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Q2 2011 EARNINGS CALL – Dof Subsea

Dof Subsea · Aug 18, 2011 · 30 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. Q2 2011 EARNINGS CALL – Dof Subsea – slide 1
    DOF ASA Q2 2011 CEO - Mons S. Aase CFO - Hilde Drnen
  2. Q2 2011 EARNINGS CALL – Dof Subsea – slide 2
    Agenda Highlights Q2 Overview Group Status DOF Subsea Status Supply Q2 Financials Outlook Skandi Skansen www.dof.no DOF ASA Presentation 2011 - 2
  3. Q2 2011 EARNINGS CALL – Dof Subsea – slide 3
    Highlights Q2 Contracts: 3 x 7 years contract with ConocoPhillips Norway 2 years extension of Skandi Olympia with Fugro until March 2014 DOF Subsea has in July agreed a contract with ENI for Goliat FPSO Marine Skandi Niteroi is…
  4. Q2 2011 EARNINGS CALL – Dof Subsea – slide 4
    Highlights Q2 Skandi Commander rebuilt and onhire to Petrobras in May Skandi Hercules commenced its first job in Vietnam early May DOF has ordered 2 MRV/1 ROV vessel for three ConocoPhillips contracts Skandi Skansen delivered 1…
  5. Q2 2011 EARNINGS CALL – Dof Subsea – slide 5
    Company overview DOF ASA Norskan Ltda DOF Subsea Holding Ship owning company Modern fleet Modern fleet 17 AHTSs 3 AHTSs 7 PSVs DOF Subsea 17 PSVs 2 CSVs 3 CSV Modern fleet & Equipment 21 CSV/ROV vessels 44 ROVs + 1 AUV Leading…
  6. Q2 2011 EARNINGS CALL – Dof Subsea – slide 6
    The fleet market segments PSV AHTS ROV/OCSV/DSV/ Total fleet No. of vessels SEISMIC VESSELS DOF ASA 17 3 3 23 NORSKAN OFFSHORE 7 12 2 21 DOF SUBSEA AS 0 0 21 21 DOF INSTALLER ASA 0 0 3 3 AKER DOF DEEPWATER AS 0 5 0 5 Total…
  7. Q2 2011 EARNINGS CALL – Dof Subsea – slide 7
    Global Player 27 Austevoll Bergen Moscow Aberdeen St. Johns Houston Cairo 1 Manila Singapore Brunei Angola Jakarta Macae 1 Rio de Janeiro Perth 5 25 Buenos Aires GEOGRAPHICAL FOCUS AREAS www.dof.no DOF ASA…
  8. Q2 2011 EARNINGS CALL – Dof Subsea – slide 8
    Long Term Contracted Cash Flows DOF group has solid cash flow visibility over the next 3-5 years By 30 June 2011 the total back-log (incl. options) was approx NOK 37.9 bn Firm contract counts for NOK 20.5 bn Options count for NOK 17.4…
  9. Q2 2011 EARNINGS CALL – Dof Subsea – slide 9
    DOF SUBSEA www.dof.no DOF ASA Presentation 2011 - 9
  10. Q2 2011 EARNINGS CALL – Dof Subsea – slide 10
    DOF Subsea Contract Coverage (Vessels) 2011 2012 2013 2014 2015 J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D Geograph Ocean Protector Skandi Seven Long…
  11. Q2 2011 EARNINGS CALL – Dof Subsea – slide 11
    DOF Subsea Contract Coverage (ROV & Others) 2011 2012 2013 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Norskan Botafogo P etro bras Skandi Fluminence P etro bras Norskan Skandi Chieftain P etro bras Sk Commander P etro bras Skandi Aker A…
  12. Q2 2011 EARNINGS CALL – Dof Subsea – slide 12
    Photo: Tom Gulbransen Status Supply www.dof.no DOF ASA Presentation 2011 - 12
  13. Q2 2011 EARNINGS CALL – Dof Subsea – slide 13
    DOF Contract Coverage 2011 2012 2013 2014 2015 J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D PSV 1 Skandi Falcon M OG 2 Skandi Marstein SHELL UK Opt Nov…
  14. Q2 2011 EARNINGS CALL – Dof Subsea – slide 14
    Aker DOF Deepwater - Contract Coverage Aker DOF Deepwater AS - 50% DOF Vessel Name 2011 2012 2013 2014 2015 J FM AM J J A S ON D J FM AM J J A S ON D J FM AM J J A S ON D J FM AM J J A S ON D J FM AM J J A S ON D 1 Skandi P eregrino…
  15. Q2 2011 EARNINGS CALL – Dof Subsea – slide 15
    DOF / Norskan /DOF Subsea Contracts in Brazil 2 0 11 2 0 12 2 0 13 2 0 14 2 0 15 Vessel Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J…
  16. Q2 2011 EARNINGS CALL – Dof Subsea – slide 16
