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Q1 2015 EARNINGS CALL – Dof Asa

Dof Asa · May 20, 2015 · 36 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 2015 EARNINGS CALL – Dof Asa – slide 1
    Q1 Financial Presentation 2015 DOF ASA
  2. Q1 2015 EARNINGS CALL – Dof Asa – slide 2
    Highlights
  3. Q1 2015 EARNINGS CALL – Dof Asa – slide 3
    Main highlights Q1 2015 Agreements to sell 7 vessels Good operational EBITDA in Q1 2015, ahead of our forecast MNOK 767 vs MOK 756 in Q1 2014 Record high backlog for 2015 (approximately 81% overall) Challenging markets…
  4. Q1 2015 EARNINGS CALL – Dof Asa – slide 4
    Highlights Q1 2015 Subsea Asia Pacific Low utilisation in Q1 mainly due to upgrade of Skandi Hawk and Skandi Protector before commencement of new term contracts North Sea - Low utilisation US Gulf Stable utilisation Brazil Decent…
  5. Q1 2015 EARNINGS CALL – Dof Asa – slide 5
    Highlights Q1 2015 Skandi Emerald awarded 7 months + 10 months of option with Chevron, commencing end April DOF Subsea awarded a 3 years Master Services Agreement, IRM contract on Australian North West Shelf for Chevron Australia…
  6. Q1 2015 EARNINGS CALL – Dof Asa – slide 6
    Highlights Q1 2015 Skandi Falcon sold and delivered to new owner in April Skandi Aker sold in Feb, excess cash MNOK 200 after redemption of debt Fleet Five vessels sold in Brazil and all deliveries completed in April MNOK 530 after…
  7. Q1 2015 EARNINGS CALL – Dof Asa – slide 7
    Overview Group
  8. Q1 2015 EARNINGS CALL – Dof Asa – slide 8
    DOF ASA in brief Fleet Global organisation 66 vessels in operation Head office in Norway (18 PSV, 18 AHTS, 30 Subsea) Regional offices in Australia, 62 owned vessels, (excl. 1 in lay-up) Singapore, UK, USA, Canada, Angola, Argentina…
  9. Q1 2015 EARNINGS CALL – Dof Asa – slide 9
    Fleet overview and contract coverage No. of vessels PSV AHTS Subsea Total fleet Good coverage in 2015: DOF ASA/DOF REDERI AS 17 3 2 22 Minor time charter renewal risk in NORSKAN OFFSHORE 1 10 2 13 2015 Important long term contracts…
  10. Q1 2015 EARNINGS CALL – Dof Asa – slide 10
    A global player 33 Austevoll Aberdeen Moscow St. Johns Cairo Houston 4 Manila Malaysia Singapore Brunei Luanda Jakarta Maca Rio de Janeiro 22 Perth 3 Buenos Aires 8 FOCUS AREAS Norway Brazil US/Canada UK Asia…
  11. Q1 2015 EARNINGS CALL – Dof Asa – slide 11
    Remaining newbuilding program Vessel Yard Delivery Type Contract Financing Skandi Paraty Vard Brazil Q1 2016 AHTS 4 yrs Petrobras Signed loan agreement Skandi Africa Vard Norway Q1/Q3 2015 CSV 5 yrs Technip Loan drawn on 1st…
  12. Q1 2015 EARNINGS CALL – Dof Asa – slide 12
    DOF ASA timeline DOF fleet evolution DOF Group employees 80 40000 6000 No. of operated Vessels MV of Fleet No. Of employees 70 35000 5000 60 30000 4000 No. Of Vessels 50 25000 MNOK 40 20000 3000 30 15000 2000 20…
  13. Q1 2015 EARNINGS CALL – Dof Asa – slide 13
    Financials- Management Reporting
  14. Q1 2015 EARNINGS CALL – Dof Asa – slide 14
