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Q1 2010 EARNINGS CALL – Prosafe Se

Prosafe Se · May 12, 2010 · 36 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 2010 EARNINGS CALL – Prosafe Se – slide 1
    Larnaca, 12 May 2010 Q1 2010 results
  2. Q1 2010 EARNINGS CALL – Prosafe Se – slide 2
    3 Agenda n The quarter in brief n Financial results n Operations n Outlook n Summary n Attachments
  3. Q1 2010 EARNINGS CALL – Prosafe Se – slide 3
    4 The quarter in brief n Strong operational performance n Rig utilisation rate of 73 per cent n Safe Bristolia mobilised to the North Sea n Safe Esbjerg Special Periodic Survey (SPS) and steel renewal completed n Safe Concordia…
  4. Q1 2010 EARNINGS CALL – Prosafe Se – slide 4
    5 Agenda n The quarter in brief n Financial results n Operations n Outlook n Summary n Attachments
  5. Q1 2010 EARNINGS CALL – Prosafe Se – slide 5
    6 Income statement (Unaudited figures in USD million) Q1 10 Q4 09 Q1 09 2009 Operating revenues 87.4 106.7 81.6 397.9 Operating expenses (32.0) (34.6) (31.3) (123.6) EBITDA 55.4 72.1 50.3 274.3 Depreciation (15.4) (14.9) (12.8)…
  6. Q1 2010 EARNINGS CALL – Prosafe Se – slide 6
    7 Operating revenues (USD million) Q1 10 Q4 09 Q1 09 2009 Charter income 81.3 92.8 76.0 368.5 Mobilsaton/demobilisation income 0.2 0.6 1.1 4.0 Other income 5.9 13.3 4.6 25.4 Total 87.4 106.7 81.7 397.9
  7. Q1 2010 EARNINGS CALL – Prosafe Se – slide 7
    8 Balance sheet (Unaudited figures in USD million) 31.03.10 31.12.09 31.03.09 Goodwill 226.7 226.7 226.7 Rigs 908.4 913.5 884.1 Other non-current assets 4.6 4.9 4.3 Total non-current assets 1 139.7 1 145.1 1 115.1 Cash and deposits…
  8. Q1 2010 EARNINGS CALL – Prosafe Se – slide 8
    9 Key figures Q1 10 Q4 09 Q1 09 2009 Operating margin 45.8 % 53.6 % 46.0 % 54.9 % Equity ratio 22.2 % 19.5 % 10.4 % 19.5 % Return on equity 38.0 % -15.0 % 79.5 % 87.3 % Net interest bearing debt (USD million) 774.1 826.6 858.8…
  9. Q1 2010 EARNINGS CALL – Prosafe Se – slide 9
    10 Shareholders AS AT 03.05.2010 No. of shares Ownership Folketrygdfondet 18 295 735 8.0 % Pareto 13 928 387 6.1 % KAS Depositary Trust (nom.) 8 303 574 3.6 % Brown Brothers Harriman 8 126 855 3.5 % State Street Bank & Trust (nom.)…
  10. Q1 2010 EARNINGS CALL – Prosafe Se – slide 10
    11 Dividend n Long-term dividend policy targeting 40-50% of net profit paid tri-annually the following year n The Board resolved on 12 May 2010 to pay 0.095 USD per share in dividend. The dividend will be paid in the form of…
  11. Q1 2010 EARNINGS CALL – Prosafe Se – slide 11
    12 Agenda n The quarter in brief n Financial results n Operations n Outlook n Summary n Attachments
  12. Q1 2010 EARNINGS CALL – Prosafe Se – slide 12
    13 Safe Esbjerg class and steel renewal completed n Class and steel renewal and refurbishment undertaken at Remontowa, Gdansk n Steel renewal hull-lifetime of 20 years n On time and below budget q Capex around USD 7 million n…
  13. Q1 2010 EARNINGS CALL – Prosafe Se – slide 13
    14 Recent new contracts n BP exercised the six-month option with commencement January 2011 for the continued use of MSV Regalia n Shell exercised two short options for the continued use of Safe Astoria, last option runs until…
  14. Q1 2010 EARNINGS CALL – Prosafe Se – slide 14
    15 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 2009 2010 2011 2012…
  15. Q1 2010 EARNINGS CALL – Prosafe Se – slide 15
    16 Contract status Safe Astoria Safe Esbjerg Safe Caledonia Safe Scandinavia MSV Regalia Safe Bristolia Safe Concordia Safe Britannia 2001 Safe Lancia 1998 Safe Regency 1997 Jasminia 1998 Safe Hibernia…
  16. Q1 2010 EARNINGS CALL – Prosafe Se – slide 16
    17 Agenda n The quarter in brief n Financial results n Operations n Outlook n Summary n Attachments
  17. Q1 2010 EARNINGS CALL – Prosafe Se – slide 17
    18 Global operations North Sea Russia Gulf of Mexico West Africa SE Asia and Australia Brazil Current operations/location Previous operations
  18. Q1 2010 EARNINGS CALL – Prosafe Se – slide 18
    19 Market outlook supply Dynamically positioned semi rigs Anchored semi rigs Advanced units with high operational Primary strengths: versatility: Shallow to medium water depths All water depths, any seabed Fixed installations…
  19. Q1 2010 EARNINGS CALL – Prosafe Se – slide 19
