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PARETO OIL & OFFSHORE CONFERENCE – Prosafe Se

Prosafe Se · Aug 30, 2011 · 42 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. PARETO OIL & OFFSHORE CONFERENCE – Prosafe Se – slide 1
    30 August 2011 Pareto Oil & Offshore Conference
  2. PARETO OIL & OFFSHORE CONFERENCE – Prosafe Se – slide 2
    3 Agenda Introduction and historic return Outlook and operations Refinancing and dividend Attachments
  3. PARETO OIL & OFFSHORE CONFERENCE – Prosafe Se – slide 3
    4 Prosafe the leading accommodation rig company Global leader The worlds leading owner and operator of accommodation semi- submersible rigs in harsh environments Strategically focused on high-end accommodation segment Long…
  4. PARETO OIL & OFFSHORE CONFERENCE – Prosafe Se – slide 4
    5 Offshore accommodation Pre-eng./ Seismic E&D concept Hook-up/ De- Production drilling studies commissioning commissioning Hook-up/commissioning of new installations Maintenance, modifications, IOR projects and tie-ins…
  5. PARETO OIL & OFFSHORE CONFERENCE – Prosafe Se – slide 5
    6 PRS outperformed since listing in 1997 Securities Total return Annual equivalent Prosafe SE 486.26% 13.21% (no dividends) OSE BENCHMARK INDEX 181.91% 7.54% (no dividends) OIL SERVICE SECTOR INDEX 264.88% 9.51% (no…
  6. PARETO OIL & OFFSHORE CONFERENCE – Prosafe Se – slide 6
    7 PRS total return since listing in 1997 Securities Total return Annual equivalent Prosafe SE 486.26% 13.21% (no dividends) Prosafe SE 764.86% 16.34% (dividends reinvested) Source: Bloomberg
  7. PARETO OIL & OFFSHORE CONFERENCE – Prosafe Se – slide 7
    8 Agenda Introduction and historic return Outlook and operations Refinancing and dividend Attachments
  8. PARETO OIL & OFFSHORE CONFERENCE – Prosafe Se – slide 8
    9 Market outlook supply Dynamically positioned semi rigs Anchored semi rigs Advanced units with high operational Primary strengths: versatility: Shallow to medium water depths All water depths, any seabed Fixed installations…
  9. PARETO OIL & OFFSHORE CONFERENCE – Prosafe Se – slide 9
    10 Market outlook demand UK and Norwegian North Sea Drivers: maintenance, modifications, IOR projects and tie-ins of satellite fields to existing installations Oil companies E&P spending is expected to increase both in 2011 and…
  10. PARETO OIL & OFFSHORE CONFERENCE – Prosafe Se – slide 10
    11 Market outlook demand Mexico Drivers: Construction support Maintenance support Hotel/catering/ logistical support Pemex indicates increased E&P spending in the coming years The demand for accommodation rigs in Mexico…
  11. PARETO OIL & OFFSHORE CONFERENCE – Prosafe Se – slide 11
    12 Market outlook demand Brazil Fixed installation Semi-submersible FPSO
  12. PARETO OIL & OFFSHORE CONFERENCE – Prosafe Se – slide 12
    13 Market demand Emerging markets North Sea Mexico West Africa Southeast Asia Brazil and Australia Current location Previous operations Mature regions Emerging markets / potential growth regions
  13. PARETO OIL & OFFSHORE CONFERENCE – Prosafe Se – slide 13
    14 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…
  14. PARETO OIL & OFFSHORE CONFERENCE – Prosafe Se – slide 14
    15 Utilisation rate and charter revenue 100% 450 90% 400 80% 350 70% Charter revenue (USD m) 300 Utilisation rate 60% 250 50% 200 40% 150 30% 100 20% 10% 50 0% 0 2008 2009 2010 2011 2012 2013…
