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Q2 2012 EARNINGS CALL – Dof Asa

Dof Asa · Aug 23, 2012 · 45 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 2012 EARNINGS CALL – Dof Asa – slide 1
    Q2 Financial Presentation 2012 DOF ASA
  2. Q2 2012 EARNINGS CALL – Dof Asa – slide 2
    Agenda Summary Recent highlights Overview group Financials DOF Subsea update Outlook DOF ASA - Q2 Presentation 2012
  3. Q2 2012 EARNINGS CALL – Dof Asa – slide 3
    Summary Several new contracts/renewals in DOF Subsea and in DOF Supply. A strong subsea market is expected to continue. The DOF group is limited exposed to a weak spot market in the North Sea. Several new contracts renewal under…
  4. Q2 2012 EARNINGS CALL – Dof Asa – slide 4
    Recent highlights Vessels DOF Several vessels started on new contracts: Skandi Falcon on-hire to MacDow in Australia in April Skandi Atlantic on-hire to Apache in Australia in May Skandi Hawk on-hire to DOF Subsea Asia in May…
  5. Q2 2012 EARNINGS CALL – Dof Asa – slide 5
    Recent highlights Contracts New contract on Skandi Skansen with Subsea 7 Subsea 7 exercised option firm period until July 2013 New contract on Skandi Carla with Fugro, firm until summer 2017 New contract on Skandi Caledonia with…
  6. Q2 2012 EARNINGS CALL – Dof Asa – slide 6
    Company overview DOF ASA Norskan Ltda DOF Subsea Holding Ship owning company Modern fleet Modern fleet 17 AHTSs DOF Subsea 3 AHTSs 6 PSVs 17 PSVs Modern fleet & Equipment 2 CSVs 4 CSV 22 CSV/ROV vessels 52 ROVs Leading…
  7. Q2 2012 EARNINGS CALL – Dof Asa – slide 7
    The fleet market segment PSV AHTS ROV/OCSV/DSV/ Total fleet No. of vessels SEISMIC VESSELS DOF ASA 17 3 4 24 NORSKAN OFFSHORE 6 12 2 20 DOF SUBSEA AS 0 0 22 22 DOF INSTALLER ASA 0 0 3 3 AKER DOF DEEPWATER AS 0 5 0 5…
  8. Q2 2012 EARNINGS CALL – Dof Asa – slide 8
    Global player 32 Austevoll Bergen Aberdeen Moscow St. Johns Houston Cairo 1 Manila Singapore Brunei 25 Angola Jakarta Darwin 0 Macae Perth Rio de Janeiro Melbourne 8 Buenos Aires GEOGRAPHICAL FOCUS AREAS…
  9. Q2 2012 EARNINGS CALL – Dof Asa – slide 9
    Backlog development DOF Group 45 000 38 789 Note: Includes extension options on long-term contracts. 40 000 35 237 Backlog DOF Group 35 000 29 783 30 000 25 004 25 000 20 916 20 000 17 388 14 365 15 000 11 815 10 000…
  10. Q2 2012 EARNINGS CALL – Dof Asa – slide 10
    Update on remaining newbuilding program Vessel Yard Delivery Type Contract Financing Skandi Iguazu STX Brazil Aug 12 AHTS, 325 t BP 8 yrs Petrobras Funding Secured from FMM / BNDES Skandi Nova STX Norway Sept 12 MRV 05 7 yrs…
  11. Q2 2012 EARNINGS CALL – Dof Asa – slide 11
    Financials DOF ASA - Q2 Presentation 2012
  12. Q2 2012 EARNINGS CALL – Dof Asa – slide 12
    Financial/Operational highlights Q2 2012 Average utilization Subsea fleet (95 %) Good utilization of the project fleet Geoholm partly off-hire due to transit and yard stay before a contract Skandi Singapore partly off-hire due to yard…
  13. Q2 2012 EARNINGS CALL – Dof Asa – slide 13
    Result Q2 2012 All ALLfigures in NOK FIGURES million IN NOK MILLION Q2 2012 Q2 2011 YTD 2012 YTD 2011 2011 Operating income 2 119 1 581 3 987 2 967 6 503 Operating expenses -1 376 -1 086 -2 637 -2 097 -4 488 Net gain on sale of…
  14. Q2 2012 EARNINGS CALL – Dof Asa – slide 14
    P&L Q2 2012 Supply and Subsea ALL FIGURES IN NOK MILLION DOF ASA DOF SUBSEA Total DOF ASA DOF SUBSEA Total Q2 2012 Q2 2012 Q2 2012 YTD 2012 YTD 2012 YTD 2012 Operating income 744 1 375 2 119 1 398 2 589 3 987 Operating expenses…
  15. Q2 2012 EARNINGS CALL – Dof Asa – slide 15
