Agenda Introduction Financial results Operations Outlook Attachments 3
Recent Prosafe developments Rig utilisation rate of 82 per cent in Q4 and 82 per cent in 2012 Safe Caledonia life extension project finalised in February Ordering of second new build Contract for Bristolia in UK 2014 and 2015 New…
Agenda Introduction Financial results Operations Outlook Attachments 5
Operating revenues (USD million) Q4 12 Q3 12 Q4 11 2012 2011 Charter income 94.0 111.7 106.6 423.9 400.7 Mob/demob income 0.0 0.0 2.0 2.0 4.1 Gain on sale of Safe Esbjerg 0.0 4.8 0.0 4.8 0.0 Other income 19.1 25.8 13.1 79.7…
Balance sheet (Unaudited figures in USD million) 31.12.12 30.09.12 31.12.11 Goodwill 226.7 226.7 226.7 Rigs 896.3 876.9 893.7 New builds 135.6 71.1 58.3 Other non-current assets 21.9 22.2 5.1 Total non-current assets 1 280.5 1…
New bond loan issued NOK 500 million unsecured 7-year bond loan with maturity in January 2020 The bond carries an interest of 3-month NIBOR plus 3.75 per cent 10
New build financing in place A USD 420 million term loan for post delivery financing of Safe Boreas and Safe Zephyrus in place Closing took place in mid- December 2012 To be drawn in connection with delivery of each rig Key…
Steady growth in dividend Dividend 0.6 An interim dividend equivalent to USD 0.15 per share declared 0.5 13 per cent increase compared Q4 to 2012 quarterly dividends 0.4 Q4 USD per share Will be paid in the form of NOK Q3…
Agenda Introduction Financial results Operations Outlook Attachments 13
Safe Boreas progress Semi-submersible to be built as NCS compliant/ harsh environment Striking of steel in October 2012 Scheduled delivery from yard summer 2014 Awarded a six-month firm Financial status Q4 12 USDm contract (+…
Safe Zephyrus Contract signed with Jurong in Q4 2012 Similar design as Safe Boreas DP3 and 12-point mooring Ready for operations in the North Sea for the summer season of 2015 Financial status Q4 12 USDm Three options Book…
Safe Caledonia refurbishment and life extension Rig now in very good condition and life extended by 20 years Due to extra work, longer yard stay than initially planned Capex USD 125 million, of which USD 25 million in Q1 2013…
Capital expenditure 2012: USD 190 million Major items: Safe Caledonia life extension Safe Zephyrus initial instalment Safe Boreas project Safe Astoria upgrade 2013: USD 100 million + Includes new builds, Regalia SPS, Safe…
High North Sea contract coverage for 2013-15 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 19
Consistent high fleet utilisation Considerable fleet size means lower risk Fleet utilisation has consistently been at high levels Low counter-party risk Clients are typically national oil companies, super majors and larger…
Agenda Introduction Financial results Operations Outlook Attachments 21
Prosafe is the clear market leader No. of accommodation semis by owner No. of accommodation semis by regional capabilities 26 26 Axis Off. 24 24 22 Yantai 22 20 ETESCO 20 18 FOE 18 16 16 Rest of World COSL 14 14 Pemex UK 12 12 10…
Norway several commissioning projects planned Several hook-up and commissioning projects in the coming years Tie-ins and high focus on improved recovery resulting in increased field life expectancy Upgrade of existing…
UK aging infrastructure supports demand A significant amount of infrastructure in the UKCS is over 30 years old Focus on maintenance and renewal of existing facilities to sustain integrity and improve reliability Field…
Positive development in North Sea demand index North Sea accommodation rig demand index Growing underlying 110 demand trend 100 101 100 99 99 90 91 90 New prospects for 2014- 90 87 81 79 2016 have appeared 80 76 78 70…
Demand robust demand in Mexico Stable activity in Mexico Investment level estimated to increase going forward Should bode well for demand for offshore accommodation Exploration in deepwater areas in early stages Source:…
Brazil good demand outlook Currently three units working in the Campos basin Likely that more units are needed in the short- to medium-term In the long-term, there should be significant growth potential in other basins…
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Summary Busy accommodation market with a high number of prospects Fleet growth in the high-end segment of the market Prosafe is well positioned Clear market leader High-quality, diversified fleet Strong cash flow Robust…
Agenda Introduction Financial results Operations Outlook Attachments 32
Credit facility Total commitments end of Q4 2012: USD 927 million Maturity: August 2017 The current applicable credit margin on the credit facility is 1.875% The availability under the credit facility is reduced semi-annually with…
Current bond loan portfolio Bond loans Outstanding Maturity Margin NOK 500 million bond (2009-13) NOK 204.5 million Q4 2013 400 bps NOK 500 million bond (2011-16) NOK 500 million Q1 2016 350 bps NOK 500 million bond (2012-17) NOK 500…
Shareholders SHAREHOLDERS AS AT 30.01.2013 No. of shares State Street Bank & Trust (nom) 28 612 129 12.4 % Folketrygdfondet 15 801 685 6.9 % State Street Bank & Trust (nom) 15 518 309 6.7 % Pareto 9 884 210 4.3 % FLPS 7 900 000 3.4 %…
The table below shows the 20 largest shareholders as of 31 October 2012 and the change from the previous analysis dated 22 August * Fund Manager Shares Absolute % at change 31 Oct. 12 M&G Investment Management 22,235,418 1,159,418 9.67…
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