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Q4 2014 EARNINGS CALL – Fred Olsen Energy

Fred Olsen Energy · Feb 11, 2015 · 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 2014 EARNINGS CALL – Fred Olsen Energy – slide 1
    Financial results 4Q 2014 Oslo, 11 February 2015
  2. Q4 2014 EARNINGS CALL – Fred Olsen Energy – slide 2
    AGENDA FINANCIAL RESULTS 4Q 2014 MARKET OPERATIONS SUMMARY
  3. Q4 2014 EARNINGS CALL – Fred Olsen Energy – slide 3
    Income Statement Key Figures (USD mill) 4Q 2014 3Q 2014 Change Operating revenues 286,4 310,0 (23,6) Recharged income 11,2 25,4 (14,2) Total revenues 297,6 335,4 (37,8) Operating costs (129,6) (159,6) 30,0 Recharged expenses (10,9)…
  4. Q4 2014 EARNINGS CALL – Fred Olsen Energy – slide 4
    EBITDA Comparison 4Q 2014 vs. 3Q 2014
  5. Q4 2014 EARNINGS CALL – Fred Olsen Energy – slide 5
    Financial Items Breakdown (USD mill) 4Q 2014 3Q 2014 Change Interest income 0,4 0,6 (0,2) Gains on financial instruments - 0,6 (0,6) Financial income 0,4 1,2 (0,8) Interest expenses (12,3) (12,1) (0,2) Capitalized borrowing cost…
  6. Q4 2014 EARNINGS CALL – Fred Olsen Energy – slide 6
    Offshore Drilling Segment (USD mill) 4Q 2014 3Q 2014 Change Operating revenues 283,3 305,6 (22,3) Recharged income 11,2 25,4 (14,2) Total revenues 294,5 331,0 (36,5) Operating costs (128,1) (152,8) 24,7 Recharged expenses (10,9)…
  7. Q4 2014 EARNINGS CALL – Fred Olsen Energy – slide 7
    Engineering & Fabrication Segment (USD mill) 4Q 2014 3Q 2014 Change Operating revenues (external) 3,1 4,4 (1,3) Inter-segment revenues 3,0 9,2 (6,2) Total operating revenues 6,1 13,6 (7,5) Operating costs (4,4) (9,6) 5,2 Oper. result…
  8. Q4 2014 EARNINGS CALL – Fred Olsen Energy – slide 8
    Consolidated Balance Sheet (USD mill) 4Q 2014 3Q 2014 Change Intangible assets 13,3 15,3 (2,0) Property, plant & equipment 2 901,6 2 795,8 105,8 Other non-current assets 31,4 28,3 3,1 Total non-current assets 2 946,3 2 839,4 106,9…
  9. Q4 2014 EARNINGS CALL – Fred Olsen Energy – slide 9
    Consolidated Cash Flow (USD mill) 4Q 2014 3Q 2014 Change Profit before income taxes 104,2 3,6 100,6 Depreciation and impairment 86,6 135,1 (48,5) Interest expense 10,6 10,4 0,2 Gain on sale of assets - 0,2 (0,2) Changes in working…
  10. Q4 2014 EARNINGS CALL – Fred Olsen Energy – slide 10
    Offshore drilling EBITDA and margin
  11. Q4 2014 EARNINGS CALL – Fred Olsen Energy – slide 11
    Dividend The Board of Directors will propose to the Annual General Meeting in May 2015 to suspend the dividend payment in 2015 due to the challenging offshore market and uncertainty of how long this will persist
  12. Q4 2014 EARNINGS CALL – Fred Olsen Energy – slide 12
    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 SS / Moss 10 000 UK Chevron 4Q 2015- 4Q 2020 560 000 3Q 2020 Bolette Dolphin…
  13. Q4 2014 EARNINGS CALL – Fred Olsen Energy – slide 13
    FINANCIAL RESULTS MARKET OPERATIONS SUMMARY
  14. Q4 2014 EARNINGS CALL – Fred Olsen Energy – slide 14
    Global market floating units Worsening of the rig market throughout 2014 Continued low contracting activity expected through 2015 in all markets Increased stacking due to oversupply is expected Operators continue to reduce…
  15. Q4 2014 EARNINGS CALL – Fred Olsen Energy – slide 15
    Norwegian floater market 2015 2016 2017 Continued low contracting activity, with Name Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Transocean Spitsbergen options not being exercised West Venture Transocean Searcher Bredford Dolphin Several…
  16. Q4 2014 EARNINGS CALL – Fred Olsen Energy – slide 16
    Average dayrates Norway
  17. Q4 2014 EARNINGS CALL – Fred Olsen Energy – slide 17
