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Q4 2010 RESULTS – Fred Olsen Energy

Fred Olsen Energy · Feb 16, 2011 · 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. Q4 2010 RESULTS – Fred Olsen Energy – slide 1
    Fred Olsen Energy ASA Fred. P Presentation t ti 4Q results lt 2010 16th of February 2011 1
  2. Q4 2010 RESULTS – Fred Olsen Energy – slide 2
    AGENDA FINANCIAL RESULT 4Q 2010 MARKETS OPERATIONS SUMMARY AND OUTLOOK 2
  3. Q4 2010 RESULTS – Fred Olsen Energy – slide 3
    Income Statement Key Figures (NOK mill) 4Q 2010 3Q 2010 Operating revenues 1.491 1.623 Recharged income 40 34 Total revenues 1.531 1.657 Operating costs (748) (565) Recharged expenses (39) (32) Total operating expenses (787) (597) O…
  4. Q4 2010 RESULTS – Fred Olsen Energy – slide 4
    EBITDA Comparison 4Q vs vs. 3Q 2010 1100 1000 110 900 104 30 MNOK 800 23 1060 39 21 11 700 744 600 500 3Q EBITDA Borgsten Bredford Borgland Byford Overhead Other Blackford 3Q EBITDA 4
  5. Q4 2010 RESULTS – Fred Olsen Energy – slide 5
    Financial Items Breakdown (NOK mill) 4Q 2010 3Q 2010 Interest income 4 2 Gains on financial instruments 53 25 Financial income 57 27 Interest expenses (18) (24) Losses on financial instruments (30) (54) Other financial expenses (4)…
  6. Q4 2010 RESULTS – Fred Olsen Energy – slide 6
    Offshore Drilling Segment (NOK mill) 4Q 2010 3Q 2010 Operating revenues 1 472 1 611 Recharged income 40 34 Total revenues 1 512 1 645 Operating costs (722) (541) Recharged expenses (39) (32) Total operating expenses (761) (573)…
  7. Q4 2010 RESULTS – Fred Olsen Energy – slide 7
    Engineering & Fabrication Segment (NOK mill) 4Q 2010 3Q 2010 Operating revenues 19 12 Operating costs (26) (24) Oper. result before depr. (EBITDA) (7) (12) Depreciation (2) (2) Operating result (EBIT) (9) (14)
  8. Q4 2010 RESULTS – Fred Olsen Energy – slide 8
    Consolidated Balance Sheet (NOK mill) 4Q 2010 3Q 2010 Intangible assets 99 99 Property, plant & equipment 10.114 10.328 Other non-current assets 39 53 Total non-current assets 10.252 10.480 Other current assets 1.772 1.888 Cash and…
  9. Q4 2010 RESULTS – Fred Olsen Energy – slide 9
    Consolidated Cash Flow (NOK mill) 4Q 2010 3Q 2010 Profit before income taxes 414 770 Depreciation and impairment 331 338 Interest expense 18 23 Gain on sale of assets - - Changes in working capital 143 199 Unrealized loss/(gain) on…
  10. Q4 2010 RESULTS – Fred Olsen Energy – slide 10
    Offshore drilling EBITDA and margin 1600,0 1500,0 75 % 1400,0 1300,0 65 % 1200,0 1100,0 55 % 1000 0 1000,0 NOK m illion 900,0 45 % 800,0 700,0 35 % 600,0 500 0 500,0 25 % 400,0 300,0 15 % 200,0 100,0 5% 00 0,0…
  11. Q4 2010 RESULTS – Fred Olsen Energy – slide 11
    Fleet status as per 15 February 2011 Rig Type / design W depth ft Location Client Contract status Day rate Next CR survey (in USD) Deepwater units Belford Dolphin Drillship 10 000 Mozambique Anadarko April '10 - April '13 532 000 1Q…
  12. Q4 2010 RESULTS – Fred Olsen Energy – slide 12
    Proposed dividend for 2010 The Board of Directors proposes to pay NOK 10 in ordinary dividend and NOK 10 in extraordinary dividend for the year 2010 Dividend payments in Fred. Olsen Energy ASA 30 Ordinary dividend Extraordinary…
  13. Q4 2010 RESULTS – Fred Olsen Energy – slide 13
    AGENDA FINANCIAL RESULT MARKETS OPERATIONS SUMMARY AND OUTLOOK 13
  14. Q4 2010 RESULTS – Fred Olsen Energy – slide 14
    Global market outlook floating units Market fundamentals ACTIVE SUPPLY AND DEMAND WORLDWIDE FLOATERS NUMBER OF UNITS remain positive 250 Deepwater Demand Shallow Water Demand Stable activity in the mid- 200 Active Supply water…
  15. Q4 2010 RESULTS – Fred Olsen Energy – slide 15
    Norwegian floater market 2011 2012 2013 High activity of contract fixtures Name Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 during 2010 Bredford Dolphin Short term exploration well West Alpha Transocean Winner demand West Navigator Songa…
  16. Q4 2010 RESULTS – Fred Olsen Energy – slide 16
