Agenda Highlights Overview Group Financials DOF Subsea update Outlook DOF ASA - Q1 Presentation 2013
Highlights Q1 2013 Q1 Ebitda NOK 600 million (NOK 607 million) The newbuild Skandi Hugen started its contract with ConocoPhillips in January A weak spot market in the North Sea for PSV and AHTS Low utilization for the subsea…
Highlights Q1 2013 Supply: Skandi Stolmen awarded a 4 yrs contract with Petrobras Skandi Texel started a 90 days contract in the Mediterranean Contract awards Subsea: Multiple new contracts has been awarded in the North Sea and…
Overview Group DOF ASA - Q1 Presentation 2013
DOF ASA in brief Fleet 70 vessels in operation (PSV: 23, AHTS: 17, Subsea: 30) 5 Newbuildings (AHTS: 3 Subsea: 2) Operates 52 ROVs Market value total fleet at NOK 37.5 bn Average age of 7 years Value adjusted fleet age of 3.8…
Company overview DOF ASA Q1 Presentation 2013 7
The fleet market segment PSV AHTS Subsea Total fleet No. of vessels DOF ASA/DOF REDERI AS 18 3 4 25 NORSKAN OFFSHORE 5 12 2 19 DOF SUBSEA AS 0 0 23 23 DOF INSTALLER ASA 0 0 3 3 AKER DOF DEEPWATER AS 0 5 0 5 Total fleet…
Global player Focus regions 32 Austevoll Bergen Aberdeen Moscow St. Johns Houston 2 3 Manila Singapore Brunei 7 Angola Jakarta 26 Darwin Macae Perth Rio de Janeiro Melbourne Buenos Aires DOF Group employees…
Updates on remaining newbuilding program Vessel Yard Delivery Type Contract Financing Skandi Urca Vard Brazil Q4 2013 AHTS 8 yrs Petrobras Funding secured Skandi Bergen Vard Norway Jun 2013 CSV Statoil, Teekay until Funding…
Financials DOF ASA - Q1 Presentation 2013
Result Q1 2013 All figures in NOK million Q1 2013 Q1 2012 Comments ALL FIGURES IN NOK MILLION Supply: Operating income 1 994 1 868 Poor spot market in the North Sea; Operating expenses -1 394 -1 261 4 vessels have partly or…
P&L Q1 2013 Supply and Subsea ALL FIGURES Amounts IN NOK in NOK millMILLION PSV AHTS Subsea Total Q1 2013 Q1 2012 Q1 2013 Q1 2012 Q1 2013 Q1 2012 Q1 2013 Q1 2012 Operating income 272 206 335 309 1 387 1 353 1 994 1 868…
Financial result Q1 2013 ALL FIGURES IN NOK MILLION Financial items Q1 2013 Q1 2012 Comments Share of loss profit from associated 6 4 Interest reveneue 16 20 Interest costs -344 -317 Increased interest costs due to higher debt…
Balance Q1 2013 Amounts in NOK million ALL FIGURES IN NOK MILLION 31.03.2013 31.03.2012 31.12.2012 Comments ASSETS Intangible assets 693 550 704 Vessel and other tangible assets 26 702 24 889 26 179 One vessel delivered in Q1 2013…
Net interest bearing debt 31.03.2013 31.03.2012 31.12.2012 Non-current interest bearing liabilities Bond loan 4 923 3 502 4 164 Debt to credit institutions 16 566 16 188 16 592 Total non-current interest bearing liabilites 21 489…
Key figures Q1 2013 Q1 2013 Q1 2012 2012 FINANCIAL RESULT EBITDA margin ex net gain on sale of vessel 30 % 33 % 34 % EBITDA margin 30 % 33 % 37 % EBIT margin 15 % 19 % 23 % Cashflow per share 1) 2,32 2,74 15,04 Profit per share…
Cash flow Q1 2013 ALL FIGURES IN NOK MILLION Amounts in NOK million Q1 2013 Q1 2012 2012 Comments Net cash from operating activities 65 580 1 182 Cash from operation is effected of increased working capital of Payment received on…
Debt maturity profile 4 000 Bond Bank Debt Balloons 3 524 DOF Supply 3 500 3 000 DOF 07* DOF 08 - NOK 950 million - NOK 600 million 2 500 - Maturity July 2013 - Maturity Mar 2015 - Net NOK 132 million 2 000 MNOK DOF 09 DOF…
DOF assets value Fair market value of the DOF fleet has been stable and slightly increasing since 2007 Total fair market value of fleet (incl. newbuilds): NOK 37,5 bn (on 100 % basis) PSV: NOK 6,0 bn AHTS: NOK 10,7 bn CSV: NOK 20,8…
DOF ASA Asset coverage Combined market value DOF Group fleet including newbuild is NOK 34,2 bn (total value 100% NOK 37,5 bn) New-building program to be completed in 2015 Asset-level gearing on the existing fleet is 53%, decreasing…
Contract Coverage DOF ASA - Q1 Presentation 2013
PSV Contract coverage PSV 2013 2014 2015 2016 2017 A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D Skandi Falcon 1 1 1 1 1 2 2 2 2 Skandi M arstein 1 1 1 1 1 1 1 1 1…
