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Q2 2012 EARNINGS CALL – Prosafe Se

Prosafe Se · Aug 23, 2012 · 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. Q2 2012 EARNINGS CALL – Prosafe Se – slide 1
    23 August 2012 Q2 2012 results
  2. Q2 2012 EARNINGS CALL – Prosafe Se – slide 2
    Recent Prosafe developments Rig utilisation rate of 78 per cent in Q2 Contract for newbuild Safe Boreas commencing in April 2015 Contract for Safe Scandinavia commencing April 2013 Divestment of jack-up Safe Esbjerg total…
  3. Q2 2012 EARNINGS CALL – Prosafe Se – slide 3
    Agenda Financial results Operations Outlook Attachments 4
  4. Q2 2012 EARNINGS CALL – Prosafe Se – slide 4
    Income statement (Unaudited figures in USD million) Q2 12 Q1 12 Q2 11 1H 12 1H 11 2011 Operating revenues 129.3 125.7 125.0 255.0 196.1 449.6 Operating expenses (65.2) (51.1) (51.7) (116.3) (93.0) (192.0) Operating profit before…
  5. Q2 2012 EARNINGS CALL – Prosafe Se – slide 5
    Operating revenues (USD million) Q2 12 Q1 12 Q2 11 1H 12 1H 11 2011 Charter income 103.1 115.1 110.3 218.2 174.5 400.7 Mob/demob income 2.0 0.0 0.0 2.0 1.4 4.1 Other income 24.2 10.6 14.7 34.8 20.2 44.8 Total 129.3 125.7 125.0 255.0…
  6. Q2 2012 EARNINGS CALL – Prosafe Se – slide 6
    Balance sheet (Unaudited figures in USD million) 30.06.12 31.03.12 31.12.11 30.06.11 Goodwill 226.7 226.7 226.7 226.7 Rigs 909.3 901.9 893.7 924.2 New build 64.1 59.4 58.3 0.0 Other non-current assets 5.0 5.0 5.1 4.7 Total…
  7. Q2 2012 EARNINGS CALL – Prosafe Se – slide 7
    Key figures Q2 12 Q1 12 Q2 11 1H 12 1H 11 2011 Operating margin 38.5 % 48.2 % 45.9 % 43.3 % 36.5 % 42.8 % Equity ratio 34.7 % 35.1 % 31.3 % 34.7 % 31.3 % 33.6 % Return on equity 30.4 % 40.2 % 49.4 % 35.3 % 27.9 % 36.2 % Net interest…
  8. Q2 2012 EARNINGS CALL – Prosafe Se – slide 8
    Gross debt-to-EBITDA 9
  9. Q2 2012 EARNINGS CALL – Prosafe Se – slide 9
    Steady growth in dividend Dividend payments 0.6 An interim dividend equivalent to USD 0.133 per share declared 0.5 In line with policy of paying out up to 75 per cent of previous years net profit (2011 EPS USD 0.71) 0.4 Q4 The…
  10. Q2 2012 EARNINGS CALL – Prosafe Se – slide 10
    Agenda Financial results Operations Outlook Attachments 11
  11. Q2 2012 EARNINGS CALL – Prosafe Se – slide 11
    Divestment of Safe Esbjerg Agreement on 7 August 2012 to sell Safe Esbjerg Total proceeds of USD 55 million USD 38.5 million is payable within 60 days after closing USD 16.5 million will be paid as a three-year term loan The…
  12. Q2 2012 EARNINGS CALL – Prosafe Se – slide 12
    Safe Boreas progress Semi to be built as Norway compliant/harsh environment Facilities for 450 persons DP3 system as well as a 12 point mooring arrangement Delivery from yard planned for Q2 2014 Awarded a 6 month firm Financial…
  13. Q2 2012 EARNINGS CALL – Prosafe Se – slide 13
    Safe Caledonia refurbishment and life extension Caledonia at Remontowa yard Rig life to be extended by 20 years Cost estimate unchanged at USD 100 million Life extension and thereafter sea trials to be completed in Q4 2012…
  14. Q2 2012 EARNINGS CALL – Prosafe Se – slide 14
    Contract backlog 1 000 Gross order inflow of 900 USD 168m (incl. options) so far in Q3 800 700 2015 2012 4% 13 % 600 USD million 500 2014 400 44 % 2013 300 39 % 200 100 Options Firm contracts 0 Q2 Q3 Q4 Q1 Q2…
  15. Q2 2012 EARNINGS CALL – Prosafe Se – slide 15
    Contract status Safe Boreas Safe Scandinavia Regalia Safe Caledonia Safe Bristolia Safe Astoria Safe Concordia Safe Hibernia Safe Britannia Safe Regency Safe Lancia Jasminia 2006 2007 2008 2009 2010 2011 2012 2013…
  16. Q2 2012 EARNINGS CALL – Prosafe Se – slide 16
    Agenda Financial results Operations Outlook Attachments 17
  17. Q2 2012 EARNINGS CALL – Prosafe Se – slide 17
