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4Q 2013 EARNINGS CALL – Fred Olsen Energy

Fred Olsen Energy · Feb 11, 2014 · 32 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. 4Q 2013 EARNINGS CALL – Fred Olsen Energy – slide 1
    Fred. Olsen Energy ASA 4Q 2013 presentation Oslo, 11 February 2014 1
  2. 4Q 2013 EARNINGS CALL – Fred Olsen Energy – slide 2
    AGENDA FINANCIAL RESULT 4Q 2013 MARKETS OPERATIONS SUMMARY 2
  3. 4Q 2013 EARNINGS CALL – Fred Olsen Energy – slide 3
    Income Statement Key Figures (NOK mill) 4Q 2013 3Q 2013 Operating revenues 1 746 1 759 Recharged income 58 80 Total revenues 1 804 1 839 Operating costs (1 044) (836) Recharged expenses (56) (75) Total operating expenses (1 100) (911)…
  4. 4Q 2013 EARNINGS CALL – Fred Olsen Energy – slide 4
    EBITDA Comparison 4Q 2013 vs. 3Q 2013 4
  5. 4Q 2013 EARNINGS CALL – Fred Olsen Energy – slide 5
    Financial Items Breakdown (NOK mill) 4Q 2013 3Q 2013 Interest income 3 4 Gains on financial instruments 10 23 Financial income 13 27 Interest expenses (55) (58) Capitalized borrowing cost (projects) 29 27 Losses on financial…
  6. 4Q 2013 EARNINGS CALL – Fred Olsen Energy – slide 6
    Offshore Drilling Segment (NOK mill) 4Q 2013 3Q 2013 Operating revenues 1 644 1 709 Recharged income 58 80 Total revenues 1 702 1 789 Operating costs (904) (773) Recharged expenses (56) (75) Total operating expenses (960) (848) Oper.…
  7. 4Q 2013 EARNINGS CALL – Fred Olsen Energy – slide 7
    Engineering & Fabrication Segment (NOK mill) 4Q 2013 3Q 2013 Operating revenues (external) 101 51 Inter-segment revenues 51 2 Total operating revenues 152 53 Operating costs (190) (65) Oper. result before depr. (EBITDA) (38) (12)…
  8. 4Q 2013 EARNINGS CALL – Fred Olsen Energy – slide 8
    Consolidated Balance Sheet (NOK mill) 4Q 2013 3Q 2013 Intangible assets 99 99 Property, plant & equipment 15 065 14 125 Other non-current assets 164 163 Total non-current assets 15 328 14 387 Other current assets 1 973 1 941 Cash and…
  9. 4Q 2013 EARNINGS CALL – Fred Olsen Energy – slide 9
    Consolidated Cash Flow (NOK mill) 4Q 2013 3Q 2013 Profit before income taxes 299 499 Depreciation and impairment 364 361 Interest expense 26 31 Gain on sale of assets (3) (1) Changes in working capital 266 34 Unrealized loss/(gain)…
  10. 4Q 2013 EARNINGS CALL – Fred Olsen Energy – slide 10
    Offshore drilling EBITDA and margin 1500,0 1400,0 70% 1300,0 1200,0 60% 1100,0 1000,0 50% 900,0 NOK million 800,0 40% 700,0 600,0 30% 500,0 400,0 20% 300,0 200,0 10% 100,0 0,0 0% 4Q 1Q 2Q 3Q 4Q 1Q…
  11. 4Q 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 SS / Moss 10 000 UK Chevron 4Q 2015- 4Q 2020 560 000 1Q 2020 Bolette Dolphin…
  12. 4Q 2013 EARNINGS CALL – Fred Olsen Energy – slide 12
    Dividend The Board of Directors will propose to the AGM in May 2014 to distribute NOK 10 as ordinary dividend and NOK 10 as extraordinary dividend 12
  13. 4Q 2013 EARNINGS CALL – Fred Olsen Energy – slide 13
    FINANCIAL RESULT MARKETS OPERATIONS SUMMARY 13
  14. 4Q 2013 EARNINGS CALL – Fred Olsen Energy – slide 14
    Global market outlook floating units In general continued consolidation in all market segments Stable to decreasing dayrates seen in the ultra deepwater market, with increased market segmentation Relatively stable activity in the deep-…
  15. 4Q 2013 EARNINGS CALL – Fred Olsen Energy – slide 15