AHTS Contract coverage AHTS 2013 2014 2015 2016 2017 J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D Skandi Stord SPOT Supply Skandi Admiral 1 1 1 1 1 1 1…
CSV Contract coverage CSV 2013 2014 2015 2016 2017 A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D Skandi Fjord 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2…
DOF Subsea DOF ASA - Q1 Presentation 2013
DOF Subsea Group - Highlights Fleet One of the largest subsea vessel owners in the world Owns and operates a fleet of 24 vessels, plus 2 newbuilds on order In addition 2 vessels on long-term charter The market value of owned vessels…
DOF Subsea Projects DOF Subsea has built a global organization over the last 7 years Presence in all major Oil Hubs Standardization of routines and systems Training of personnel DOF Subsea are growing the project business gradually…
Managing Growth Atlantic Region We run the regional business from : Bergen (80 people) Oslo (50 Engineers/Mariners) Aberdeen (110 people) Luanda (20 people) Personnel offshore: 250 (incl. Contractors) 200 Marine Crew Increased…
Ongoing Regional Projects Statoil Survey & Light Construction ConocoPhillips IMR Skandi Skolten ConocoPhillips IMR Skandi Hugen Statoil Njord/Norne Mooring Change Out ENI Goliat FPSO Installation Teekay Banff FPSO…
Statoil Survey & Light Construction Highlights Various seabed survey & light construction activities Advanced on and offline survey & inspection systems meeting the high client demand 4 year frame agreements with 2 yearly options…
ConocoPhillips - Ekofisk Inspection Project Description: CSV Skandi Skolten is providing MBEs, Video Survey and ROV Services for ConocoPhillips during Ekofisk Seabed cleanup. The areas included in this contract are, Albuskjell…
Conoco Phillips Skandi Hugen IMR Project Description: Various IMR activities for ConocoPhillips for the Ekofisk field 7 year frame agreement where vessel and ROV are covered 365 days 2013 call off is ongoing and consist of various…
Statoil Norne Scope Of Work Change out 12 x 250m top chain segments. Skandi Skolten will work15-30m from the Norne FPSO while there is full production onboard the FPSO i.e Pressurized risers. DOF ASA Q1 Presentation 2013 38 38
Statoil Njord B Scope Of Work Change out: 2 x 600m bottom chain segment 1 x 400m lower wire segment Skandi Skolten to cut existing chain with ROV diamond cutter Replace the chain and/or wire rope segment and connect again subsea using…
Teekay Banff Scope Of Work DOF ASA Q1 Presentation 2013 42 42
Teekay Banff Scope Of Work 10 off mooring lines FPSO hook up STL buoy change out 5 off subsea structures 2 off SSIVs 3 off pipe connectors 6 off flexible risers 4 off flexible flowlines 2 off umbilical risers 2 off…
Statoil Tordis Scope of Work Disconnection, cutting, plugging, and removal of 8 off 5 Flexible Production & Water Injection (WI) Jumper Ends Installation and tie-in of 8 off new 6 Flexible Production & WI Jumpers Disconnection,…
Statoil Tordis Scope of Work Skandi Skolten will be used to install the new 6 Flexible Production Jumpers and Infield Umbilicals in temporary routes. DOF ASA Q1 Presentation 2013 50 50
Skandi Bergen Tie-in Vessel Subsea Construction and Support Vessel DP II Dimensions: LOA 120.9m LBP 111.4m Beam 22.0m Draught 6.6m Gross tonnage 8903Te Net tonnage 2671Te Speed: Max 16.0 knots Service 13.0 knots ROVs: 1…
Statoil Tordis Tie-in Equipment - TOROCON New tie-in tool TOROCON replacing the old Aker PT/CT DOF ASA Q1 Presentation 2013 52 52
Outlook DOF ASA - Q1 Presentation 2013
Markets PSV We are uncertain about the future balance in the PSV market. However we expect a good summer season for PSVs AHTS We expect the AHTS market to turn in the favour of owners, with good rates and high utilisation in the…
Outlook for 2013 Ebitda guidance for 2013: We repeat the guidance given in February 2013; i.e. MNOK 3 000 3 400 full year Ebitda DOF ASA Q1 Presentation 2013 55
Thank Thankyou you Presented by Mons Aase - CEO Hilde Drnen - CFO
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