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Q3 2011 EARNINGS CALL – Prosafe Se

Prosafe Se · Nov 2, 2011 · 39 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. Q3 2011 EARNINGS CALL – Prosafe Se – slide 1
    2 November 2011 Q3 2011 results
  2. Q3 2011 EARNINGS CALL – Prosafe Se – slide 2
    3 Agenda Introduction Financial results Operations Outlook Attachments
  3. Q3 2011 EARNINGS CALL – Prosafe Se – slide 3
    4 Prosafe the leading accommodation rig company Global leader The worlds leading owner and operator of semi-submersible accommodation rigs in harsh environments Strategically focused on high-end accommodation segment Long…
  4. Q3 2011 EARNINGS CALL – Prosafe Se – slide 4
    5 Recent developments Rig utilisation rate of 91 per cent in Q3 Recent contract awards: Safe Scandinavia: BP exercised option for work on Valhall on the NCS, winter 2012 Safe Astoria: contract with Woodside for North Rankin…
  5. Q3 2011 EARNINGS CALL – Prosafe Se – slide 5
    6 Agenda Introduction Financial results Operations Outlook Attachments
  6. Q3 2011 EARNINGS CALL – Prosafe Se – slide 6
    7 Income statement (Unaudited figures in USD million) Q3 11 Q2 11 Q3 10 9M 11 9M 10 2010 Operating revenues 131.8 125.0 140.4 327.9 367.1 442.4 Operating expenses (45.8) (51.7) (41.7) (138.8) (117.9) (159.3) EBITDA 86.0 73.3 98.7…
  7. Q3 2011 EARNINGS CALL – Prosafe Se – slide 7
    8 Operating revenues (USD million) Q3 11 Q2 11 Q3 10 9M 11 9M 10 2010 Charter income 119.6 110.3 125.4 294.1 331.6 397.1 Mob/demob income 0.7 0.0 1.9 2.1 4.6 6.5 Other income 11.5 14.7 13.1 31.7 30.9 38.8 Total 131.8 125.0 140.4…
  8. Q3 2011 EARNINGS CALL – Prosafe Se – slide 8
    9 Balance sheet (Unaudited figures in USD million) 30.09.11 30.06.11 31.12.10 30.09.10 Goodwill 226.7 226.7 226.7 226.7 Rigs 910.4 924.2 898.8 891.4 Other non-current assets 4.9 4.7 4.5 4.4 Total non-current assets 1 142.0 1 155.6 1…
  9. Q3 2011 EARNINGS CALL – Prosafe Se – slide 9
    10 Key figures Q3 11 Q2 11 Q3 10 9M 11 9M 10 2010 Operating margin 52.4 % 45.9 % 59.1 % 42.8 % 55.2 % 50.0 % Equity ratio 34.2 % 31.3 % 28.8 % 34.2 % 28.8 % 32.4 % Return on equity 58.2 % 49.4 % 86.7 % 37.5 % 67.7 % 58.9 % Net…
  10. Q3 2011 EARNINGS CALL – Prosafe Se – slide 10
    11 Shareholders SHAREHOLDERS AS AT 24.10.2011 No. of shares Ownership Folketrygdfondet 15 015 519 6.5 % Pareto 12 656 241 5.5 % State Street Bank & Trust (nom) 12 288 920 5.3 % KAS Dep. Trust (nom) 10 446 900 4.6 % State Street Bank…
  11. Q3 2011 EARNINGS CALL – Prosafe Se – slide 11
    12 Growth achieved with a robust financial position Growth achieved by: Good operating performance At all times, a robust financial position An efficient financing and tax structure (low cost of funding) Returning capital…
  12. Q3 2011 EARNINGS CALL – Prosafe Se – slide 12
    13 Dividend policy Prosafes objective is to provide shareholders with a competitive, risk-adjusted yield on their shares through a combination of share price appreciation and direct return in the form of dividend The level of…
  13. Q3 2011 EARNINGS CALL – Prosafe Se – slide 13
    14 Dividend policy leaves room for growth Generic illustration
  14. Q3 2011 EARNINGS CALL – Prosafe Se – slide 14
    15 Dividend Resolution on 2 November to declare an interim dividend equivalent to USD 0.166 per share The shares will trade ex- dividend on 9 November. The dividend will be paid in the form of NOK 0.94 per share on 23…
  15. Q3 2011 EARNINGS CALL – Prosafe Se – slide 15
    16 Agenda Introduction Financial results Operations Outlook Attachments
  16. Q3 2011 EARNINGS CALL – Prosafe Se – slide 16
    17 Safe Caledonia refurbishment All larger orders placed Yard contract awarded to Remontowa in Poland Yard work to commence end Q1 2012 after completion of BG contract Shipyard period scheduled for 7 months including sea…
  17. Q3 2011 EARNINGS CALL – Prosafe Se – slide 17
    18 Total capex expectation for 2011 2011 capex to be lower than the USD 60-70 million (ex. Safe Caledonia) previously indicated Mainly related to timing of maintenance and upgrade projects
  18. Q3 2011 EARNINGS CALL – Prosafe Se – slide 18
    19 Fleet size and utilisation 100% 14 90% 12 80% 10 70% Fleet utilisation rate 60% 8 Fleet size 50% 6 40% 30% 4 20% 2 10% 0% 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011*…
  19. Q3 2011 EARNINGS CALL – Prosafe Se – slide 19
    20 Utilisation rate and charter revenue 100% 450 90% 400 80% 350 70% Charter revenue (USD m) 300 Utilisation rate 60% 250 50% 200 40% 150 30% 100 20% 10% 50 0% 0 2008 2009 2010 2011 2012 2013…
  20. Q3 2011 EARNINGS CALL – Prosafe Se – slide 20