    Newbuilds Supply 2nd half 2011 2 x AH08 Skandi Feistein (STX PSV09 CD) Skandi Amazonas Skandi Hawk www.dof.no DOF ASA Presentation 2011 - 16
  17. Q2 2011 EARNINGS CALL – Dof Subsea – slide 17
    Financials www.dof.no DOF ASA Presentation 2011 - 17
  18. Q2 2011 EARNINGS CALL – Dof Subsea – slide 18
    Financial/Operational Highlights Q2 2011 Utilization Subsea fleet (91%) New contracts started this quarter More vessels in operation Higher utilization compared with Q1 Utilization Supply fleet (92%) Stable operation in the North…
  19. Q2 2011 EARNINGS CALL – Dof Subsea – slide 19
    Result Q2 2011 (MNOK) ALL FIGURES IN NOK MILLION Q2 2011 Q2 2010 Acc Q2 2011 Acc Q2 2010 2010 Operating income 1 581 1 521 2 967 2 650 5 462 operating expenses vessels 1 086 1 036 2 097 1 828 3 753 Operating profit before depreciation…
  20. Q2 2011 EARNINGS CALL – Dof Subsea – slide 20
    P&L Q2 2011 Supply and Subsea ALL FIGURES IN NOK MILLION DOF ASA DOF SUBSEA Total DOF ASA DOF SUBSEA Total Q2 2011 Q2 2011 Q2 2011 Acc Q2 2011 Acc Q2 2011 Acc Q2 2011 Operating income 561 1 020 1 581 1 056 1 911 2 967 Total…
  21. Q2 2011 EARNINGS CALL – Dof Subsea – slide 21
    Results - Business Segments ALL FIGURES IN NOK MILLION EBITDA Q2 2011 EBITDA (MNOK) Q2 2011 Q2 2010 16 % PSV 78 70 AHTS 97 114 19 % CSV 320 301 Total 495 485 65 % EBITDA Q2 2010 14 % 24 % Stable allocation on…
  22. Q2 2011 EARNINGS CALL – Dof Subsea – slide 22
    Results Geographical Segments ALL FIGURES IN NOK MILLION EBITDA Q2 2011 EBITDA (MNOK) Q2 2011 Q2 2010 26 % Europe/ West Africa 127 123 43 % Australasia 42 18 Brazil 115 135 8% America/Worldwide 211 209 Total 495 485 23…
  23. Q2 2011 EARNINGS CALL – Dof Subsea – slide 23
    Financial results Q2 2011 ALL FIGURES IN NOK MILLION ALL FIGURES IN NOK MILLION Financial items Q2 2011 Acc Q2 2011 Q2 2010 Acc Q2 2010 Share of loss profit from associated -1 1 1 Interest reveneue 24 37 24 37 Interest costs -257 -506…
  24. Q2 2011 EARNINGS CALL – Dof Subsea – slide 24
    Balance Q2 2011 ALL FIGURES IN NOK MILLION 30.06.2011 30.06.2010 31.12.2010 ASSETS Intangible assets 482 451 506 Vessel and other tangible assets 20 626 16 051 19 707 Newbuildings 2 334 3 354 1 925 Financial assets 390 213 285…
  25. Q2 2011 EARNINGS CALL – Dof Subsea – slide 25
    Key figures Q2 2011 Q2 2011 Q2 2010 Acc Q2 2011 Acc Q2 2010 2010 EBITDA margin 31 % 32 % 29 % 31 % 31 % EBIT margin 14 % 13 % 11 % 11 % 10 % Cashflow per share 2,03 4,17 2,89 6,62 9,70 Profit per share ex. minority interest -0,07…
  26. Q2 2011 EARNINGS CALL – Dof Subsea – slide 26
    DOF asset values Fair market values, DOF fleet have been stable and slightly increased since 2007 Total fair market values fleet (incl newbuilds): PSV 7 bn, AHTS 10 bn*, CSV 20 bn Market value vessel - split on segment Valuations…
  27. Q2 2011 EARNINGS CALL – Dof Subsea – slide 27
    Significant Asset Coverage The combined market value DOF vessels per June is NOK 24,5 bn Supply FMV NOK 11,2 bn NIBD NOK 6,2 bn Subsea FMV NOK 13.3 bn NIBD NOK 8,5 bn NOK 24,5 bn NOK 14,7 bn Asset-level gearing on the fleet…
  28. Q2 2011 EARNINGS CALL – Dof Subsea – slide 28
    OUTLOOK www.dof.no DOF ASA Presentation 2011 - 28
  29. Q2 2011 EARNINGS CALL – Dof Subsea – slide 29
    SHORT TERM OUTLOOK (Q3) Supply: Good rates for Skandi Falcon and Skandi Sotra in Q3 Skandi Commander onhire to Petrobras in May Skandi Emerald onhire to OGX in May Subsea/CSV: Skandi Skansen onhire from mid July Skandi…
  30. Q2 2011 EARNINGS CALL – Dof Subsea – slide 30
    Thank you This presentation and webcast is available at: www.dof.no

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