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Q4 2012 EARNINGS CALL – Fred Olsen Energy

Fred Olsen Energy · Feb 6, 2013 · 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. Q4 2012 EARNINGS CALL – Fred Olsen Energy – slide 1
    Fred. Olsen Energy ASA Presentation 4Q results 2012 Oslo, 6 February 2013 1
  2. Q4 2012 EARNINGS CALL – Fred Olsen Energy – slide 2
    AGENDA FINANCIAL RESULT 4Q 2012 MARKETS OPERATIONS SUMMARY 2
  3. Q4 2012 EARNINGS CALL – Fred Olsen Energy – slide 3
    Income Statement Key Figures (NOK mill) 4Q 2012 3Q 2012 Operating revenues 1 569 1 829 Recharged income 59 72 Total revenues 1 628 1 901 Operating costs (822) (840) Recharged expenses (56) (69) Total operating expenses (878) (909)…
  4. Q4 2012 EARNINGS CALL – Fred Olsen Energy – slide 4
    EBITDA Comparison 4Q 2012 vs. 3Q 2012 1000 950 130 900 850 39 800 39 32 MNOK 750 992 80 79 700 650 750 600 550 500 3Q EBITDA Borgsten Blackford Overhead H&W Other Bredford 4Q EBITDA 4
  5. Q4 2012 EARNINGS CALL – Fred Olsen Energy – slide 5
    Financial Items Breakdown (NOK mill) 4Q 2012 3Q 2012 Interest income 4 5 Gains on financial instruments 16 11 Financial income 20 16 Interest expenses (60) (65) Capitalized borrowing cost (projects) 17 30 Losses on financial…
  6. Q4 2012 EARNINGS CALL – Fred Olsen Energy – slide 6
    Offshore Drilling Segment (NOK mill) 4Q 2012 3Q 2012 Operating revenues 1 532 1 642 Recharged income 59 72 Total revenues 1 591 1 714 Operating costs (781) (682) Recharged expenses (56) (69) Total operating expenses (837) (751) Oper.…
  7. Q4 2012 EARNINGS CALL – Fred Olsen Energy – slide 7
    Engineering & Fabrication Segment (NOK mill) 4Q 2012 3Q 2012 Operating revenues 37 187 Operating costs (40) (158) Oper. result before depr. (EBITDA) (3) 29 Depreciation (2) (2) Operating result (EBIT) (5) 27
  8. Q4 2012 EARNINGS CALL – Fred Olsen Energy – slide 8
    Consolidated Balance Sheet (NOK mill) 4Q 2012 3Q 2012 Intangible assets 99 99 Property, plant & equipment 12 685 12 427 Other non-current assets 57 61 Total non-current assets 12 841 12 587 Other current assets 1 584 1 971 Cash and cash…
  9. Q4 2012 EARNINGS CALL – Fred Olsen Energy – slide 9
    Consolidated Cash Flow (NOK mill) 4Q 2012 3Q 2012 Profit before income taxes 313 566 Depreciation and impairment 356 330 Interest expense 43 35 Gain on sale of assets 4 - Changes in working capital 507 26 Unrealized loss/(gain)…
  10. Q4 2012 EARNINGS CALL – Fred Olsen Energy – slide 10
    Offshore drilling EBITDA and margin 1600,0 80 % 1500,0 1400,0 70 % 1300,0 1200,0 60 % 1100,0 1000,0 50 % 900,0 NOK m illion 800,0 40 % 700,0 600,0 30 % 500,0 400,0 20 % 300,0 200,0 10 % 100,0 0,0 0% -100,0 -200,0…
  11. Q4 2012 EARNINGS CALL – Fred Olsen Energy – slide 11
    Dividend The Board of Directors will propose to the AGM in May 2013 to distribute NOK 10 as ordinary dividend and NOK 10 as extraordinary dividend Dividend payments in Fred. Olsen Energy ASA 30 Ordinary dividend Extraordinary…
  12. Q4 2012 EARNINGS CALL – Fred Olsen Energy – slide 12
    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 - delivery 1Q'15 SS / Moss 10 000 UK Chevron 1Q 2015- 2Q 2020 560 000 1Q 2020…
  13. Q4 2012 EARNINGS CALL – Fred Olsen Energy – slide 13
    FINANCIAL RESULT MARKETS OPERATIONS SUMMARY 13
  14. Q4 2012 EARNINGS CALL – Fred Olsen Energy – slide 14
    Global market outlook floating units Following the very active first quarters, a consolidation has been seen in the ultra- deepwater market during last quarter Continued low contracting activity in Brazil Active North Sea…
  15. Q4 2012 EARNINGS CALL – Fred Olsen Energy – slide 15
    Norwegian floater market 2013 2014 2015 Name Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Solid market which improved Polar Pioneer Transocean Barents further during the last year West Navigator Transocean Winner Transocean Arctic No…
  16. Q4 2012 EARNINGS CALL – Fred Olsen Energy – slide 16
    Average dayrates Norway 16
  17. Q4 2012 EARNINGS CALL – Fred Olsen Energy – slide 17
