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Q4 2013 AND PRELIMINARY RESULTS – Odfjell Drilling

Odfjell Drilling · Feb 28, 2014 · 24 slides

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Slides

  1. Q4 2013 AND PRELIMINARY RESULTS – Odfjell Drilling – slide 1
    Presentation: Q4 2013 and preliminary results for 2013
  2. Q4 2013 AND PRELIMINARY RESULTS – Odfjell Drilling – slide 2
    Contents Financial performance highlights Highlights and material events Dividend for 2013 Segment reporting Financial information Summary Page 2
  3. Q4 2013 AND PRELIMINARY RESULTS – Odfjell Drilling – slide 3
    Financial performance highlights Group Operating Revenues (USD million) Group EBITDA (USD million) 1174 393 382 1094 1057 331 782 289 288 88 92 88 Q4 13 Q4 12 FY 13 FY 12 FY 11 FY 10 Q4 13 Q4 12 FY 13 FY 12 FY 11 FY…
  4. Q4 2013 AND PRELIMINARY RESULTS – Odfjell Drilling – slide 4
    Highlights and material events Q4 2013 Successful execution of Deepsea Bergen client funded yard stay in October 2013 Water ingress incident at yard for Deepsea Aberdeen in December 2013 BOP challenges resulting in low financial…
  5. Q4 2013 AND PRELIMINARY RESULTS – Odfjell Drilling – slide 5
    Dividend for 2013 The Board of Directors has declared a cash dividend of USD 0.05 per share for 2013. The ex-dividend date has been set to 18 March 2014, record date is 20 March 2014 and payment date is on or about 8 April 2014.…
  6. Q4 2013 AND PRELIMINARY RESULTS – Odfjell Drilling – slide 6
    An integrated partner for ultra deepwater and harsh environment operations Mobile Offshore Drilling Units Well Services Drilling & Technology (MODU) Modern fleet of UDW and harsh Casing and tubular running services One of the…
  7. Q4 2013 AND PRELIMINARY RESULTS – Odfjell Drilling – slide 7
    Segment reporting - MODU highlights MODU Highlights Q4 2013 Operating Revenue increased by USD 7 million compared to Q4 2012 Q4 2013 EBITDA of 80 million, same as in Q4 2012 Q4 2013 EBITDA margin of 42%, compared to 44% in in…
  8. Q4 2013 AND PRELIMINARY RESULTS – Odfjell Drilling – slide 8
    MODU - Dayrates, contract status and options Location Current day rate Drilling unit Contract status /operator (USD/day)1 Deepsea Angola 420,000 Unpriced Unpriced Stavanger BP Angola Deepsea NCS 560,839 / 586k Atlantic Statoil…
  9. Q4 2013 AND PRELIMINARY RESULTS – Odfjell Drilling – slide 9
    Segment reporting - Platform Drilling and Technology highlights Platform Drilling and Technology Highlights Q4 2013 Operating Revenue of USD 25 million, same as in Q4 2012 Q4 2013 EBITDA of USD 6 million compared USD 10 million…
  10. Q4 2013 AND PRELIMINARY RESULTS – Odfjell Drilling – slide 10
    Platform Drilling contracts Customer Platforms Contract period 7 NO platforms1 Mariner Bressey Brage 6 UK platforms2 Harding 5 UK platforms3 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022…
  11. Q4 2013 AND PRELIMINARY RESULTS – Odfjell Drilling – slide 11
    Segment reporting - Well Services highlights Well Services Highlights Q4 2013 Operating Revenue of USD 54 million compared to USD 59 million in Q4 2012 Q4 2013 EBITDA of USD 26 million compared to USD 29 million in Q4 2012 Q4 2013…
  12. Q4 2013 AND PRELIMINARY RESULTS – Odfjell Drilling – slide 12
    Market outlook Strong fundamental long-term demand for the Groups services but expect softer near term market MODU Softer near term DW and UDW market slowdown of oil companies growth in E&P spending increase in UDW rig supply…
