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Q4 2011 EARNINGS CALL – Fred Olsen Energy

Fred Olsen Energy · Feb 16, 2012 · 32 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. Q4 2011 EARNINGS CALL – Fred Olsen Energy – slide 1
    Fred Olsen Energy ASA Fred. P Presentation t ti 4Q results lt 2011 16 February 2012 1
  2. Q4 2011 EARNINGS CALL – Fred Olsen Energy – slide 2
    AGENDA FINANCIAL RESULT 4Q 2011 MARKETS OPERATIONS SUMMARY AND OUTLOOK 2
  3. Q4 2011 EARNINGS CALL – Fred Olsen Energy – slide 3
    Income Statement Key Figures Operating revenues 1 630 1 618 Recharged income 52 64 Total revenues 1 682 1 682 Operating costs (743) (659) R h Recharged d expenses (50) (63) Total operating expenses (793) (722) Oper. result before…
  4. Q4 2011 EARNINGS CALL – Fred Olsen Energy – slide 4
    EBITDA Comparison 4Q 2011 vs vs. 3Q 2011 1000 980 960 20 940 15 920 9 MNOK 21 900 21 12 880 960 3 860 889 840 820 800 3Q Q EBITDA Borgsten g Bredford Belford Fee-option p Provision Other Blackford 4Q…
  5. Q4 2011 EARNINGS CALL – Fred Olsen Energy – slide 5
    Financial Items Breakdown (NOK mill) 4Q 2011 3Q 2011 Interest income 3 5 Gains on financial instruments 18 - Financial income 21 5 Interest expenses (33) (32) Losses on financial instruments (16) (35) Other financial expenses (5) (8)…
  6. Q4 2011 EARNINGS CALL – Fred Olsen Energy – slide 6
    Offshore Drilling Segment (NOK mill) 4Q 2011 3Q 2011 Operating revenues 1 586 1 552 Recharged income 52 64 Total revenues e en es 1 638 1 616 Operating costs (701) (599) Recharged expenses (50) (63) Total operating expenses (751)…
  7. Q4 2011 EARNINGS CALL – Fred Olsen Energy – slide 7
    Engineering & Fabrication Segment (NOK mill) 4Q 2011 3Q 2011 Operating revenues 44 66 Operating costs (42) (61) Oper. result before depr. (EBITDA) 2 5 Depreciation (1) (1) Operating result (EBIT) 1 4
  8. Q4 2011 EARNINGS CALL – Fred Olsen Energy – slide 8
    Consolidated Balance Sheet (NOK mill) 4Q 2011 3Q 2011 Intangible assets 99 99 Property, plant & equipment 10 449 10 315 Other non-current assets 61 38 Total non-current assets 10 609 10 452 Other current assets 2 071 2 047 Cash and…
  9. Q4 2011 EARNINGS CALL – Fred Olsen Energy – slide 9
    Consolidated Cash Flow (NOK mill) 4Q 2011 3Q 2011 Profit P fi bbefore f income i taxes 516 629 Depreciation and impairment 347 318 Interest expense 33 32 Changes in working capital 53 97 Unrealized loss/(gain) financial instruments…
  10. Q4 2011 EARNINGS CALL – 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 0 900,0 NOK m illion 800,0 40 % 700,0 600,0 30 % 500,0 400,0 20 % 300,0 200,0 10 % 100,0 00 0,0 0%…
  11. Q4 2011 EARNINGS CALL – Fred Olsen Energy – slide 11
    Fleet status as per 15 February 2012 Rig Type / design W depth ft Location Client Contract status Day rate Next CR survey (in USD) Ultra deepwater and deepwater units Bolette Dolphin - delivery 3Q'13 Drillship 12 000 Mozambique…
  12. Q4 2011 EARNINGS CALL – Fred Olsen Energy – slide 12
    Dividend The Board of Directors will propose to the AGM in May 2012 to distribute NOK 10 as ordinary dividend and NOK 10 as extraordinary dividend Dividend payments in Fred. Olsen Energy ASA 30 Ordinary dividend Extraordinary…
  13. Q4 2011 EARNINGS CALL – Fred Olsen Energy – slide 13
    AGENDA FINANCIAL RESULT MARKETS OPERATIONS SUMMARY AND OUTLOOK 13
  14. Q4 2011 EARNINGS CALL – Fred Olsen Energy – slide 14
    Positive global market outlook floating units All markets improved during 2011 with high tendering and contracting activity Continued stable activity in the mid-water segment Hi h number High b off fi fixtures t and d…
  15. Q4 2011 EARNINGS CALL – Fred Olsen Energy – slide 15