    Norwegian floater market 2014 2015 2016 2017 Name Q1Q2Q3Q4Q1 Q2Q3Q4Q1Q2 Q3 Q4Q1Q2Q3Q4 In general a tight market with West Navigator first available units in 2015 Ocean Vanguard Transocean Searcher Low contracting activity West…
  16. 4Q 2013 EARNINGS CALL – Fred Olsen Energy – slide 16
    Average dayrates Norway 16
  17. 4Q 2013 EARNINGS CALL – Fred Olsen Energy – slide 17
    UK floater market 2014 2015 2016 2017 Low contracting activity Name Q1Q2Q3Q4Q1 Q2Q3Q4Q1Q2 Q3 Q4Q1Q2Q3Q4 during the quarter J.W. McLean GSF Arctic III Two units becoming Ocean Princess available in 2014 Paul B. Loyd, Jr. Transocean…
  18. 4Q 2013 EARNINGS CALL – Fred Olsen Energy – slide 18
    Average dayrates UK 18
  19. 4Q 2013 EARNINGS CALL – Fred Olsen Energy – slide 19
    Dayrates deepwater drilling units worldwide
  20. 4Q 2013 EARNINGS CALL – Fred Olsen Energy – slide 20
    FINANCIAL RESULT MARKETS OPERATIONS SUMMARY
  21. 4Q 2013 EARNINGS CALL – Fred Olsen Energy – slide 21
    Contract overview 2013 2014 2015 2016 2017 2018 2019 2020 Bolette Anadarko Bollsta Chevron Belford Anadarko Blackford 1) 2) 3) 4) TBC Chevron Borgny Petrobras Bideford Statoil Statoil Borgland RMN con. RMN consortium Bredford…
  22. 4Q 2013 EARNINGS CALL – Fred Olsen Energy – slide 22
    Backlog Total backlog approx. USD 4.6 billion 22
  23. 4Q 2013 EARNINGS CALL – Fred Olsen Energy – slide 23
    Bollsta Dolphin Harsh environment ultra deepwater semi- submersible under construction Moss Maritime CS 60 E (Enhanced) design from Hyundai Heavy Industries Delivery is rescheduled to 3Q 2015 Block constructions ongoing Has…
  24. 4Q 2013 EARNINGS CALL – Fred Olsen Energy – slide 24
    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 second half of…
  25. 4Q 2013 EARNINGS CALL – Fred Olsen Energy – slide 25
    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 during the…
  26. 4Q 2013 EARNINGS CALL – Fred Olsen Energy – slide 26
    Midwater - Norway / United Kingdom Bredford Dolphin Borgholm Dolphin Continued under the 12-well contract with an Continued the one year contract with Shell AGR consortium. The contract is expected to expire end of January 2016.…
  27. 4Q 2013 EARNINGS CALL – Fred Olsen Energy – slide 27
    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…
  28. 4Q 2013 EARNINGS CALL – Fred Olsen Energy – slide 28
    Deepwater United Kingdom Blackford Dolphin Class Renewal Survey Blackford Dolphin Mobilised from Brazil to UK during the quarter Original scope nearing completion Entered the H&W yard in December to undertake Upgrades in relation to UK…
  29. 4Q 2013 EARNINGS CALL – Fred Olsen Energy – slide 29
    Midwater - Brazil Borgny Dolphin Operating under a five-year drilling contract with Petrobras in Brazil. The contract is estimated to expire in September 2014 Next class renewal survey estimated to take place in 4Q 2014 29
  30. 4Q 2013 EARNINGS CALL – Fred Olsen Energy – slide 30
    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.…
  31. 4Q 2013 EARNINGS CALL – Fred Olsen Energy – slide 31
    Summary Financial Revenues were 1, 804 million EBITDA was 704 million Profit before tax was 299 million Contract backlog amounting to approximately USD 4.6 billion The Board of Directors will propose to the AGM in May 2014 to…
  32. 4Q 2013 EARNINGS CALL – Fred Olsen Energy – slide 32
    Q&A 32

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