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Q3 2014 EARNINGS CALL – Fred Olsen Energy

Fred Olsen Energy · Oct 28, 2014 · 31 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 – Fred Olsen Energy – slide 1
    Financial results 3Q 2014 Oslo, 28 October 2014
  2. Q3 2014 EARNINGS CALL – Fred Olsen Energy – slide 2
    AGENDA FINANCIAL RESULTS 3Q 2014 MARKETS OPERATIONS SUMMARY
  3. Q3 2014 EARNINGS CALL – Fred Olsen Energy – slide 3
    Income Statement Key Figures (USD mill) 3Q 2014 2Q 2014 Change Operating revenues 310,0 256,8 53,2 Recharged income 25,4 16,5 8,9 Total revenues 335,4 273,3 62,1 Operating costs (159,6) (150,5) (9,1) Recharged expenses (25,3) (16,2)…
  4. Q3 2014 EARNINGS CALL – Fred Olsen Energy – slide 4
    EBITDA Comparison 3Q 2014 vs. 2Q 2014
  5. Q3 2014 EARNINGS CALL – Fred Olsen Energy – slide 5
    Financial Items Breakdown (USD mill) 3Q 2014 2Q 2014 Change Interest income 0,6 1,0 (0,4) Gains on financial instruments 0,6 - 0,6 Financial income 1,2 1,0 0,2 Interest expenses (12,1) (14,8) 2,7 Capitalized borrowing cost…
  6. Q3 2014 EARNINGS CALL – Fred Olsen Energy – slide 6
    Offshore Drilling Segment (USD mill) 3Q 2014 2Q 2014 Change Operating revenues 305,6 249,0 56,6 Recharged income 25,4 16,5 8,9 Total revenues 331,0 265,5 65,5 Operating costs (152,8) (140,9) (11,9) Recharged expenses (25,3) (16,2)…
  7. Q3 2014 EARNINGS CALL – Fred Olsen Energy – slide 7
    Engineering & Fabrication Segment (USD mill) 3Q 2014 2Q 2014 Change Operating revenues (external) 4,4 7,8 (3,4) Inter-segment revenues 9,2 15,9 (6,7) Total operating revenues 13,6 23,7 (10,1) Operating costs (9,6) (18,7) 9,1 Oper.…
  8. Q3 2014 EARNINGS CALL – Fred Olsen Energy – slide 8
    Consolidated Balance Sheet (USD mill) 3Q 2014 2Q 2014 Change Intangible assets 15,3 16,0 (0,7) Property, plant & equipment 2 795,8 2 822,8 (27,0) Other non-current assets 28,3 27,1 1,2 Total non-current assets 2 839,4 2 865,9 (26,5)…
  9. Q3 2014 EARNINGS CALL – Fred Olsen Energy – slide 9
    Consolidated Cash Flow (USD mill) 3Q 2014 2Q 2014 Change Profit before income taxes 3,6 16,3 (12,7) Depreciation and impairment 135,1 87,8 47,3 Interest expense 10,4 12,8 (2,4) Gain on sale of assets 0,2 - 0,2 Changes in working capital…
  10. Q3 2014 EARNINGS CALL – Fred Olsen Energy – slide 10
    Offshore drilling EBITDA and margin
  11. Q3 2014 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 3Q 2020 Bolette Dolphin…
  12. Q3 2014 EARNINGS CALL – Fred Olsen Energy – slide 12
    FINANCIAL RESULTS MARKETS OPERATIONS SUMMARY
  13. Q3 2014 EARNINGS CALL – Fred Olsen Energy – slide 13
    Global market floating units Operators are curtailing development and exploration programs Continued low contracting activity in all market segments An increase in number of idle rigs is seen, predominantly in international mid…
  14. Q3 2014 EARNINGS CALL – Fred Olsen Energy – slide 14
    Norwegian floater market 2014 2015 2016 2017 Continued low contracting activity, Nam e Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Transocean Searcher options not being exercised Transocean Spitsbergen West Venture Deepsea…
  15. Q3 2014 EARNINGS CALL – Fred Olsen Energy – slide 15
    Average dayrates Norway
  16. Q3 2014 EARNINGS CALL – Fred Olsen Energy – slide 16
