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Q1 2012 EARNINGS CALL – Prosafe Se

Prosafe Se · May 23, 2012 · 33 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 2012 EARNINGS CALL – Prosafe Se – slide 1
    23 May 2012 Q1 2012 results
  2. Q1 2012 EARNINGS CALL – Prosafe Se – slide 2
    Agenda Introduction Financial results Operations Outlook Attachments 3
  3. Q1 2012 EARNINGS CALL – Prosafe Se – slide 3
    Prosafe the leading accommodation rig company Global leader The worlds leading owner and operator of semi-submersible accommodation rigs in harsh environments Strategically focused on high- end accommodation segment Long track…
  4. Q1 2012 EARNINGS CALL – Prosafe Se – slide 4
    Growth achieved with a robust financial position Growth achieved by: Good operating performance At all times, a robust financial position An efficient financing and tax structure (low cost of funding) Returning capital to…
  5. Q1 2012 EARNINGS CALL – Prosafe Se – slide 5
    Recent Prosafe developments Rig utilisation rate of 83 per cent in Q1 With several recent contract awards the order book has increased considerably: Safe Caledonia: contract with BP in the UK to commence after the life extension…
  6. Q1 2012 EARNINGS CALL – Prosafe Se – slide 6
    Agenda Introduction Financial results Operations Outlook Attachments 7
  7. Q1 2012 EARNINGS CALL – Prosafe Se – slide 7
    Income statement (Unaudited figures in USD million) Q1 12 Q4 11 Q1 11 2011 Operating revenues 125.7 121.7 71.1 449.6 Operating expenses (51.1) (53.2) (41.3) (192.0) EBITDA 74.6 68.5 29.8 257.6 Depreciation (14.0) (16.7) (15.7) (65.3)…
  8. Q1 2012 EARNINGS CALL – Prosafe Se – slide 8
    Operating revenues (USD million) Q1 12 Q1 11 Q4 11 2011 Charter income 115.1 64.2 106.6 400.7 Mob/demob income 0.0 1.4 2.0 4.1 Other income 10.6 5.5 13.1 44.8 Total 125.7 71.1 121.7 449.6 9
  9. Q1 2012 EARNINGS CALL – Prosafe Se – slide 9
    Balance sheet (Unaudited figures in USD million) 31.03.12 31.12.11 31.03.11 Goodwill 226.7 226.7 226.7 Rigs 901.9 893.7 911.2 New build 59.4 58.3 0.0 Other non-current assets 5.0 5.1 4.5 Total non-current assets 1 193.0 1 183.8 1 142.4…
  10. Q1 2012 EARNINGS CALL – Prosafe Se – slide 10
    Key figures KEY FIGURES Q1 12 Q4 11 Q1 11 2011 Operating margin 48.2 % 42.6 % 19.8 % 42.8 % Equity ratio 35.1 % 33.6 % 32.5 % 33.6 % Return on equity 40.2 % 33.5 % 6.5 % 36.2 % Net interest bearing debt (USD million) 660.1 667.1 636.3…
  11. Q1 2012 EARNINGS CALL – Prosafe Se – slide 11
    Dividend An interim dividend equivalent to USD 0.133 per share declared In line with policy of paying out up to 75 per cent of previous years net profit (2011 EPS USD 0.71) The shares will trade ex- dividend on 31 May The…
  12. Q1 2012 EARNINGS CALL – Prosafe Se – slide 12
    Steady growth in dividend Dividend payments 0.6 Policy of paying out up to 75 per cent of previous years 0.5 net profit in four payments 0.4 Q4 Steady growth in dividend USD per share since 2009 0.3 Q4 Q3 0.2 Q2 Full…
  13. Q1 2012 EARNINGS CALL – Prosafe Se – slide 13
    Agenda Introduction Financial results Operations Outlook Attachments 14
  14. Q1 2012 EARNINGS CALL – Prosafe Se – slide 14
    Safe Boreas progress Turnkey contract for harsh- environment semi with Jurong Shipyard in Singapore Project team established and in place at the yard Detailed engineering in progress Financial status Q1 12 USDm Order for…
  15. Q1 2012 EARNINGS CALL – Prosafe Se – slide 15
    Safe Caledonia refurbishment and life extension Caledonia at Remontowa yard Accommodation modules completed Rig life to be extended by 20 years Cost estimate unchanged at USD 100 million Life extension and thereafter sea trials to…
  16. Q1 2012 EARNINGS CALL – Prosafe Se – slide 16
    Fleet size and utilisation 100% 14 90% 12 80% 10 70% Fleet utilisation rate 60% 8 Fleet size 50% 6 40% 30% 4 20% 2 10% 0% 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Fleet size…
  17. Q1 2012 EARNINGS CALL – Prosafe Se – slide 17