    Result Q1 2015 Comments Operational result AllALL figures in NOK FIGURES million IN NOK MILLION Q1 2015 Q1 2014 2014 Operating income 2 521 2 240 10 681 PSV: Operating expenses -1 752 -1 486 -7 350 93% utilisation PSV fleet Net…
  15. Q1 2015 EARNINGS CALL – Dof Asa – slide 15
    Segment reporting Q1 2015 ALL FIGURES IN NOK MILLION PSV AHTS CSV Total Amounts in NOK mill Q1 2015 Q1 2014 Q1 2015 Q1 2014 Q1 2015 Q1 2014 Q1 2015 Q1 2014 Operating income 299 296 389 266 1 833 1 678 2 521 2 240 Operating result…
  16. Q1 2015 EARNINGS CALL – Dof Asa – slide 16
    Historical Performance Group (excl gain from sale of assets) 3 500 40% Operating revenue EBITDA EBITDA margin 3 000 35% 30% 2 500 EBITDA Margin % 25% 2 000 MNOK 20% 1 500 15% 1 000 10% 500 5% - 0% Q1 2012…
  17. Q1 2015 EARNINGS CALL – Dof Asa – slide 17
    Balance Q1 2015 Comments Amounts in NOK ALL FIGURES million IN NOK MILLION 31.03.2015 31.03.2014 31.12.2014 ASSETS Vessels: Intangible assets 1 475 758 1 103 3 vessels sold during Q1 Vessel and other tangible assets 24 532 25 683 26…
  18. Q1 2015 EARNINGS CALL – Dof Asa – slide 18
    Cash Flow Q1 2015 Q1 2015 Q1 2014 2014 Comments ALL FIGURES Amounts IN NOK in NOK MILLION million Cash from operating activities 561 673 2 963 Investing activities Net interest paid -359 -369 -1 352 Taxes paid -91 -11 -6 Three…
  19. Q1 2015 EARNINGS CALL – Dof Asa – slide 19
    Key figures Q1 2015 Q1 2015 Q1 2014 2014 FINANCIAL RESULT EBITDA margin ex net gain on sale of vessel 30 % 34 % 31 % EBITDA margin 39 % 43 % 35 % EBIT margin 29 % 32 % 25 % Cash flow per share (controlling interest) 3.48 3.04 12.12…
  20. Q1 2015 EARNINGS CALL – Dof Asa – slide 20
    Net interest bearing debt Q1 2015 Amounts in NOK million 31.03.2015 31.03.2014 31.12.2014 ALL FIGURES IN NOK MILLION Comments Bond loan 4 126 5 157 4 124 Debt to credit institutions 15 342 14 634 15 057 Current interest bearing debt:…
  21. Q1 2015 EARNINGS CALL – Dof Asa – slide 21
    Impact implementation IFRS 11 RESULT Q1 2015 Q1 2014 Management Management MNOK reporting IFRS Impact Q1 2015 reporting IFRS Impact Q1 2014 Operating income 2 521 -133 2 388 2 240 -112 2 128 Operating expenses -1 752 25 -1 728 -1 486…
  22. Q1 2015 EARNINGS CALL – Dof Asa – slide 22
    Impact implementation IFRS 11 BALANCE 31.03.2015 31.03.2014 Management Management MNOK reporting IFRS Impact 31.03.2015 reporting IFRS Impact 31.03.2014 ASSETS Intangible assets 1 475 -116 1 359 758 -34 724 Tangible assets 27 356 -3 308…
  23. Q1 2015 EARNINGS CALL – Dof Asa – slide 23
    Debt maturity profile 3 500 DOF GROUP COUNTERPARTY EXPOSURE Q1 2015 3 000 DOF ex Subsea 2 500 2 000 Bank Debt 1 500 20% 36% Bond ECA 1 000 Balloons Other Banks 45% 500 Bonds - 2015 2016 2017 2018 2019 After 3…
  24. Q1 2015 EARNINGS CALL – Dof Asa – slide 24
    DOF ASA Asset coverage Combined market value DOF Group fleet including newbuild is NOK 40.34 bn (JV adjusted, total value 100% NOK 49.49 bn) as per 31.03.2015 New-building program to be completed in 2017 (including 50% in 4 PLSVs)…
