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Q3 2013 EARNINGS CALL – Fred Olsen Energy

Fred Olsen Energy · Oct 29, 2013 · 30 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. Q3 2013 EARNINGS CALL – Fred Olsen Energy – slide 1
    Fred. Olsen Energy ASA 3Q 2013 presentation Oslo, 29 October 2013 1
  2. Q3 2013 EARNINGS CALL – Fred Olsen Energy – slide 2
    AGENDA FINANCIAL RESULT 3Q 2013 MARKETS OPERATIONS SUMMARY 2
  3. Q3 2013 EARNINGS CALL – Fred Olsen Energy – slide 3
    Income Statement Key Figures (NOK mill) 3Q 2013 2Q 2013 Operating revenues 1 759 1 712 Recharged income 80 76 Total revenues 1 839 1 788 Operating costs (836) (780) Recharged expenses (75) (73) Total operating expenses (911) (853)…
  4. Q3 2013 EARNINGS CALL – Fred Olsen Energy – slide 4
    EBITDA Comparison 3Q 2013 vs. 2Q 2013 4
  5. Q3 2013 EARNINGS CALL – Fred Olsen Energy – slide 5
    Financial Items Breakdown (NOK mill) 3Q 2013 2Q 2013 Interest income 4 2 Gains on financial instruments 23 47 Financial income 27 49 Interest expenses (58) (54) Capitalized borrowing cost (projects) 27 26 Losses on financial…
  6. Q3 2013 EARNINGS CALL – Fred Olsen Energy – slide 6
    Offshore Drilling Segment (NOK mill) 3Q 2013 2Q 2013 Operating revenues 1 709 1 660 Recharged income 80 76 Total revenues 1 789 1 736 Operating costs (773) (733) Recharged expenses (75) (73) Total operating expenses (848) (806) Oper.…
  7. Q3 2013 EARNINGS CALL – Fred Olsen Energy – slide 7
    Engineering & Fabrication Segment (NOK mill) 3Q 2013 2Q 2013 Operating revenues (external) 51 52 Inter-segment revenues 2 - Total operating revenues 53 52 Operating costs (65) (47) Oper. result before depr. (EBITDA) (12) 5…
  8. Q3 2013 EARNINGS CALL – Fred Olsen Energy – slide 8
    Consolidated Balance Sheet (NOK mill) 3Q 2013 2Q 2013 Intangible assets 99 99 Property, plant & equipment 14 125 14 095 Other non-current assets 163 160 Total non-current assets 14 387 14 354 Other current assets 1 941 2 108 Cash and…
  9. Q3 2013 EARNINGS CALL – Fred Olsen Energy – slide 9
    Consolidated Cash Flow (NOK mill) 3Q 2013 2Q 2013 Profit before income taxes 499 573 Depreciation and impairment 361 354 Interest expense 31 28 Gain on sale of assets (1) - Changes in working capital 34 (73) Unrealized…
  10. Q3 2013 EARNINGS CALL – Fred Olsen Energy – slide 10
    Offshore drilling EBITDA and margin 10
  11. Q3 2013 EARNINGS CALL – Fred Olsen Energy – slide 11
    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…
  12. Q3 2013 EARNINGS CALL – Fred Olsen Energy – slide 12
    FINANCIAL RESULT MARKETS OPERATIONS SUMMARY 12
  13. Q3 2013 EARNINGS CALL – Fred Olsen Energy – slide 13
    Global market outlook floating units Still healthy activity in the ultra deepwater segment at stable rates Stable in deep- and midwater markets, with some further units being idle worldwide North Sea market remains strong with…
  14. Q3 2013 EARNINGS CALL – Fred Olsen Energy – slide 14
    Norwegian floater market 2013 2014 2015 2016 Name Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Increased market activity West Navigator during the quarter Ocean Vanguard Transocean Searcher A strong market with first West…
  15. Q3 2013 EARNINGS CALL – Fred Olsen Energy – slide 15
    Average dayrates Norway 15
  16. Q3 2013 EARNINGS CALL – Fred Olsen Energy – slide 16