    Utilisation rate and charter revenue 100% 450 Order book for 2013 90% and 2014 has 400 80% increased considerably 350 in recent months 70% Charter revenue (USD m) 300 Utilisation rate 60% 250 50% 200 40%…
  18. Q1 2012 EARNINGS CALL – Prosafe Se – slide 18
    Contract status Safe Boreas Safe Scandinavia Regalia Safe Caledonia Safe Bristolia Safe Astoria Safe Concordia Safe Esbjerg Safe Hibernia Safe Britannia Safe Regency Safe Lancia Jasminia 2006 2007…
  19. Q1 2012 EARNINGS CALL – Prosafe Se – slide 19
    Agenda Introduction Financial results Operations Outlook Attachments 20
  20. Q1 2012 EARNINGS CALL – Prosafe Se – slide 20
    Supply of semi-submersible accommodation rigs No. of accommodation semis by owner No. of accommodation semis by regional capabilites 24 24 Yantai 22 22 20 ETESCO 20 18 18 FOE 16 16 Rest of World 14 COSL 14 12 12 UK 10 Pemex 10 Norway…
  21. Q1 2012 EARNINGS CALL – Prosafe Se – slide 21
    Demand - North Sea Tendering activity a bit North Sea demand index 110 lower than a few months 101 100 100 ago following a period with 90 91 90 90 strong contract awards 81 79 78 80 76 70 70 65 67 64 Outlook remains…
  22. Q1 2012 EARNINGS CALL – Prosafe Se – slide 22
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  23. Q1 2012 EARNINGS CALL – Prosafe Se – slide 23
    Demand Mexico The rigs are vital in assisting Pemex with maintenance and construction projects in order to keep up the production level at Cantarell Demand for accommodation semis in Mexico has been stable since the late 1990s and is…
  24. Q1 2012 EARNINGS CALL – Prosafe Se – slide 24
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  25. Q1 2012 EARNINGS CALL – Prosafe Se – slide 25
    Demand Brazil The demand currently comes from the Campos basin, where safety and maintenance units are assisting in connection with maintenance of FPSOs and fixed installations Longer term demand from other basins is expected to…
  26. Q1 2012 EARNINGS CALL – Prosafe Se – slide 26
    Demand Asia and Australia Still fragmented market, but positive development in a region where semi-submersible accommodation rigs traditionally have not been widely used Shell recently awarded Prosafe a contract for work in the…
  27. Q1 2012 EARNINGS CALL – Prosafe Se – slide 27
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  28. Q1 2012 EARNINGS CALL – Prosafe Se – slide 28
    Summary Leading market position High quality and versatile rig fleet High dividend combined with fleet growth and renewal Order backlog has increased considerably in recent months Good market outlook next three years beyond…
  29. Q1 2012 EARNINGS CALL – Prosafe Se – slide 29
    Agenda Introduction Financial results Operations Outlook Attachments 30
  30. Q1 2012 EARNINGS CALL – Prosafe Se – slide 30
    Debt as of end Q1 2012 Credit facility New credit facility of USD 1.1 billion in place in August 2011 Maturity of six years The applicable margin on the credit facility is 1.875%. This will increase to 2.25% after the 4th year after…
  31. Q1 2012 EARNINGS CALL – Prosafe Se – slide 31
    Debt as of end Q1 2012 Total interest-bearing debt USD 749 million: Credit facility: USD 510 million (long-term) Bond loan: NOK 360.5 million (USD 63.3 million) (long-term) Bond loan : NOK 500 million (USD 87.8 million) (long-term)…
  32. Q1 2012 EARNINGS CALL – Prosafe Se – slide 32
    Financial covenants on credit facility Maximum leverage ratio of 5.0 and 4.5 after second anniversary Minimum liquidity (including up to USD 25 million of undrawn amounts under the credit facility) of USD 65 million in the group…
  33. Q1 2012 EARNINGS CALL – Prosafe Se – slide 33
    SHAREHOLDERS AS AT 14.05.2012 No. of shares Ownership State Street Bank & Trust (nom) 20 332 664 8.8 % Folketrygdfondet 18 843 222 8.2 % Pareto 12 021 322 5.2 % Goldman Sachs (nom) 10 339 061 4.5 % State Street Bank & Trust (nom) 10 168…

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