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Q1 2014 EARNINGS CALL – Prosafe Se

Prosafe Se · May 28, 2014 · 33 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 2014 EARNINGS CALL – Prosafe Se – slide 1
    28 May 2014 Q1 2014 results
  2. Q1 2014 EARNINGS CALL – Prosafe Se – slide 2
    Agenda Recent developments Financial results Projects Outlook 3
  3. Q1 2014 EARNINGS CALL – Prosafe Se – slide 3
    Recent developments Q1 utilisation of 76 per cent High order intake in the quarter TSV-contract with firm value of USD 443 million Projects and new builds Safe Scandinavia completed life extension and SPS Regalia completed SPS…
  4. Q1 2014 EARNINGS CALL – Prosafe Se – slide 4
    Agenda Recent developments Financial results Projects Outlook 5
  5. Q1 2014 EARNINGS CALL – Prosafe Se – slide 5
    Income statement (Unaudited figures in USD million) Q1 14 Q4 13 Q1 13 2013 Operating revenues 91.7 134.8 85.8 523.5 Operating expenses (53.6) (53.4) (52.4) (216.9) EBITDA 38.1 81.4 33.4 306.6 Depreciation (15.2) (14.4) (14.4) (61.5)…
  6. Q1 2014 EARNINGS CALL – Prosafe Se – slide 6
    Operating revenues (USD million) Q1 14 Q4 13 Q1 13 2013 Charter income 80.5 120.4 75.3 469.2 Mob/demob income 1.1 3.7 1.7 9.1 Other income 10.1 10.7 8.8 45.2 Total 91.7 134.8 85.8 523.5 7
  7. Q1 2014 EARNINGS CALL – Prosafe Se – slide 7
    Balance sheet (Unaudited figures in USD million) 31.03.14 31.12.13 31.03.13 Goodwill 226.7 226.7 226.7 Vessels 981.3 946.9 926.3 New builds 260.3 248.9 142.0 Other non-current assets 5.1 4.9 20.3 Total non-current assets 1 473.4 1 427.4…
  8. Q1 2014 EARNINGS CALL – Prosafe Se – slide 8
    Key figures KEY FIGURES Q1 14 Q4 13 Q1 13 2013 Operating margin 25.0 % 49.7 % 22.1 % 46.8 % Equity ratio 43.9 % 45.7 % 42.0 % 45.7 % Return on equity 10.2 % 33.0 % -0.5 % 31.7 % Net interest bearing debt (USD million) 728.9 666.2…
  9. Q1 2014 EARNINGS CALL – Prosafe Se – slide 9
    New build financing in place Prosafe has closed a seven-year term loan facility of USD 288 million for the post-delivery financing of Safe Notos and Safe Eurus The facility has an interest rate of 3-month USD LIBOR plus 2.25 per…
  10. Q1 2014 EARNINGS CALL – Prosafe Se – slide 10
    Interest-bearing debt portfolio Loan Commitment Maturity Margin USD 1100 million credit facility (2011-17) USD 723 million Q3 2017 187.5 bps USD 420 million credit facility (2012-17) USD 420 million Q4 2017 295 bps USD 288 million…
  11. Q1 2014 EARNINGS CALL – Prosafe Se – slide 11
    Steady growth in dividend Declared an interim dividend equivalent to USD 0.16 per share The shares will trade ex- dividend on 4 June The dividend will be paid in the form of NOK 0.95 per share on 18 June 12
  12. Q1 2014 EARNINGS CALL – Prosafe Se – slide 12
    Agenda Recent developments Financial results Projects Outlook 13
  13. Q1 2014 EARNINGS CALL – Prosafe Se – slide 13
    Safe Scandinavia SPS and life extension completed in April Aim: operate in NCS or UK waters, with 12 point mooring for 20 years (2014-2034) Commenced accommodation contract in Norway end April Conversion in 2015 for TSV work…
  14. Q1 2014 EARNINGS CALL – Prosafe Se – slide 14
    Safe Boreas Living quarters and cabins installed Construction work in final phase Mechanical completion and commissioning commenced Ready for operations in 2015 Financial status Q1 14 USDm Book value o.b. 95 Book value…
  15. Q1 2014 EARNINGS CALL – Prosafe Se – slide 15
    Safe Zephyrus Pontoons are now fully assembled Preparing for launch and docking in June Ready for operations in 2015 Financial status Q1 14 USDm Book value o.b. 69 Book value c.b. 72 Capitalised in quarter 3 Estimated…
  16. Q1 2014 EARNINGS CALL – Prosafe Se – slide 16
    Safe Notos and Safe Eurus Strong capabilities The most advanced and flexible vessels for worldwide operations excluding Norway Number 3 and 4 in a series of Gusto MSC Ocean 500 units built by Cosco Ready for operations in…
