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Q2 2013 EARNINGS CALL – Fred Olsen Energy

Fred Olsen Energy · Jul 11, 2013 · 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 2013 EARNINGS CALL – Fred Olsen Energy – slide 1
    Fred. Olsen Energy ASA 2Q 2013 presentation Oslo, 11 July 2013 1
  2. Q2 2013 EARNINGS CALL – Fred Olsen Energy – slide 2
    AGENDA FINANCIAL RESULT 2Q 2013 MARKETS OPERATIONS SUMMARY 2
  3. Q2 2013 EARNINGS CALL – Fred Olsen Energy – slide 3
    Income Statement Key Figures (NOK mill) 2Q 2013 1Q 2013 Operating revenues 1 712 1 536 Recharged income 76 55 Total revenues 1 788 1 591 Operating costs (780) (747) Recharged expenses (73) (53) Total operating expenses (853) (800)…
  4. Q2 2013 EARNINGS CALL – Fred Olsen Energy – slide 4
    EBITDA Comparison 2Q 2013 vs. 1Q 2013 1000 950 900 52 26 850 24 800 69 17 10 MNOK 750 935 700 650 791 600 550 500 1Q EBITDA Bolette Borgland Borgsten Borgholm Byford Other 2Q EBITDA 4
  5. Q2 2013 EARNINGS CALL – Fred Olsen Energy – slide 5
    Financial Items Breakdown (NOK mill) 2Q 2013 1Q 2013 Interest income 2 4 Gains on financial instruments 47 21 Financial income 49 25 Interest expenses (54) (54) Capitalized borrowing cost (projects) 26 24 Losses on financial…
  6. Q2 2013 EARNINGS CALL – Fred Olsen Energy – slide 6
    Offshore Drilling Segment (NOK mill) 2Q 2013 1Q 2013 Operating revenues 1 660 1 492 Recharged income 76 55 Total revenues 1 736 1 547 Operating costs (733) (705) Recharged expenses (73) (53) Total operating expenses (806) (758) Oper.…
  7. Q2 2013 EARNINGS CALL – Fred Olsen Energy – slide 7
    Engineering & Fabrication Segment (NOK mill) 2Q 2013 1Q 2013 Operating revenues 52 44 Operating costs (47) (42) Oper. result before depr. (EBITDA) 5 2 Depreciation (3) (2) Operating result (EBIT) 2 -
  8. Q2 2013 EARNINGS CALL – Fred Olsen Energy – slide 8
    Consolidated Balance Sheet (NOK mill) 2Q 2013 1Q 2013 Intangible assets 99 99 Property, plant & equipment 14 095 13 494 Other non-current assets 160 157 Total non-current assets 14 354 13 750 Other current assets 2 108 1 897 Cash and…
  9. Q2 2013 EARNINGS CALL – Fred Olsen Energy – slide 9
    Consolidated Cash Flow (NOK mill) 2Q 2013 1Q 2013 Profit before income taxes 573 469 Depreciation and impairment 354 345 Interest expense 28 30 Gain on sale of assets - 1 Changes in working capital (73) (275) Unrealized loss/(gain)…
  10. Q2 2013 EARNINGS CALL – Fred Olsen Energy – slide 10
    Offshore drilling EBITDA and margin 1500,0 1400,0 70 % 1300,0 1200,0 60 % 1100,0 1000,0 50 % 900,0 NOK m illion 800,0 40 % 700,0 600,0 30 % 500,0 400,0 20 % 300,0 200,0 10 % 100,0 0,0 0% 2Q 3Q 1Q…
  11. Q2 2013 EARNINGS CALL – Fred Olsen Energy – slide 11
    Fleet status Rig Type / design W depth ft Location Client Contract status Day rate (in USD) Next CR survey Ultra-deepwater and deepwater units Bollsta Dolphin - delivery 1Q'15 SS / Moss 10 000 UK Chevron 1Q 2015- 2Q 2020 560 000 1Q…
  12. Q2 2013 EARNINGS CALL – Fred Olsen Energy – slide 12
    FINANCIAL RESULT MARKETS OPERATIONS SUMMARY 12
  13. Q2 2013 EARNINGS CALL – Fred Olsen Energy – slide 13
    Global market outlook floating units Healthy activity in the ultra deepwater segment with rate levels maintained for new contracts Stable in deep- and midwater markets North Sea market strong with few available rigs the next…
  14. Q2 2013 EARNINGS CALL – Fred Olsen Energy – slide 14
    Norwegian floater market 2013 2014 2015 2016 Name Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 In general a high activity on Polar Pioneer the Norwegian Continental Transocean Barents West Navigator Shelf West Phoenix…
  15. Q2 2013 EARNINGS CALL – Fred Olsen Energy – slide 15