    UK floater market Significant strengthening of Name Q1 2013 Q2 Q3 Q4 Q1 2014 Q2 Q3 Q4 Q1 2015 Q2 Q3 Q4 the market during 2012, J.W. McLean resulting in longer contracts Sedco 712 Ocean Princess at improved rates WilPhoenix…
  18. Q4 2012 EARNINGS CALL – Fred Olsen Energy – slide 18
    Average dayrates UK 18
  19. Q4 2012 EARNINGS CALL – Fred Olsen Energy – slide 19
    Dayrates deepwater drilling units worldwide 19
  20. Q4 2012 EARNINGS CALL – 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 10 5 0 1973 1977 1981 1985 1989 1993 1997 2001 2005 2009 2013 2017+ Semi/Drillship NB Semi NB Drillship…
  21. Q4 2012 EARNINGS CALL – Fred Olsen Energy – slide 21
    FINANCIAL RESULT MARKETS OPERATIONS SUMMARY 21
  22. Q4 2012 EARNINGS CALL – Fred Olsen Energy – slide 22
    Fred. Olsen Energy operating worldwide Bideford Byford Borgland Borgsten Bredford Borgholm Bolette newbuild UDW drillship Bollsta - newbuild HE/UDW semi Belford Borgny Blackford 22
  23. Q4 2012 EARNINGS CALL – Fred Olsen Energy – slide 23
    Contract schedule 2013 2014 2015 2016 2017 2018 2019 2020 Bolette Anadarko Bollsta Chevron Belford Anadarko Blackford 1) 2) Borgny Petrobras Bideford Statoil Statoil Borgland RMN con. RMN consortium Bredford Lundin AGR…
  24. Q4 2012 EARNINGS CALL – Fred Olsen Energy – slide 24
    Contract backlog and customer base Contract backlog 1 300 000 Customer base 1 200 000 1 100 000 1 000 000 Anadarko 900 000 19 % Chevron 25 % 800 000 Statoil USD 1000 700 000 3% BP 600 000 5% Total 500 000 5% Lundin…
  25. Q4 2012 EARNINGS CALL – Fred Olsen Energy – slide 25
    Bolette Dolphin newbuild project Derrick assembly completed and installed Drillship launched, mechanical completion ongoing Commissioning phase commenced 25
  26. Q4 2012 EARNINGS CALL – Fred Olsen Energy – slide 26
    Bollsta Dolphin Moss Maritime CS 60 E (Enhanced) design from HHI Estimated delivery 1Q 2015, total cost estimated to USD 740 million including two BOPs Secured a five-year contract with Chevron for operations West of Shetland in the…
  27. Q4 2012 EARNINGS CALL – Fred Olsen Energy – slide 27
    Ultra deepwater Africa Bolette Dolphin Belford Dolphin Drillship from Hyundai Heavy Industries with Commenced a new four-year contract with estimated delivery 3Q 2013 Anadarko from January 2012 In November 2011, a four-year contract…
  28. Q4 2012 EARNINGS CALL – Fred Olsen Energy – slide 28
    Midwater - Norway Borgland Dolphin Bideford Dolphin Continued operation under a four-year drilling Continued operations under a three-year contract with a consortium managed by RMN (Rig drilling contract with Statoil estimated to…
  29. Q4 2012 EARNINGS CALL – Fred Olsen Energy – slide 29
    Midwater - Norway / United Kingdom Bredford Dolphin Borgholm Dolphin Continued under the drilling contract with Accommodation unit with 303 bed capacity Lundin Norway AS, estimated to be completed end of January 2014 Completed…
  30. Q4 2012 EARNINGS CALL – Fred Olsen Energy – slide 30
    Midwater - United Kingdom (cont.) Byford Dolphin Borgsten Dolphin Continued operation under a three-year The four month scheduled yard stay for drilling contract with BP Exploration conversion into tender support vessel and early…
  31. Q4 2012 EARNINGS CALL – Fred Olsen Energy – slide 31
    Deepwater/ midwater - Brazil Blackford Dolphin Borgny Dolphin Commenced the three-well contract with Karoon Operating under a five-year drilling contract Petroleo & Gas S.A mid December 2012. Estimated to with Petrobras in Brazil. The…
  32. Q4 2012 EARNINGS CALL – Fred Olsen Energy – slide 32
    Harland & Wolff Focus on ship repair, ship building, steel fabrication and engineering services The yard area is suitable for serving as a logistics and assembly base for offshore windfarms and construction projects, with several…
  33. Q4 2012 EARNINGS CALL – Fred Olsen Energy – slide 33
    Summary Financial Revenues were 1,628 million EBITDA was 750 million Profit before tax was 313 million Contract backlog amounting to approximately USD 5.1 billion The Board of Directors will propose to the AGM in May 2013 an…
  34. Q4 2012 EARNINGS CALL – Fred Olsen Energy – slide 34
    Q&A 34

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