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Q2 2010 EARNINGS CALL – Fred Olsen Energy

Fred Olsen Energy · Jul 15, 2010 · 30 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 2010 EARNINGS CALL – Fred Olsen Energy – slide 1
    Fred Olsen Energy ASA Fred. Presentation P t ti 2Q 2010 15 July 2010 1
  2. Q2 2010 EARNINGS CALL – Fred Olsen Energy – slide 2
    AGENDA FINANCIAL RESULT 2Q 2010 MARKETS OPERATIONS SUMMARY AND OUTLOOK 2
  3. Q2 2010 EARNINGS CALL – Fred Olsen Energy – slide 3
    Income Statement Key Figures (NOK mill) 2Q 2010 1Q 2010 Operating revenues 1 581 1 129 Recharged income 53 68 Total revenues 1 634 1 197 Operating costs (612) (505) Recharged expenses (51) (66) Total operating expenses (663) (571)…
  4. Q2 2010 EARNINGS CALL – Fred Olsen Energy – slide 4
    EBITDA Comparison 2Q vs vs. 1Q 2010 1100 1000 19 22 900 39 41 84 800 140 MNOK 700 971 600 500 626 400 300 1Q EBITDA Byford Blackford Belford Borgsten Bredford Other 2Q EBITDA 4
  5. Q2 2010 EARNINGS CALL – Fred Olsen Energy – slide 5
    Financial Items Breakdown (NOK mill) 2Q 2010 1Q 2010 Interest income 4 1 Gains on financial instruments 2 1 Financial income 6 2 Interest expenses (21) (20) Losses on financial instruments (88) (49) Other financial expenses (5) (5)…
  6. Q2 2010 EARNINGS CALL – Fred Olsen Energy – slide 6
    Offshore Drilling Segment (NOK mill) 2Q 2010 1Q 2010 Operating revenues 1 575 1 106 Recharged income 53 68 Total revenues 1 628 1 174 Operating costs (594) (475) Recharged expenses (51) (66) Total operating expenses (645) (541) Oper.…
  7. Q2 2010 EARNINGS CALL – Fred Olsen Energy – slide 7
    Engineering & Fabrication Segment (NOK mill) 2Q 2010 1Q 2010 Operating p g revenues 6 22 Operating costs (17) (30) Oper. result before depr. (EBITDA) (11) (8) Depreciation (2) (2) Operating result (EBIT) (13) (10) 7
  8. Q2 2010 EARNINGS CALL – Fred Olsen Energy – slide 8
    Consolidated Balance Sheet (NOK mill) 2Q 2010 1Q 2010 Intangible assets 99 99 Property, plant & equipment 11 629 10 690 Other non-current assets 57 52 Total non-current assets 11 785 10 841 Other current assets 2 154 1 864 Cash and cash…
  9. Q2 2010 EARNINGS CALL – Fred Olsen Energy – slide 9
    Consolidated Cash Flow (NOK mill) 2Q 2010 1Q 2010 Profit before income taxes 519 306 Depreciation and impairment 317 236 Interest expense 21 20 Loss/(gain) sale of assets (3) - Changes in working capital (191) (175) Unrealized currency…
  10. Q2 2010 EARNINGS CALL – Fred Olsen Energy – slide 10
    Offshore drilling EBITDA and margin 1600,0 1500 0 1500,0 75 % 1400,0 1300,0 65 % 1200,0 1100,0 55 % 1000 0 1000,0 NOK million 900,0 45 % 800,0 700,0 35 % 600,0 500,0 500 0 25 % 400,0 300,0 15 % 200,0 100,0 5% 0,0…
  11. Q2 2010 EARNINGS CALL – Fred Olsen Energy – slide 11
    Fleet status as per 15 July 2010 Rig Type / design W depth ft Location Client Contract status Day rate Next CR survey (in USD) Deepwater units Belford Dolphin p Drillship p 10 000 Mozambique q Anadarko April p '10- April p '13 532…
  12. Q2 2010 EARNINGS CALL – Fred Olsen Energy – slide 12
    AGENDA FINANCIAL RESULT MARKETS OPERATIONS SUMMARY AND OUTLOOK 12
  13. Q2 2010 EARNINGS CALL – Fred Olsen Energy – slide 13
    SUPPLY AND DEMAND WORLDWIDE FLOATERS NUMBER OF UNITS 250 Total Supply Total Demand Active Supply 200 150 100 50 0 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 09.07.2010 ID:…
  14. Q2 2010 EARNINGS CALL – Fred Olsen Energy – slide 14
    ACTIVE SUPPLY AND DEMAND WORLDWIDE FLOATERS NUMBER OF UNITS 250 Deepwater Demand Shallow Water Demand Active Supply 200 150 100 50 1st Q 1997: 2nd Q 2010: Share DW: 18% Share DW: 62% 0 97 98 99 00 01 02 03 04 05…
  15. Q2 2010 EARNINGS CALL – Fred Olsen Energy – slide 15