    20 Market outlook demand UK and Norwegian North Sea Maintenance, upgrade and tie-in work required in coming years Four of our semi rigs are operating in the North Sea in 2010 We expect several tenders in 2010 for contracts…
  20. Q1 2010 EARNINGS CALL – Prosafe Se – slide 20
    21 Market outlook demand Mexico High construction and maintenance activity offshore Currently five of our rigs are operating in Mexico We expect stable demand going forward
  21. Q1 2010 EARNINGS CALL – Prosafe Se – slide 21
    22 Market outlook - demand Emerging markets North Sea Mexico West Africa Southeast Asia Brazil and Australia Mature regions Emerging markets / potential growth regions
  22. Q1 2010 EARNINGS CALL – Prosafe Se – slide 22
    23 North Sea dayrates (time charter) 400,00 350,00 300,00 250,00 USD k 200,00 150,00 100,00 50,00 0,00 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 MSV Regalia Safe…
  23. Q1 2010 EARNINGS CALL – Prosafe Se – slide 23
    24 Gulf of Mexico dayrates (bareboat) 100,00 90,00 80,00 70,00 60,00 USD k 50,00 40,00 30,00 20,00 10,00 0,00 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Safe Britannia…
  24. Q1 2010 EARNINGS CALL – Prosafe Se – slide 24
    25 Agenda n The quarter in brief n Financial results n Operations n Outlook n Summary n Attachments
  25. Q1 2010 EARNINGS CALL – Prosafe Se – slide 25
    26 Summary n Good market outlook and high tender activity n Leading market position n High quality and versatile rig fleet n Robust financial position, low-cost financing and efficient tax structure Leading position in a good…
  26. Q1 2010 EARNINGS CALL – Prosafe Se – slide 26
    27 Agenda n The quarter in brief n Financial results n Operations n Outlook n Summary n Attachments
  27. Q1 2010 EARNINGS CALL – Prosafe Se – slide 27
    28 Debt as of end Q1 2010 n Credit facility q Credit facility was initially drawn in May 2008 at USD 1.1 billion q Maturity of seven years q The applicable margin on the credit facility will vary in the range from 0.65% to 0.95%…
  28. Q1 2010 EARNINGS CALL – Prosafe Se – slide 28
    29 Debt as of end Q1 2010 n Total interest-bearing debt USD 873.6 million: q Credit facility: USD 740 million (long-term) q Bond loan: USD 50 million (long-term) q Bond loan: NOK 500 million (long-term)
  29. Q1 2010 EARNINGS CALL – Prosafe Se – slide 29
    30 Financial covenants as of end Q1 2010 n Financial covenants in the credit facility: q Minimum cash of USD 65 million in the group q Maximum leverage ratio of 4.5 q Minimum value adjusted equity ratio of 35 per cent q Market…
  30. Q1 2010 EARNINGS CALL – Prosafe Se – slide 30
    31 Rig name Location Client name Type of contract Firm contract Option Dayrate Current contract MSV Regalia Norwegian North Sea, Valhall BP Time charter Jan 11 - Jul 11 USD 242 000 Jan 10 - Jan 11 USD 231 000 Jul 09 - Jan 10 USD 220…
  31. Q1 2010 EARNINGS CALL – Prosafe Se – slide 31
    32 Safe Concordia GoM, Cantarell Interpetroleum Services (for Pemex) Bareboat May 09 - Oct 09 USD 75 000 US, Tahiti spar ChevronTexaco Time charter Aug 08 - Jan 09 USD 225 000 GoM, Cantarell Interpetroleum Services (for Pemex)…
  32. Q1 2010 EARNINGS CALL – Prosafe Se – slide 32
    33 Fleet overview Name MSV Regalia Safe Scandinavia Safe Caledonia Geographical area Harsh environment, NCS Harsh environment, NCS Harsh environment Mooring system DP 12 point chain winches 10 point wire winches Station keeping…
  33. Q1 2010 EARNINGS CALL – Prosafe Se – slide 33
    34 Fleet overview Name Safe Astoria Safe Bristolia Safe Esbjerg Geographical area Moderately harsh env. Moderately harsh env. Harsh environment Mooring system 8 point wire winches 8 point wire winches 4 point wire winches…
  34. Q1 2010 EARNINGS CALL – Prosafe Se – slide 34
    35 Fleet overview Name Safe Britannia Safe Lancia Safe Hibernia Geographical area Harsh env. Moderately harsh env. Harsh environment Mooring system 9 point wire winches 8 point chain winches 12 point wire winches Station keeping…
  35. Q1 2010 EARNINGS CALL – Prosafe Se – slide 35
    36 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…
  36. Q1 2010 EARNINGS CALL – Prosafe Se – slide 36
    37 Financial calendar and IR contacts Financial calendar IR contacts n 26 August 2010 Publication, presentation and web cast Karl Ronny Klungtvedt of Q2 2010 result Exec. VP Strategy and Corporate planning…

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