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Q4 2010 EARNINGS CALL – Prosafe Se

Prosafe Se · Feb 17, 2011 · 41 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. Q4 2010 EARNINGS CALL – Prosafe Se – slide 1
    17 February 2011 Q4 2010 results
  2. Q4 2010 EARNINGS CALL – Prosafe Se – slide 2
    3 Agenda n The quarter in brief n Financial results n Operations n Outlook n Summary n Attachments
  3. Q4 2010 EARNINGS CALL – Prosafe Se – slide 3
    4 The fourth quarter in brief n Rig utilisation rate of 61 per cent n Sale of PROD/BWO shares n Letter of Intent for a three-year period for operations in Brazil for Petrobras
  4. Q4 2010 EARNINGS CALL – Prosafe Se – slide 4
    5 Agenda n The quarter in brief n Financial results n Operations n Outlook n Summary n Attachments
  5. Q4 2010 EARNINGS CALL – Prosafe Se – slide 5
    6 Income statement (Unaudited figures in USD million) Q4 10 Q3 10 Q4 09 2010 2009 Operating revenues 75.3 140.4 106.7 442.4 397.9 Operating expenses (41.4) (41.7) (34.6) (159.3) (123.6) EBITDA 33.9 98.7 72.1 283.1 274.3…
  6. Q4 2010 EARNINGS CALL – Prosafe Se – slide 6
    7 Operating revenues (USD million) Q4 10 Q3 10 Q4 09 2010 2009 Charter income 65.5 125.4 92.8 397.1 368.5 Mob/demob income 1.9 1.9 0.6 6.5 4.0 Other income 7.9 13.1 13.3 38.8 25.4 Total 75.3 140.4 106.7 442.4 397.9
  7. Q4 2010 EARNINGS CALL – Prosafe Se – slide 7
    8 Balance sheet (Unaudited figures in USD million) 31.12.10 30.09.10 31.12.09 Goodwill 226.7 226.7 226.7 Rigs 898.8 891.4 913.5 Other non-current assets 4.5 4.4 4.9 Total non-current assets 1 130.0 1 122.5 1 145.1 Cash and deposits…
  8. Q4 2010 EARNINGS CALL – Prosafe Se – slide 8
    9 Key figures Q4 10 Q3 10 Q4 09 2010 2009 Operating margin 24.4 % 59.1 % 53.6 % 50.0 % 54.9 % Equity ratio 32.4 % 28.8 % 19.5 % 32.4 % 19.5 % Return on equity 35.6 % 86.7 % -15.0 % 58.9 % 87.3 % Net interest bearing debt (USD…
  9. Q4 2010 EARNINGS CALL – Prosafe Se – slide 9
    10 Shareholders SHAREHOLDERS AS AT 03.02.2011 % share Folketrygdfondet 17 095 735 7,43 % Pareto 14 333 458 6,23 % Goldman Sachs (nom.) 11 163 157 4,85 % State Street Bank & Trust (nom.) 10 384 570 4,52 % KAS Depositary Trust (nom.)…
  10. Q4 2010 EARNINGS CALL – Prosafe Se – slide 10
    11 Robust financial position total debt/EBITDA 4,00 3,50 3,00 2,50 2,00 1,50 1,00 0,50 0,00 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010
  11. Q4 2010 EARNINGS CALL – Prosafe Se – slide 11
    12 New bond issue n NOK 500 million unsecured bond q Maturity 25 February 2016 q Credit margin 3.5% n Refinancing of PRS03 (USD 50 million bond with maturity March 2012) n Bought back USD 46.4 million in PRS03
  12. Q4 2010 EARNINGS CALL – Prosafe Se – slide 12
    13 Dividend n Long-term dividend policy targeting 40-50% of net profit paid tri-annually the following year n Total dividend paid in 2010 was 0.285 USD per share (50% payout) n Anticipate dividend announcements in connection…
  13. Q4 2010 EARNINGS CALL – Prosafe Se – slide 13
    14 Agenda n The quarter in brief n Financial results n Operations n Outlook n Summary n Attachments
  14. Q4 2010 EARNINGS CALL – Prosafe Se – slide 14
    15 Safe Caledonia refurbishment Hull maintenance and topside refurbishment Safe Caledonia will be refurbished with 450 beds, 1 & 2 bed cabins (417 beds in new blocks) 20 years life extension Shipyard stay planned for 1st…
