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Q3 2014 EARNINGS CALL – Prosafe Se

Prosafe Se · Nov 5, 2014 · 35 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 2014 EARNINGS CALL – Prosafe Se – slide 1
    5 November 2014 Q3 2014 results
  2. Q3 2014 EARNINGS CALL – Prosafe Se – slide 2
    Agenda Recent developments Financial results Operations/projects Outlook Appendix 3
  3. Q3 2014 EARNINGS CALL – Prosafe Se – slide 3
    Recent developments Q3 utilisation of 96 per cent Best operating result ever in Q3 Construction of first new build approaching completion Safe Bristolia operation suspended due to weather damages to equipment Near-term outlook…
  4. Q3 2014 EARNINGS CALL – Prosafe Se – slide 4
    Agenda Recent developments Financial results Operations/projects Outlook Appendix 5
  5. Q3 2014 EARNINGS CALL – Prosafe Se – slide 5
    Income statement (Unaudited figures in USD million) Q3 14 Q2 14 Q3 13 9M 14 9M 13 2013 Operating revenues 169.5 133.4 159.4 394.6 388.7 523.5 Operating expenses (59.9) (62.4) (50.8) (175.9) (163.5) (216.9) EBITDA 109.6 71.0 108.6 218.7…
  6. Q3 2014 EARNINGS CALL – Prosafe Se – slide 6
    Operating revenues (USD million) Q3 14 Q2 14 Q3 13 9M 14 9M 13 2013 Charter income 148.8 114.7 146.0 344.0 348.8 469.2 Mob/demob income 3.0 3.7 0.0 7.8 5.4 9.1 Other income 17.7 15.0 13.4 42.8 34.5 45.2 Total 169.5 133.4 159.4…
  7. Q3 2014 EARNINGS CALL – Prosafe Se – slide 7
    Balance sheet (Unaudited figures in USD million) 30.09.14 30.06.14 31.12.13 30.09.13 Goodwill 226.7 226.7 226.7 226.7 Vessels 1 004.1 995.8 946.9 926.2 New builds 293.7 275.6 248.9 152.5 Other non-current assets 5.2 5.1 4.9 16.5…
  8. Q3 2014 EARNINGS CALL – Prosafe Se – slide 8
    Key figures KEY FIGURES Q3 14 Q2 14 Q3 13 9M 14 9M 13 2013 Operating margin 54.9 % 41.2 % 56.7 % 43.3 % 45.8 % 46.8 % Equity ratio 41.1 % 40.9 % 45.7 % 41.1 % 45.7 % 45.7 % Return on equity 37.8 % 24.2 % 49.9 % 23.2 % 30.4 % 31.7 %…
  9. Q3 2014 EARNINGS CALL – Prosafe Se – slide 9
    Solid funding structure in place Interest-bearing debt portfolio Facility Commitment Maturity Margin USD 1,100 million credit facility (2011-17) USD 655 million Q3 2017 187.5 bps USD 420 million credit facility (2012-17) USD 420 million…
  10. Q3 2014 EARNINGS CALL – Prosafe Se – slide 10
    Dividend policy Paying out up to 75 per cent of previous years net profit Exact level to be paid in each period dependent on Supply/demand balance in the market Investment level Overall financial position of the Group Detailed…
  11. Q3 2014 EARNINGS CALL – Prosafe Se – slide 11
    Dividend Declared an interim dividend equivalent to USD 0.053 per share The shares will trade ex- dividend on 13 November The dividend will be paid in the form of NOK 0.36 per share on 26 November Reflecting a payout ratio of…
  12. Q3 2014 EARNINGS CALL – Prosafe Se – slide 12
    Agenda Recent developments Financial results Operations/projects Outlook Appendix 13
  13. Q3 2014 EARNINGS CALL – Prosafe Se – slide 13
    Operations Solid operations in Q3 Utilisation rate of 96 per cent Safe Bristolia sustained damages to lifeboats after experiencing extreme weather conditions around mid October 14
  14. Q3 2014 EARNINGS CALL – Prosafe Se – slide 14
    Safe Boreas Commissioning ongoing Sea trials to commence during next few weeks On track for start-up of operations in Norway in late April/early May First contract for Lundin at the Edvard Grieg field in Norway Financial…
  15. Q3 2014 EARNINGS CALL – Prosafe Se – slide 15
    Safe Boreas 16
  16. Q3 2014 EARNINGS CALL – Prosafe Se – slide 16
    Safe Zephyrus Major items of equipment installed Installation of cabins ongoing Ready for operations in 2015 Financial status Q3 14 USDm Book value o.b. 79 Book value c.b. 84 Capitalised in quarter 4 Estimated total cost 350…
  17. Q3 2014 EARNINGS CALL – Prosafe Se – slide 17
    Safe Notos and Safe Eurus Projects developing as planned Fast start: Steel cutting taking place 4 months after contract and keel lay 8.5 months after contract Engineering and procurement progressing well Strong capabilities The…