    21 Contract status Safe Astoria Safe Esbjerg Safe Caledonia Safe Scandinavia MSV Regalia Safe Bristolia Safe Concordia Safe Britannia Safe Lancia Safe Regency Jasminia Safe Hibernia 2006 2007 2008…
  21. Q3 2011 EARNINGS CALL – Prosafe Se – slide 21
    22 Agenda Introduction Financial results Operations Outlook Attachments
  22. Q3 2011 EARNINGS CALL – Prosafe Se – slide 22
    23 Supply Prosafe leading player Prosafe largest player by far Two units under construction delivery scheduled for 2012 (African Challenger) and 2014 (Floatel Victory) No. of accommodation semis by owner No. of accommodation…
  23. Q3 2011 EARNINGS CALL – Prosafe Se – slide 23
    24 Demand North Sea Examples of changes in field life expectancy Norway Maintenance & modifications Field life expectancy Latest year Brage increasing many of production Draugen installations approaching as of 1992-95 estimate…
  24. Q3 2011 EARNINGS CALL – Prosafe Se – slide 24
    25 Demand Mexico Pemex has indicated increasing E&P spending in the years to come Current demand mainly driven by maintenance of installations in shallow waters Longer-term potential for demand from developments in deeper…
  25. Q3 2011 EARNINGS CALL – Prosafe Se – slide 25
    26 Demand Brazil High E&P activity Four safety and maintenance units in operations in the Campos basin Demand potential also in other basins Deep waters drive demand for DP units
  26. Q3 2011 EARNINGS CALL – Prosafe Se – slide 26
    27 Demand Rest of world Australia interesting potential Seasonally harsh weather conditions Strict regualtions Prosafe has recently secured a contract offshore western Australia Asia increasing amount of prospects Variable…
  27. Q3 2011 EARNINGS CALL – Prosafe Se – slide 27
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  28. Q3 2011 EARNINGS CALL – Prosafe Se – slide 28
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  29. Q3 2011 EARNINGS CALL – Prosafe Se – slide 29
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  30. Q3 2011 EARNINGS CALL – Prosafe Se – slide 30
    31 Summary Leading market position High quality and versatile rig fleet Good market outlook Robust financial position High dividend capacity
  31. Q3 2011 EARNINGS CALL – Prosafe Se – slide 31
    32 Agenda Introduction Financial results Operations Outlook Attachments
  32. Q3 2011 EARNINGS CALL – Prosafe Se – slide 32
    33 Debt as of end Q3 2011 Credit facility New credit facility of USD 1.1 billion in place in August 2011 Maturity of six years The applicable margin on the credit facility is 1.875%. This will increase to 2.25% after the 4th year…
  33. Q3 2011 EARNINGS CALL – Prosafe Se – slide 33
    34 Debt as of end Q3 2011 Total interest-bearing debt USD 694.8 million: Credit facility: USD 520 million (long-term) Bond loan: USD 3.6 million (short-term) Bond loan: NOK 500 million (USD 85.6 million) (long-term) Bond loan :…
  34. Q3 2011 EARNINGS CALL – Prosafe Se – slide 34
    35 Financial covenants on credit facility Maximum leverage ratio of 5.0 and 4.5 after second anniversary Minimum liquidity (including up to USD 25 million of undrawn amounts under the credit facility) of USD 65 million in the…
  35. Q3 2011 EARNINGS CALL – Prosafe Se – slide 35
    36 Fleet overview Name MSV Regalia Safe Scandinavia Safe Caledonia Geographical area Harsh environment, NCS Harsh environment, NCS Harsh environment Mooring system DP 12 point chain winches 10 point wire winches Station keeping…
  36. Q3 2011 EARNINGS CALL – Prosafe Se – slide 36
    37 Fleet overview Name Safe Astoria Safe Bristolia Safe Esbjerg Geographical area Moderately harsh env. Moderately harsh env. Harsh environment Mooring system 8 point wire winches 8 point wire winches 4 point wire winches Station…
  37. Q3 2011 EARNINGS CALL – Prosafe Se – slide 37
    38 Fleet overview Name Safe Britannia Safe Lancia Safe Hibernia Geographical area Harsh env. Moderately harsh env. Harsh environment Mooring system 9 point wire winches 8 point chain winches 12 point wire winches Station keeping…
  38. Q3 2011 EARNINGS CALL – Prosafe Se – slide 38
    39 Fleet overview Name Safe Regency Safe Concordia Jasminia Geographical area Harsh environment Benign environment Benign environment Mooring system 8 point wire winches 4 point wire winches 8 point wire winches Station keeping…
  39. Q3 2011 EARNINGS CALL – Prosafe Se – slide 39
    40 Financial calendar and IR contacts Financial calendar IR contact Cecilie Ouff Finance and IR Manager 16 February 2012 - Publication of cecilie.ouff(a)prosafe.com fourth quarter 2011/preliminary 2011 Phone: +47 51 64 25 20…

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