  17. Q1 2014 EARNINGS CALL – Prosafe Se – slide 17
    State of the art North Sea fleet Safe Boreas new build Safe Zephyrus new build Safe Notos new build Safe Eurus new build Safe Scandinavia life extension in 2014 (20 years) Safe Caledonia life extension in 2013 (20 years) Regalia…
  18. Q1 2014 EARNINGS CALL – Prosafe Se – slide 18
    Agenda Recent developments Financial results Projects Outlook 19
  19. Q1 2014 EARNINGS CALL – Prosafe Se – slide 19
    Clear market leader in the high-end segment No. of accommodation semis by owner Overview of incoming vessels 2012-2016 34 32 POSH 30 Jasper 28 26 OOS POSH; 2 24 Axis Off. 22 20 Jasper; 1 Prosafe; 4 ETESCO 18 16 FOE 14 OOS; 2 COSL 12…
  20. Q1 2014 EARNINGS CALL – Prosafe Se – slide 20
    Vessel motion characteristics Six degrees of freedom refers to the freedom of movement of a rigid body in a three-dimensional space The body is free to move (translation) along three axes Surge (forward/backward or forward/astern)…
  21. Q1 2014 EARNINGS CALL – Prosafe Se – slide 21
    Vessel motion characteristics Gangway connecting to a fixed target Connect the gangway Maintain position Accommodation vessel should move as little as possible Gangway connecting to a moving target Connect the gangway Follow target…
  22. Q1 2014 EARNINGS CALL – Prosafe Se – slide 22
    Vessel motion characteristics DP vessels 0,9 Conventional semis, smallest wind and current exposure area Safe Boreas/Zephyrus Floatel Endurance 0,8 Dan Swift Regalia Edda Fides 0,7 Floatel Victory/Triumph Safe…
  23. Q1 2014 EARNINGS CALL – Prosafe Se – slide 23
    Harsh environment capabilities DP vessels Airgap in operation (m) 14,0 12,0 11,0 11,5 9,5 9,5 10,0 10,0 9,5 7,6 8,0 meters 8,0 6,7 6,7 7,0 6,0 4,0 2,0 0,0 Floatel Reliance Safe Concordia Floatel CSS Olympia Regalia Posh…
  24. Q1 2014 EARNINGS CALL – Prosafe Se – slide 24
    North Sea robust demand North Sea accommodation demand index Maintenance and modification 120 112 Aging infrastructure 106 109 110 101100 103 99 100 100 Strong focus on IOR 100 90 91 90 87 Accommodation demand should 90 81 79 77…
  25. Q1 2014 EARNINGS CALL – Prosafe Se – slide 25
    North Sea dayrates (time charter) 26
  26. Q1 2014 EARNINGS CALL – Prosafe Se – slide 26
    Mexico high activity level All accommodation vessels currently operates in mature shallow-water areas at Cantarell and adjacent fields Steep rise in drilling jack-up count indicates increasing activity in shallow waters New…
  27. Q1 2014 EARNINGS CALL – Prosafe Se – slide 27
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  28. Q1 2014 EARNINGS CALL – Prosafe Se – slide 28
    Brazil continued growth High activity in the Campos basin Primarily maintenance requirements Santos basin opportunities Multiple FPSOs due to be commissioned in coming years Operators other than Petrobras showing interest in…
  29. Q1 2014 EARNINGS CALL – Prosafe Se – slide 29
    Rest of the world interesting opportunities Australia Accommodation vessel activity within 2015 and 2016 although declining number of prospects thereafter South East Asia Some demand for semis related to mid and deep water work…
  30. Q1 2014 EARNINGS CALL – Prosafe Se – slide 30
    31
  31. Q1 2014 EARNINGS CALL – Prosafe Se – slide 31
    High contract visibility 32
  32. Q1 2014 EARNINGS CALL – Prosafe Se – slide 32
    Record high contract backlog Status end Q1 14 2 500 Firm contracts USD 1,192m + Letter of Intent USD 443m + Options (1) USD 874m = Total USD 2,509m 2 000 Options Letter of Intent Firm contracts 2014 2014 USD million 1…
  33. Q1 2014 EARNINGS CALL – Prosafe Se – slide 33
    Prosafe is well positioned Record high order backlog Robust demand High quality vessels Strong financial position New build financing in place Steadily increase in dividend payments 34

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