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Q2 2012 EARNINGS CALL – Fred Olsen Energy

Fred Olsen Energy · Jul 12, 2012 · 33 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 2012 EARNINGS CALL – Fred Olsen Energy – slide 1
    Fred. Olsen Energy ASA Presentation 2Q results 2012 12 July 2012 1
  2. Q2 2012 EARNINGS CALL – Fred Olsen Energy – slide 2
    AGENDA FINANCIAL RESULT 2Q 2012 MARKETS OPERATIONS SUMMARY 2
  3. Q2 2012 EARNINGS CALL – Fred Olsen Energy – slide 3
    Income Statement Key Figures (NOK mill) 2Q 2012 1Q 2012 Operating revenues 1 710 1 530 Recharged income 32 76 Total revenues 1 742 1 606 Operating costs (771) (687) Recharged expenses (29) (75) Total operating expenses (800) (762)…
  4. Q2 2012 EARNINGS CALL – Fred Olsen Energy – slide 4
    EBITDA Comparison 2Q 2012 vs. 1Q 2012 1000 950 900 115 MNOK 850 26 942 23 22 800 8 844 750 700 1Q EBITDA Bredford Other Belford Borgholm Borgsten 2Q EBITDA 4
  5. Q2 2012 EARNINGS CALL – Fred Olsen Energy – slide 5
    Financial Items Breakdown (NOK mill) 2Q 2012 1Q 2012 Interest income 2 3 Gains on financial instruments 6 15 Financial income 8 18 Interest expenses (29) (30) Losses on financial instruments (37) (15) Other financial expenses (19) (4)…
  6. Q2 2012 EARNINGS CALL – Fred Olsen Energy – slide 6
    Offshore Drilling Segment (NOK mill) 2Q 2012 1Q 2012 Operating revenues 1 609 1 464 Recharged income 32 76 Total revenues 1 641 1 540 Operating costs (676) (623) Recharged expenses (29) (75) Total operating expenses (705) (698)…
  7. Q2 2012 EARNINGS CALL – Fred Olsen Energy – slide 7
    Engineering & Fabrication Segment (NOK mill) 2Q 2012 1Q 2012 Operating revenues 101 66 Operating costs (95) (64) Oper. result before depr. (EBITDA) 6 2 Depreciation (2) (2) Operating result (EBIT) 4 -
  8. Q2 2012 EARNINGS CALL – Fred Olsen Energy – slide 8
    Consolidated Balance Sheet (NOK mill) 2Q 2012 1Q 2012 Intangible assets 99 99 Property, plant & equipment 11 835 9 936 Other non-current assets 62 61 Total non-current assets 11 996 10 096 Other current assets 2 093 1 808 Cash and cash…
  9. Q2 2012 EARNINGS CALL – Fred Olsen Energy – slide 9
    Consolidated Cash Flow (NOK mill) 2Q 2012 1Q 2012 Profit before income taxes 628 395 Depreciation and impairment 326 338 Interest expense 28 30 Changes in working capital (90) 86 Unrealized loss/(gain) financial instruments (6)…
  10. Q2 2012 EARNINGS CALL – 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 NOK m illion 800,0 40 % 700,0 600,0 30 % 500,0 400,0 20 % 300,0 200,0 10 % 100,0 0,0 0% -100,0 -200,0…
  11. Q2 2012 EARNINGS CALL – Fred Olsen Energy – slide 11
    Fleet status as per 12 July 2012 Rig Type / design W depth ft Location Client Contract status Day rate Next CR survey (in USD) Ultra-deepwater and deepwater units Bolette Dolphin - delivery 3Q'13 Drillship 12 000 Mozambique Anadarko 4Q…
  12. Q2 2012 EARNINGS CALL – Fred Olsen Energy – slide 12
    Financing Refinancing of existing bank loans in a new USD 1.5 billion facility completed in June 2012 Five year tenor with quarterly installments USD 450 million available at delivery of Bolette Dolphin Margin of 3.25% + 3 months…
  13. Q2 2012 EARNINGS CALL – Fred Olsen Energy – slide 13
    FINANCIAL RESULT MARKETS OPERATIONS SUMMARY 13
  14. Q2 2012 EARNINGS CALL – Fred Olsen Energy – slide 14
    Global market outlook floating units The ultra-deepwater market remains strong, with several new contracts at improved rate levels Stable activity in the mid- water and deepwater segments in most markets 14
  15. Q2 2012 EARNINGS CALL – Fred Olsen Energy – slide 15
    Norwegian floater market 2012 2013 2014 2015 Name Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Tight market with few Bredford Dolphin Stena Don available rigs before 2014 Borgland Dolphin Polar Pioneer Scarabeo 5 High…
  16. Q2 2012 EARNINGS CALL – Fred Olsen Energy – slide 16
    Average dayrates Norway 16