    Norwegian floater market 2012 2013 2014 Name Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Continued strong market Bredford Dolphin d development l t St Stena Don D Borgland Dolphin Polar Pioneer The market is tight with Scarabeo 5…
  16. Q4 2011 EARNINGS CALL – Fred Olsen Energy – slide 16
    Average dayrates Norway 16
  17. Q4 2011 EARNINGS CALL – Fred Olsen Energy – slide 17
    UK floater market The market has 2012 2013 2014 Name Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 strengthened during the Sedco 712 last months with a solid J.W. McLean outlook for the summer Sedco 704 GSF Arctic III season Transocean John…
  18. Q4 2011 EARNINGS CALL – Fred Olsen Energy – slide 18
    Average g dayrates y UK 18
  19. Q4 2011 EARNINGS CALL – Fred Olsen Energy – slide 19
    Dayrates deepwater drilling units worldwide 19
  20. Q4 2011 EARNINGS CALL – Fred Olsen Energy – slide 20
    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 1977 1981 1985 1989 1993 1997 2001 2005 2009 2013 2017+ Semi/Drillship NB Semi NB…
  21. Q4 2011 EARNINGS CALL – Fred Olsen Energy – slide 21
    AGENDA FINANCIAL RESULT MARKETS OPERATIONS SUMMARY AND OUTLOOK 21
  22. Q4 2011 EARNINGS CALL – Fred Olsen Energy – slide 22
    Fred Olsen Energy operating worldwide Fred. Bideford Byford B Borgland l d Borgsten Bredford Borgholm Belford Borgny Blackford 22
  23. Q4 2011 EARNINGS CALL – Fred Olsen Energy – slide 23
    Contract schedule as per 15 February 2012 2011 2012 2013 2014 2015 2016 2017 Belford Anadarko Anadarko Blackford Reliance 1) 2) 3) Bideford Statoil Borgland Consortium Bredford Lundin 4) Lundin Borgny Petrobras Byford BP…
  24. Q4 2011 EARNINGS CALL – Fred Olsen Energy – slide 24
    Contract backlog and customer base Contract backlog C Customer b base 1 000 000 900 000 11 % 800 000 5% 700 000 6% 600 000 USD 1000 6% 49 % 500 000 8% 400 000 300 000 14 % 200 000 100 000 Anadarko Statoil…
  25. Q4 2011 EARNINGS CALL – Fred Olsen Energy – slide 25
    Ultra deepwater Africa Bolette Dolphin Belford Dolphin Drillship from HHI with estimated delivery 3Q 2013 Commenced a new four-year contract with Total T t l project j t costt iis estimated ti t d tto USD 650 million illi Anadarko…
  26. Q4 2011 EARNINGS CALL – Fred Olsen Energy – slide 26
    Midwater - 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…
  27. Q4 2011 EARNINGS CALL – Fred Olsen Energy – slide 27
    Midwater - Norway / United Kingdom Bredford Dolphin Borgholm Dolphin Completed the one-well contract with Premier Accommodation unit with 274 bed capacity Oil Norway AS mid November Continued operations under the ten-months Commenced…
  28. Q4 2011 EARNINGS CALL – Fred Olsen Energy – slide 28
    Midwater - United Kingdom (cont (cont.)) Byford Dolphin Borgsten Dolphin Continued operation under a three-year Currently undergoing preparations for the three- drilling contract with BP Exploration expiring well contract with Valiant…
  29. Q4 2011 EARNINGS CALL – Fred Olsen Energy – slide 29
    Deepwater/ midwater - Brazil Blackford Dolphin Borgny Dolphin Currently operating under a one-well contract with Operating under a five-year drilling contract with g offshore Brazil Sonangol Petrobras in Brazil, Brazil expiring…
  30. Q4 2011 EARNINGS CALL – Fred Olsen Energy – slide 30
    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 fo assembly for…
  31. Q4 2011 EARNINGS CALL – Fred Olsen Energy – slide 31
    Summary Financial Revenues were 1682 million EBITDA was 889 million Profit before tax was 516 million Contract backlog amounting to approximately USD 2.9 billion The Board of Directors proposes a dividend payment for 2011 of NOK 10…
  32. Q4 2011 EARNINGS CALL – Fred Olsen Energy – slide 32
    Q&A 32

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