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Q3 2010 RESULTS – Prosafe Se

Prosafe Se · Nov 4, 2010 · 37 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 2010 RESULTS – Prosafe Se – slide 1
    4 November 2010 Q3 2010 results
  2. Q3 2010 RESULTS – Prosafe Se – slide 2
    3 Agenda The quarter in brief Financial results Operations Outlook Summary Attachments
  3. Q3 2010 RESULTS – Prosafe Se – slide 3
    4 The quarter in brief Rig utilisation rate of 80 per cent EBITDA of USD 98.7 million Several contract awards Sale of PROD/BWO shares Leading position in a good accommodation market
  4. Q3 2010 RESULTS – Prosafe Se – slide 4
    5 Agenda The quarter in brief Financial results Operations Outlook Summary Attachments
  5. Q3 2010 RESULTS – Prosafe Se – slide 5
    6 Income statement (Unaudited figures in USD million) Q3 10 Q2 10 Q3 09 YTD 10 YTD 09 2009 Operating revenues 140.4 139.3 123.7 367.1 291.2 397.9 Operating expenses (41.7) (44.2) (31.5) (117.9) (89.0) (123.6) EBITDA 98.7 95.1…
  6. Q3 2010 RESULTS – Prosafe Se – slide 6
    7 Operating revenues (USD million) Q3 10 Q2 10 Q3 09 YTD 10 YTD 09 2009 Charter income 125.4 124.9 116.7 331.6 275.7 368.5 Mob/demob income 1.9 2.5 2.3 4.6 3.4 4.0 Other income 13.1 11.9 4.7 30.9 12.1 25.4 Total 140.4 139.3 123.7…
  7. Q3 2010 RESULTS – Prosafe Se – slide 7
    8 Balance sheet (Unaudited figures in USD million) 30.09.10 30.06.10 31.12.09 30.09.09 Goodwill 226.7 226.7 226.7 226.7 Rigs 891.4 902.9 913.5 929.2 Other non-current assets 4.4 4.5 4.9 5.2 Total non-current assets 1 122.5 1 134.1 1…
  8. Q3 2010 RESULTS – Prosafe Se – slide 8
    9 Key figures Q3 10 Q2 10 Q3 09 YTD 10 YTD 09 2009 Operating margin 59.1 % 57.2 % 62.3 % 55.2 % 55.4 % 54.9 % Equity ratio 28.8 % 25.1 % 17.3 % 28.8 % 17.3 % 19.5 % Return on equity 86.7 % 92.0 % 121.4 % 67.7 % 97.5 % 87.3 % Net…
  9. Q3 2010 RESULTS – Prosafe Se – slide 9
    10 Shareholders AS AT 25.10.2010 No. of shares Folketrygdfondet 16 995 735 Pareto 14 232 530 KAS Depositary Trust (nom.) 10 621 390 State Street Bank & Trust (nom.) 10 463 706 Brown Brothers Harriman 8 149 653 Prosafe SE 6 994 355…
  10. Q3 2010 RESULTS – Prosafe Se – slide 10
    11 Improved financial position
  11. Q3 2010 RESULTS – Prosafe Se – slide 11
    12 Dividend Long-term dividend policy targeting 40-50% of net profit paid tri-annually the following year The Board resolved on 3 November 2010 to pay 0.095 USD per share in dividend. The dividend will be paid in the form of…
  12. Q3 2010 RESULTS – Prosafe Se – slide 12
    13 Sale of PROD/BWO Sold 30.5 million shares in BWO Total cash consideration of about USD 78 million (including the NOK 3 cash element in BWO/PROD transaction) Profit contribution of about USD 24 million in Q4 2010
  13. Q3 2010 RESULTS – Prosafe Se – slide 13
    14 Agenda The quarter in brief Financial results Operations Outlook Summary Attachments
  14. Q3 2010 RESULTS – Prosafe Se – slide 14
    15 Recent contracts 3-year LoI for Petrobras, planned to commence early in Q2 2011 Contract extension (159 days) for Jasminia in Mexico Safe Caledonia awarded a 9-month contract by BG in the UK North Sea
  15. Q3 2010 RESULTS – Prosafe Se – slide 15
    16
  16. Q3 2010 RESULTS – Prosafe Se – slide 16
    17 Contract status Safe Astoria Safe Esbjerg Safe Caledonia Safe Scandinavia MSV Regalia Safe Bristolia Safe Concordia Safe Britannia 2001 Safe Lancia 1998 Safe Regency 1997 Jasminia 1998 Safe Hibernia…
  17. Q3 2010 RESULTS – Prosafe Se – slide 17
    18 Agenda The quarter in brief Financial results Operations Outlook Summary Attachments
  18. Q3 2010 RESULTS – Prosafe Se – slide 18
    19 Market outlook supply Dynamically positioned semi rigs Anchored semi rigs Advanced units with high operational Primary strengths: versatility: Shallow to medium water depths All water depths, any seabed Fixed installations…
  19. Q3 2010 RESULTS – Prosafe Se – slide 19
    20 Market outlook demand UK and Norwegian North Sea Drivers: Maintenance, modifications, IOR projects and tie-ins of satellite fields to existing installations Several contract awards in Q2 and Q3 2010 Expect more projects…
  20. Q3 2010 RESULTS – Prosafe Se – slide 20
    21 Market outlook demand Mexico Drivers: Construction support Maintenance support Hotel, catering, logistical support Currently five of our rigs are operating in Mexico Expect stable demand going forward
