Agenda Q4 2013 in brief Financial results Strategic repositioning Outlook 3
Q4 2013 in brief Strong utilisation of 82 per cent High order intake in the quarter Three long-term contracts in Mexico Long-term contract extension in Brazil Contract for BP ETAP in UK Contract for Swiber in Indonesia Several…
Agenda Q4 2013 in brief Financial results Strategic repositioning Outlook 5
Operating revenues (USD million) Q4 13 Q3 13 Q4 12 2013 2012 Charter income 120.4 146.0 94.0 469.2 423.9 Mob/demob income 3.7 0.0 0.0 9.1 2.0 Gain on sale of Safe Esbjerg 0.0 0.0 0.0 0.0 4.8 Other income 10.7 13.4 19.1 45.2 79.7…
Balance sheet (Unaudited figures in USD million) 31.12.13 30.09.13 31.12.12 Goodwill 226.7 226.7 226.7 Vessels 946.9 926.2 896.3 New builds 248.9 152.5 135.6 Other non-current assets 4.9 16.5 21.9 Total non-current assets 1 427.4 1…
Shareholders SHAREHOLDERS AS AT 03.02.2014 No. of shares Ownership State Street Bank & Trust (nom) 32 323 779 13.7 % Folketrygdfondet 16 561 978 7.0 % State Street Bank & Trust (nom) 14 924 446 6.3 % Pareto 8 796 703 3.7 % Clearstream…
Steady growth in dividend Declared an interim dividend equivalent to USD 0.16 per share The shares will trade ex- dividend on 14 February The dividend will be paid in the form of NOK 1 per share on 28 February 11
Interest-bearing debt portfolio Loan Commitment Maturity Margin USD 1100 million credit facility (2011-17) USD 791 million Q3 2017 187.5 bps USD 420 million credit facility (2012-17) USD 420 million Q4 2017 295 bps NOK 500 million…
Agenda Q4 2013 in brief Financial results Strategic repositioning Outlook 13
Ambition start of strategy process Lowest Best cost vessels Best client service Best operations 14
Strategic repositioning 2009 2016 North Sea fleet refit and life extensions NCS new builds Assets UK/RoW new builds Re-organisation People and processes Ways of working 15
North Sea fleet refit and life extension Objective Ensure availability of versatile vessels with safe, efficient and comfortable facilities Actions Refurbish vessels to achieve renewal of hull, machinery and facilities for another…
Scandinavia SPS and life extension Aim: operate in NCS or UK waters, with 12 point mooring for 20 years (2014-2034) Five year Special periodic survey (SPS) Q1 2014 Including fatigue enhancement Increase vessel capabilities Improved…
Regalia SPS Five-year special periodic survey (SPS) Q1 2014 Including fatigue enhancement Increase vessel capabilities More functional cranes Gangway improvements Augment the health and safety of those working and living…
New builds compliant with Norwegian regulations Objectives Be the most cost effective and versatile vessels for year-round operations in the Norwegian waters in terms of: Positioning, either through DP3 or 12 point wire-moored…
Prosafe new builds aim at being the best - Norway Thruster power (kW) Combined mooring strength (tonnes) 25000 10000 24000 9000 23000 8000 22000 7000 21000 6000 20000 5000 19000 4000 18000 3000 17000 2000 16000 1000 15000 0 Safe Safe…
Safe Boreas Pontoons launched 5 and 9 Nov 2013 then docked First 2 columns raised on pontoons in dock Nov 2013 LQ mega blocks transported from subcontractor to Jurong for outfitting Cabin fabrication in Korea, first batch has…
Safe Zephyrus Keel lay 18 November 2013 Good progress in block fabrication Outfitting started Financial status Q4 13 USDm Book value o.b. 68 Book value c.b. 69 Capitalised in quarter 1 Estimated total cost 350 22
Newbuilds for UK/RoW, excl. Norway Objectives Be the most versatile vessels for year-round operations in UK/RoW , excl. Norway in terms of: Positioning, either DP3 or 10 point chain-moored Marine capabilities/motions and gangway…
Safe Eurus and Safe Notos Strong capabilities The most advanced and flexible vessels for worldwide operations excluding Norway Low risk Number 3 and 4 in a series of Gusto MSC Ocean 500 units built by Cosco Ready for operations…
Prosafe newbuilds aim at being the best UK/RoW Thruster power (kW) Combined mooring strength (tonnes) 23000 8000 22000 7000 21000 6000 20000 5000 19000 4000 18000 3000 17000 2000 16000 1000 15000 0 Safe TBN1 Safe TBN2 Floatel Floatel…
Large and versatile North Sea fleet in good condition Safe Boreas new build Safe Zephyrus new build Safe Notos new build Safe Eurus new build Safe Scandinavia life extension in 2014 (20 years) Safe Caledonia life extension in…
Capital expenditure 2013 Capex in line with indication of USD 130-150 million In addition, Safe Eurus/Notos first yard instalments paid in December 2013 Total of USD 223 million in 2013 Major items Safe Caledonia life extension…
Capital expenditure 2014 Total capex USD 420-480 million General indication of yearly average fleet capex of USD 50-60 million, excluding new builds and special projects/items New builds and special projects Safe Boreas new build,…
Agenda Q4 2013 in brief Financial results Strategic repositioning Outlook 29
Clear market leader in the high-end segment No. of accommodation semis by owner* No. of accommodation semis by regional capabilites* 34 34 32 POSH 32 30 30 Axis Off. 28 28 26 Jasper 26 24 24 22 CIMC 22 Rest of World 20 ETESCO 20 18 18…
North Sea - robust demand Ivar Aasen development solution Good demand for hook-up work Driven by exploration success, particularly in Norway Prosafe already has contracts in place for Edvard Grieg (Lundin), Ivar Aasen (Det norske)…
North Sea - robust demand High order intake in the North North Sea accommodation demand index Sea in Q4 2013 and in 2013 in 120 112 109 general 110 101100 103 106 99 100 Good contract visibility in the 100 90 91 90 87 90 North…
Mexico - stable demand outlook Continued stable outlook in Mexico demonstrated by recent contracts for Regency, Lancia, and Jasminia Multiple years contract renewals, but slightly lower dayrates Currently accommodation vessels in…
Brazil growth market Long-term requirements, mainly driven by maintenance Hook-up work can appear longer term Many different types of accommodation solutions in operation/contracted in Brazil All vessels required so far have…
Rest of the world interesting opportunities Australia Sporadic activity although the area is evolving Several contract awards at attractive economics South East Asia Dominated by low dayrate, basic barges due to benign weather…
Consistent high fleet utilisation High fleet utilisation Considerable fleet size means lower risk and less volatility Low counter-party risk Clients are typically national oil companies, super majors and larger independents…
Prosafe is well positioned Well positioned to meet a potential increase in demand and competition, by having: a record high order backlog the largest and most versatile fleet the best and longest operational and HSEQ…
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