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Q1 2013 EARNINGS CALL – Fred Olsen Energy

Fred Olsen Energy · May 7, 2013 · 32 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. Q1 2013 EARNINGS CALL – Fred Olsen Energy – slide 1
    Fred. Olsen Energy ASA Presentation 1Q results 2013 Oslo, 7 May 2013 1
  2. Q1 2013 EARNINGS CALL – Fred Olsen Energy – slide 2
    AGENDA FINANCIAL RESULT 1Q 2013 MARKETS OPERATIONS SUMMARY 2
  3. Q1 2013 EARNINGS CALL – Fred Olsen Energy – slide 3
    Income Statement Key Figures (NOK mill) 1Q 2013 4Q 2012 * Restated Operating revenues 1 536 1 569 Recharged income 55 59 Total revenues 1 591 1 628 Operating costs (747) (817) Recharged expenses (53) (56) Total operating expenses (800)…
  4. Q1 2013 EARNINGS CALL – Fred Olsen Energy – slide 4
    EBITDA Comparison 1Q 2013 vs. 4Q 2012 900 850 800 750 69 57 700 39 16 MNOK 650 791 600 756 550 500 450 4Q EBITDA Borgholm Other Blackford Borgsten 1Q EBITDA 4
  5. Q1 2013 EARNINGS CALL – Fred Olsen Energy – slide 5
    Financial Items Breakdown (NOK mill) 1Q 2013 4Q 2012 Interest income 4 4 Gains on financial instruments 21 16 Financial income 25 20 Interest expenses (54) (60) Capitalized borrowing cost (projects) 24 17 Losses on financial…
  6. Q1 2013 EARNINGS CALL – Fred Olsen Energy – slide 6
    Offshore Drilling Segment (NOK mill) 1Q 2013 4Q 2012 * Restated Operating revenues 1 492 1 532 Recharged income 55 59 Total revenues 1 547 1 591 Operating costs (705) (773) Recharged expenses (53) (56) Total operating expenses (758)…
  7. Q1 2013 EARNINGS CALL – Fred Olsen Energy – slide 7
    Engineering & Fabrication Segment (NOK mill) 1Q 2013 4Q 2012 * Restated Operating revenues 44 37 Operating costs (42) (44) Oper. result before depr. (EBITDA) 2 (7) Depreciation (2) (2) Operating result (EBIT) - (9) 7
  8. Q1 2013 EARNINGS CALL – Fred Olsen Energy – slide 8
    Consolidated Balance Sheet (NOK mill) 1Q 2013 4Q 2012 * Restated Intangible assets 99 99 Property, plant & equipment 13 494 12 685 Other non-current assets 157 158 Total non-current assets 13 750 12 942 Other current assets 1 897 1 584…
  9. Q1 2013 EARNINGS CALL – Fred Olsen Energy – slide 9
    Consolidated Cash Flow (NOK mill) 1Q 2013 4Q 2012 * Restated Profit before income taxes 469 318 Depreciation and impairment 345 356 Interest expense 30 43 Gain on sale of assets 1 4 Changes in working capital (275) 502 Unrealized…
  10. Q1 2013 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. Q1 2013 EARNINGS CALL – Fred Olsen Energy – slide 11
    Dividend The Board of Directors will propose to the AGM 28 May 2013 to distribute NOK 10 as ordinary dividend and NOK 10 as extraordinary dividend Dividend payment date estimated to 20 June 2013 Dividend payments in Fred. Olsen…
  12. Q1 2013 EARNINGS CALL – Fred Olsen Energy – slide 12
    Fleet status Rig Type / design W depth ft Location Client Contract status Day rate (in USD) Next CR survey Ultra-deepwater and deepwater units Bollsta Dolphin - delivery 1Q'15 SS / Moss 10 000 UK Chevron 1Q 2015- 2Q 2020 560 000 1Q…
  13. Q1 2013 EARNINGS CALL – Fred Olsen Energy – slide 13
    FINANCIAL RESULT MARKETS OPERATIONS SUMMARY 13
  14. Q1 2013 EARNINGS CALL – Fred Olsen Energy – slide 14
    Global market outlook floating units Consolidation in the ultra deepwater segment continued in the quarter Some new contracts in Brazil Strong demand situation in GoM and West Africa North Sea market strong with few available…
  15. Q1 2013 EARNINGS CALL – Fred Olsen Energy – slide 15
    Norwegian floater market 2013 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Tight market with no Name availability in 2013 and only Polar Pioneer Transocean Barents three units becoming West Navigator Transocean Winner…