  18. Q3 2014 EARNINGS CALL – Prosafe Se – slide 18
    State of the art North Sea fleet Safe Boreas new build Safe Zephyrus new build Safe Notos new build Safe Eurus new build Safe Scandinavia life extension in 2014 (20 years) Safe Caledonia life extension in 2013 (20 years) Regalia…
  19. Q3 2014 EARNINGS CALL – Prosafe Se – slide 19
    Agenda Recent developments Financial results Operations/projects Outlook Appendix 20
  20. Q3 2014 EARNINGS CALL – Prosafe Se – slide 20
    Substantial growth in semi accommodation fleet No. of accommodation semis by owner Overview of incoming vessels 2012-2016 34 32 POSH 30 Jasper 28 26 OOS POSH; 2 24 Axis Off. 22 20 Jasper; 1 Prosafe; 4 ETESCO 18 16 FOE 14 OOS; 2 COSL…
  21. Q3 2014 EARNINGS CALL – Prosafe Se – slide 21
    North Sea weaker demand Short-to-medium term weakness North Sea accommodation demand index More uncertain demand situation 120 112 109 due to reduced spending by oil 110 106 103 101100 companies 99100 100 100 95 94 90 91 90 87…
  22. Q3 2014 EARNINGS CALL – Prosafe Se – slide 22
    North Sea day rates (time charter) 23
  23. Q3 2014 EARNINGS CALL – Prosafe Se – slide 23
    Mexico stable outlook GoM infrastructure map High activity level in shallow waters evidenced by an increasing number of drilling jack-ups under contract Interesting potential also in other shallow water areas besides Cantarell…
  24. Q3 2014 EARNINGS CALL – Prosafe Se – slide 24
    Mexico day rates (bareboat) 25
  25. Q3 2014 EARNINGS CALL – Prosafe Se – slide 25
    Brazil continued demand growth Positive demand outlook High activity in the Campos basin Primarily maintenance requirements Santos basin opportunities Operators other than Petrobras showing interest in accommodation vessels…
  26. Q3 2014 EARNINGS CALL – Prosafe Se – slide 26
    Rest of the world interesting opportunities Australia Some demand related to hook-up and commissioning As fields are getting older, there should be potential for more maintenance and modification related work South East Asia Some…
  27. Q3 2014 EARNINGS CALL – Prosafe Se – slide 27
    Rest of the World day rates (time charter) 28
  28. Q3 2014 EARNINGS CALL – Prosafe Se – slide 28
    High contract visibility 29
  29. Q3 2014 EARNINGS CALL – Prosafe Se – slide 29
    Robust contract backlog But no new contracts signed over past six months Gross value of charter contracts Status end Q3 14 2 500 Firm contracts USD 1,371m + Options (1) USD 783m = Total USD 2,154m 2 000 Options Letter of…
  30. Q3 2014 EARNINGS CALL – Prosafe Se – slide 30
    Summary New build projects Safe Boreas in completion phase Safe Zephyrus ready for operations in 2015 Positive outlook in Mexico and Brazil Weak North Sea demand Dividend reduced in order to strengthen balance sheet and…
  31. Q3 2014 EARNINGS CALL – Prosafe Se – slide 31
    Agenda Recent developments Financial results Operations/projects Outlook Appendix 32
  32. Q3 2014 EARNINGS CALL – Prosafe Se – slide 32
    Vessel motion characteristics Six degrees of freedom refers to the freedom of movement of a rigid body in a three-dimensional space The body is free to move (translation) along three axes Surge (forward/backward or forward/astern)…
  33. Q3 2014 EARNINGS CALL – Prosafe Se – slide 33
    Vessel motion characteristics Gangway connecting to a fixed target Connect the gangway Maintain position Accommodation vessel should move as little as possible Gangway connecting to a moving target Connect the gangway Follow target…
  34. Q3 2014 EARNINGS CALL – Prosafe Se – slide 34
    Vessel motion characteristics DP vessels See appendix and latest issue of the Prosafe Now magazine (can be found at www.prosafe.com) for more details Source: Prosafe estimates based on available technical specifications 35
  35. Q3 2014 EARNINGS CALL – Prosafe Se – slide 35
    Harsh environment capabilities DP vessels Airgap in operation (m) 14,0 12,0 11,0 11,5 9,5 9,5 10,0 10,0 9,5 7,6 8,0 meters 8,0 6,7 6,7 7,0 6,0 4,0 2,0 0,0 Floatel Reliance Safe Concordia Floatel CSS Olympia Regalia Posh…

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