  15. Q4 2010 EARNINGS CALL – Prosafe Se – slide 15
    16 Operations in Brazil n Three-year contract for Safe Concordia to perform safety and maintenance support services n New office in Rio de Janeiro (marketing) n New office in Macae (operations)
  16. Q4 2010 EARNINGS CALL – Prosafe Se – slide 16
    17 Operations in Brazil n The units to be attended by Safe Concordia are primarily turret moored FPSOs in the Campos basin n The first project is planned to be a turret moored FPSO and will be the first time a DP vessel has…
  17. Q4 2010 EARNINGS CALL – Prosafe Se – slide 17
    18 Recent contracts n LoI for Safe Scandinavia for UK North Sea in 2012 n Contract extension with BP at Valhall field for Regalia and Safe Scandinavia, firm contract until beginning of 2012
  18. Q4 2010 EARNINGS CALL – Prosafe Se – slide 18
    19 Fleet size and utilisation 100 % 14 90 % 12 80 % 10 70 % Fleet utilisation rate 60 % 8 Fleet size 50 % 6 40 % 30 % 4 20 % 2 10 % 0% 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010…
  19. Q4 2010 EARNINGS CALL – Prosafe Se – slide 19
    20 Utilisation rate and charter revenue 100 % 450 90 % 400 80 % 350 70 % Charter revenue (USD m) 300 Utilisation rate 60 % 250 50 % 200 40 % 150 30 % 100 20 % 10 % 50 0% 0 2008 2009 2010 2011 2012…
  20. Q4 2010 EARNINGS CALL – Prosafe Se – slide 20
    21 Contract status Safe Astoria Safe Esbjerg Safe Caledonia Safe Scandinavia MSV Regalia Safe Bristolia Safe Concordia Safe Britannia 2001 Safe Lancia 1998 Safe Regency 1997 Jasminia 1998 Safe Hibernia…
  21. Q4 2010 EARNINGS CALL – Prosafe Se – slide 21
    22 Agenda n The quarter in brief n Financial results n Operations n Outlook n Summary n Attachments
  22. Q4 2010 EARNINGS CALL – Prosafe Se – slide 22
    23 Market outlook supply Dynamically positioned semi rigs Anchored semi rigs Advanced units with high operational Primary strengths: versatility: Shallow to medium water depths All water depths, any seabed Fixed installations…
  23. Q4 2010 EARNINGS CALL – Prosafe Se – slide 23
    24 Market outlook demand UK and Norwegian North Sea Drivers: Maintenance, modifications, IOR projects and tie-ins of satellite fields to existing installations The demand outlook for accommodation rigs appears to be…
  24. Q4 2010 EARNINGS CALL – Prosafe Se – slide 24
    25 Market demand Mexico Drivers: q Construction support q Maintenance support q Hotel/catering/ logistical support Currently five of our rigs are operating in Mexico The demand for accommodation rigs in Mexico appears to be…
  25. Q4 2010 EARNINGS CALL – Prosafe Se – slide 25
    26 Market demand Brazil Fixed installation Semi-submersible FPSO
  26. Q4 2010 EARNINGS CALL – Prosafe Se – slide 26
    27 Market demand Emerging markets North Sea Mexico West Africa Southeast Asia Brazil and Australia Current location Previous operations Mature regions Emerging markets / potential growth regions
  27. Q4 2010 EARNINGS CALL – Prosafe Se – slide 27
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  28. Q4 2010 EARNINGS CALL – Prosafe Se – slide 28
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  29. Q4 2010 EARNINGS CALL – Prosafe Se – slide 29