    Average dayrates Norway 15
  16. Q2 2013 EARNINGS CALL – Fred Olsen Energy – slide 16
    UK floater market 2013 2014 2015 2016 Has become more like a Name Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 longer term market, J.W. McLean compared to the spot Ocean Princess Paul B. Loyd, Jr. oriented feature of this GSF…
  17. Q2 2013 EARNINGS CALL – Fred Olsen Energy – slide 17
    Average dayrates UK 17
  18. Q2 2013 EARNINGS CALL – Fred Olsen Energy – slide 18
    Dayrates deepwater drilling units worldwide 18
  19. Q2 2013 EARNINGS CALL – Fred Olsen Energy – slide 19
    FINANCIAL RESULT MARKETS OPERATIONS SUMMARY 19
  20. Q2 2013 EARNINGS CALL – Fred Olsen Energy – slide 20
    Contract overview 2013 2014 2015 2016 2017 2018 2019 2020 Bolette Anadarko Bollsta Chevron Belford Anadarko Blackford 1) 2) 3) 4) Borgny Petrobras Bideford Statoil Statoil Borgland RMN con. RMN consortium Bredford Lundin AGR…
  21. Q2 2013 EARNINGS CALL – Fred Olsen Energy – slide 21
    Backlog Contract backlog 1 400 000 Customer base 1 300 000 1 200 000 Anadarko 1 100 000 1 000 000 20 % Chevron 25 % 900 000 Statoil 800 000 2% USD 1000 BP 700 000 4% Lundin 600 000 6% Total 500 000 21 % 7% Petrobras…
  22. Q2 2013 EARNINGS CALL – Fred Olsen Energy – slide 22
    Bollsta Dolphin Moss Maritime CS 60 E (Enhanced) design from HHI Estimated delivery 1Q 2015, total cost estimated to USD 740 million including two BOPs Steel cutting in June 2013 Has secured a five-year contract with Chevron for…
  23. Q2 2013 EARNINGS CALL – Fred Olsen Energy – slide 23
    Ultra deepwater Africa Bolette Dolphin Belford Dolphin Newbuild ultra deepwater drillship from Hyundai Commenced a new four-year contract with Heavy Industries Anadarko from January 2012 Delivery date is rescheduled to end October…
  24. Q2 2013 EARNINGS CALL – Fred Olsen Energy – slide 24
    Midwater - Norway Borgland Dolphin Bideford Dolphin Continued operations under a four-year drilling Continued operations under a three-year contract with a consortium managed by RMN (Rig drilling contract with Statoil estimated to…
  25. Q2 2013 EARNINGS CALL – Fred Olsen Energy – slide 25
    Midwater - Norway / United Kingdom Bredford Dolphin Borgholm Dolphin Continued under the drilling contract with Accommodation unit with 303 bed capacity Lundin Norway AS, estimated to be completed end of 2013 Commenced a one year…
  26. Q2 2013 EARNINGS CALL – Fred Olsen Energy – slide 26
    Midwater - United Kingdom (cont.) Byford Dolphin Borgsten Dolphin Completed a three-year drilling contract with Continued under the tender support services BP Exploration in April 2013 and commenced contract of 40 months duration with…
  27. Q2 2013 EARNINGS CALL – Fred Olsen Energy – slide 27
    Deepwater/ midwater - Brazil Blackford Dolphin Borgny Dolphin Commenced a one-well contract with Anadarko early Operating under a five-year drilling contract June 2013 with Petrobras in Brazil. The contract was Will be relocated to UK…
  28. Q2 2013 EARNINGS CALL – Fred Olsen Energy – slide 28
    Harland & Wolff Focus on ship repair, ship building, steel fabrication and engineering services During the quarter, the yard continued the contract for Kvrner Verdal AS for fabrication of pile sleeve clusters and floatation tanks for…
  29. Q2 2013 EARNINGS CALL – Fred Olsen Energy – slide 29
    Summary Financial Revenues were 1,788 million EBITDA was 935 million Profit before tax was 573 million Contract backlog amounting to approximately USD 4.8 billion Operational Byford Dolphin commenced new contract with BP mid…
  30. Q2 2013 EARNINGS CALL – Fred Olsen Energy – slide 30
    Q&A 30

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