    UK floater market 2015 2016 2017 Low activity in the UK market Name Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Ocean Vanguard during the quarter GSF Arctic III Ocean Princess Transocean Prospect A number of rigs will come off Ocean…
  18. Q4 2014 EARNINGS CALL – Fred Olsen Energy – slide 18
    Average dayrates UK
  19. Q4 2014 EARNINGS CALL – Fred Olsen Energy – slide 19
    Wordwide deepwater dayrates
  20. Q4 2014 EARNINGS CALL – Fred Olsen Energy – slide 20
    FINANCIAL RESULTS MARKET OPERATIONS SUMMARY
  21. Q4 2014 EARNINGS CALL – Fred Olsen Energy – slide 21
    Fred. Olsen Energy Operating worldwide Byford Bideford Dolphin Dolphin Greenland Borgsten Borgland Dolphin Dolphin Borgholm Bredford Dolphin Iceland Dolphin Sweden Finnland Russia Norway Canada…
  22. Q4 2014 EARNINGS CALL – Fred Olsen Energy – slide 22
    Contract overview 2015 2016 2017 2018 2019 2020 Bolette Anadarko Bollsta Chevron Belford Anadarko Blackford Chevron Bideford Statoil Borgland RMN consortium Bredford AGR cons Byford BP Borgsten Total Borgholm BG Borgny Cold…
  23. Q4 2014 EARNINGS CALL – Fred Olsen Energy – slide 23
    Contract backlog Total backlog USD 3.3 billion 23
  24. Q4 2014 EARNINGS CALL – Fred Olsen Energy – slide 24
    Bollsta Dolphin Harsh environment ultra deepwater semi-submersible under construction Moss Maritime CS 60 E (Enhanced) design from Hyundai Heavy Industries Delivery is scheduled to 3Q 2015 Mecanichal completion continues Has…
  25. Q4 2014 EARNINGS CALL – Fred Olsen Energy – slide 25
    Ultra deepwater Bolette Dolphin Belford Dolphin Continued operations under a four-year contract with Continued under a four-year contract with Anadarko Anadarko, estimated to expire 2Q 2018 estimated to expire 1Q 2016 Completed…
  26. Q4 2014 EARNINGS CALL – Fred Olsen Energy – slide 26
    Midwater - Norway Borgland Dolphin Bideford Dolphin Commenced a new contract with a new RMN consortium Operates under a three-year contract with Statoil in April 2014. Estimated duration is 3.5 years The option attached to the contract…
  27. Q4 2014 EARNINGS CALL – Fred Olsen Energy – slide 27
    Midwater - Norway / United Kingdom Bredford Dolphin Borgholm Dolphin Continued under the 12-well contract with an AGR Resumed operations in October after the scheduled yard consortium. The contract is expected to expire end of stay and…
  28. Q4 2014 EARNINGS CALL – Fred Olsen Energy – slide 28
    Midwater - United Kingdom (cont.) Byford Dolphin Borgsten Dolphin Continued under a three-year drilling contract with BP Continued under the tender support services contract of Exploration, estimated to expire 3Q 2016 40 months…
  29. Q4 2014 EARNINGS CALL – Fred Olsen Energy – slide 29
    Deepwater United Kingdom Blackford Dolphin The unit completed the five-year class renewal survey and upgrades at H&W yard end of June 2014 Completed a one-well for MPX North Sea Ltd. in October, and commenced the contract with Nexen,…
  30. Q4 2014 EARNINGS CALL – Fred Olsen Energy – slide 30
    Harland & Wolff Focus on ship repair, ship building, steel fabrication and engineering services Byford Dolphin undertaking its class renewal survey at the yard A number of ship dockings was carried out in the quarter, however lower…
  31. Q4 2014 EARNINGS CALL – Fred Olsen Energy – slide 31
    Summary Financial Revenues were USD 298 million EBITDA was USD 157 million Profit before tax was USD 104 million Contract backlog amounting to approximately USD 3.3 billion The Board of Directors will propose to the Annual…
  32. Q4 2014 EARNINGS CALL – Fred Olsen Energy – slide 32
    Q&A

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