    Average dayrates Norway AVERAGE DAYRATES NORWAY SEMI SUBMERSIBLE DRILLING UNITS THOUSAND USD THOUSAND USD 700 2nd Gen Norway 3rd Gen Norway 600 4th Gen Norway 5th/6th Gen Norway 500 400 300 200 100 0 81 83 85 87…
  17. Q4 2010 RESULTS – Fred Olsen Energy – slide 17
    UK floater market 2011 2012 2013 Relatively low demand during Name Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 winter season 2010/2011 Sedco 712 Borgsten Dolphin J.W. McLean Expect to see more projects Transocean Prospect Sedco 704…
  18. Q4 2010 RESULTS – Fred Olsen Energy – slide 18
    Average g dayrates y UK AVERAGE DAYRATES UK SECTOR SEMI SUBMERSIBLE DRILLING UNITS THOUSAND USD 600 2nd Gen UK 3rd Gen UK 4th Gen UK 500 400 300 200 100 0 79 81 83 85 87 89 91 93 95 97 99 01 03 05 07 09 11…
  19. Q4 2010 RESULTS – Fred Olsen Energy – slide 19
    Worldwide deepwater drilling units 19
  20. Q4 2010 RESULTS – Fred Olsen Energy – slide 20
    Global floater fleet and newbuilds 40 2.gen 3.gen 4.gen 5.gen 6.gen 35 30 25 Number of units 20 15 N 10 5 0 1973 1978 1983 1988 1993 1998 2003 2008 2013 Semi/Drillship NB Semi NB Drillship Source: Platou/…
  21. Q4 2010 RESULTS – Fred Olsen Energy – slide 21
    AGENDA FINANCIAL RESULT MARKETS OPERATIONS SUMMARY AND OUTLOOK 21
  22. Q4 2010 RESULTS – Fred Olsen Energy – slide 22
    Fred Olsen Energy operating worldwide Fred. Bideford Byford B Borgland l d Borgsten Bredford Borgholm Belford Borgny Blackford 22
  23. Q4 2010 RESULTS – Fred Olsen Energy – slide 23
    Contract schedule as per 15 February 2011 2010 2011 2012 2013 2014 Belford o Anadarko Blackford Reliance Bideford Statoil Statoil Borgland Consortium Bredford AGR 2) 2) Lundin 3) Borgny Petrobras Byford BP Borgsten 1) Borgholm…
  24. Q4 2010 RESULTS – Fred Olsen Energy – slide 24
    Contract backlog and customers Contract backlog per 15.02.2011 Customer base per 15.02.2011 1 000 000 900 000 19 % 800 000 35 % 700 000 600 000 19 % USD 1000 500 000 400 000 10 % 17 % 300 000 200 000 100 000…
  25. Q4 2010 RESULTS – Fred Olsen Energy – slide 25
    Deepwater Africa/Brazil Belford Dolphin Blackford Dolphin Continued operation under a three three-year year Three-year Three year contract with Reliance Industries Ltd. drilling contract with Anadarko expiring April Sublet to Maersk…
  26. Q4 2010 RESULTS – Fred Olsen Energy – slide 26
    Norway Bideford Dolphin Borgland Dolphin Completed the three three-year year drilling contract Continued operation under a four four-year year drilling with Statoil offshore Norway end of January contract with a consortium of eight…
  27. Q4 2010 RESULTS – Fred Olsen Energy – slide 27
    Norway / United Kingdom Bredford Dolphin Borgholm Dolphin Completed the contract with RWE DEA early Accommodation unit with 600 bed capacity. December Class renewal survey completed in January Commenced operations under a three-well…
  28. Q4 2010 RESULTS – Fred Olsen Energy – slide 28
    United Kingdom (cont (cont.)) Byford Dolphin Borgsten Dolphin Continued operation under a three three-year year Completed a two two-well well contract with Hurricane drilling contract with BP Exploration expiring Exploration PLC…
  29. Q4 2010 RESULTS – Fred Olsen Energy – slide 29
    Brazil Borgny Dolphin Operating O i under d a five-year fi drilling d illi contract with ih Petrobras in Brazil, expiring September 2013 Completed five-year class renewal survey and upgrade in April 2010 29
  30. Q4 2010 RESULTS – Fred Olsen Energy – slide 30
    Harland & Wolff Focus on ship repair, ship building, steel t l ffabrication b i ti and d engineering i i services Holds a Waste Management License for ship demolition The yard area is serving as a logistics and assembly base for…
  31. Q4 2010 RESULTS – Fred Olsen Energy – slide 31
    Summary Financial Revenues were 1.531 million EBITDA was 744 million Profit before tax was 414 million The Board of Directors recommends to propose NOK 10 in ordinary dividend per share and NOK 10 per share in extraordinary dividend…

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