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Q3 2012 FINANCIAL RESULTS – Dof Asa

Dof Asa · Nov 19, 2012 · 42 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 2012 FINANCIAL RESULTS – Dof Asa – slide 1
    Q3 Financial Presentation 2012 DOF ASA
  2. Q3 2012 FINANCIAL RESULTS – Dof Asa – slide 2
    Agenda Summary Recent highlights Overview group Financials DOF Subsea update Outlook DOF ASA - Q3 Presentation 2012
  3. Q3 2012 FINANCIAL RESULTS – Dof Asa – slide 3
    Summary Several new contracts/renewals in DOF Subsea and in DOF Supply A strong subsea market is expected to continue The DOF group is limited exposed to a weak spot market in the North Sea High tender activity, especially within…
  4. Q3 2012 FINANCIAL RESULTS – Dof Asa – slide 4
    Recent highlights Vessels DOF Several vessels started on new contracts: Skandi Iguacu delivered from yard and on-hire to Petrobras in September Skandi Nova delivered and on-hire to ConocoPhillips in October Skandi Mary delivered…
  5. Q3 2012 FINANCIAL RESULTS – Dof Asa – slide 5
    Recent highlights Contracts New 3 + 3 yrs contract on Skandi Constructor with Helix Well Ops Various project contracts in DOF Subsea, securing high utilization in Q4 New 2 + 3 yrs contract for Skandi Pacific in Indonesia 3 + 2 x…
  6. Q3 2012 FINANCIAL RESULTS – Dof Asa – slide 6
    Company overview DOF ASA Norskan (Brazil) DOF Subsea Holding DOF (North Sea/Asia) Modern fleet Modern fleet 17 AHTSs (incl ADD) DOF Subsea 3 AHTSs 6 PSVs 17 PSVs Modern fleet & Equipment 2 CSVs 4 CSV 22 CSV/ROV vessels 52…
  7. Q3 2012 FINANCIAL RESULTS – Dof Asa – slide 7
    The fleet market segment PSV AHTS Subsea Total fleet No. of vessels DOF ASA 17 3 4 24 NORSKAN OFFSHORE 6 12 2 20 DOF SUBSEA AS 0 0 22 22 DOF INSTALLER ASA 0 0 3 3 AKER DOF DEEPWATER AS 0 5 0 5 Total fleet 23 20 31 74…
  8. Q3 2012 FINANCIAL RESULTS – Dof Asa – slide 8
    Global player 32 Austevoll Bergen Aberdeen Moscow St. Johns Houston Cairo 3 Manila Singapore Brunei 25 Angola Jakarta Darwin 0 Macae Perth Rio de Janeiro Melbourne 8 Buenos Aires GEOGRAPHICAL FOCUS AREAS…
  9. Q3 2012 FINANCIAL RESULTS – Dof Asa – slide 9
    Backlog development DOF Group 45 000 Note: Includes extension options on long-term contracts. 40 000 38 439 36 543 Backlog DOF Group 35 000 30 523 30 000 25 632 25 000 21 531 20 000 18 003 14 925 15 000 12 271 10 076 10…
  10. Q3 2012 FINANCIAL RESULTS – Dof Asa – slide 10
    Update on remaining newbuilding program Vessel Yard Delivery Type Contract Financing Skandi Hugen STX Norway Dec 12 MRV 05 ROV 7 yrs ConocoPhillips N Funding secured from Eksportkreditt, GIEK & SPV Skandi Urca STX Brazil May 13…
  11. Q3 2012 FINANCIAL RESULTS – Dof Asa – slide 11
    Financials DOF ASA - Q3 Presentation 2012
  12. Q3 2012 FINANCIAL RESULTS – Dof Asa – slide 12
    Financial/Operational highlights Q3 2012 Average utilization Subsea fleet (92 %) Good utilization of the project fleet in Brazil and Atlantic regions Low utilization in Asia due to class-docking & rebuild of two vessels Modest…
  13. Q3 2012 FINANCIAL RESULTS – Dof Asa – slide 13
    Result Q3 2012 ALL All FIGURES figures in IN NOK million NOK MILLION Q3 2012 Q3 2011 YTD Q3 2012 YTD Q3 2011 2011 Operating income 2 087 1 674 6 074 4 641 6 503 Operating expenses -1 332 -1 113 -3 969 -3 210 -4 488 Net gain on…
  14. Q3 2012 FINANCIAL RESULTS – Dof Asa – slide 14
    P&L Q3 2012 Supply and Subsea ALL FIGURES IN NOK MILLION Amounts in NOK mill PSV AHTS CSV Total Q3 2012 Q3 2011 Q3 2012 Q3 2011 Q3 2012 Q3 2011 Q3 2012 Q3 2011 Operating income 277 186 323 278 1 487 1 210 2 087 1 674 Operating…
