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Q2 2011 RESULTS – Fred Olsen Energy

Fred Olsen Energy · Jul 15, 2011 · 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 2011 RESULTS – Fred Olsen Energy – slide 1
    Fred Olsen Energy ASA Fred. P Presentation t ti 2Q results lt 2011 15 July 2011 1
  2. Q2 2011 RESULTS – Fred Olsen Energy – slide 2
    AGENDA FINANCIAL RESULT 2Q 2011 MARKETS OPERATIONS SUMMARY AND OUTLOOK 2
  3. Q2 2011 RESULTS – Fred Olsen Energy – slide 3
    Income Statement Key Figures (NOK mill) 2Q 2011 1Q 2011 Operating revenues 1 566 1 450 Recharged income 63 29 Total revenues 1 629 1 479 Operating costs (639) (688) Recharged expenses (61) (28) Total operating expenses (700) (716) O…
  4. Q2 2011 RESULTS – Fred Olsen Energy – slide 4
    EBITDA Comparison 2Q 2011 vs vs. 1Q 2011 1000 950 900 83 850 77 800 MNOK 750 27 49 22 28 929 700 22 650 763 600 550 500 1Q EBITDA Bideford Blackford Belford Other Bredford Borgholm Borgsten 2Q EBITDA…
  5. Q2 2011 RESULTS – Fred Olsen Energy – slide 5
    Financial Items Breakdown (NOK mill) 2Q 2011 1Q 2011 Interest income 8 2 Gain on financial instruments 1 20 Financial income 9 22 Interest expenses (22) (16) Loss on financial instruments (26) (21) Other financial expenses (6) (4)…
  6. Q2 2011 RESULTS – Fred Olsen Energy – slide 6
    Offshore Drilling Segment (NOK mill) 2Q 2011 1Q 2011 Operating revenues 1 506 1 399 Recharged income 63 29 Total revenues 1 569 1 428 Operating costs (588) (643) Recharged expenses (61) (28) Total operating expenses (649) (671)…
  7. Q2 2011 RESULTS – Fred Olsen Energy – slide 7
    Engineering & Fabrication Segment (NOK mill) 2Q 2011 1Q 2011 Operating revenues 60 51 Operating costs (51) (45) Oper. result before depr. (EBITDA) 9 6 Depreciation (2) (2) Operating result (EBIT) 7 4
  8. Q2 2011 RESULTS – Fred Olsen Energy – slide 8
    Consolidated Balance Sheet (NOK mill) 2Q 2011 1Q 2011 Intangible assets 99 99 Property, plant & equipment 9 744 9 303 Other non-current assets 37 38 Total non-current assets 9 880 9 440 Other current assets 2 034 1 847 Cash and cash…
  9. Q2 2011 RESULTS – Fred Olsen Energy – slide 9
    Consolidated Cash Flow (NOK mill) 2Q 2011 1Q 2011 Profit before income taxes 579 383 Depreciation and impairment 296 316 Interest expense 22 16 Changes in working capital (237) (96) Unrealized loss/(gain) financial instruments 8 (20)…
  10. Q2 2011 RESULTS – Fred Olsen Energy – slide 10
    Offshore drilling EBITDA and margin 1600,0 80 % 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% -100,0 100 0…
  11. Q2 2011 RESULTS – Fred Olsen Energy – slide 11
    Fleet status as per 15 July 2011 Rig Type / design W depth ft Location Client Contract status Day rate Next CR survey (in USD) Deepwater units Belford Dolphin Drillship 10 000 Mozambique Anadarko April '10 - April '13 532 000 1Q 2015…
  12. Q2 2011 RESULTS – Fred Olsen Energy – slide 12
    AGENDA FINANCIAL RESULT MARKETS OPERATIONS SUMMARY AND OUTLOOK 12
  13. Q2 2011 RESULTS – Fred Olsen Energy – slide 13
    Positive global market outlook floating units Stable activity in the ACTIVE SUPPLY AND DEMAND WORLDWIDE FLOATERS NUMBER OF UNITS mid-water segment 250 Deepwater Demand Shallow Water Demand Continued growth in the 200 Active…
  14. Q2 2011 RESULTS – Fred Olsen Energy – slide 14
    Norwegian floater market Several new contract 2011 2012 2013 2014 Name Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 awards d during d i first fi t hhalf lf off Island Innovator Transocean Winner 2011 West Navigator…
  15. Q2 2011 RESULTS – Fred Olsen Energy – slide 15
    Average dayrates Norway AVERAGE DAYRATES NORWAY SEMI SUBMERSIBLE DRILLING UNITS THOUSAND USD 700 2nd Gen Norway 3rd Gen Norway 600 4th Gen Norway 5th/6th Gen Norway / y 500 400 300 200 100 0 81 83 85 87 89 91 93…