  25. Q1 2015 EARNINGS CALL – Dof Asa – slide 25
    Sale of 8 vessels Design Built Type Delivery Skandi Skolten STX AH04 2010 AHTS/Subsea November 2014 Skandi Aker OSCV06L 2010 Subsea Q1 2015 Skandi Stolmen UT 755 1997 PSV Q1 2015 Skandi Yare UT 755 2001 PSV Q1 2015 Skandi…
  26. Q1 2015 EARNINGS CALL – Dof Asa – slide 26
    Continuous cost focus Adjusting the organization Several improvement projects started in 2013 and 2014 Focus on realizing efficiency gains from improvement projects Going forward - strong focus on efficiency targets and cost…
  27. Q1 2015 EARNINGS CALL – Dof Asa – slide 27
    DOF Subsea
  28. Q1 2015 EARNINGS CALL – Dof Asa – slide 28
    DOF Subsea Group In brief Fleet One of the largest subsea vessel owners in the world Owns and operates a fleet of 22 vessels, plus 5 newbuilds on order In addition 5 vessels on long-term charter The market value of owned vessels in…
  29. Q1 2015 EARNINGS CALL – Dof Asa – slide 29
    DOF Subsea Group In brief 1 800 40% 1 600 35% Quarterly figures 1 400 30% 10.6 % 1 200 CAGR 25% NOK million 1 000 20% 800 15% 600 Key figures 400 10% 3.7 % CAGR Back-log incl. options NOK 37 billion 200 5% Market…
  30. Q1 2015 EARNINGS CALL – Dof Asa – slide 30
    Key credit metrics Interest Coverage (EBIT / Interest cost) NIBD/EBITDA 3,00 12,00 2,50 10,00 2,00 8,00 1,50 6,00 1,00 4,00 0,50 2,00 - - 2009 2010 2011 2012 2013 2014 2009 2010 2011 2012 2013 2014 NIBD/Total assets…
  31. Q1 2015 EARNINGS CALL – Dof Asa – slide 31
    DOF Subsea Projects 8 000 1 800 DOF Subsea has built a global 1 600 presence over the last 9 years 7 000 1 400 6 000 DOF Subsea has developed the 1 200 project business gradually 5 000 NOK million NOK million 1 000…
  32. Q1 2015 EARNINGS CALL – Dof Asa – slide 32
    Market and outlook Subsea: APAC market Construction in Australia slowing down, but being replaced by IRM Operators spend slowing Competition scene changing DOF SUB: Expect better utilisation in 2015 compared to 2014 Still good long…
  33. Q1 2015 EARNINGS CALL – Dof Asa – slide 33
    Market and outlook continued Subsea: North America market Increasing bidding activities IMR and light construction vessels to support tie-back and commissioning operation; Increasing competition in the spot market, looking for…
  34. Q1 2015 EARNINGS CALL – Dof Asa – slide 34
    Market and outlook continued Supply: Brazil: We expect a slower 2015, with fewer new tenders, increased competition and pressure on rates Expect Petrobras to reduce current fleet size DOF: 2 PSVs and 2 AHTS up for renewal late in…
  35. Q1 2015 EARNINGS CALL – Dof Asa – slide 35
    Market and outlook continued Guidance Q2 2015: High backlog in Q2 2015 Skandi Falcon, Skandi Leblon, Skandi Flamengo and Skandi Copacabana delivered to new owners in April Skandi Angra delivered from yard in May and on-hire with…
  36. Q1 2015 EARNINGS CALL – Dof Asa – slide 36
    Thank you Presented by Mons Aase - CEO Hilde Drnen - CFO

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