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Q1 2011 RESULTS – Fred Olsen Energy

Fred Olsen Energy · May 10, 2011 · 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 2011 RESULTS – Fred Olsen Energy – slide 1
    Fred Olsen Energy ASA Fred. P Presentation t ti 1Q results lt 2011 10th of May 2011 1
  2. Q1 2011 RESULTS – Fred Olsen Energy – slide 2
    AGENDA FINANCIAL RESULT 1Q 2011 MARKETS OPERATIONS SUMMARY AND OUTLOOK 2
  3. Q1 2011 RESULTS – Fred Olsen Energy – slide 3
    Income Statement Key Figures (NOK mill) 1Q 2011 4Q 2010 Operating revenues 1 450 1 491 Recharged income 29 40 Total revenues 1 479 1 531 Operating costs (688) (748) Recharged expenses (28) (39) Total operating expenses (716) (787) O…
  4. Q1 2011 RESULTS – Fred Olsen Energy – slide 4
    EBITDA Comparison 1Q 2011 vs vs. 4Q 2010 1000 950 900 850 800 MNOK 750 37 27 700 23 33 17 17 31 650 763 744 600 550 500 4Q EBITDA Bideford Other Borgsten Bredford Borgholm Blackford Overhead 1Q…
  5. Q1 2011 RESULTS – Fred Olsen Energy – slide 5
    Financial Items Breakdown (NOK mill) 1Q 2011 4Q 2010 Interest income 2 4 Gains on financial instruments 20 53 Financial income 22 57 Interest expenses (16) (18) Losses on financial instruments (21) (30) Other financial expenses (4)…
  6. Q1 2011 RESULTS – Fred Olsen Energy – slide 6
    Offshore Drilling Segment (NOK mill) 1Q 2011 4Q 2010 Operating revenues 1 399 1 472 Recharged income 29 40 Total revenues 1 428 1 512 Operating costs (643) (722) Recharged expenses (28) (39) Total operating expenses (671) (761)…
  7. Q1 2011 RESULTS – Fred Olsen Energy – slide 7
    Engineering & Fabrication Segment (NOK mill) 1Q 2011 4Q 2010 Operating revenues 51 19 Operating costs (45) (26) Oper. result before depr. (EBITDA) 6 (7) Depreciation (2) (2) Operating result (EBIT) 4 (9)
  8. Q1 2011 RESULTS – Fred Olsen Energy – slide 8
    Consolidated Balance Sheet (NOK mill) 1Q 2011 4Q 2010 Intangible assets 99 99 Property, plant & equipment 9 303 10 114 Other non-current assets 38 39 Total non-current assets 9 440 10 252 Other current assets 1 847 1 772 Cash and cash…
  9. Q1 2011 RESULTS – Fred Olsen Energy – slide 9
    Consolidated Cash Flow (NOK mill) 1Q 2011 4Q 2010 Profit before income taxes 383 414 Depreciation and impairment 316 331 Interest expense 16 18 Changes in working capital (96) 143 Unrealized currency loss (20) (49) Cash generated from…
  10. Q1 2011 RESULTS – Fred Olsen Energy – slide 10
    Offshore drilling EBITDA and margin 1600,0 1500,0 75 % 1400,0 1300,0 65 % 1200,0 1100,0 55 % 1000,0 NOK m illion 900,0 45 % 800,0 700,0 35 % 600,0 500 0 500,0 25 % 400,0 300,0 15 % 200,0 100,0 5% 00 0,0 -100,0 -5…
  11. Q1 2011 RESULTS – Fred Olsen Energy – slide 11
    Fleet status as per 10 May 2011 Rig Type / design W depth ft Location Client Contract status Day rate Next CR survey (in USD) Deepwater units Belford Dolphin Drillship 10 000 Mozambique Anadarko April '10 - April '13 532 000 1Q 2015…
  12. Q1 2011 RESULTS – Fred Olsen Energy – slide 12
    New bond loan in the Norwegian bond market 1,400 million senior unsecured bonds 3 months NIBOR + 4,25% 5 year maturity Financial covenants Free Cash USD 30 million Net interest bearing debt/EBITDA < 4.5x 4 5x EBITDA/Net interest…
  13. Q1 2011 RESULTS – Fred Olsen Energy – slide 13
    AGENDA FINANCIAL RESULT MARKETS OPERATIONS SUMMARY AND OUTLOOK 13
  14. Q1 2011 RESULTS – Fred Olsen Energy – slide 14
    Positive global market outlook floating units Stable activity in the ACTIVE SUPPLY AND DEMAND WORLDWIDE FLOATERS NUMBER OF UNITS mid- water segment 250 Deepwater Demand Shallow Water Demand Continued growth in the 200 Active…
  15. Q1 2011 RESULTS – Fred Olsen Energy – slide 15
    Norwegian floater market 2011 2012 2013 2014 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Generally longer term Name Bredford Dolphin p contracts t t West Alpha Transocean Winner Island Innovator Bredford Dolphin first rig…
  16. Q1 2011 RESULTS – Fred Olsen Energy – slide 16
    Average dayrates Norway AVERAGE DAYRATES NORWAY SEMI SUBMERSIBLE DRILLING UNITS THOUSAND USD 700 2nd Gen Norway 3rd Gen Norway 600 4th Gen Norway 5th/6th Gen Norway 500 400 300 200 100 0 81 83 85 87 89 91 93 95…