  17. Q2 2012 EARNINGS CALL – Fred Olsen Energy – slide 17
    UK floater market 2012 2013 2014 Strong market with high Name Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 contracting activity Sedco 712 J.W. McLean Increased dayrates and GSF Arctic III longer term contracts have Sedco 714 Ocean Nomad…
  18. Q2 2012 EARNINGS CALL – Fred Olsen Energy – slide 18
    Average dayrates UK 18
  19. Q2 2012 EARNINGS CALL – Fred Olsen Energy – slide 19
    Dayrates deepwater drilling units worldwide 19
  20. Q2 2012 EARNINGS CALL – Fred Olsen Energy – slide 20
    Global floater fleet and newbuilds 40 2.gen 3.gen 4.gen 5.gen 6.gen 35 30 25 Number of units 20 15 10 5 0 1973 1977 1981 1985 1989 1993 1997 2001 2005 2009 2013 2017+ Semi/Drillship NB Semi NB Drillship…
  21. Q2 2012 EARNINGS CALL – Fred Olsen Energy – slide 21
    FINANCIAL RESULT MARKETS OPERATIONS SUMMARY 21
  22. Q2 2012 EARNINGS CALL – Fred Olsen Energy – slide 22
    Fred. Olsen Energy operating worldwide Bideford Byford Borgland Borgsten Bredford Borgholm Belford Borgny Blackford 22
  23. Q2 2012 EARNINGS CALL – Fred Olsen Energy – slide 23
    Contract schedule as per 12 July 2012 2012 2013 2014 2015 2016 2017 2018 2019 Belford Anadarko Blackford 1) 2) 3) 2) Bideford Statoil Borgland Consortium Bredford Lundin Borgny Petrobras Byford BP BP Borgsten Valiant Total…
  24. Q2 2012 EARNINGS CALL – Fred Olsen Energy – slide 24
    Contract backlog and customer base Contract backlog 1 100 000 Customer base 1 000 000 900 000 Anadarko 8% 800 000 4% BP 5% 700 000 Statoil 8% USD 1000 600 000 47 % Total 500 000 12 % Lundin 400 000 Petrobras 300…
  25. Q2 2012 EARNINGS CALL – Fred Olsen Energy – slide 25
    Order of a new harsh environment UDW semi-submersible Moss Maritime CS 60 E (Enhanced) design from Hyundai Heavy Industries Co., Ltd Estimated delivery 1Q 2015 Total cost estimated to USD 700 million 30%-70% payment schedule…
  26. Q2 2012 EARNINGS CALL – Fred Olsen Energy – slide 26
    Ultra deepwater Africa Bolette Dolphin Belford Dolphin Drillship from Hyundai Heavy Industries with Commenced a new four-year contract with estimated delivery 3Q 2013 Anadarko from January 2012 In November 2011, a four-year contract…
  27. Q2 2012 EARNINGS CALL – Fred Olsen Energy – slide 27
    Midwater - Norway Bideford Dolphin Borgland Dolphin Continued operations under a three-year Continued operation under a four-year drilling drilling contract with Statoil estimated to contract with a consortium of originally eight oil…
  28. Q2 2012 EARNINGS CALL – Fred Olsen Energy – slide 28
    Midwater - Norway / United Kingdom Bredford Dolphin Borgholm Dolphin Continued under the drilling contract with Accommodation unit with 303 bed capacity Lundin Norway AS, estimated to be completed end of September 2013 Continued…
  29. Q2 2012 EARNINGS CALL – Fred Olsen Energy – slide 29
    Midwater - United Kingdom (cont.) Byford Dolphin Borgsten Dolphin Continued operation under a three-year Continued under the three-well contract with drilling contract with BP Exploration expiring Valiant Causeway Limited mid March…
  30. Q2 2012 EARNINGS CALL – Fred Olsen Energy – slide 30
    Deepwater/ midwater - Brazil Blackford Dolphin Borgny Dolphin Commenced operations under the one-well contract Operating under a five-year drilling contract with with Anadarko offshore Brazil, estimated to be Petrobras in Brazil,…
  31. Q2 2012 EARNINGS CALL – Fred Olsen Energy – slide 31
    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 assembly base for offshore windfarms…
  32. Q2 2012 EARNINGS CALL – Fred Olsen Energy – slide 32
    Summary Financial Revenues were 1,742 million EBITDA was 942 million Profit before tax was 628 million Contract backlog amounting to approximately USD 3 billion Dividend of NOK 20 per share paid on 20 June 2012 Refinancing of a…
  33. Q2 2012 EARNINGS CALL – Fred Olsen Energy – slide 33
    Q&A Q&A 33

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