  13. Q4 2013 AND PRELIMINARY RESULTS – Odfjell Drilling – slide 13
    Earnings visibility through USD 3 billion firm order backlog Total revenue backlog per year (for firm contracts and priced option periods)1 USD million Firm Options Firm contracts USD 3.0 billion 1000 Priced options USD 2.1…
  14. Q4 2013 AND PRELIMINARY RESULTS – Odfjell Drilling – slide 14
    Financial information
  15. Q4 2013 AND PRELIMINARY RESULTS – Odfjell Drilling – slide 15
    Group summary financials Condensed consolidated income statement P&L - (USD million) Q4 13 Q4 12 FY 13 FY 12 Operating revenue 289 288 1 174 1 094 Other gains/losses 1 1 22 3 Share of profit/(loss) from joint ventures 1 -2 0 -13…
  16. Q4 2013 AND PRELIMINARY RESULTS – Odfjell Drilling – slide 16
    Segment reporting - MODU financials MODU Key Financials (USD million) 762 Condensed P&L - (USD million) Q4 13 Q4 12 FY 13 FY 12 Revenues 693 Operating revenue 190 183 762 693 EBITDA 80 80 338 285 Depreciation and impairments -34 -33…
  17. Q4 2013 AND PRELIMINARY RESULTS – Odfjell Drilling – slide 17
    Segment reporting - Drilling & Technology financials Drilling and Technology Key Financials (USD million) Condensed P&L - (USD million) Q4 13 Q4 12 FY 13 FY 12 Revenues 352 Operating revenue 87 91 352 316 316 EBITDA 6 10 25 25…
  18. Q4 2013 AND PRELIMINARY RESULTS – Odfjell Drilling – slide 18
    Segment reporting - Well Services financials Well Services Key Financials (USD million) Condensed P&L - (USD million) Q4 13 Q4 12 FY 13 FY 12 Revenues 227 208 Operating revenue 54 59 227 208 EBITDA 26 29 105 95 Depreciation and…
  19. Q4 2013 AND PRELIMINARY RESULTS – Odfjell Drilling – slide 19
    Group - Eliminations & Reconciliation Group Eliminations & Reconciliation (USD million) Q4 13 Q4 12 FY 13 FY 12 Operating revenue -42 -44 -167 -124 EBITDA -24 -26 -76 -74 EBIT -17 -19 -44 -50 EBIT for reportable segments 68 73 292…
  20. Q4 2013 AND PRELIMINARY RESULTS – Odfjell Drilling – slide 20
    Deep Sea Metro financials Deep Sea Metro - Key financials (100% basis) Condensed figures - (USD million) Q4 13 Q4 12 FY 13 FY 12 Total income 88 86 359 246 Operating expenses -58 -59 -243 -188 YE 2013 total gross interest bearing…
  21. Q4 2013 AND PRELIMINARY RESULTS – Odfjell Drilling – slide 21
    Summary statement of financial position Group statement of financial position Assets (USDm) 31 Dec 13 31 Dec 12 Equity and liabilities (USDm) 31 Dec 13 31 Dec 12 Intangible assets 27 30 Total paid-in capital 337 332 Property, plant and…
  22. Q4 2013 AND PRELIMINARY RESULTS – Odfjell Drilling – slide 22
    Summary statement of cash flow Group statement of cash flow Cash Flow - (USDm) Q4 13 Q4 12 FY 13 FY 12 Cash from operations 87 109 339 337 Interest paid -14 -17 -56 -56 Income tax paid -19 -10 -37 -14 Net cash from operations 54 83 245…
  23. Q4 2013 AND PRELIMINARY RESULTS – Odfjell Drilling – slide 23
    Summary Earnings visibility through USD 3 billion of firm order backlog Softer near term market outlook Continued strong long-term market fundamentals Well Services and Drilling & Technology less exposed to short-term market…
  24. Q4 2013 AND PRELIMINARY RESULTS – Odfjell Drilling – slide 24
    President & CEO Simen Lieungh EVP & CFO Atle Sb Investor relations Lasse H. Johannesen, lajodfjelldrilling.com, +47 55 92 11 01 / +47 995 06 908 Press contact Gisle Johanson, gijoodfjelldrilling.com, +47 414 40 050 Next event:…

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