  17. Q1 2011 RESULTS – Fred Olsen Energy – slide 17
    UK floater market Market balance for the Name Q1 2011 Q2 Q3 Q4 Q1 2012 Q2 Q3 Q4 Q1 2013 Q2 Q3 Q4 summer season 2011 Sedco 712 J.W. McLean Seasonal variations Transocean Prospect expected with lower winter Transocean John…
  18. Q1 2011 RESULTS – Fred Olsen Energy – slide 18
    Average g dayrates y UK AVERAGE DAYRATES UK SECTOR SEMI SUBMERSIBLE DRILLING UNITS THOUSAND USD 600 2nd Gen UK 3rd Gen UK 4th Gen UK 500 400 300 200 100 0 79 81 83 85 87 89 91 93 95 97 99 01 03 05 07 09 11…
  19. Q1 2011 RESULTS – Fred Olsen Energy – slide 19
    Dayrates deepwater drilling units worldwide 19
  20. Q1 2011 RESULTS – Fred Olsen Energy – slide 20
    Global floater fleet and newbuilds 40 2.gen 3.gen 4.gen 5.gen 6.gen 35 30 25 umber of units 20 Nu 15 10 5 0 1973 1978 1983 1988 1993 1998 2003 2008 2013 Semi/Drillship NB Semi NB Drillship Source:…
  21. Q1 2011 RESULTS – Fred Olsen Energy – slide 21
    AGENDA FINANCIAL RESULT MARKETS OPERATIONS SUMMARY AND OUTLOOK 21
  22. Q1 2011 RESULTS – Fred Olsen Energy – slide 22
    Fred Olsen Energy operating worldwide Fred. Bideford Byford B Borgland l d Borgsten Bredford Borgholm Belford Borgny Blackford 22
  23. Q1 2011 RESULTS – Fred Olsen Energy – slide 23
    Contract schedule as per 10 May 2011 2010 2011 2012 2013 2014 Belford Anadarko Blackford Reliance Undiscl. Karoon Bideford Statoil Statoil B Borgland l d C Consortium ti Bredford AGR 2) 2) Lundin 3) Borgny Petrobras Byford BP…
  24. Q1 2011 RESULTS – Fred Olsen Energy – slide 24
    Contract backlog and customers as per 10 May 2011 Contract backlog 1 000 000 Customer C t base b 900 000 800 000 18 % 700 000 37 % 600 000 USD 1000 500 000 19 % 400 000 300 000 10 % 16 % 200 000 100 000…
  25. Q1 2011 RESULTS – Fred Olsen Energy – slide 25
    Ordering g of a new ultra deepwater p drillship p Recent order of a 12,000 ft drillship at Hyundai Heavy Industries Co., Ltd Total project cost is estimated to USD 615 million Main technical specifications: Seven ram BOP (Blow…
  26. Q1 2011 RESULTS – Fred Olsen Energy – slide 26
    Deepwater Africa/Brazil Belford Dolphin Blackford Dolphin Continued operation under a three three-year year Three-year Three year contract with Reliance Industries Ltd. drilling contract with Anadarko expiring April Currently under…
  27. Q1 2011 RESULTS – Fred Olsen Energy – slide 27
    Norway Bideford Dolphin Borgland Dolphin Completed the three three-year year drilling contract Continued operation under a four four-year year drilling with Statoil offshore Norway end of January contract with a consortium of eight…
  28. Q1 2011 RESULTS – Fred Olsen Energy – slide 28
    Norway / United Kingdom Bredford Dolphin Borgholm Dolphin Commenced operations under a three-well Accommodation unit with 600 bed capacity. contract with Lundin Norway AS mid January Class renewal survey completed in January 2011 2008…
  29. Q1 2011 RESULTS – Fred Olsen Energy – slide 29
    United Kingdom (cont (cont.)) Byford Dolphin Borgsten Dolphin Continued operation under a three three-year year A new four four-well well drilling contract with an TAQA drilling contract with BP Exploration expiring commenced mid…
  30. Q1 2011 RESULTS – Fred Olsen Energy – slide 30
    Brazil Borgny Dolphin Operating O i under d a five-year fi drilling d illi contract with ih Petrobras in Brazil, expiring September 2013 Completed five-year class renewal survey and upgrade in April 2010 30
  31. Q1 2011 RESULTS – Fred Olsen Energy – slide 31
    Harland & Wolff Focus on ship repair, ship building, steel fabrication and engineering services Holds a Waste Management License for ship demolition The yard area is serving as a logistics and assembl base for assembly fo…
  32. Q1 2011 RESULTS – Fred Olsen Energy – slide 32
    Summary Financial Revenues were 1,479 million EBITDA was 763 million Profit before tax was 383 million Contract backlog amounting to USD 2.1 billion New bond loan of NOK 1.4 billion raised in the Norwegian bond market Annual…

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