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Q4 2009 EARNINGS CALL – Prosafe Se

Prosafe Se · Feb 18, 2010 · 37 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. Q4 2009 EARNINGS CALL – Prosafe Se – slide 1
    Oslo, 18 February 2010 Q4 2009 results
  2. Q4 2009 EARNINGS CALL – Prosafe Se – slide 2
    3 Agenda n The quarter in brief n Financial results n Operations n Outlook n Summary n Attachments
  3. Q4 2009 EARNINGS CALL – Prosafe Se – slide 3
    4 The quarter in brief n Strong operational performance n Rig utilisation rate of 84 per cent in Q4 and 86 per cent in 2009 n NOK 500 million bond issue completed Leading position in a good accommodation market
  4. Q4 2009 EARNINGS CALL – Prosafe Se – slide 4
    5 Agenda n The quarter in brief n Financial results n Operations n Outlook n Summary n Attachments
  5. Q4 2009 EARNINGS CALL – Prosafe Se – slide 5
    6 Income statement (Unaudited figures in USD million) Q4 09 Q3 09 Q4 08 2009 2008 Operating revenues 106.7 123.7 134.2 397.9 491.1 Operating expenses (34.6) (31.5) (55.7) (123.6) (210.1) EBITDA 72.1 92.2 78.5 274.3 281.0…
  6. Q4 2009 EARNINGS CALL – Prosafe Se – slide 6
    7 Operating revenues Offshore Support Services (USD million) Q4 09 Q3 09 Q4 08 2009 2008 Charter income 92.8 116.7 113.2 368.5 388.0 Mobilisation/demobilisation income 0.6 2.3 1.3 4.0 17.2 Other income 13.3 4.7 19.8 25.4 79.5…
  7. Q4 2009 EARNINGS CALL – Prosafe Se – slide 7
    8 Balance sheet (Unaudited figures in USD million) 31.12.09 30.09.09 31.12.08 Goodwill 226.7 226.7 226.7 Rigs 913.5 929.2 828.4 Other non-current assets 4.9 5.2 3.8 Total non-current assets 1 145.1 1 161.1 1 058.9 Cash and…
  8. Q4 2009 EARNINGS CALL – Prosafe Se – slide 8
    9 Key figures Q4 09 Q3 09 Q4 08 2009 2008 Operating margin 53.6 % 62.3 % 48.9 % 54.9 % 47.3 % Equity ratio 19.5 % 17.3 % 9.5 % 19.5 % 9.5 % Return on equity -15.0 % 121.4 % 101.4 % 87.3 % 46.5 % Net interest bearing debt (USD…
  9. Q4 2009 EARNINGS CALL – Prosafe Se – slide 9
    10 Shareholders AS AT 04.02.2010 No. of shares Ownership Folketrygdfondet 24 689 135 10.7 % Pareto 13 681 645 6.0 % Brown Brothers Harriman 8 574 884 3.7 % Clearstream Banking (nom.) 7 972 874 3.5 % State Street Bank & Trust (nom.)…
  10. Q4 2009 EARNINGS CALL – Prosafe Se – slide 10
    11 Dividend n Long-term dividend policy targeting 40-50% of net profit paid tri-annually the following year n Dividend expected to be paid in Q2, Q3 and Q4 2010 n In 2009, NOK 1.35 was paid in dividend
  11. Q4 2009 EARNINGS CALL – Prosafe Se – slide 11
    12 Agenda n The quarter in brief n Financial results n Operations n Outlook n Summary n Attachments
  12. Q4 2009 EARNINGS CALL – Prosafe Se – slide 12
    13 Fleet size and utilisation 95 % 14 90 % 12 85 % 10 80 % Fleet utilisation rate 8 75 % Fleet size 70 % 6 65 % 4 60 % 2 55 % 50 % 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Fleet…
  13. Q4 2009 EARNINGS CALL – Prosafe Se – slide 13
    14 Recent new contracts n BP exercised the six-month option with commencement in January 2011 for the continued use of MSV Regalia n Shell exercised the 30-day option with commencement early May 2010 for the continued use of…
  14. Q4 2009 EARNINGS CALL – Prosafe Se – slide 14
    15 Utilisation rate and charter revenue 100 % 450 90 % 400 80 % 350 70 % 300 Charter revenue (USD m) 60 % Utilisation rate 250 50 % 200 40 % 150 30 % 100 20 % 10 % 50 0% 0 2009 2010 2011 2012…
  15. Q4 2009 EARNINGS CALL – Prosafe Se – slide 15
    16 Contract status Safe Astoria Safe Esbjerg Safe Caledonia Safe Scandinavia MSV Regalia Safe Bristolia Safe Concordia Safe Britannia 2001 Safe Lancia 1998 Safe Regency 1997 Jasminia 1998 Safe Hibernia…
  16. Q4 2009 EARNINGS CALL – Prosafe Se – slide 16
    17 Agenda n The quarter in brief n Financial results n Operations n Outlook n Summary n Attachments
  17. Q4 2009 EARNINGS CALL – Prosafe Se – slide 17
    18 Global operations North Sea Russia Gulf of Mexico West Africa SE Asia and Australia Brazil Current operations/location Previous operations
  18. Q4 2009 EARNINGS CALL – Prosafe Se – slide 18
    19 Offshore accommodation markets Harsh environment North Sea (often complex seabed infrastructure) Australia and Competitive advantage for semi- certain regions in Asia Brazil submersible (and certain periods, i.e cyclone…
  19. Q4 2009 EARNINGS CALL – Prosafe Se – slide 19
    20 Market outlook supply Dynamically positioned semi rigs Anchored semi rigs Advanced units with high operational Primary strengths: versatility: Shallow to medium waterdepths All water depths, any seabed Fixed installations…