  16. Q2 2011 RESULTS – Fred Olsen Energy – slide 16
    UK floater market Market balance for the 2011 2012 2013 Name Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 summer season 2011 Sedco 712 A more challenging market J.W. McLean Stena Spey is emerging for the winter Ocean Princess Transocean…
  17. Q2 2011 RESULTS – Fred Olsen Energy – slide 17
    Average g dayrates y UK AVERAGE DAYRATES UK SECTOR SEMI SUBMERSIBLE DRILLING UNITS THOUSAND USD 600 2nd Gen UK 3rd Gen UK 4th Gen UK 500 400 300 200 100 0 79 81 83 85 87 89 91 93 95 97 99 01 03 05 07 09 11…
  18. Q2 2011 RESULTS – Fred Olsen Energy – slide 18
    Dayrates deepwater drilling units worldwide 18
  19. Q2 2011 RESULTS – Fred Olsen Energy – slide 19
    Global floater fleet and newbuilds 40 2.gen 3.gen 4.gen 5.gen 6.gen 35 30 25 umber of units 20 Nu 15 10 5 0 1973 1978 1983 1988 1993 1998 2003 2008 2013 2018 Semi/Drillship NB Semi NB Drillship Source:…
  20. Q2 2011 RESULTS – Fred Olsen Energy – slide 20
    AGENDA FINANCIAL RESULT MARKETS OPERATIONS SUMMARY AND OUTLOOK 20
  21. Q2 2011 RESULTS – Fred Olsen Energy – slide 21
    Fred Olsen Energy operating worldwide Fred. Bideford Byford B Borgland l d Borgsten Bredford Borgholm Belford Borgny Blackford 21
  22. Q2 2011 RESULTS – Fred Olsen Energy – slide 22
    Contract schedule as per 15 July 2011 2010 2011 2012 2013 2014 Belford Anadarko Blackford Reliance Undiscl. Karoon Bideford Statoil Statoil Borgland Consortium Bredford AGR 2) 2) Lundin 3) Lundin Borgny Petrobras Byford BP…
  23. Q2 2011 RESULTS – Fred Olsen Energy – slide 23
    Contract backlog and customer base Contract backlog C t Customer base b 1 100 000 1 000 000 900 000 17 % 800 000 34 % 700 000 USD 1000 600 000 18 % 500 000 400 000 8% 14 % 9% 300 000 200 000 100 000 Anadarko…
  24. Q2 2011 RESULTS – Fred Olsen Energy – slide 24
    Ultra deepwater Africa / newbuild Belford Dolphin Newbuild drillship Continued operation under a three-year Ordered at Hyundai Heavy Industries Co., Ltd drilling contract with Anadarko expiring April Seven S ram BOP (Bl (Blow Out O…
  25. Q2 2011 RESULTS – Fred Olsen Energy – slide 25
    Norway Bideford Dolphin Borgland Dolphin Continued operations under a three three-year year Continued operation under a four four-year year drilling drilling contract with Statoil estimated to contract with a consortium of eight…
  26. Q2 2011 RESULTS – Fred Olsen Energy – slide 26
    Norway / United Kingdom Bredford Dolphin Borgholm Dolphin Continued operations under a three-well Accommodation unit with 274 bed capacity contract with Lundin Norway AS Continued operations under the nine-months Entered into a…
  27. Q2 2011 RESULTS – Fred Olsen Energy – slide 27
    United Kingdom (cont (cont.)) Byford Dolphin Borgsten Dolphin Continued operation under a three three-year year Continued operations under the four four-well well drilling drilling contract with BP Exploration expiring contract…
  28. Q2 2011 RESULTS – Fred Olsen Energy – slide 28
    Brazil Blackford Dolphin Borgny Dolphin Three-year contract with Reliance Industries Ltd. Operating under a five-year drilling contract with Currently under sublet to Statoil for operations Petrobras in Brazil Brazil, expiring…
  29. Q2 2011 RESULTS – Fred Olsen Energy – slide 29
    Harland & Wolff Focus on ship repair, ship building, steel fabrication and engineering services Holds a Waste Management License for ship demolition The yard area is serving as a logistics and assembl base for assembly fo…
  30. Q2 2011 RESULTS – Fred Olsen Energy – slide 30
    Summary Financial Revenues were 1,629 million EBITDA was 929 million Profit before tax was 579 million Contract backlog amounting to USD 2 billion Dividend payment date is 15 July 2011 Operational Borgsten Dolphin commenced…

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