    Results business segments ALL FIGURES IN NOK MILLION EBITDA Q2 2012 EBITDA (MNOK) 10 % Q2 2012 Q2 2011 PSV 92 78 16 % AHTS 155 97 CSV 699 320 74 % Total 945 495 EBITDA Q2 2011 16 % Installer vessels included in the…
  16. Q2 2012 EARNINGS CALL – Dof Asa – slide 16
    Financial results Q2 2012 ALL FIGURES IN NOK MILLION Financial items ALL FIGURES IN NOK MILLION Q2 2012 Q2 2011 YTD 2012 YTD 2011 2011 Share of loss profit from associated 1 -0 1 1 -0 Interest reveneue 13 23 35 37 68 Interest costs…
  17. Q2 2012 EARNINGS CALL – Dof Asa – slide 17
    Historical EBITDA excl sales 2 500 50 % Operating revenue EBITDA EBITDA margin 45 % 2 000 40 % 35 % 1 500 30 % 25 % MNOK 1 000 20 % 15 % 500 10 % 5% - 0% Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010…
  18. Q2 2012 EARNINGS CALL – Dof Asa – slide 18
    Balance Q2 2012 Amounts in NOK ALL FIGURES IN million NOK MILLION 30.06.2012 30.06.2011 31.12.2011 ASSETS Intangible assets 564 482 611 Vessel and other tangible assets 24 877 20 626 24 281 Newbuildings 1 153 2 334 1 406…
  19. Q2 2012 EARNINGS CALL – Dof Asa – slide 19
    Net interest bearing debt All amounts in NOK ALL FIGURES million IN NOK MILLION 30.06.2012 30.06.2011 2011 Bond loan 3 520 3 153 2 804 - Current part of bond loan 168 262 647 Debt to credit institutions 16 379 13 711 16 391 -…
  20. Q2 2012 EARNINGS CALL – Dof Asa – slide 20
    Key figures Q2 2012 Q2 2012 Q2 2011 YTD 2012 YTD 2011 2011 FINANCIAL RESULT EBITDA margin ex net gain on sale of vessel 35 % 31 % 34 % 29 % 31 % EBITDA margin 45 % 31 % 39 % 29 % 31 % EBIT margin 32 % 14 % 26 % 11 % 18 % Cashflow…
  21. Q2 2012 EARNINGS CALL – Dof Asa – slide 21
    Debt maturity profile 2 500 2185 DOF Supply Bond Loan Bank debt Balloons 2 000 DOF 07 DOF 08 - NOK 950 million - NOK 600 million - Maturity July 2013 - Maturity Dec 2015 1 500 - Net NOK 410 million 1 107 DOF 09 1 000 816 -…
  22. Q2 2012 EARNINGS CALL – Dof Asa – slide 22
    DOF and DOF Subsea Value newbuild fleet 20 000 18 000 16 000 Value Newbuilds (MNOK) 14 000 12 000 10 000 8 000 6 000 4 000 2 000 - 2006 2007 2008 2009 2010 2011 2012 2013 Value year end 11 112 16 606 18 474 14…
  23. Q2 2012 EARNINGS CALL – Dof Asa – slide 23
    DOF assets value Fair market value of the DOF fleet has been stable and slightly increasing since 2007 Total fair market value of fleet (incl. newbuilds): NOK 37,9 bn (on 100 % basis) PSV: NOK 6,9 bn AHTS: NOK 10,8 bn CSV: NOK 20,3…
  24. Q2 2012 EARNINGS CALL – Dof Asa – slide 24
    DOF Supply Asset coverage Combined market value DOF Supply fleet including newbuild is NOK 17.5 billion New-building program to be completed in 2014 Asset-level gearing on the existing fleet is 57%, decreasing to 46% in 2016…
  25. Q2 2012 EARNINGS CALL – Dof Asa – slide 25
    DOF Subsea Group AS Asset coverage Combined market value DOF Subseas fleet is NOK 16,5 billion Asset-level gearing on the existing fleet is 56%, decreasing to 43% in 2014 Provides a significant equity cushion on top of the existing…
  26. Q2 2012 EARNINGS CALL – Dof Asa – slide 26
    Contract Coverage DOF ASA - Q2 Presentation 2012
  27. Q2 2012 EARNINGS CALL – Dof Asa – slide 27
    DOF Contract coverage DOF Supply 2012 2013 2014 2015 2016 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 Skandi Falcon 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 Skandi…
  28. Q2 2012 EARNINGS CALL – Dof Asa – slide 28
    Aker DOF Deepwater Contract coverage Aker DOF Deepwater 2012 2013 2014 2015 2016 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 Skandi Peregrino 1 1 1 1 1 1 1 1 1 2 2…
  29. Q2 2012 EARNINGS CALL – Dof Asa – slide 29