  15. PARETO OIL & OFFSHORE CONFERENCE – Prosafe Se – slide 15
    16 Recent contract awards Contract for MSV Regalia for Talisman at Yme in Norway 107 days, scheduled to commence early November 2011 Contract for Caledonia for BG at North Everest in the UK North Sea firm contract for BG…
  16. PARETO OIL & OFFSHORE CONFERENCE – Prosafe Se – slide 16
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  17. PARETO OIL & OFFSHORE CONFERENCE – Prosafe Se – slide 17
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  18. PARETO OIL & OFFSHORE CONFERENCE – Prosafe Se – slide 18
    19 Rest of World dayrates (time charter) 300 250 200 USD k 150 100 50 0 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 MSV Regalia Safe Caledonia Safe Concordia Safe…
  19. PARETO OIL & OFFSHORE CONFERENCE – Prosafe Se – slide 19
    20 Operations in Brazil Safe Concordia commenced three-year contract with Petrobras in the quarter The first time a DP vessel has been gangway- connected to a turret moored FPSO Tuning of DP-system was required in…
  20. PARETO OIL & OFFSHORE CONFERENCE – Prosafe Se – slide 20
    21 Agenda Introduction and historic return Outlook and operations Refinancing and dividend Attachments
  21. PARETO OIL & OFFSHORE CONFERENCE – Prosafe Se – slide 21
    22 Credit facility Revolving credit facility loan agreement of USD 1,100 million signed with a group of nine banks Tenor: 6 years Semi-annual reduction of USD 70 million, balloon of USD 260 million Priced at LIBOR plus a credit…
  22. PARETO OIL & OFFSHORE CONFERENCE – Prosafe Se – slide 22
    23 New dividend policy Prosafes objective is to provide shareholders with a competitive, risk-adjusted yield on their shares through a combination of share price appreciation and direct return in the form of dividend The level…
  23. PARETO OIL & OFFSHORE CONFERENCE – Prosafe Se – slide 23
    24 Dividend Resolution on 24 August to declare an interim dividend equivalent to USD 0.166 per share to shareholders of record as of 5 September The shares will trade ex- dividend on 1 September. The dividend will be paid in…
  24. PARETO OIL & OFFSHORE CONFERENCE – Prosafe Se – slide 24
    25 Strategy going forward Prosafes objective is to provide shareholders with a competitive, risk-adjusted yield on their shares through a combination of share price appreciation and direct return in the form of dividend New…
  25. PARETO OIL & OFFSHORE CONFERENCE – Prosafe Se – slide 25
    26 Summary Good market outlook Leading market position High quality and versatile rig fleet Increased dividend
  26. PARETO OIL & OFFSHORE CONFERENCE – Prosafe Se – slide 26
    27 Agenda Introduction and historic return Outlook and operations Refinancing and dividend Attachments
  27. PARETO OIL & OFFSHORE CONFERENCE – Prosafe Se – slide 27
    28 Income statement (Unaudited figures in USD million) Q2 11 Q1 11 Q2 10 1H 11 1H 10 2010 Operating revenues 125.0 71.1 139.3 196.1 226.7 442.4 Operating expenses (51.7) (41.3) (44.2) (93.0) (76.2) (159.3) EBITDA 73.3 29.8 95.1…
  28. PARETO OIL & OFFSHORE CONFERENCE – Prosafe Se – slide 28
    29 Operating revenues (USD million) Q2 11 Q1 11 Q2 10 1H 11 1H 10 2010 Charter income 110.3 64.2 124.9 174.5 206.2 397.1 Mob/demob income 0.0 1.4 2.5 1.4 2.7 6.5 Other income 14.7 5.5 11.9 20.2 17.8 38.8 Total 125.0 71.1 139.3…
  29. PARETO OIL & OFFSHORE CONFERENCE – Prosafe Se – slide 29
