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Q3 2011 RESULTS – Fred Olsen Energy

Fred Olsen Energy · Nov 2, 2011 · 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. Q3 2011 RESULTS – Fred Olsen Energy – slide 1
    Fred Olsen Energy ASA Fred. P Presentation t ti 3Q results lt 2011 02 November 2011 1
  2. Q3 2011 RESULTS – Fred Olsen Energy – slide 2
    AGENDA FINANCIAL RESULT 3Q 2011 MARKETS OPERATIONS SUMMARY AND OUTLOOK 2
  3. Q3 2011 RESULTS – Fred Olsen Energy – slide 3
    Income Statement Key Figures (NOK mill) 3Q 2011 2Q 2011 Operating revenues 1 618 1 566 Recharged income 64 63 Total revenues 1 682 1 629 Operating costs (659) (639) Recharged expenses (63) (61) Total operating expenses (722) (700)…
  4. Q3 2011 RESULTS – Fred Olsen Energy – slide 4
    EBITDA Comparison 3Q 2011 vs vs. 2Q 2011 1000 980 960 29 940 920 20 18 11 MNOK 7 900 880 960 929 860 840 820 800 2Q EBITDA Blackford Other Bideford Belford Borgsten 3Q EBITDA 4
  5. Q3 2011 RESULTS – Fred Olsen Energy – slide 5
    Financial Items Breakdown (NOK mill) 3Q 2011 2Q 2011 Interest income 5 8 Gains on financial instruments - 1 Financial income 5 9 Interest expenses (32) (22) Losses on financial instruments (35) (26) Other financial expenses (8) (6)…
  6. Q3 2011 RESULTS – Fred Olsen Energy – slide 6
    Offshore Drilling Segment (NOK mill) 3Q 2011 2Q 2011 Operating revenues 1 552 1 506 Recharged income 64 63 Total revenues 1 616 1 569 Operating costs (599) (588) Recharged expenses (63) (61) p g expenses Total operating p (662) ( )…
  7. Q3 2011 RESULTS – Fred Olsen Energy – slide 7
    Engineering & Fabrication Segment (NOK mill) 3Q 2011 2Q 2011 Operating revenues 66 60 Operating costs (61) (51) Oper. result before depr. (EBITDA) 5 9 Depreciation (1) (2) Operating result (EBIT) 4 7
  8. Q3 2011 RESULTS – Fred Olsen Energy – slide 8
    Consolidated Balance Sheet (NOK mill) 3Q 2011 2Q 2011 Intangible assets 99 99 Property, plant & equipment 10 315 9 744 Other non-current assets 38 37 Total non-current assets 10 452 9 880 Other current assets 2 047 2 034 Cash and cash…
  9. Q3 2011 RESULTS – Fred Olsen Energy – slide 9
    Consolidated Cash Flow (NOK mill) 3Q 2011 2Q 2011 Profit before income taxes 629 579 Depreciation and impairment 318 296 Interest expense 32 22 Changes in working capital 97 (237) Unrealized loss financial instruments 20 8 Cash…
  10. Q3 2011 RESULTS – Fred Olsen Energy – slide 10
    Offshore drilling EBITDA and margin 1600,0 80 % 1500,0 1400,0 70 % 1300,0 1200,0 60 % 1100,0 1000,0 50 % 900 0 900,0 NOK m illion 800,0 40 % 700,0 600,0 30 % 500,0 400 0 400,0 20 % 300,0 200,0 10 % 100,0 0,0 0%…
  11. Q3 2011 RESULTS – Fred Olsen Energy – slide 11
    Fleet status as per 01 November 2011 Rig Type / design W depth ft Location Client Contract status Day rate Next CR survey (in USD) Deepwater units Belford Dolphin Drillship 10 000 Mozambique Anadarko April '10 10 - April '13 13 532…
  12. Q3 2011 RESULTS – Fred Olsen Energy – slide 12
    AGENDA FINANCIAL RESULT MARKETS OPERATIONS SUMMARY AND OUTLOOK 12
  13. Q3 2011 RESULTS – Fred Olsen Energy – slide 13
    Positive global market outlook floating units Active tendering and ACTIVE SUPPLY AND DEMAND WORLDWIDE FLOATERS NUMBER OF UNITS contract activity in all 250 Deepwater Demand segments Shallow Water Demand Active Supply 200…
  14. Q3 2011 RESULTS – Fred Olsen Energy – slide 14
    Norwegian floater market 2011 2012 2013 2014 The market has Name Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 strengthened t th d during d i 2011 West Navigator West Alpha First available unit early Bredford Dolphin Stena…
  15. Q3 2011 RESULTS – Fred Olsen Energy – slide 15
    Average dayrates Norway AVERAGE DAYRATES NORWAY SEMI SUBMERSIBLE DRILLING UNITS THOUSAND USD THOUSAND USD 700 2nd Gen Norway 3rd Gen Norway 600 4th Gen Norway 5th/6th Gen Norway 5th/6th Gen Norway 500 400 300 200…
  16. Q3 2011 RESULTS – Fred Olsen Energy – slide 16
