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Q3 2010 EARNINGS CALL – Fred Olsen Energy

Fred Olsen Energy · Oct 29, 2010 · 15 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 2010 EARNINGS CALL – Fred Olsen Energy – slide 1
    Fred. Olsen Energy ASA Presentation 3Q 2010 29th of October 2010 1 AGENDA FINANCIAL RESULT 3Q 2010 MARKETS OPERATIONS SUMMARY AND OUTLOOK 2 1
  2. Q3 2010 EARNINGS CALL – Fred Olsen Energy – slide 2
    Income Statement Key Figures (NOK mill) 3Q 2010 2Q 2010 Operating p g revenues 1 623 1 581 Recharged income 34 53 Total revenues 1 657 1 634 Operating costs (565) (612) Recharged expenses (32) (51) Total operating expenses…
  3. Q3 2010 EARNINGS CALL – Fred Olsen Energy – slide 3
    Financial Items Breakdown (NOK mill) 3Q 2010 2Q 2010 Interest income 3 4 Gains on financial instruments 24 2 Financial income 27 6 Interest expenses (24) (21) Losses on financial instruments (54) (88) Other financial expenses (6) (5)…
  4. Q3 2010 EARNINGS CALL – Fred Olsen Energy – slide 4
    Engineering & Fabrication Segment (NOK mill) 3Q 2010 2Q 2010 Operating revenues 12 6 Operating costs (24) (17) Oper. result before depr. (EBITDA) (12) (11) Depreciation (2) (2) Operating result (EBIT) (14) (13) 7…
  5. Q3 2010 EARNINGS CALL – Fred Olsen Energy – slide 5
    Consolidated Cash Flow (NOK mill) 3Q 2010 2Q 2010 Profit before income taxes 770 519 Depreciation and d impairment 338 317 Interest expense 24 21 Gain on sale of assets - (3) Changes in working capital 198 (191) Unrealized loss…
  6. Q3 2010 EARNINGS CALL – Fred Olsen Energy – slide 6
    Fleet status as per 29 October 2010 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…
  7. Q3 2010 EARNINGS CALL – Fred Olsen Energy – slide 7
    Global market outlook floating units Further growth in global ACTIVE SUPPLY AND DEMAND WORLDWIDE FLOATERS energy demand NUMBER OF UNITS 250 Deepwater Demand Shallow Water Demand Sustainable oil price 200 Active Supply…
  8. Q3 2010 EARNINGS CALL – Fred Olsen Energy – slide 8
    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 500 400 300 200 100 0 81 83 85 87 89 91 93 95…
  9. Q3 2010 EARNINGS CALL – Fred Olsen Energy – slide 9
    Average dayrates 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…
  10. Q3 2010 EARNINGS CALL – Fred Olsen Energy – slide 10
    Global floater fleet and newbuilds 35 2.gen 3.gen 4.gen 5.gen 6.gen 30 25 Number of units 20 15 10 5 0 1973 1978 1983 1988 1993 1998 2003 2008 2013 Semi/Drillship NB Semi NB Drillship Source: Pareto/ Platou/…
  11. Q3 2010 EARNINGS CALL – Fred Olsen Energy – slide 11
    Fred. Olsen Energy operating worldwide Bideford Byford Borgland Borgsten Bredford Borgholm Belford Borgny Blackford 21 Contract schedule as per 29 October 2010 2009 2010 2011 2012 2013 2014 Belford Anadarko…
  12. Q3 2010 EARNINGS CALL – Fred Olsen Energy – slide 12
    Contract backlog and customers as per 30 September 2010 Contract backlog per 30.09.2010 Customer base per 30.09.2010 1 000 000 900 000 800 000 21 % 29 % 700 000 600 000 USD 1000 500 000 19 % 400 000 11 % 300 000 20 %…
  13. Q3 2010 EARNINGS CALL – Fred Olsen Energy – slide 13
    Norway Bideford Dolphin Borgland Dolphin Operating for Statoil under a three-year Continued operation under a four-year drilling drilling contract offshore Norway expiring contract with a consortium of eight oil companies, January…
  14. Q3 2010 EARNINGS CALL – Fred Olsen Energy – slide 14
    United Kingdom (cont.) Byford Dolphin Borgsten Dolphin Continued operation under a three-year Completed a two-well contract with Hurricane drilling contract with BP Exploration expiring Exploration PLC mid October 2010 April 2013 The…
  15. Q3 2010 EARNINGS CALL – Fred Olsen Energy – slide 15
    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 assembly base for offshore windfarms…

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