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Q2 2010 EARNINGS CALL – Dof Asa

Dof Asa · Aug 18, 2010 · 36 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. Q2 2010 EARNINGS CALL – Dof Asa – slide 1
    DOF ASA Q2 2010 CEO Mons S. Aase CFO Hilde Drnen The New Horizon DOF ASA PRESENTATION Q4 2009
  2. Q2 2010 EARNINGS CALL – Dof Asa – slide 2
    Agenda Highlights Overview DOF Subsea Asia New major contracts Brazil Q2 Financial Outlook The New Horizon DOF ASA PRESENTATION Q2 2010 - 2
  3. Q2 2010 EARNINGS CALL – Dof Asa – slide 3
    Highlights Q2 Several contracts awarded Skandi Bergen 4 yrs with Seaforce Pty Australia Skandi Giant & Skandi Admiral 2 x 4 yrs with Petrobras 4 newbuilds 4 x 8 yrs with Petrobras Skandi Neptune 3 yrs with SS7 DOF Subsea Norway, 1…
  4. Q2 2010 EARNINGS CALL – Dof Asa – slide 4
    Company overview DOF ASA DOF Subsea Ship owning Norskan Holding Company Modern fleet Modern fleet 16 AHTSs 3 AHTSs 7 PSVs 13 PSVs 2 CSVs 2 CSV DOF Installer DOF Subsea 3 state of the art Modern fleet & Equipment…
  5. Q2 2010 EARNINGS CALL – Dof Asa – slide 5
    The fleet market segments PSV AHTS ROV/OCSV/DSV/ Total fleet No. of vessels SEISMIC VESSELS DOF ASA 13 3 2 18 NORSKAN OFFSHORE 7 11 2 20 DOF SUBSEA AS 0 0 21 21 DOF INSTALLER ASA 0 3 0 3 AKER DOF DEEPWATER AS 0 5 0 5…
  6. Q2 2010 EARNINGS CALL – Dof Asa – slide 6
    GLOBAL PLAYER Bergen Austevoll Aberdeen St. Petersburg St. Johns Cairo Houston Manila Singapore Brunei Jakarta Macae Angola Rio de Janeiro Perth Buenos Aires GEOGRAPHICAL FOCUS AREAS The New Horizon DOF…
  7. Q2 2010 EARNINGS CALL – Dof Asa – slide 7
    DOF Contract Coverage (PSV) PSV Area of Operation Charterer 2010 2011 2012 J F MA M J J A S O N D J F MA M J J A S O N D J F MA M J J A S O N D 1 Skandi Falcon North Sea Spot 2 Skandi Marstein North Sea Shell UK 3 Skandi Foula…
  8. Q2 2010 EARNINGS CALL – Dof Asa – slide 8
    DOF Contract Coverage (AHTS + CSV) AHTS Area of Operation Charterer 2010 2011 2012 J F MA M J J A S O N D J F MA M J J A S O N D J F MA M J J A S O N D 1 Skandi Stord North Sea Statoil 2 Skandi Admiral* Brazil Petrobras 3 Skandi…
  9. Q2 2010 EARNINGS CALL – Dof Asa – slide 9
    DOF Contract Coverage DOF Installer ASA - 67% DOF Subsea AS Vessel Name Type Owner Charterer Delivery 2010 2011 2012 J F MA M J J A S O N D J F MA M J J A S O N D J F MA M J J A S O N D 1 Skandi Skolten AHTS DOF Installer 2010 2…
  10. Q2 2010 EARNINGS CALL – Dof Asa – slide 10
    DOF Subsea Contract Coverage (Vessels) 2010 2011 2012 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D Geobay Geosounder LAYUP Geograph Ocean Protector (Bergen) DOF…
  11. Q2 2010 EARNINGS CALL – Dof Asa – slide 11
    DOF Subsea : ROV - and other major contracts 2010 2011 2012 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Norskan Botafogo Petrobras Norskan Skandi Fluminence Petrobras Skandi Chieftain Petrobras Skandi Aker AKOFS (May) DOFCON Skandi…
  12. Q2 2010 EARNINGS CALL – Dof Asa – slide 12
    DOF SUBSEA Asia The New Horizon Photographer: Harald M. Valderhaug DOF ASA PRESENTATION Q2 2010 - 12