    30 Balance sheet (Unaudited figures in USD million) 30.06.11 31.03.11 31.12.10 30.06.10 Goodwill 226.7 226.7 226.7 226.7 Rigs 924.2 911.2 898.8 902.9 Other non-current assets 4.7 4.5 4.5 4.5 Total non-current assets 1 155.6 1 142.4 1…
  30. PARETO OIL & OFFSHORE CONFERENCE – Prosafe Se – slide 30
    31 Key figures Q2 11 Q1 11 Q2 10 1H 11 1H 10 2010 Operating margin 45.9 % 19.8 % 57.2 % 36.5 % 52.8 % 50.0 % Equity ratio 31.3 % 32.5 % 25.1 % 31.3 % 25.1 % 32.4 % Return on equity 49.4 % 6.5 % 92.0 % 27.9 % 63.7 % 58.9 % Net…
  31. PARETO OIL & OFFSHORE CONFERENCE – Prosafe Se – slide 31
    32 Shareholders SHAREHOLDERS AS AT 10.08.2011 No. of shares Ownership Folketrygdfondet 16 646 685 7.2 % Pareto 14 895 872 6.5 % Goldman Sachs (nom) 11 381 553 5.2 % KAS Dep. Trust (nom) 10 010 777 4.6 % Northern Trust (nom) 8 807…
  32. PARETO OIL & OFFSHORE CONFERENCE – Prosafe Se – slide 32
    33 Debt as of end Q2 2011 Credit facility Credit facility was initially drawn in May 2008 at USD 1.1 billion Maturity of seven years The applicable margin on the credit facility will vary in the range from 0.65% to 0.95% per…
  33. PARETO OIL & OFFSHORE CONFERENCE – Prosafe Se – slide 33
    34 Debt as of end Q2 2011 Total interest-bearing debt USD 759.2 million: Credit facility: USD 570 million (USD 540/30 million long-term/short- term) Bond loan: USD 3.6 million (short-term) Bond loan: NOK 500 million (USD 92.8…
  34. PARETO OIL & OFFSHORE CONFERENCE – Prosafe Se – slide 34
    35 Financial covenants as of end Q2 2011 Financial covenants in the credit facility: Minimum cash of USD 65 million in the group Maximum leverage ratio of 4.5 Minimum value adjusted equity ratio of 35 per cent Market value…
  35. PARETO OIL & OFFSHORE CONFERENCE – Prosafe Se – slide 35
    36 Financial covenants on new credit facility Maximum leverage ratio of 5.0 and 4.5 after second anniversary Minimum liquidity (including up to USD 25 million of undrawn amounts under the credit facility) of USD 65 million in…
  36. PARETO OIL & OFFSHORE CONFERENCE – Prosafe Se – slide 36
    37 Rig name Location Client name Type of contract Firm contract Option Dayrate Current contract MSV Regalia UK North Sea, Auk South Talisman Time charter March 12 - Aug 12 USD 225 000 Norwegian North Sea, Yme Talisman Time charter…
  37. PARETO OIL & OFFSHORE CONFERENCE – Prosafe Se – slide 37
    38 Safe Caledonia UK North Sea BG Time charter Nov 11- mid March 12 March 12 USD 200 000 UK North Sea BG Time charter March 11 - Nov 11 USD 200 000 UK North Sea, Dunbar Elgin Total Time charter Jun 10 - Sep 10 USD 220 000 Apr 09 -…
  38. PARETO OIL & OFFSHORE CONFERENCE – Prosafe Se – slide 38
    39 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…
  39. PARETO OIL & OFFSHORE CONFERENCE – Prosafe Se – slide 39
    40 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 Station…
  40. PARETO OIL & OFFSHORE CONFERENCE – Prosafe Se – slide 40
    41 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…
  41. PARETO OIL & OFFSHORE CONFERENCE – Prosafe Se – slide 41
    42 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…
  42. PARETO OIL & OFFSHORE CONFERENCE – Prosafe Se – slide 42
    43 Financial calendar and IR contacts Financial calendar IR contact Cecilie Ouff Finance and IR Manager 2 November 2011 Publication of cecilie.ouff(a)prosafe.com third quarter 2011 results Phone: +47 51 64 25 20 16 February 2012…

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