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WELLS FARGO MLP CONFERENCE – Seadrill Partners LLC

Seadrill Partners LLC · Dec 10, 2013 · 17 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. WELLS FARGO MLP CONFERENCE – Seadrill Partners LLC – slide 1
    Seadrill Partners LLC Graham Robjohns, CEO Wells Fargo MLP Conference New York, December 2013
  2. WELLS FARGO MLP CONFERENCE – Seadrill Partners LLC – slide 2
    Seadrill Partners Overview
  3. WELLS FARGO MLP CONFERENCE – Seadrill Partners LLC – slide 3
    Company Snapshot Pre- Post- Transaction (1) Transaction Hemen Holding 6 8 (Fredriksen Group) 3 ultra deep 5 UDW floaters Number water (UDW) 3 tender rigs of rigs 24.6% floaters 3 tender rigs Seadrill Limited (NYSE: SDRL)…
  4. WELLS FARGO MLP CONFERENCE – Seadrill Partners LLC – slide 4
    Seadrill Partners Key Investment Highlights Increased production growth coming from Ultra-Deepwater prospects Strong Expectation for Increase in development drilling leading to longer Industry Dynamics contract duration in the medium…
  5. WELLS FARGO MLP CONFERENCE – Seadrill Partners LLC – slide 5
    Our Progress Since IPO Major Events to Date 2.25 Tender rig T-15 acquired for US210 million, 15% 12-15% increase resulting distribution increase of 8% increase recommended for Tender rig T-16 acquired for US200 million; since IPO…
  6. WELLS FARGO MLP CONFERENCE – Seadrill Partners LLC – slide 6
    Seadrill Partners Long-Term Contract Coverage 2013 2014 2015 2016 2017 2018 2019 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q West Vencedor US213,931 (2) West Aquarius US540,000 US615,000 West…
  7. WELLS FARGO MLP CONFERENCE – Seadrill Partners LLC – slide 7
    Recent Acquisitions: Two Accretive Dropdowns West Leo West Sirius To be acquired by Seadrill Operating LP (30% To be acquired by Seadrill Capricorn Holdings LLC owned by SDLP) (51% owned by SDLP) Contract details: Contract…
  8. WELLS FARGO MLP CONFERENCE – Seadrill Partners LLC – slide 8
    West Leo & West Sirius Transaction Overview Use of Proceeds (mm) Rigs to be Acquired West Leo West Sirius Total Implied Purchase Price 1,250 1,035 2,285 Bank Debt (486) (220) (706) Interco Loan to OPCO (230) (230) Equity Portion 765…
  9. WELLS FARGO MLP CONFERENCE – Seadrill Partners LLC – slide 9
    Our Structure Facilitates Continued Growth Larger, diversified pool of jack- Long-term contracted deepwater up and deepwater rigs drilling assets Assets Term contracts with day rate Potentially long-term contracted, exposure modern…
  10. WELLS FARGO MLP CONFERENCE – Seadrill Partners LLC – slide 10
    Robust Industry Fundamentals Driving Offshore Drilling
  11. WELLS FARGO MLP CONFERENCE – Seadrill Partners LLC – slide 11
    Increased Service Intensity: More rigs working, but declining oil production 25 700 Number of Rigs Contracted Million Barrels per Day 24 600 23 500 22 400 2005 2006 2007 2008 2009 2010 2011 2012 2013 Total…
  12. WELLS FARGO MLP CONFERENCE – Seadrill Partners LLC – slide 12
    Ultra-Deepwater Production Growth Accelerating Global liquids production, by Global offshore production land and water depth by water depth 1960 - 2040 Million bbl/d 2012-2030 Thousand boe/d Replacement CAGR = 1.3% 80000…
  13. WELLS FARGO MLP CONFERENCE – Seadrill Partners LLC – slide 13
    Global Rig Supply & Demand Imbalance Favors Contractors Significant Newbuilds Required to Bridge Expected Demand Gap 500 450 400 Supply 350 Demand 189 300 (50) 60 250 455 200 150 316 256 100 50 0 Current Fleet Newbuilds…
  14. WELLS FARGO MLP CONFERENCE – Seadrill Partners LLC – slide 14
    Conclusion
  15. WELLS FARGO MLP CONFERENCE – Seadrill Partners LLC – slide 15
    Significant Potential Growth Going Forward 1 Additional New Assets from Seadrill West Saturn - Newbuild West Jupiter - Newbuild West Carina - Newbuild West Aquila - Newbuild West Libra - Newbuild West Draco - Newbuild…
  16. WELLS FARGO MLP CONFERENCE – Seadrill Partners LLC – slide 16
    Growth Opportunities 2 Acquisition of Additional OPCO Ownership Interests from Seadrill Ltd. - 70% of three UDW and one tender rig - 49% of two UDW rigs 3 Long-Term Contracted Jack-ups US 565,000 - Heads of Agreement signed with…
  17. WELLS FARGO MLP CONFERENCE – Seadrill Partners LLC – slide 17
    Conclusion Strong Market Fundamentals Multiple Growth Opportunities 80000 Global offshore production 1 2 70000 by water depth 1960 - 2040 Additional Assets OPCO Interest from Seadrill Ltd. Acquisitions 60000 50000 40000 3 4…

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