  13. Q2 2010 EARNINGS CALL – Dof Asa – slide 13
    Acquisition of SWG Offshore Australian and Singapore based business servicing Asia Pacific Region. Core Business Project Management and Engineering Expertise FPSO, Mooring buoy and mooring system installation Installation of…
  14. Q2 2010 EARNINGS CALL – Dof Asa – slide 14
    Acquisition of SWG Offshore SWG business has been fully integrated into DOF Subseas Asia Pacific organisation increasing project execution and engineering capability by 40%. Combined organisation trades under DOF Subsea brand.…
  15. Q2 2010 EARNINGS CALL – Dof Asa – slide 15
    Skandi Singapore - DSV Delivery Q1 2011 DP II Dive Support Vessel 2 x Triton XLX W ROV 18 man saturation diving system 140 t Crane 900 m2 Cargo deck area 100 men accommodation The New Horizon DOF ASA PRESENTATION Q2…
  16. Q2 2010 EARNINGS CALL – Dof Asa – slide 16
    Skandi Skolten The new generation vessels Construction & AHTS vessel Hybrid propulsion 361 t Bollard Pull 35 000 BHP 250 t Crane 2 x W ROV 1 070 m2 Cargo deck area 90 men accommodation Design STX AH-04 Built: 2010…
  17. Q2 2010 EARNINGS CALL – Dof Asa – slide 17
    New major contracts The New Horizon DOF ASA PRESENTATION Q2 2010 - 17
  18. Q2 2010 EARNINGS CALL – Dof Asa – slide 18
    Earnings new contracts awarded Ocean Protector (ex. Skandi Bergen) Built: 2007 Contract: 4,5 + 2 yrs Seaforce Pty. Australia Estimated annual Ebitda: NOK 90 mill Pay-back time: 4 yrs Skandi Admiral, Skandi Giant Built :…
  19. Q2 2010 EARNINGS CALL – Dof Asa – slide 19
    New contracts in Brazil TWO AHTS AH 12 DESIGN Delivery: 2011 Contract: 2 x 8 yrs Petrobras Estimated Annual Ebitda: NOK 250 m Pay-back time: during contract BNDES funding: 80-90% secured Skandi Iguau/ Amazonas Built: 2011E 17…
  20. Q2 2010 EARNINGS CALL – Dof Asa – slide 20
    Brazil Special DOF ASA PRESENTATION Q2 2010 - 20
  21. Q2 2010 EARNINGS CALL – Dof Asa – slide 21
    Key-Milestones Norskan Norskan established in 2001 DOF acquired 100% of the shares in Norskan in Dec 2006 Norskan took delivery of 6 vessels in the period 2003-2007 Norskan contracted 3 new-building contracts at STX in Brazil in…
  22. Q2 2010 EARNINGS CALL – Dof Asa – slide 22
    DOF / Norskan /DOF Subsea Contracts in Brazil 2010 2011 2012 Vessel Type Built Finance Flag Charterer Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1 Skandi Leblon PSV 2003 FM M / BNDES BRA B SHELL 2 Skandi Flamengo PSV 2003 FM M / BNDES BRA…
  23. Q2 2010 EARNINGS CALL – Dof Asa – slide 23
    Key Regulation in the Brazilian Sector The Brazilian government is committed to developing Brazil through local content and instituting favorable policies for those who commit to the countrys growth Circularization Special…
  24. Q2 2010 EARNINGS CALL – Dof Asa – slide 24
    Strong Local Presence and Qualified People Since 2000, Norskan has assembled a strong portfolio of Brazilian-flagged vessels, allowing for superior crew training and professional development Successful track record during its 10-year…
  25. Q2 2010 EARNINGS CALL – Dof Asa – slide 25