    Norskan Contract coverage Norskan 2012 2013 2014 2015 2016 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 Skandi Leblon 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1…
  30. Q2 2012 EARNINGS CALL – Dof Asa – slide 30
    DOF Subsea Contract coverage (vessels) DOF Subsea 2012 2013 2014 2015 2016 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 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1…
  31. Q2 2012 EARNINGS CALL – Dof Asa – slide 31
    DOF Subsea DOF ASA - Q2 Presentation 2012
  32. Q2 2012 EARNINGS CALL – Dof Asa – slide 32
    DOF Subsea Group Highlights Fleet One of the largest subsea vessel owners in the world Operates a fleet of 25 vessels with a total market value of NOK16.5 billion Operates 52 ROVs, including 5 newbuilds Global organization Head…
  33. Q2 2012 EARNINGS CALL – Dof Asa – slide 33
    DOF Subsea Group Highlights 1 600 35 % 1 400 34 % 33 % 1 200 Key Figures 32 % NOK million 1 000 NOK million Q2 2009 Q2 2010 Q2 2011 Q2 2012 31 % 800 Operating revenue 735 944 1 028 1 384 30 % EBITDA 215 306 325 470 600 29 %…
  34. Q2 2012 EARNINGS CALL – Dof Asa – slide 34
    Global player DOF Subsea Bergen (233) St. Petersburg Aberdeen (313) St. Johns (36) Cairo Houston (62) Manila Singapore (91) (5) Brunei Angola Jakarta (3) Macae (18) Perth (255) Rio de Janeiro (316) Buenos Aires…
  35. Q2 2012 EARNINGS CALL – Dof Asa – slide 35
    BHP Billiton Stybarrow H4, Remediation Project DOF ASA Q2 Presentation 2012 35
  36. Q2 2012 EARNINGS CALL – Dof Asa – slide 36
    Problem to be solved North West Shelf Australia Blocked 8 flexible flow line requiring replacement Deep water 820m Production critical Environmental concerns DOF ASA Q2 Presentation 2012 36
  37. Q2 2012 EARNINGS CALL – Dof Asa – slide 37
    Scope of work Project Management and Engineering Design and build a Horizontal Lay System Transport and installation of 8 flexible Disconnect existing 8 flexible Install new flow line and jumpers Testing and commissioning…
  38. Q2 2012 EARNINGS CALL – Dof Asa – slide 38
    Schedule Period Description 8th July 2011 Commenced pre engineering 6th September 2011 Contract award 10th November 2011 Offshore mobilisation 28th December 2011 Project complete and demobilised DOF ASA Q2 Presentation 2012 38
  39. Q2 2012 EARNINGS CALL – Dof Asa – slide 39
    Marine Spread Skandi Hercules DOF ASA Q2 Presentation 2012 39
  40. Q2 2012 EARNINGS CALL – Dof Asa – slide 40
    Outlook DOF ASA - Q2 Presentation 2012
  41. Q2 2012 EARNINGS CALL – Dof Asa – slide 41
    Substantial subsea growth announced Supply side Newbuilding program within all subsectors limited Old fleet Financing constraints Demand side Surface to subsea activity increasing Subsea CAPEX to double by 2014 Increased…
  42. Q2 2012 EARNINGS CALL – Dof Asa – slide 42
    PSV and AHTS Demand side High oil price Increased E & P spending Increased deepwater spending Increased infrastructure spending Strongest growth in Brazil, West Africa and Asia Pacific Increased focus on newer, larger and more…
  43. Q2 2012 EARNINGS CALL – Dof Asa – slide 43
    PSV and AHTS Supply side PSV (larger than 3,000 dwt) Large newbuilding program Financing constraints, but to a lower degree due to lower CAPEX. We expect the AHTS market to turn in the favour of owners, with good rates and high…
  44. Q2 2012 EARNINGS CALL – Dof Asa – slide 44
    Short term outlook We expect Q3 to be in line with Q2 or better. We repeat our 2012 guidance DOF ASA Q2 Presentation 2012 44
  45. Q2 2012 EARNINGS CALL – Dof Asa – slide 45
    Thank you Presented by Mons Aase - CEO Hilde Drnen - CFO

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