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Q1 2015 RESULTS – Prosafe Se

Prosafe Se · May 13, 2015 · 31 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 2015 RESULTS – Prosafe Se – slide 1
    13 May 2015 Q1 2015 results
  2. Q1 2015 RESULTS – Prosafe Se – slide 2
    Agenda Recent developments Financial results Operations/projects Outlook 3
  3. Q1 2015 RESULTS – Prosafe Se – slide 3
    Recent developments Q1 utilisation of 80 per cent New debt facility secures robust financing structure for the coming years New build Safe Boreas in Norway and ready to commence operations Slight improvement in the market…
  4. Q1 2015 RESULTS – Prosafe Se – slide 4
    Agenda Recent developments Financial results Operations/projects Outlook 5
  5. Q1 2015 RESULTS – Prosafe Se – slide 5
    Income statement (Unaudited figures in USD million) Q1 15 Q4 14 Q1 14 2014 Operating revenues 124.2 154.1 91.7 548.7 Operating expenses (51.8) (60.2) (53.6) (236.1) EBITDA 72.4 93.9 38.1 312.6 Depreciation (17.0) (16.5) (15.2) (64.3)…
  6. Q1 2015 RESULTS – Prosafe Se – slide 6
    Operating revenues (USD million) Q1 15 Q4 14 Q1 14 2014 Charter income 111.8 137.2 80.5 481.2 Mob/demob income 1.0 1.0 1.1 8.8 Other income 11.4 15.9 10.1 58.7 Total 124.2 154.1 91.7 548.7 7
  7. Q1 2015 RESULTS – Prosafe Se – slide 7
    Balance sheet (Unaudited figures in USD million) 31.03.15 31.12.14 31.03.14 Goodwill 226.7 226.7 226.7 Vessels 1 096.1 1 027.3 981.3 New builds 567.6 311.8 260.3 Other non-current assets 6.0 5.7 5.1 Total non-current assets 1 896.4…
  8. Q1 2015 RESULTS – Prosafe Se – slide 8
    Key figures KEY FIGURES Q1 15 Q4 14 Q1 14 2014 Operating margin 44.6 % 50.2 % 25.0 % 45.3 % Equity ratio 34.5 % 41.2 % 43.9 % 41.2 % Return on equity 14.5 % 28.1 % 10.2 % 23.9 % Net interest bearing debt (USD million) 977.4 707.7…
  9. Q1 2015 RESULTS – Prosafe Se – slide 9
    Dividend Board of Directors has declared an interim dividend equivalent to USD 0.048 per share The shares will trade ex- dividend on 20 May The dividend will be paid in the form of NOK 0.36 per share on 3 June 10
  10. Q1 2015 RESULTS – Prosafe Se – slide 10
    Debt instalment profile Robust financing structure for the coming years Note: As the new USD 1,300 million facility includes a revolving tranche, the scheduled instalments do not necessarily imply a reduction of cash (or gross…
  11. Q1 2015 RESULTS – Prosafe Se – slide 11
    Agenda Recent developments Financial results Operations/projects Outlook 12
  12. Q1 2015 RESULTS – Prosafe Se – slide 12
    Operations Utilisation rate of 80 per cent in Q1 Safe Caledonia, Regalia and Safe Astoria were fully contracted during the quarter The five vessels operating in Mexico had an utilisation rate of 93 per cent in the first…
  13. Q1 2015 RESULTS – Prosafe Se – slide 13
    Safe Boreas Safe Boreas delivered on budget Safe Boreas has been mobilised to Norway and will be on contract from mid-May 2015 The vessel is ready to commence operations with Lundin Norway at the Edvard Grieg field 14
  14. Q1 2015 RESULTS – Prosafe Se – slide 14
    Safe Zephyrus Sister vessel of Safe Boreas Project progressing well Mechanical completion ongoing Commissioning has started First contract for Det norske at Ivar Aasen scheduled for Financial status Q1 15 USDm June 2016 Book…
  15. Q1 2015 RESULTS – Prosafe Se – slide 15
    Safe Notos and Safe Eurus Projects developing as planned Safe Notos LQ blocks lifted in March All main lifts completed ahead of contract schedule Strong capabilities The most advanced and flexible vessels for worldwide…
  16. Q1 2015 RESULTS – Prosafe Se – slide 16
    Safe Scandinavia TSV project 3 years firm (+4 years of options) contract with Statoil for use of the vessel as a Tender Support Vessel (TSV) at Oseberg st in Norway Arrived at Westcon yard in Norway for TSV conversion in March…
  17. Q1 2015 RESULTS – Prosafe Se – slide 17
    Safe Concordia and Safe Bristolia yard stays Safe Concordia Safe Concordia undertaking SPS and upgrade work at Maua yard in Brazil Availability of adequate quay/anchorage site has delayed final completion of the project Safe…
  18. Q1 2015 RESULTS – Prosafe Se – slide 18
    2015 capital expenditure Expected capital expenditure in 2015 of USD 750-800 million Increased from USD 700-750 million due to: Safe Scandinavia TSV conversion project Safe Concordia SPS and upgrade Safe Bristolia repair work…
  19. Q1 2015 RESULTS – Prosafe Se – slide 19
    Agenda Recent developments Financial results Operations/projects Outlook 20
  20. Q1 2015 RESULTS – Prosafe Se – slide 20
    High growth in global accommodation fleet Significant share of incoming No. of accommodation semis by owner vessels not originally designed 34 POSH 32 for accommodation purposes 30 Yiu Lian 28 Weak market makes it more 26 OOS…
  21. Q1 2015 RESULTS – Prosafe Se – slide 21
    High market share in key markets 22
  22. Q1 2015 RESULTS – Prosafe Se – slide 22
    North Sea slight improvement North Sea accommodation demand index Slight improvement in activity level, although still at low level 120 112 109 106 110 103 101100 Several prospects in the UK 100 99100 100 95 94 94 90 91 93 90…
  23. Q1 2015 RESULTS – Prosafe Se – slide 23
    North Sea - dayrates 24
  24. Q1 2015 RESULTS – Prosafe Se – slide 24
    Mexico short-term uncertainty Pemex has initiated substantial cost-reduction programs as a result of lower oil price Pemex has prioritized re- planning of drilling activities in recent months in order to reduce spending Contract…
  25. Q1 2015 RESULTS – Prosafe Se – slide 25
    Mexico - dayrates 26
  26. Q1 2015 RESULTS – Prosafe Se – slide 26
    Brazil potential for contract award Accommodation vessels used for safety and maintenance purposes at producing fields Lower oil price combined with country- specific issues have curbed the growth outlook compared to the picture…
  27. Q1 2015 RESULTS – Prosafe Se – slide 27
    Rest of the world interesting opportunities Australia Some demand related to hook-up and commissioning As fields are getting older, there should be potential for more maintenance and modification related work South East Asia Some…
  28. Q1 2015 RESULTS – Prosafe Se – slide 28
    Rest of world, excl. NS - dayrates 29
  29. Q1 2015 RESULTS – Prosafe Se – slide 29
    High contract visibility 30
  30. Q1 2015 RESULTS – Prosafe Se – slide 30
    Contract backlog still robust But no new contracts signed over the past twelve months Gross value of charter contracts Status end Q1 15 2 500 Firm contracts USD 1,111m + Options (1) USD 610m = Total USD 1,721m 2 000 Options…
  31. Q1 2015 RESULTS – Prosafe Se – slide 31
    Summary Safe Boreas in Norway and will commence contract mid- May Other new build projects also progressing well Some challenges on other yard projects Tendering activity is currently at a slightly higher level than in the…

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