olsen Energy – slide 9
    Consolidated Cash Flow (USD mill) 2Q 2014 1Q 2014 Change Profit before income taxes 16,3 24,5 (8,2) Depreciation and impairment 87,8 62,6 25,2 Interest expense 12,8 7,8 5,0 Changes in working capital 25,7 13,8 11,9 Unrealized…
  10. Q2 2014 EARNINGS CALL – Fred Olsen Energy – slide 10
    Offshore drilling EBITDA and margin
  11. Q2 2014 EARNINGS CALL – Fred Olsen Energy – slide 11
    Fleet status Rig Type / design W depth ft Location Client Contract status Day rate (in USD) Next CR survey Ultra-deepwater and deepwater units Bollsta Dolphin SS / Moss 10 000 UK Chevron 4Q 2015- 4Q 2020 560 000 1Q 2020 Bolette Dolphin…
  12. Q2 2014 EARNINGS CALL – Fred Olsen Energy – slide 12
    Financing New bank credit facility of USD 2 billion Six year facility signed with a syndicate of banks including Eksportkreditt/GIEK Margin of US Libor +2.30% Includes USD 400 million in revolving credit facility and USD 550 million…
  13. Q2 2014 EARNINGS CALL – Fred Olsen Energy – slide 13
    FINANCIAL RESULT MARKETS OPERATIONS SUMMARY
  14. Q2 2014 EARNINGS CALL – Fred Olsen Energy – slide 14
    Global market outlook floating units In general, continued low contracting activity in all market segments Some increase in number of contract fixtures during the quarter, however still at a low level An increase of number of…
  15. Q2 2014 EARNINGS CALL – Fred Olsen Energy – slide 15
    Norwegian floater market 2014 2015 2016 Continued low contracting Name Ocean Vanguard Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 West Navigator activity in the quarter Transocean Leader Transocean Searcher Transocean Spitsbergen…
  16. Q2 2014 EARNINGS CALL – Fred Olsen Energy – slide 16
    Average dayrates Norway
  17. Q2 2014 EARNINGS CALL – Fred Olsen Energy – slide 17
    UK floater market 2014 2015 2016 Relatively low contracting Nam e Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 J.W. McLean activity in the quarter, with Ocean Princess GSF Arctic III only a few new short term Transocean Prospect West…
  18. Q2 2014 EARNINGS CALL – Fred Olsen Energy – slide 18
    Average dayrates UK
  19. Q2 2014 EARNINGS CALL – Fred Olsen Energy – slide 19
    Dayrates deepwater drilling units worldwide
  20. Q2 2014 EARNINGS CALL – Fred Olsen Energy – slide 20
    FINANCIAL RESULT MARKETS OPERATIONS SUMMARY
  21. Q2 2014 EARNINGS CALL – Fred Olsen Energy – slide 21
    Fred. Olsen Energy Operating worldwide Byford Dolphin Greenland Bideford Dolphin Borgsten Borgland Dolphin Dolphin Iceland Borgholm Russia Sweden Dolphin Norway Finnland Bredford Dolphin Canada…
  22. Q2 2014 EARNINGS CALL – Fred Olsen Energy – slide 22
    Contract overview 2014 2015 2016 2017 2018 2019 2020 Bolette Anadarko Bollsta Chevron Belford Anadarko Blackford 1) Nexen Chevron Borgny 2) Bideford Statoil Borgland RMN consortium Bredford AGR consortium Byford BP Borgsten…
  23. Q2 2014 EARNINGS CALL – Fred Olsen Energy – slide 23
    Contract backlog Contract backlog Customer base Total backlog ca. USD 4.0 billion
  24. Q2 2014 EARNINGS CALL – Fred Olsen Energy – slide 24
    Bollsta Dolphin Harsh environment ultra deepwater semi-submersible under construction Moss Maritime CS 60 E (Enhanced) design from Hyundai Heavy Industries Delivery is scheduled to 3Q 2015 Block erection continued during the…
  25. Q2 2014 EARNINGS CALL – Fred Olsen Energy – slide 25
    Ultra deepwater Bolette Dolphin Belford Dolphin Newbuild ultra deepwater drillship from Hyundai Heavy Commenced a new four-year contract with Anadarko Industries delivered 21st of February 2014 from January 2012 Has secured a…
  26. Q2 2014 EARNINGS CALL – Fred Olsen Energy – slide 26
    Midwater - Norway Borgland Dolphin Bideford Dolphin Commenced a new contract with a new RMN consortium Operates under a three-year contract with Statoil in April 2014. Estimated duration is 3.5 years Entered into CCB yard end of April…
  27. Q2 2014 EARNINGS CALL – Fred Olsen Energy – slide 27
    Midwater - Norway / United Kingdom Bredford Dolphin Borgholm Dolphin Continued under the 12-well contract with an AGR Currently under a one year contract with Shell, estimated consortium. The contract is expected to expire end of to…
  28. Q2 2014 EARNINGS CALL – Fred Olsen Energy – slide 28
    Midwater - United Kingdom (cont.) Byford Dolphin Borgsten Dolphin Continued under a three-year drilling contract with BP Continued under the tender support services contract of Exploration, estimated to expire April 2016 40 months…
  29. Q2 2014 EARNINGS CALL – Fred Olsen Energy – slide 29
    Deepwater United Kingdom / midwater Brazil Blackford Dolphin Borgny Dolphin The unit completed the five-year class renewal survey and Completed the five-year drilling contract with upgrades at H&W yard end of June Petrobras early June…
  30. Q2 2014 EARNINGS CALL – Fred Olsen Energy – slide 30
    Harland & Wolff Focus on ship repair, ship building, steel fabrication and engineering services Class renewal survey of Blackford Dolphin continued during the quarter, with completion end of June The engineering phase for fabrication…
  31. Q2 2014 EARNINGS CALL – Fred Olsen Energy – slide 31
    Summary Financial Revenues were USD 273 million EBITDA was USD 107 million Profit before tax was USD 16 million Contract backlog amounting to approximately USD 4.0 billion Refinancing of fleet loan including financing for Bollsta…
  32. Q2 2014 EARNINGS CALL – Fred Olsen Energy – slide 32
    Q&A

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