  21. Q3 2010 RESULTS – Prosafe Se – slide 21
    22 Market outlook demand Brazil - Campos Fixed Platform Campos Basin Petrobras P52 Campos Basin
  22. Q3 2010 RESULTS – Prosafe Se – slide 22
    23 Market outlook - demand Emerging markets North Sea Mexico West Africa Southeast Asia Brazil and Australia Current location Previous operations Mature regions Emerging markets / potential growth regions
  23. Q3 2010 RESULTS – Prosafe Se – slide 23
    24 North Sea dayrates (time charter) 400,00 350,00 300,00 250,00 USD k 200,00 150,00 100,00 50,00 0,00 Jan04 Jan05 Jan06 Jan07 Jan08 Jan09 Jan10 Jan11 Jan12 Jan13 MSV Regalia Safe Caledonia Safe…
  24. Q3 2010 RESULTS – Prosafe Se – slide 24
    25 Gulf of Mexico dayrates (bareboat) 100,00 90,00 80,00 70,00 60,00 USD k 50,00 40,00 30,00 20,00 10,00 0,00 Jan04 Jan05 Jan06 Jan07 Jan08 Jan09 Jan10 Jan11 Jan12 Jan13 Safe Britannia Safe…
  25. Q3 2010 RESULTS – Prosafe Se – slide 25
    26 Rest of World dayrates (time charter) 300,00 250,00 200,00 USD k 150,00 100,00 50,00 0,00 Jan04 Jan05 Jan06 Jan07 Jan08 Jan09 Jan10 Jan11 Jan12 Jan13 MSV Regalia Safe Caledonia Safe Concordia…
  26. Q3 2010 RESULTS – Prosafe Se – slide 26
    27 Summary Good market outlook Leading market position High quality and versatile rig fleet Improved financial position Leading position in a good accommodation market
  27. Q3 2010 RESULTS – Prosafe Se – slide 27
    28 Agenda The quarter in brief Financial results Operations Outlook Summary Attachments
  28. Q3 2010 RESULTS – Prosafe Se – slide 28
    29 Debt as of end Q3 2010 Credit facility Credit facility was initially drawn in May 2008 at USD 1.1 billion Maturity of seven years The applicable margin on the credit facility will vary in the range from 0.65% to 0.95% per…
  29. Q3 2010 RESULTS – Prosafe Se – slide 29
    30 Debt as of end Q3 2010 Total interest-bearing debt USD 815.6 million: Credit facility: USD 680 million (long-term) Bond loan: USD 50 million (long-term) Bond loan: NOK 500 million (USD 85.6 mill) (long-term)
  30. Q3 2010 RESULTS – Prosafe Se – slide 30
    31 Financial covenants as of end Q3 2010 Financial covenants in the credit facility: Minimum cash of USD 65 million in the group Maximum leverage ratio of 4.5 Minimum value adjusted equity ratio of 35 per cent Market value…
  31. Q3 2010 RESULTS – Prosafe Se – slide 31
    32 Rig name Location Client name Type of contract Firm contract Option Dayrate Current contract MSV Regalia Norwegian North Sea, Valhall BP Time charter March 11 - Jul 11 Nov 11 USD 242 000 Norwegian North Sea, Valhall BP Time…
  32. Q3 2010 RESULTS – Prosafe Se – slide 32
    33 Jasminia GoM, Cantarell Interpetroleum Services (for Pemex) Bareboat Jan 11 - Jun 11 41306,00 USD 45 000 GoM, Cantarell Interpetroleum Services (for Pemex) Bareboat Feb 09 - Dec 10 USD 48 000 GoM, Cantarell Interpetroleum…
  33. Q3 2010 RESULTS – Prosafe Se – slide 33
    34 Fleet overview Name MSV Regalia Safe Scandinavia Safe Caledonia Geographical area Harsh environment, NCS Harsh environment, NCS Harsh environment Mooring system DP 12 point chain winches 10 point wire winches Station keeping…
  34. Q3 2010 RESULTS – Prosafe Se – slide 34
    35 Fleet overview Name Safe Astoria Safe Bristolia Safe Esbjerg Geographical area Moderately harsh env. Moderately harsh env. Harsh environment Mooring system 8 point wire winches 8 point wire winches 4 point wire winches…
  35. Q3 2010 RESULTS – Prosafe Se – slide 35
    36 Fleet overview Name Safe Britannia Safe Lancia Safe Hibernia Geographical area Harsh env. Moderately harsh env. Harsh environment Mooring system 9 point wire winches 8 point chain winches 12 point wire winches Station keeping…
  36. Q3 2010 RESULTS – Prosafe Se – slide 36
    37 Fleet overview Name Safe Regency Safe Concordia Jasminia Geographical area Harsh environment Benign environment Benign environment Mooring system 8 point wire winches 4 point wire winches 8 point wire winches Station keeping…
  37. Q3 2010 RESULTS – Prosafe Se – slide 37
    38 Financial calendar and IR contacts Financial calendar IR contact Cecilie Ouff 16 February 2011 Finance and IR Manager cecilie.ouff(a)prosafe.com Publication, presentation and web cast Phone: +47 51 64 25 20 of Q4 2010…

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