    State of the Art Fleet Norskans state of the art fleet commands the most attractive long-term charters requiring the best equipment and crews Norskans newbuild program continues to utilize new technology and smart engineering to…
  26. Q2 2010 EARNINGS CALL – Dof Asa – slide 26
    Financial Highlights Q2 2010 Higher utilization Subsea fleet compared to first quarter (90%) Good utilization Supply fleet (97%) One supply vessel in the spot market Two vessels delivered/rebuilt for new contracts in 2nd…
  27. Q2 2010 EARNINGS CALL – Dof Asa – slide 27
    Result Q2 2010 ALL FIGURES IN NOK MILLION 2010 2009 2010 2009 2009 Q2 Q2 YTD YTD Opera ting i ncome 1.521 1.083 2.650 2.046 4.327 Total operating income 1.521 1.083 2.650 2.046 4.327 opera ting expens es ves s el s 1.036 750…
  28. Q2 2010 EARNINGS CALL – Dof Asa – slide 28
    Profit & Loss Q2 2010 DOF SUB. DOF SUB. ALL FIGURES IN NOK MILLION DOF ASA Total DOF ASA Total HOLDING HOLDING Q2 2010 Q2 2010 Q2 2010 30.06.2010 30.06.2010 30.06.2010 Operating income 584 937 1.521 991 1.659 2.650 Gain/loss on…
  29. Q2 2010 EARNINGS CALL – Dof Asa – slide 29
    Balance Q2 2010 ALL FIGURES IN NOK MILLION 30.06.2010 30.06.2009 31.12.2009 ASSETS Intangi bl e a s s ets 483 690 476 Fi xed a s s ets 19.373 16.311 17.263 Fi na nci a l a s s ets 213 40 89 Total non current assets 20.069 17.041…
  30. Q2 2010 EARNINGS CALL – Dof Asa – slide 30
    Key figures Q2 2010 2010 2009 2010 2009 2009 Q2 Q2 YTD YTD Profi t per s ha re ex. mi nori ty i nteres t 1) -1,11 3,40 -1,93 4,61 9,16 Profi t per s ha re ex. unrea l i zed l os s /ga i n 2) 0,48 2,52 0,65 -0,14 0,52 Ca s hfl ow…
  31. Q2 2010 EARNINGS CALL – Dof Asa – slide 31
    Currency effects on Q2 2010 results ALL FIGURES IN NOK MILLION Financial items Q2 2010 Acc Q2 2010 Q2 2009 Acc Q2 2009 Share of loss profit from associated 0 1 172 172 Interest reveneue 24 36 18 49 Interest costs -192 -321 -163…
  32. Q2 2010 EARNINGS CALL – Dof Asa – slide 32
    Debt to be refinanced next 12 months ALL FIGURES IN NOK MILLION DOF BOND 1.200 Refinanced in July 2010 DOF Subsea BOND 500 Maturity q1 2011 Fleet loan 5 vessels DOF 600 A new facility in progress, expected to be completed Q4…
  33. Q2 2010 EARNINGS CALL – Dof Asa – slide 33
    The DOF Group New Builds New Builds DOF ASA Group 01.08.2010 NOK '000 REMAINING Vessel Name PROJECT PRICE PAID IN Financing Equity need CAPEX Sum New Builds DOF ASA Group 12.923.638 2.953.059 9.970.579 9.527.920 442.659…
  34. Q2 2010 EARNINGS CALL – Dof Asa – slide 34
    Markets 2nd half Supply Volatile North Sea spot market Strong market in Brazil Subsea Markets in the North Sea and Asia expected to be effected by season variations High activity in Brazil The New Horizon DOF ASA…
  35. Q2 2010 EARNINGS CALL – Dof Asa – slide 35
    Thank you The New Horizon DOF ASA PRESENTATION Q2 2010 - 35
  36. Q2 2010 EARNINGS CALL – Dof Asa – slide 36
    Back Skandi Inspector Before TC to Fugro After DOF Subsea project vessel 2 x ROV Survey equipment The New Horizon DOF ASA PRESENTATION Q2 2010 - 37

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