Ocean Rig UDW Inc. 3rd Quarter Ended September 30, 2013 Earnings Presentation NASDAQ: OCEAN RIG UDW INC. ORIG November 5th, 2013
Q3 2013 financial results Net Revenue from drilling contracts: 328.5 million Adjusted EBITDA: 161.4 million Reported Net Loss: 21.5 million or 0.16 per share Plus: Non-cash write offs from debt repayment: 61.1 million or 0.46 per…
Key highlights Achieved 98.4% average fleet wide operating performance for the third quarter OCR Mylos commenced drilling operations under Repsol contract. Mobilization to Brazil & acceptance testing completed in record time (total…
OceanEnergean Joint Venture (J.V.) Ocean Rig is not entering the E&P business No obligation to make an equity investment in the J.V. J.V to own and operate deep water blocks internationally No obligation to make any investment in…
Value creation initiatives Commencing Master Limited Partnership (MLP) process Targeted IPO launch date within Q2 2014 Initiate 25 million quarterly dividend starting with cashflow from Q1 2014 operations and payable in mid…
Operational & Financial Highlights OCEAN RIG UDW INC.
Solid multi-year fleet employment profile Average contract1 remaining fixed period of 2.9 years, 4.4 years with options 100%, 99%, 71%, 38% calendar days under contract2 in 2013, 2014, 2015, and 2016 respectively 5.8 billion backlog2…
Q3 2013- Revenue analysis During the quarter, we had 593 calendar days and 64 days spent on mobilization Resulting in 529 available drilling days, of which 521 were revenue earning days i.e. 98.4% operating efficiency(1) Available…
Q3 2013- OPEX analysis Q3 2013 Q3 2013 Direct & Onshore Amortization of Drilling Unit Rig Opex Deferred Opex (in USD million) ( per day) (in USD million) Leiv Eiriksson 23.4 253,884 5.1 Eirik Raude 14.6 210,530 3.1 OCR…
Income Statement (Expressed in Millions of U.S. Dollars except for share and per share data) Q3 2013 REVENUES: Drilling revenues 296.3 Amortization of deferred revenue 32.2 Total Revenues from drilling contracts 328.5…
Healthy liquidity & capital structure September 30, Ownership on October 31st, 2013 (in million) 2013 Total cash Shares Outstanding 131.7 million 528.6 Bank / ECA Facility 442.7 Free float shares 53.4 million B-1 / B-2 Term Loans…
Shift to corporate from project debt PF(1) Ocean Rig UDW Debt Outstanding 9/30/2013 Reduced predominance of amortizing Bank/ECA facilities million 500 Extended maturities with no significant maturities until Q2 2016 1,350 Improved…
Sensible growth OCR Mylos delivered in August 2013 Modest capital expenditures associated with 2015 newbuildings Fixed price drillship option (600 mil. all-in cost) with delivery Q1 2016 Total Delivered Funded From Remaining Cost…
Industry Overview OCEAN RIG UDW INC.
Industry value chain Offshore drilling is part of the Upstream Exploration & Production business Upstream (E&P) Midstream Downstream Exploration Pipeline Marketing Seismic & Production Shipping & Refining & Development Storage…
Oil companies will enter into development cycle Source: Fearnley Offshore OCEAN RIG UDW INC. 16
UDW rigs will replace mid- and deepwater rigs Fleet age profile - Floaters UDW current water depth of operations Number of rigs Age (years) 35 400 32 187 372 30 7,500ft. 350 28 58 68 12% 300…
Supply and demand finely balanced in 2014 UDW utilization approximately 100% since 2005 We estimate about 9 UDW rigs shall share available demand in 2014 Preference will be given to modern and advanced UDW rigs Demand and Supply for…
Closing Remarks OCEAN RIG UDW INC.
Closing remarks Pure-play ultra-deepwater One of the few companies worldwide with 100% UDW capable fleet driller with premium Sixth largest UDW company globally with a fleet of 11 drillships/rigs assets Focus on UDW key areas West Africa…
Appendix OCEAN RIG UDW INC.
Pure-play ultra-deepwater driller with premium assets Harsh environment UDW semis Sister drillships provide benefits from standardization 5th generation semisubmersibles Four 6th generation drillships Five 7th generation NB…
Strong contract backlog provides cash flow visibility Counterpartys Unit Year built Redelivery Counterparties Operating area Backlog(2) parent credit rating (mm) Leiv Eiriksson 2001 Q2 16 Rig Management Norway (1) Norway 489…
2014 Net drilling revenue indicative calculator To calculate FY2014 Revenues from drilling contracts add to the net drilling revenue calculated below: approximately 140.2 million in projected amortization of deferred revenues…
Fleet status report Date: 5-Nov-13 Scheduled Off-Hire Estimated Mobilization Days Estimated Available Drilling Days Year Built / Estimated Estimated Days Expected Commencement Completion 2013 2014 2013 Footnote 2013 2014 UDW Unit…
Projected deferred revenue & expense amortization Estimated Deferred Revenue and Expenses Schedule As of September 30, 2013 (USD million) Q1A 2013 Q2A 2013 Q3E 2013 Q4E 2013 FY 2013 Q1E 2014 Q2E 2014 Q3E 2014 Q4E 2014 FY 2014…
Balance Sheet (Expressed in Thousands of U.S. Dollars) December 31, 2012 September 30, 2013 ASSETS Cash, cash equivalents and restricted cash (current and non-current) 510,061 528,605 Other current assets 242,447 318,478 Advances…
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