    UK floater market 2014 2015 2016 2017 Moderate contracting activity Nam e Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 J.W. McLean during the quarter Ocean Vanguard Borgny Dolphin Ocean Princess Shorter term exploration and…
  17. Q3 2014 EARNINGS CALL – Fred Olsen Energy – slide 17
    Average dayrates UK
  18. Q3 2014 EARNINGS CALL – Fred Olsen Energy – slide 18
    Wordwide deepwater dayrates
  19. Q3 2014 EARNINGS CALL – Fred Olsen Energy – slide 19
    FINANCIAL RESULTS MARKETS OPERATIONS SUMMARY
  20. Q3 2014 EARNINGS CALL – Fred Olsen Energy – slide 20
    Fred. Olsen Energy Operating worldwide Byford Bideford Dolphin Dolphin Greenland Borgsten Borgland Dolphin Dolphin Borgholm Bredford Dolphin Iceland Dolphin Sweden Finnland Russia Norway Canada…
  21. Q3 2014 EARNINGS CALL – Fred Olsen Energy – slide 21
    Contract overview 2014 2015 2016 2017 2018 2019 2020 Bolette Anadarko Bollsta Chevron Belford Anadarko Blackford MPX Nexen Chevron Bideford Statoil Borgland RMN consortium Bredford AGR consortium Byford BP Borgsten Total…
  22. Q3 2014 EARNINGS CALL – Fred Olsen Energy – slide 22
    Contract backlog Contract backlog Customer base Total backlog ca. USD 3.6 billion
  23. Q3 2014 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 scheduled to 3Q 2015 Block erection completed during the…
  24. Q3 2014 EARNINGS CALL – Fred Olsen Energy – slide 24
    Ultra deepwater Bolette Dolphin Belford Dolphin Newbuild ultra deepwater drillship from Hyundai Heavy Continued under a four-year contract with Anadarko Industries delivered 21st of February 2014 estimated to expire 1Q 2016 Continued…
  25. Q3 2014 EARNINGS CALL – Fred Olsen Energy – slide 25
    Midwater - Norway Borgland Dolphin Bideford Dolphin Commenced a new contract with a new RMN consortium Operates under a three-year contract with Statoil in April 2014. Estimated duration is 3.5 years Completed its five-year class…
  26. Q3 2014 EARNINGS CALL – Fred Olsen Energy – slide 26
    Midwater - Norway / United Kingdom Bredford Dolphin Borgholm Dolphin Continued under the 12-well contract with an AGR Completed the contract with Shell end of August 2014 consortium. The contract is expected to expire end of and…
  27. Q3 2014 EARNINGS CALL – Fred Olsen Energy – slide 27
    Midwater - United Kingdom (cont.) Byford Dolphin Borgsten Dolphin Continued under a three-year drilling contract with BP Continued under the tender support services contract of Exploration, estimated to expire April 2016 40 months…
  28. Q3 2014 EARNINGS CALL – Fred Olsen Energy – slide 28
    Deepwater United Kingdom Blackford Dolphin The unit completed the five-year class renewal survey and upgrades at H&W yard end of June Completed a one-well for MPX North Sea Ltd. in October, to be followed by the contract with Nexen…
  29. Q3 2014 EARNINGS CALL – Fred Olsen Energy – slide 29
    Harland & Wolff Focus on ship repair, ship building, steel fabrication and engineering services Fabrication of the Humber gateway offshore windfarm substation jacket was completed during the quarter Borgny Dolphin will be in lay-up at…
  30. Q3 2014 EARNINGS CALL – Fred Olsen Energy – slide 30
    Summary Financial Revenues were USD 335 million EBITDA was USD 151 million Profit before tax was USD 4 million Impairment of Borgny Dolphin of USD 43 million Contract backlog amounting to approximately USD 3.6 billion…
  31. Q3 2014 EARNINGS CALL – Fred Olsen Energy – slide 31
    Q&A

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