    Supply of semi-submersible accommodation rigs No. of accommodation semis by owner No. of accommodation semis by regional capabilites 24 24 Yantai 22 22 20 ETESCO 20 18 18 FOE 16 16 Rest of World 14 COSL 14 12 12 UK 10 Pemex 10…
  18. Q2 2012 EARNINGS CALL – Prosafe Se – slide 18
    Increased Oil Recovery (IOR) a key demand driver Examples of changes in field life expectancy Norway High focus on IOR resulting in increased field life expectancy Latest year Brage of production Draugen as of 1992-95 Ekofisk The…
  19. Q2 2012 EARNINGS CALL – Prosafe Se – slide 19
    Demand - North Sea North Sea demand index Demand mostly driven by 110 101 100 MMO work and 100 90 91 90 redevelopments 90 81 87 79 78 80 76 70 67 70 65 64 Strong contract inflow in 60 the 1st half of the year 50 Q1 Q2 Q3…
  20. Q2 2012 EARNINGS CALL – Prosafe Se – slide 20
    North Sea dayrates (time charter) 400 350 300 250 USD k 200 150 100 50 0 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Safe Boreas Regalia Safe Caledonia…
  21. Q2 2012 EARNINGS CALL – Prosafe Se – slide 21
    Demand Mexico The activity level in Mexico has increased gradually over the past two-three years Pemex has had a growing need for offshore accommodation capacity Construction and logistics support around the Cantarell field are…
  22. Q2 2012 EARNINGS CALL – Prosafe Se – slide 22
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  23. Q2 2012 EARNINGS CALL – Prosafe Se – slide 23
    Demand Brazil All the units currently working in Brazil are deployed in the Campos basin, assisting with maintenance and upgrades of existing production infrastructure In the longer term, there should be potential for growth…
  24. Q2 2012 EARNINGS CALL – Prosafe Se – slide 24
    Demand Asia and Australia The market in Australia and Southeast Asia appears increasingly promising A decent number of concrete prospects have been identified, particularly in Australia, where weather conditions combined with…
  25. Q2 2012 EARNINGS CALL – Prosafe Se – slide 25
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  26. Q2 2012 EARNINGS CALL – Prosafe Se – slide 26
    Summary High contracting activity so far in 2012 Market outlook for the next couple of years appears promising Prosafe well positioned Clear market leader Long operational track- record High-quality, diversified fleet High…
  27. Q2 2012 EARNINGS CALL – Prosafe Se – slide 27
    Agenda Introduction Financial results Operations Outlook Attachments 28
  28. Q2 2012 EARNINGS CALL – Prosafe Se – slide 28
    Debt as of end Q2 2012 Credit facility New credit facility of USD 1.1 billion in place in August 2011 Maturity of six years The applicable margin on the credit facility is 1.875%. This will increase to 2.25% after the 4th year after…
  29. Q2 2012 EARNINGS CALL – Prosafe Se – slide 29
    Debt as of end Q2 2012 Total interest-bearing debt USD 747.4 million: Credit facility: USD 520 million (long-term) Bond loan: NOK 360.5 million (USD 60.3 million) (long-term) Bond loan : NOK 500 million (USD 83.6 million) (long-term)…
  30. Q2 2012 EARNINGS CALL – Prosafe Se – slide 30
    Financial covenants on credit facility Maximum leverage ratio of 5.0 and 4.5 after second anniversary Minimum liquidity (including up to USD 25 million of undrawn amounts under the credit facility) of USD 65 million in the group…
  31. Q2 2012 EARNINGS CALL – Prosafe Se – slide 31
    Shareholders SHAREHOLDERS AS AT 30.07.2012 No. of shares Ownership State Street Bank & Trust (nom) 23 513 172 10.2 % Folketrygdfondet 18 243 222 7.9 % Pareto 11 789 838 5.1 % Goldman Sachs (nom) 11 203 124 4.9 % State Street Bank &…
  32. Q2 2012 EARNINGS CALL – Prosafe Se – slide 32
    The table below shows the 20 largest shareholders as of 22 May 2012 and the change from the previous analysis dated 29 Feb. 2012* Fund Manager Shares Absolute % at change 22 May 12 Folketrygdfondet 19,193,222 850,041 8.35 M&G…

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