Agenda Introduction Financial results Operations Outlook Attachments 3
Recent Prosafe developments Rig utilisation rate of 85 per cent in Q3 Strike steel on Safe Boreas LoI for another newbuild for NCS Commitment for newbuild financing in place Contract extensions Safe Scandinavia in Norway Safe…
Agenda Introduction Financial results Operations Outlook Attachments 5
Commitments for newbuild financing Commitments (subject satisfactory documentation) from banks received for a USD 420 million term loan for post delivery financing of Safe Boreas and the second newbuild Closing planned for latter…
Steady growth in dividend Dividend payments 0.6 An interim dividend equivalent to USD 0.133 per share declared. 0.5 Trade ex-dividend on 8 November Q4 0.4 Q4 Will be paid in the form of NOK USD per share Q3 0.75 per share on…
Agenda Introduction Financial results Operations Outlook Attachments 13
Safe Boreas progress Semi-submersible to be built as NCS compliant/ harsh environment Strike steel in October Scheduled delivery from yard end of Q2 2014 Awarded a six-month firm contract (+ options) by Financial status Q3 12…
LoI signed for a NCS compliant semi-submersible LoI with Jurong Signing of contract expected in near future Similar design as Safe Boreas Ready for operations on the NCS for the summer season 2015 Initial instalment to be paid…
Safe Caledonia refurbishment and life extension Caledonia at Remontowa yard Rig life to be extended by 20 years Slight cost increase due to prolonged yard stay Contract with BP in the UK North Sea scheduled to commence second…
Total capital expenditure 2012 Actual Q3 YTD: USD 90 million Expected Q4: USD 90-110 million Includes initial instalment of second newbuild Expected 2012 FY: USD 180-200 million Major items: Safe Caledonia life extension…
Growing North Sea contract coverage for 2013-15 Safe Boreas Safe Scandinavia Regalia Safe Caledonia Safe Bristolia Safe Astoria Safe Concordia Safe Hibernia Safe Britannia Safe Regency Safe Lancia…
Operating cost per day Region DP semis Anchored semis Safe Scandinavia, Safe Caledonia, Safe Regalia, Safe Concordia, Safe Caledonia Bristolia, Safe Astoria NCS 8595,000 6575,000 UKCS 6575,000 4555,000 Brazil 8090,000 n/a…
Agenda Introduction Financial results Operations Outlook Attachments 21
Prosafe is the clear market leader No. of accommodation semis by owner No. of accommodation semis by regional capabilities 26 26 Axis Off. 24 24 22 Yantai 22 20 ETESCO 20 18 FOE 18 16 16 Rest of World COSL 14 14 Pemex UK 12 12 10…
Norway - solid demand High focus on improved Latest year recovery resulting in of production Brage Draugen increased field life expectancy as of 199295 Ekofisk estimate Upgrade of existing Gullfaks Statfjord facilities Varg…
UK old infrastructure supports demand A significant amount of infrastructure in the UKCS is over 30 years old Increased maintenance and renewal of existing facilities needed to sustain integrity and improve reliability Increasing…
Positive development in North Sea demand index North Sea demand index 110 Growing underlying 100 101 100 99 demand trend 90 90 91 90 87 81 79 78 New prospects for 2014- 80 76 70 2015 have appeared 70 65 67 64 recently…
Robust demand in Mexico Mexico has been a stable market for many years The activity level has been high lately, which should bode well for demand for offshore accommodation going forward Three contracts up for renewal in the…
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Current demand comes from the Campos basin Currently three units working in the Campos basin Likely that more units are needed in the short- to medium-term In the long-term, there should be significant growth potential in other…
Demand in Asia and Australia appears promising The market in Australia and Southeast Asia appears promising A number of concrete prospects have been identified in the region 30
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Summary Market outlook for the next couple of years appears promising Fleet growth in the high-end segment of the accommodation market Prosafe is well positioned Clear market leader High-quality, diversified fleet Robust…
Agenda Introduction Financial results Operations Outlook Attachments 33
Debt as of end Q3 2012 Credit facility Total commitments end of Q3: USD 927 million Maturity: August 2017 The current applicable credit margin on the credit facility is 1.875% The availability under the credit facility is reduced…
Debt as of end Q3 2012 Total interest-bearing debt USD 764.7 million: Credit facility: USD 526 million (long-term) Bond loan: NOK 360.5 million (long-term) Bond loan : NOK 500 million (long-term) Bond loan : NOK 500 million…
Financial covenants on credit facility Maximum leverage ratio of 5.0 and 4.5 after August 2013 Minimum liquidity (including up to USD 25 million of undrawn amounts under the credit facility) of USD 65 million in the group Minimum…
Shareholders SHAREHOLDERS AS AT 24.10.2012 No. of shares Ownership State Street Bank & Trust (nom) 26 227 800 11.4 % Folketrygdfondet 16 611 685 7.2 % State Street Bank & Trust (nom) 13 626 675 5.9 % Goldman Sachs (nom) 11 664 087 5.1…
The table below shows the 20 largest shareholders as of 22 August 2012 and the change from the previous analysis dated 22 May 2012.* Fund Manager Shares Absolute % at change 22 Aug. 12 M&G Investment Management 21,076,000 2,798,203…
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