    SUPPLY AND DEMAND NORTH SEA AREA SEMISUBMERSIBLE DRILLING UNITS NUMBER OF UNITS 80 Tot Supply NS Tot Demand NS 70 Active Supply NS 60 50 40 30 20 10 0 79 81 83 85 87 89 91 93 95 97 99 01 03 05 07 09 09.07.2010…
  16. Q2 2010 EARNINGS CALL – Fred Olsen Energy – slide 16
    Rig availability Norwegian floater market 2010 2011 2012 2013 2014 Name Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Bredford Dolphin Songa Dee Transocean Arctic Transocean Leader West Alpha Deepsea Bergen…
  17. Q2 2010 EARNINGS CALL – Fred Olsen Energy – slide 17
    Rig availability UK floater market 2010 2011 2012 Name Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Sedco 712 Borgsten Dolphin Ocean Nomad Transocean Prospect Sedco 704 N bl T Noble Ton van L Langeveld ld Stena Spey J.W. McLean Transocean…
  18. Q2 2010 EARNINGS CALL – Fred Olsen Energy – slide 18
    AVERAGE DAYRATES UK SECTOR SEMI SUBMERSIBLE DRILLING UNITS 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 07 09 09.07.2010 ID:83 18
  19. Q2 2010 EARNINGS CALL – Fred Olsen Energy – slide 19
    19
  20. Q2 2010 EARNINGS CALL – Fred Olsen Energy – slide 20
    Global floater fleet and newbuilds 35 2 2.gen 3 3.gen 4 4.gen 5 5.gen 6 6.gen 30 25 Number of units 20 15 10 5 0 1973 1978 1983 1988 1993 1998 2003 2008 2013 Semi/Drillship NB Semi NB Drillship Source:…
  21. Q2 2010 EARNINGS CALL – Fred Olsen Energy – slide 21
    AGENDA FINANCIAL RESULT MARKETS OPERATIONS SUMMARY AND OUTLOOK 21
  22. Q2 2010 EARNINGS CALL – 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. Q2 2010 EARNINGS CALL – Fred Olsen Energy – slide 23
    Contract schedule as per 15 July 2010 2009 2010 2011 2012 2013 2014 Belford Anadarko Anadarko Blackford Tullow 2) Reliance Bideford Statoil Statoil Borgland Statoil Consortium Bredford AGR Group 3) 3) Borgny Petrobras Byford…
  24. Q2 2010 EARNINGS CALL – Fred Olsen Energy – slide 24
    Deepwater Africa/India Belford Dolphin Blackford Dolphin Completed three three-year year drilling contract with Three-year Three year contract with Reliance Industries Ltd. Anadarko April 2010 In transit to Brazil for sublet to…
  25. Q2 2010 EARNINGS CALL – Fred Olsen Energy – slide 25
    Norway Bideford Dolphin Borgland Dolphin Operating for Statoil under a three three-year year Completed operation for Statoil in January 2010 drilling contract offshore Norway expiring January 2011 Commenced operating under a…
  26. Q2 2010 EARNINGS CALL – Fred Olsen Energy – slide 26
    Norway / United Kingdom Bredford Dolphin Borgholm Dolphin Completed a three-year contract through AGR Accommodation unit with 600 bed capacity. in June 2010 Class renewal survey completed in January A one-well contract (90 days) with…
  27. Q2 2010 EARNINGS CALL – Fred Olsen Energy – slide 27
    United Kingdom (cont (cont.)) Byford Dolphin Borgsten Dolphin Commenced three three-year year drilling contract with Commenced a two-well two well contract contract, estimated to BP Exploration in April 2010 75 days, with…
  28. Q2 2010 EARNINGS CALL – Fred Olsen Energy – slide 28
    Brazil Borgny Dolphin Recommenced R d operation i under d theh five- fi year drilling contract with Petrobras in Brazil, expiring September 2013 Completed five-year class renewal survey and upgrade in April 2010 2010, followed…
  29. Q2 2010 EARNINGS CALL – Fred Olsen Energy – slide 29
    Harland & Wolff Focus on ship repair, ship building, steel t l ffabrication b i ti and d engineering i i services Holds a Waste Management License for ship demolition The yard area is serving as a logistics and assembly base for…
  30. Q2 2010 EARNINGS CALL – Fred Olsen Energy – slide 30
    Summary and outlook Financial: Revenues were 1,634 million EBITDA was 971 million Profit before tax was 519 million Operational: Borgny Dolphin resumed operations under the contract with Petrobras Borgsten Dolphin commenced the…

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