  20. Q4 2009 EARNINGS CALL – Prosafe Se – slide 20
    21 Market outlook demand UK and Norwegian North Sea Maintenance, upgrade and tie-in work required in coming years Four of our semi rigs will operate in the North Sea in 2010 We expect tenders in 2010 for contracts commencing…
  21. Q4 2009 EARNINGS CALL – Prosafe Se – slide 21
    22 Market outlook demand Mexico High construction and maintenance activity offshore Currently five of our rigs are operating in Mexico
  22. Q4 2009 EARNINGS CALL – Prosafe Se – slide 22
    23 Market outlook - demand Emerging markets North Sea Mexico West Africa Southeast Asia Brazil and Australia Mature regions Potential growth regions
  23. Q4 2009 EARNINGS CALL – Prosafe Se – slide 23
    24 North Sea dayrates (time charter) 400,00 350,00 300,00 250,00 USD k 200,00 150,00 100,00 50,00 0,00 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 MSV Regalia Safe…
  24. Q4 2009 EARNINGS CALL – Prosafe Se – slide 24
    25 Gulf of Mexico dayrates (bareboat) 100,00 90,00 80,00 70,00 60,00 USD k 50,00 40,00 30,00 20,00 10,00 0,00 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Safe Britannia…
  25. Q4 2009 EARNINGS CALL – Prosafe Se – slide 25
    26 Agenda n The quarter in brief n Financial results n Operations n Outlook n Summary n Attachments
  26. Q4 2009 EARNINGS CALL – Prosafe Se – slide 26
    27 Summary n Good market outlook n Leading market position n Unique, versatile rig fleet n Robust financial position n Solid order backlog Leading position in a good accommodation market
  27. Q4 2009 EARNINGS CALL – Prosafe Se – slide 27
    28 Agenda n The quarter in brief n Financial results n Operations n Outlook n Summary n Attachments
  28. Q4 2009 EARNINGS CALL – Prosafe Se – slide 28
    29 Debt as of end Q4 2009 n Credit facility q Credit facility was initially drawn in May 2008 at USD 1.1 billion q Maturity of seven years q The applicable margin on the credit facility will vary in the range from 0.65% to 0.95%…
  29. Q4 2009 EARNINGS CALL – Prosafe Se – slide 29
    30 Debt as of end Q4 2009 n Total interest-bearing debt USD 915.1: q Credit facility: USD 740 million (long-term) q Bond loan: USD 50 million (long-term) q Bond loan: NOK 222.5 million (current) q Bond loan: NOK 500 million…
  30. Q4 2009 EARNINGS CALL – Prosafe Se – slide 30
    31 Financial covenants as of end Q4 2009 n Financial covenants in the credit facility: q Minimum cash of USD 65 million in the group q Maximum leverage ratio of 5.0 (4.5 following the second anniversary of the loan agreement, i.e.…
  31. Q4 2009 EARNINGS CALL – Prosafe Se – slide 31
    32 Rig name Location Client name Type of contract Firm contract Option Dayrate Current contract MSV Regalia Norwegian North Sea, Valhall BP Time charter Jan 11 - Jul 11 Jan 12 USD 242 000 Jan 10 - Jan 11 USD 231 000 Jul 09 - Jan 10…
  32. Q4 2009 EARNINGS CALL – Prosafe Se – slide 32
    33 Safe Concordia Interpetroleum Services GoM, Cantarell (for Pemex) Bareboat May 09 - Oct 09 USD 75 000 US, Tahiti spar ChevronTexaco Time charter Aug 08 - Jan 09 USD 225 000 Interpetroleum Services GoM, Cantarell (for Pemex)…
  33. Q4 2009 EARNINGS CALL – Prosafe Se – slide 33
    34 Fleet overview Name MSV Regalia Safe Scandinavia Safe Caledonia Geographical area Harsh environment, NCS Harsh environment, NCS Harsh environment Mooring system DP 12 point chain winches 10 point wire winches Station keeping…
  34. Q4 2009 EARNINGS CALL – Prosafe Se – slide 34
    35 Fleet overview Name Safe Astoria Safe Bristolia Safe Esbjerg Geographical area Moderately harsh env. Moderately harsh env. Harsh environment Mooring system 8 point wire winches 8 point wire winches 4 point wire winches…
  35. Q4 2009 EARNINGS CALL – Prosafe Se – slide 35
    36 Fleet overview Name Safe Britannia Safe Lancia Safe Hibernia Geographical area Harsh env. Moderately harsh env. Harsh environment Mooring system 9 point wire winches 8 point chain winches 12 point wire winches Station keeping…
  36. Q4 2009 EARNINGS CALL – Prosafe Se – slide 36
    37 Fleet overview Name Safe Regency Safe Concordia Jasminia Geographical area Harsh environment Benign environment Benign environment Mooring system 8 point wire winches 4 point wire winches 8 point wire winches Station keeping…
  37. Q4 2009 EARNINGS CALL – Prosafe Se – slide 37
    38 Financial calendar and IR contacts Financial calendar IR contacts n 12 May 2010 Annual general meeting Karl Ronny Klungtvedt Exec. VP Strategy and Corporate planning n 12 May 2010 karl.ronny.klungtvedtprosafe.com Publication…

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