    UK floater market 2011 2012 2013 A challenging market is Name Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 emerging for the winter Sedco 712 season J.W. McLean Stena Spey Transocean John Shaw Borgsten Dolphin will stay Sedco 711 idle…
  17. Q3 2011 RESULTS – Fred Olsen Energy – slide 17
    Average g dayrates y UK AVERAGE DAYRATES UK SECTOR SEMI SUBMERSIBLE DRILLING UNITS THOUSAND USD THOUSAND USD 600 2nd Gen UK 3rd Gen UK 4th Gen UK 500 400 300 200 100 0 79 81 83 85 87 89 91 93 95 97 99 01 03 05…
  18. Q3 2011 RESULTS – Fred Olsen Energy – slide 18
    Dayrates deepwater drilling units worldwide 18
  19. Q3 2011 RESULTS – Fred Olsen Energy – slide 19
    Global floater fleet and newbuilds 40 2.gen 3.gen 4.gen 5.gen 6.gen 35 30 25 Number of units 20 15 N 10 5 0 1973 1978 1983 1988 1993 1998 2003 2008 2013 2018 Semi/Drillship NB Semi NB Drillship Source:…
  20. Q3 2011 RESULTS – Fred Olsen Energy – slide 20
    Sources for worldwide oil production Source: GMO, LLC 20
  21. Q3 2011 RESULTS – Fred Olsen Energy – slide 21
    AGENDA FINANCIAL RESULT MARKETS OPERATIONS SUMMARY AND OUTLOOK 21
  22. Q3 2011 RESULTS – Fred Olsen Energy – slide 22
    Fred Olsen Energy operating worldwide Fred. Bideford Byford B Borgland l d Borgsten Bredford Borgholm Belford Borgny Blackford 22
  23. Q3 2011 RESULTS – Fred Olsen Energy – slide 23
    Contract schedule as per 01 November 2011 2010 2011 2012 2013 2014 Belford Anadarko Blackford Reliance Anadarko Karoon Bideford Statoil Statoil Borgland Consortium Bredford AGR 2) 2) Lundin 3) Lundin Borgny Petrobras Byford BP…
  24. Q3 2011 RESULTS – Fred Olsen Energy – slide 24
    Contract backlog and customer base Contract backlog Customer base 1 100 000 1 000 000 900 000 24 % 27 % 800 000 700 000 USD 1000 600 000 8% 500 000 10 % 19 % 400 000 300 000 14 % 200 000 100 000 Statoil Anadarko…
  25. Q3 2011 RESULTS – Fred Olsen Energy – slide 25
    Ultra deepwater Africa Newbuild drillship from HHI Belford Dolphin Estimated delivery 3Q 2013 Continued operation under a three-year Total project cost is estimated to USD 615 million drilling d illi contract t t with Anadarko ith A…
  26. Q3 2011 RESULTS – Fred Olsen Energy – slide 26
    Midwater - Norway Bideford Dolphin Borgland Dolphin Continued operations under a three three-year year Continued operation under a four four-year year drilling drilling contract with Statoil estimated to contract with a consortium…
  27. Q3 2011 RESULTS – Fred Olsen Energy – slide 27
    Midwater - Norway / United Kingdom Bredford Dolphin Borgholm Dolphin Completed operations under a three-well Accommodation unit with 274 bed capacity contract with Lundin Norway AS Continued operations under the nine-months Started a…
  28. Q3 2011 RESULTS – Fred Olsen Energy – slide 28
    Midwater - United Kingdom (cont (cont.)) Byford Dolphin Borgsten Dolphin Continued operation under a three three-year year Continued operations under the four four-well well drilling drilling contract with BP Exploration expiring…
  29. Q3 2011 RESULTS – Fred Olsen Energy – slide 29
    Deepwater/ midwater - Brazil Blackford Dolphin Borgny Dolphin Three-year contract with Reliance Industries Ltd. Operating under a five-year drilling contract with Currently under sublet to Statoil for operations Petrobras in Brazil…
  30. Q3 2011 RESULTS – Fred Olsen Energy – slide 30
    Harland & Wolff Focus on ship repair, ship building, steel fabrication and engineering services Holds a Waste Management License for ship demolition The yard area is serving as a logistics and assembl base fo assembly for…
  31. Q3 2011 RESULTS – Fred Olsen Energy – slide 31
    Summary Financial Revenues were 1682 million EBITDA was 960 million Profit before tax was 630 million Contract backlog amounting to approximately USD 1.7 billion Operational Bredford Dolphin commenced operations under the…
  32. Q3 2011 RESULTS – Fred Olsen Energy – slide 32
    Q&A 32

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