    UK floater market 2013 2014 2015 2016 Following a very high Name Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 activity the last years, this J.W. McLean quarter has been more Ocean Princess Blackford Dolphin quiet West Phoenix…
  17. Q3 2013 EARNINGS CALL – Fred Olsen Energy – slide 17
    Average dayrates UK 17
  18. Q3 2013 EARNINGS CALL – Fred Olsen Energy – slide 18
    Dayrates deepwater drilling units worldwide 18
  19. Q3 2013 EARNINGS CALL – Fred Olsen Energy – slide 19
    FINANCIAL RESULT MARKETS OPERATIONS SUMMARY 19
  20. Q3 2013 EARNINGS CALL – Fred Olsen Energy – slide 20
    Contract overview 2013 2014 2015 2016 2017 2018 2019 2020 Bolette Anadarko Bollsta Chevron Belford Anadarko Blackford 1) 2) 3) 4) TBC Borgny Petrobras Bideford Statoil Statoil Borgland RMN con. RMN consortium Bredford Lundin AGR…
  21. Q3 2013 EARNINGS CALL – Fred Olsen Energy – slide 21
    Backlog Total backlog approx. USD 4.5 billion 21
  22. Q3 2013 EARNINGS CALL – Fred Olsen Energy – slide 22
    Bollsta Dolphin Moss Maritime CS 60 E (Enhanced) design from HHI Scheduled delivery 1Q 2015, total cost estimated to USD 740 million including two BOPs Block constructions started Has secured a five-year contract with Chevron for…
  23. Q3 2013 EARNINGS CALL – Fred Olsen Energy – slide 23
    Ultra deepwater Bolette Dolphin Belford Dolphin Newbuild ultra deepwater drillship from Hyundai Commenced a new four-year contract with Heavy Industries Anadarko from January 2012 Delivery date is rescheduled to January 2014 due to…
  24. Q3 2013 EARNINGS CALL – Fred Olsen Energy – slide 24
    Midwater - Norway Borgland Dolphin Bideford Dolphin Continued operations under a four-year drilling Continued operations under a three-year contract with a consortium managed by RMN (Rig drilling contract with Statoil Management…
  25. Q3 2013 EARNINGS CALL – Fred Olsen Energy – slide 25
    Midwater - Norway / United Kingdom Bredford Dolphin Borgholm Dolphin Completed the drilling contract with Lundin Accommodation unit with 303 bed capacity Norway AS end of quarter Continued the one year contract with Shell. A The new…
  26. Q3 2013 EARNINGS CALL – Fred Olsen Energy – slide 26
    Midwater - United Kingdom (cont.) Byford Dolphin Borgsten Dolphin Continued under a three-year drilling contract Continued under the tender support services with BP Exploration, estimated to expire April contract of 40 months duration…
  27. Q3 2013 EARNINGS CALL – Fred Olsen Energy – slide 27
    Deepwater/ midwater - Brazil Blackford Dolphin Borgny Dolphin Completed the one-well contract for Anadarko Operating under a five-year drilling contract offshore Brazil end of quarter and commenced with Petrobras in Brazil. The contract…
  28. Q3 2013 EARNINGS CALL – Fred Olsen Energy – slide 28
    Harland & Wolff Focus on ship repair, ship building, steel fabrication and engineering services During the quarter, the yard continued the contract for Kvrner Verdal AS for fabrication of pile sleeve clusters and floatation tanks…
  29. Q3 2013 EARNINGS CALL – Fred Olsen Energy – slide 29
    Summary Financial Revenues were 1,839 million EBITDA was 928 million Profit before tax was 499 million Contract backlog amounting to approximately USD 4.5 billion Operational Blackford Dolphin completed the contract with…
  30. Q3 2013 EARNINGS CALL – Fred Olsen Energy – slide 30
    Q&A 30

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