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  30. Q4 2010 EARNINGS CALL – Prosafe Se – slide 30
    31 Summary n Good market outlook n Leading market position n High quality and versatile rig fleet n Robust financial position
  31. Q4 2010 EARNINGS CALL – Prosafe Se – slide 31
    32 Agenda n The quarter in brief n Financial results n Operations n Outlook n Summary n Attachments
  32. Q4 2010 EARNINGS CALL – Prosafe Se – slide 32
    33 Debt as of end Q4 2010 n Credit facility q Credit facility was initially drawn in May 2008 at USD 1.1 billion q Maturity of seven years q The applicable margin on the credit facility will vary in the range from 0.65% to 0.95%…
  33. Q4 2010 EARNINGS CALL – Prosafe Se – slide 33
    34 Debt as of end Q4 2010 n Total interest-bearing debt USD 705.4million: q Credit facility: USD 570 million (long-term) q Bond loan: USD 50 million (long-term) q Bond loan: NOK 500 million (USD 85.4 mill) (long-term)
  34. Q4 2010 EARNINGS CALL – Prosafe Se – slide 34
    35 Financial covenants as of end Q4 2010 n Financial covenants in the credit facility: q Minimum cash of USD 65 million in the group q Maximum leverage ratio of 4.5 q Minimum value adjusted equity ratio of 35 per cent q Market…
  35. Q4 2010 EARNINGS CALL – Prosafe Se – slide 35
    36 Rig name Location Client name Type of contract Firm contract Option Dayrate Current contract MSV Regalia Norwegian North Sea, Valhall BP Time charter Jul 11- Oct 11 USD 242 500 Norwegian North Sea, Valhall BP Time charter March…
  36. Q4 2010 EARNINGS CALL – Prosafe Se – slide 36
    37 Safe Caledonia UK North Sea BG Time charter March 11 - Nov 11 Jan 12 USD 200 000 UK North Sea, Dunbar Elgin Total Time charter Jun 10 - Sep 10 USD 220 000 Apr 09 - Jun 10 USD 150 000 May 07 - Apr 09 USD 140 000 Yard/mobilisation…
  37. Q4 2010 EARNINGS CALL – Prosafe Se – slide 37
    38 Fleet overview Name MSV Regalia Safe Scandinavia Safe Caledonia Geographical area Harsh environment, NCS Harsh environment, NCS Harsh environment Mooring system DP 12 point chain winches 10 point wire winches Station keeping…
  38. Q4 2010 EARNINGS CALL – Prosafe Se – slide 38
    39 Fleet overview Name Safe Astoria Safe Bristolia Safe Esbjerg Geographical area Moderately harsh env. Moderately harsh env. Harsh environment Mooring system 8 point wire winches 8 point wire winches 4 point wire winches Station…
  39. Q4 2010 EARNINGS CALL – Prosafe Se – slide 39
    40 Fleet overview Name Safe Britannia Safe Lancia Safe Hibernia Geographical area Harsh env. Moderately harsh env. Harsh environment Mooring system 9 point wire winches 8 point chain winches 12 point wire winches Station keeping…
  40. Q4 2010 EARNINGS CALL – Prosafe Se – slide 40
    41 Fleet overview Name Safe Regency Safe Concordia Jasminia Geographical area Harsh environment Benign environment Benign environment Mooring system 8 point wire winches 4 point wire winches 8 point wire winches Station keeping…
  41. Q4 2010 EARNINGS CALL – Prosafe Se – slide 41
    42 Financial calendar and IR contacts Financial calendar IR contact Cecilie Ouff n 25 May 2011 Publication of first Finance and IR Manager quarter 2011 results cecilie.ouff(a)prosafe.com Phone: +47 51 64 25 20 n 25 May 2011 Annual…

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