Agenda Introduction Financial results Operations Outlook Attachments 3
Recent Prosafe developments Rig utilisation rate of 74.4 per cent in Q1 Share issue completed to fund value enhancing growth investments Safe Caledonia life extension project finalised in February and vessel now operates on…
Agenda Introduction Financial results Operations Outlook Attachments 5
Operating revenues (USD million) Q1 13 Q4 12 Q1 12 2012 Charter income 75.3 94.0 115.1 423.9 Mob/demob income 1.7 0.0 0.0 2.0 Gain on sale of Safe Esbjerg 0.0 0.0 0.0 4.8 Other income 8.8 19.1 10.6 79.7 Total 85.8 113.1 125.7…
Balance sheet (Unaudited figures in USD million) 31.03.12 31.12.12 31.03.12 Goodwill 226.7 226.7 226.7 Rigs 926.3 896.3 901.9 New builds 142.0 135.6 59.4 Other non-current assets 20.3 21.9 5.0 Total non-current assets 1 315.3 1 280.5 1…
Steady growth in dividend Dividend 0,6 An interim dividend equivalent to USD 0.15 per share declared +11% 0,5 Q4 The shares will trade ex-dividend 0,4 Q4 on 23 May USD per share +70% Q3 +13% 0,3 The dividend will be paid…
Robust position - financing for new builds in place 1. USD 420 million term loan Closing took place in mid-December 2012 To be drawn in connection with delivery of each rig Key terms: Tenor of five years Repayment profile 12 years…
Agenda Introduction Financial results Operations Outlook Attachments 12
Safe Boreas progress Semi-submersible to be built as NCS compliant/ harsh environment Keel laying ceremony on 15 April Scheduled delivery from yard summer 2014 Awarded a six-month firm contract (+ options) by Financial status Q1…
Safe Zephyrus progress Similar design as Safe Boreas NCS compliant DP3 and 12-point mooring Strike steel ceremony on 15 April Ready for operations in the North Sea for the summer season of 2015 Financial status Q1 13 USDm Book…
Capital expenditure 2013 2013: USD 130-150 million with major items being: Safe Caledonia completion Safe Boreas new build project Safe Zephyrus new build project Regalia SPS and cranes/thrusters Safe Scandinavia SPS and mooring…
Strong contract inflow recently Rig Client Country Contract year Duration Dayrate (USD) Safe Scandinavia Det Norske Norway 2016 182 days 343,000 Safe Britannia Cotemar Group Pemex 2013-14 640 days 80,000* Jasminia Cotemar Group…
Order backlog at all-time-high Order backlog Firm contracts USD 998m 1 200 + Options USD 107m = Total contract backlog USD 1 105m 1 000 800 2016 3% 2013 USD million 2015 31 % 28 % 600 400 2014 38 % 200…
High North Sea contract coverage for 2013-15 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 18
Consistent high yearly fleet utilisation Fleet size and utilisation Considerable fleet size means lower risk Fleet utilisation has consistently been at high levels Low counter-party risk Clients are typically national oil…
Agenda Introduction Financial results Operations Outlook Attachments 20
Clear market leader in the high-end segment No. of accommodation semis by owner No. of accommodation semis by regional capabilites 28 26 28 26 26 Axis Jasper Off. 26 24 24 24 22 Jasper CIMC 24 22 22 20 CIMC ETESCO 22 20 20 18…
Share issue to fund growth completed 13 million new shares issued through private placing in March Proceeds of USD 130 million (share price of NOK 58) Proceeds to fund value creative growth investments On 14 May 2013 the AGM…
Share issue to fund growth completed Fund value enhancing growth investments Long-term demand for accommodation vessels is being supported by high offshore activity Given the positive market outlook it is likely that opportunities…
Norway strong hook-up and upgrade demand Strong demand related to hook-up and commissioning projects in the coming years Contract in place for Edvard Grieg hook-up (2015) and Ivar Aasen hook-up (2016) Tie-ins and IOR projects…
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 More…
Positive development in North Sea demand index Growing underlying North Sea accommodation rig demand index demand trend 110 101 100 103 99 100 Several prospects for 100 90 91 90 87 2014-2016 have 90 81 79 78 76 appeared 80…
Mexico stable offshore activity E&P spending level expected to increase in coming years Strong focus on extending life of current fields Long-term growth potential in deep water areas 28
Brazil more accommodation needed Currently three vessels working in the Campos basin Two semi-submersibles and one monohull Three contracts with start- up in 2013/14 recently awarded Further contract awards expected in the…
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Summary Strong contract inflow recently Order backlog at all-time-high Positive market outlook Prosafe is well positioned Clear market leader High-quality, diversified fleet Strong cash flow Robust financial position High…
Agenda Introduction Financial results Operations Outlook Attachments 33
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 30.04.2013 No. of shares Ownership State Street Bank & Trust (nom) 30 200 310 12.4 % Folketrygdfondet 18 901 685 7.8 % State Street Bank & Trust (nom) 14 000 695 5.8 % Pareto 9 397 277 3.9 % Clearstream…
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