  15. Q3 2012 FINANCIAL RESULTS – Dof Asa – slide 15
    Financial results Q3 2012 ALL FIGURES IN NOK MILLION ALL FIGURES IN NOK MILLION Financial items Q3 2012 Q3 2011 YTD Q3 2012 YTD Q3 2011 2011 Share of loss profit from associated 0 0 1 2 -0 Interest reveneue 15 26 50 63 68 Interest…
  16. Q3 2012 FINANCIAL RESULTS – Dof Asa – slide 16
    Historical EBITDA excl sales 2 500 50 % Operating revenue EBITDA EBITDA margin 45 % 2 000 40 % 35 % 1 500 30 % MNOK 25 % 1 000 20 % 15 % 500 10 % 5% - 0% Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010…
  17. Q3 2012 FINANCIAL RESULTS – Dof Asa – slide 17
    Balance Q3 2012 Amounts in NOKIN ALL FIGURES million NOK MILLION 30.09.2012 30.09.2011 31.12.2011 ASSETS Intangible assets 537 501 611 Vessel and other tangible assets 25 985 22 269 24 281 Newbuildings 449 1 627 1 406 Financial…
  18. Q3 2012 FINANCIAL RESULTS – Dof Asa – slide 18
    Net interest bearing debt All ALL amounts in NOK FIGURES IN NOKmillion MILLION 30.09.2012 30.09.2011 2011 Bond loan 3 755 2 802 2 804 - Current part of bond loan 281 262 647 Debt to credit institutions 16 723 15 214 16 391 -…
  19. Q3 2012 FINANCIAL RESULTS – Dof Asa – slide 19
    Key figures Q3 2012 Q3 2012 Q3 2011 YTD Q3 2012 YTD Q3 2011 2011 FINANCIAL RESULT EBITDA margin ex net gain on sale of vessel 36 % 34 % 35 % 31 % 31 % EBITDA margin 36 % 36 % 38 % 32 % 31 % EBIT margin 25 % 22 % 26 % 15 % 18 % Cashflow…
  20. Q3 2012 FINANCIAL RESULTS – Dof Asa – slide 20
    Debt maturity profile 3 500 Bond Loan Bank debt Balloons 3002 DOF Supply 3 000 DOF 07 DOF 08 2 500 - NOK 950 million - NOK 600 million - Maturity July 2013 - Maturity Dec 2015 2 000 - Net NOK 140 million - Net NOK 550 million DOF 09…
  21. Q3 2012 FINANCIAL RESULTS – Dof Asa – slide 21
    DOF and DOF Subsea Value newbuild fleet 20 000 18 000 16 000 Value Newbuilds (MNOK) 14 000 12 000 10 000 8 000 6 000 4 000 2 000 - 2006 2007 2008 2009 2010 2011 2012 2013 Value year end 11 112 16 606 18 474 14…
  22. Q3 2012 FINANCIAL RESULTS – Dof Asa – slide 22
    DOF assets value Fair market value of the DOF fleet has been stable and slightly increasing since 2007 Total fair market value of fleet (incl. newbuilds): NOK 37,4 bn (on 100 % basis) PSV: NOK 6,1 bn AHTS: NOK 10,7 bn CSV: NOK 20,6…
  23. Q3 2012 FINANCIAL RESULTS – Dof Asa – slide 23
    DOF ASA Asset coverage Combined market value DOF Group fleet including newbuild is NOK 34 bn (total value 100% NOK 37,4 bn) New-building program to be completed in 2014 Asset-level gearing on the existing fleet is 55%, decreasing to…
  24. Q3 2012 FINANCIAL RESULTS – Dof Asa – slide 24
    Contract Coverage DOF ASA - Q3 Presentation 2012
  25. Q3 2012 FINANCIAL RESULTS – Dof Asa – slide 25
    PSV Contract coverage PSV 2012 2013 2014 2015 2016 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 J F M A M J J A S O N D J F M A M J J A S O N D Skandi Falcon 1 1 1 1 1 1 1 1 1 1 1 2 2 Skandi M arstein 1 1 1 1 2 2 2 2 2 2 2…
  26. Q3 2012 FINANCIAL RESULTS – Dof Asa – slide 26
    AHTS Contract coverage AHTS 2012 2013 2014 2015 2016 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 J F M A M J J A S O N D J F M A M J J A S O N D Skandi Stord 1 1 1 Supply Skandi Admiral 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1…
  27. Q3 2012 FINANCIAL RESULTS – Dof Asa – slide 27
    CSV Contract coverage CSV 2012 2013 2014 2015 2016 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 J F M A M J J A S O N D J F M A M J J A S O N D Skandi Fjord 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2…
  28. Q3 2012 FINANCIAL RESULTS – Dof Asa – slide 28