  16. Q1 2013 EARNINGS CALL – Fred Olsen Energy – slide 16
    Average dayrates Norway 16
  17. Q1 2013 EARNINGS CALL – Fred Olsen Energy – slide 17
    UK floater market 2013 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 A continued strong market Name with limited availability until J.W. McLean Ocean Princess 2015 WilPhoenix West Phoenix Some increase in supply Paul B. Loyd,…
  18. Q1 2013 EARNINGS CALL – Fred Olsen Energy – slide 18
    Average dayrates UK 18
  19. Q1 2013 EARNINGS CALL – Fred Olsen Energy – slide 19
    Dayrates deepwater drilling units worldwide 19
  20. Q1 2013 EARNINGS CALL – Fred Olsen Energy – slide 20
    FINANCIAL RESULT MARKETS OPERATIONS SUMMARY 20
  21. Q1 2013 EARNINGS CALL – Fred Olsen Energy – slide 21
    Fred. Olsen Energy operating worldwide Bideford Byford Borgland Borgsten Bredford Borgholm Bolette newbuild UDW drillship Bollsta - newbuild HE/UDW semi Belford Borgny Blackford 21
  22. Q1 2013 EARNINGS CALL – Fred Olsen Energy – slide 22
    Contract overview 2013 2014 2015 2016 2017 2018 2019 2020 Bolette Anadarko Bollsta Chevron Belford Anadarko Blackford 1) 2) Borgny Petrobras Bideford Statoil Statoil Borgland RMN con. RMN consortium Bredford Lundin AGR…
  23. Q1 2013 EARNINGS CALL – Fred Olsen Energy – slide 23
    Contract backlog Contract backlog 1 300 000 Customer base 1 200 000 1 100 000 1 000 000 Anadarko 900 000 18 % Chevron 25 % 800 000 Statoil USD 1000 3% 700 000 BP 5% 600 000 Total 5% 500 000 Lundin 400 000 8% 21 %…
  24. Q1 2013 EARNINGS CALL – Fred Olsen Energy – slide 24
    Bollsta Dolphin Moss Maritime CS 60 E (Enhanced) design from HHI Estimated delivery 1Q 2015, total cost estimated to USD 740 million including two BOPs Engineering phase ongoing Secured a five-year contract with Chevron for operations…
  25. Q1 2013 EARNINGS CALL – Fred Olsen Energy – slide 25
    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…
  26. Q1 2013 EARNINGS CALL – Fred Olsen Energy – slide 26
    Midwater - Norway Borgland Dolphin Bideford Dolphin Continued operation under a four-year drilling Continued operations under a three-year contract with a consortium managed by RMN (Rig drilling contract with Statoil estimated to…
  27. Q1 2013 EARNINGS CALL – Fred Olsen Energy – slide 27
    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 January 2014 Completed…
  28. Q1 2013 EARNINGS CALL – Fred Olsen Energy – slide 28
    Midwater - United Kingdom (cont.) Byford Dolphin Borgsten Dolphin Completed a three-year drilling contract with Commenced the tender support services BP Exploration in April 2013 and commenced contract of 40 months duration with Total…
  29. Q1 2013 EARNINGS CALL – Fred Olsen Energy – slide 29
    Deepwater/ midwater - Brazil Blackford Dolphin Borgny Dolphin Continued the three-well contract with Karoon Operating under a five-year drilling contract Petroleo & Gas S.A. A new one-well contract with with Petrobras in Brazil. The…
  30. Q1 2013 EARNINGS CALL – Fred Olsen Energy – slide 30
    Harland & Wolff Focus on ship repair, ship building, steel fabrication and engineering services Was awarded a contract for design and fabrication of the Humber Gateway offshore windfarm substation jacket for E.ON During the…
  31. Q1 2013 EARNINGS CALL – Fred Olsen Energy – slide 31
    Summary Financial Revenues were 1,591 million EBITDA was 791 million Profit before tax was 469 million Contract backlog amounting to approximately USD 4.8 billion Dividend payment date estimated to 20 June 2013 Operational…
  32. Q1 2013 EARNINGS CALL – Fred Olsen Energy – slide 32
    Q&A Q&A Q&A 32

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