    DOF, more than supply DOF Subsea DOF ASA - Q3 Presentation 2012
  29. Q3 2012 FINANCIAL RESULTS – Dof Asa – slide 29
    DOF Subsea Group Highlights Fleet One of the largest subsea vessel owners in the world Operates a fleet of 25 vessels with a total market value of NOK16.4 billion Operates 52 ROVs Value adjusted fleet age of 3.8 years Global…
  30. Q3 2012 FINANCIAL RESULTS – Dof Asa – slide 30
    DOF Subsea Group Highlights Key Figures 1 600 37 % NOK million Q3 2009 Q3 2010 Q3 2011 Q3 2012 Operating revenue 743 851 1 152 1 354 1 400 36 % EBITDA 234 282 370 489 EBITDA margin 31.4% 33.2% 32.1% 36.1% 1 200 35 % 22.1 % NOK…
  31. Q3 2012 FINANCIAL RESULTS – Dof Asa – slide 31
    DOF Subsea Group structure DOF Subsea AS Ship/Asset Management DOF Subsea DOF Subsea DOF Subsea Survey & Engineering Owning Companies Asia Pacific Atlantic Brazil Positioning Companies Companies DOF Singapore Norway UK CSL…
  32. Q3 2012 FINANCIAL RESULTS – Dof Asa – slide 32
    Level of industry barriers to entry DSV Increased engineering requirement Complexity and size of operations Increased system requirement OSCV Level of barriers to entry Complex subsea operations ROV Marine…
  33. Q3 2012 FINANCIAL RESULTS – Dof Asa – slide 33
    DOF Subsea Projects Goliat - Installation of mooring system and hook-up Production of suction anchors Installation of suction anchors and bottom chain/fiber Inshore mooring (Hammerfest) of FPSO Tow FPSO to field Hook-up All…
  34. Q3 2012 FINANCIAL RESULTS – Dof Asa – slide 34
    DOF Subsea Projects Tordis Flexible Jumper Replacement Disconnection, cutting, plugging, and removal of 8 off 5 Flexible Production & Water Injection Jumper Ends Installation and tie-in of 8 off new 6 Flexible Production and Water…
  35. Q3 2012 FINANCIAL RESULTS – Dof Asa – slide 35
    DOF Subsea Projects Galoc EPIC SURF Contract Project Management and Engineering Design Procurement Fabrication of Riser bases, Electro-Hydraulic Umbilical tether clump, 6 and 4 rigid spool jumpers, 6 flexible jumper, 6 flexible…
  36. Q3 2012 FINANCIAL RESULTS – Dof Asa – slide 36
    DOF Subsea Projects DOF Subsea has built a global organization over the last 7 years Presence in all major Oil Hubs Standardization of routines and systems Training of personnel DOF Subsea are growing the project business gradually…
  37. Q3 2012 FINANCIAL RESULTS – Dof Asa – slide 37
    Outlook DOF ASA - Q3 Presentation 2012
  38. Q3 2012 FINANCIAL RESULTS – Dof Asa – slide 38
    Substantial subsea growth announced Supply side Newbuilding program within all subsectors limited Old fleet Financing constraints Demand side Surface to subsea activity increasing Subsea CAPEX to double by 2014 Increased…
  39. Q3 2012 FINANCIAL RESULTS – Dof Asa – slide 39
    PSV and AHTS Demand side High oil price Increased E & P spending Increased deepwater spending Increased infrastructure spending Strongest growth in Brazil, West Africa and Asia Pacific Increased focus on newer, larger and more…
  40. Q3 2012 FINANCIAL RESULTS – Dof Asa – slide 40
    PSV and AHTS Supply side PSV (larger than 3,000 dwt) Large newbuilding program Financing constraints, but to a lower degree due to lower CAPEX. Short term: We expect North Sea spot to be weak the next 5 6 months Long term: We…
  41. Q3 2012 FINANCIAL RESULTS – Dof Asa – slide 41
    Short term outlook We expect Q4 to be (slightly) weaker than Q3. We repeat our 2012 guidance DOF ASA Q3 Presentation 2012 41
  42. Q3 2012 FINANCIAL RESULTS – Dof Asa – slide 42
    Thank you Presented by Mons Aase - CEO Hilde Drnen - CFO

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