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Q4 2013 EARNINGS CALL – Dof Asa

Dof Asa · Feb 27, 2014 · 35 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 2013 EARNINGS CALL – Dof Asa – slide 1
    Q4 Financial Presentation 2013 DOF ASA
  2. Q4 2013 EARNINGS CALL – Dof Asa – slide 2
    Agenda Highlights Overview Group Financials DOF Subsea update Outlook DOF ASA - Q4 Presentation 2013
  3. Q4 2013 EARNINGS CALL – Dof Asa – slide 3
    Highlights Q4 2013 All time high Q4 EBITDA MNOK 830 Record high subsea project activity in 4th quarter Stable utilisation PSV fleet and volatile AHTS fleet in the North Operational Sea spot market MNOK 35 loss on Skandi Mgster…
  4. Q4 2013 EARNINGS CALL – Dof Asa – slide 4
    Highlights Q4 2013 Several subsea contracts in the Asia Pacific region Skandi Paraty and Skandi Copacabana two 4 yrs contracts with Petrobras Statoil call-off in 2014 and 2015 for DOF Subsea Skandi Waveney and Skandi Marstein two…
  5. Q4 2013 EARNINGS CALL – Dof Asa – slide 5
    Overview Group DOF ASA - Q4 Presentation 2013
  6. Q4 2013 EARNINGS CALL – Dof Asa – slide 6
    DOF ASA in brief Fleet 69 vessels in operation (PSV: 24, AHTS: 17, Subsea: 28) 8 Newbuildings (AHTS: 3 Subsea: 5) Operates 59 ROVs Market value total fleet in operation at NOK 34.5 bn Average age of 8 years Value adjusted fleet…
  7. Q4 2013 EARNINGS CALL – Dof Asa – slide 7
    Company overview DOF ASA Q4 Presentation 2013 7
  8. Q4 2013 EARNINGS CALL – Dof Asa – slide 8
    The fleet market segment PSV AHTS Subsea Total fleet No. of vessels DOF ASA/DOF REDERI AS 19 3 3 25 NORSKAN OFFSHORE 5 12 2 19 DOF SUBSEA AS 0 0 25 25 DOF INSTALLER ASA 0 0 3 3 AKER DOF DEEPWATER AS 0 5 0 5 Total fleet…
  9. Q4 2013 EARNINGS CALL – Dof Asa – slide 9
    DOF ASA fleet market segment PSV AHTS Subsea Total fleet No. of vessels* DOF Group Fleet 23 20 35 78 Fair Market value (MNOK) 5 528 10 894 30 573 46 995 Ebitda Q4 2013 by segment (MNOK) 99 166 565 830 Share of Fair Market Value…
  10. Q4 2013 EARNINGS CALL – Dof Asa – slide 10
    Global player Focus regions 25 Austevoll Bergen Aberdeen Moscow St. Johns Houston 3 Manila 4 9 Singapore Brunei 28 Angola Jakarta Darwin Macae Perth Rio de Janeiro Melbourne Buenos Aires Norway Brazil…
  11. Q4 2013 EARNINGS CALL – Dof Asa – slide 11
    Remaining newbuilding program Vessel Yard Delivery Type Contract Financing Skandi Urca Vard Brazil March 2014 AHTS 8 yrs Petrobras Funding secured Skandi Angra Vard Brazil Q3/Q4 2014 AHTS 8 yrs Petrobras Funding secured Skandi…
  12. Q4 2013 EARNINGS CALL – Dof Asa – slide 12
    Financials DOF ASA - Q4 Presentation 2013
  13. Q4 2013 EARNINGS CALL – Dof Asa – slide 13
    Result Q4 2013 AllALL figures in NOK FIGURES million IN NOK MILLION Q4 2013 Q4 2012 2013 2012 Comments Operating income 2 633 2 062 9 754 8 136 PSV: Operating expenses -1 806 -1 377 -6 651 -5 346 89% utilisation rate PSV fleet Net…
  14. Q4 2013 EARNINGS CALL – Dof Asa – slide 14
    P&L Q4 2013 Segments ALL FIGURES Amounts IN NOK in NOK mill MILLION PSV AHTS Subsea Total Q4 2013 Q4 2012 Q4 2013 Q4 2012 Q4 2013 Q4 2012 Q4 2013 Q4 2012 Operating income 270 246 333 352 2 030 1 464 2 633 2 062 Operating result…
  15. Q4 2013 EARNINGS CALL – Dof Asa – slide 15
    Historical EBITDA excl asset sales 3 000 50% Operating revenue EBITDA EBITDA margin 45% 2 500 40% 35% 2 000 30% MNOK 1 500 25% 20% 1 000 15% 10% 500 5% - 0% Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012…
  16. Q4 2013 EARNINGS CALL – Dof Asa – slide 16
    Balance Q4 2013 Amounts in NOKINmillion ALL FIGURES NOK MILLION 31.12.2013 31.12.2012 Comments ASSETS Intangible assets 836 704 Vessel and other tangible assets 26 244 26 179 Three vessels delivered during 2013, one vessel, Skandi…
  17. Q4 2013 EARNINGS CALL – Dof Asa – slide 17
    Net interest bearing debt ALL FIGURES IN NOK MILLION 31.12.2013 31.12.2012 Non-current interest bearing liabilities Bond loan 4 722 4 164 Debt to credit institutions 16 265 16 592 Total non-current interest bearing liabilities 20…
  18. Q4 2013 EARNINGS CALL – Dof Asa – slide 18
    Key figures & Financial Compliance in Q4 2013 Q4 2013 Q4 2012 2013 2012 FINANCIAL RESULT EBITDA margin ex net gain on sale of vessel 31 % 33 % 32 % 34 % EBITDA margin 32 % 34 % 32 % 37 % EBIT margin 20 % 16 % 20 % 23 % Cashflow per…
  19. Q4 2013 EARNINGS CALL – Dof Asa – slide 19
    Cash Flow Q4 2013 Amounts in IN ALL FIGURES NOK million NOK MILLION 2013 2012 Cash from operating activities 2 849 2 411 Net interest paid -1 382 -1 186 Taxes paid -48 -43 Net Increased cash from operations Net cash from…
  20. Q4 2013 EARNINGS CALL – Dof Asa – slide 20
    Debt maturity profile 3 500 Bank Debt Bond Balloons 3 000 2 500 2 000 DOF 1 500 Counterparty exposure Q4 2013 1 000 23% 500 - 2014 2015 2016 2017 2018 After 58% 19% 3 000 Bank Debt Bond Balloons 2 500 DOF…
  21. Q4 2013 EARNINGS CALL – Dof Asa – slide 21
    DOF ASA Asset coverage Combined market value DOF Group fleet including newbuild is NOK 39.7 bn (total value 100% NOK 46.9 bn) New-building program to be completed in 2017 (including 50% in 4 PLSVs) Asset-level gearing on the existing…
  22. Q4 2013 EARNINGS CALL – Dof Asa – slide 22
    Contract Coverage DOF ASA - Q4 Presentation 2013
  23. Q4 2013 EARNINGS CALL – Dof Asa – slide 23
    PSV Contract coverage PSV 2014 2015 2016 2017 2018 J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D Skandi Falcon 1 1 1 1 Skandi M arstein 1 1 1 1 1 1 1 1 1 1 2…
  24. Q4 2013 EARNINGS CALL – Dof Asa – slide 24
    AHTS Contract coverage AHTS 2014 2015 2016 2017 2018 J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D Skandi Stord 1 SPOT Supply Skandi Admiral 1 1 1 1 1 1 1…
  25. Q4 2013 EARNINGS CALL – Dof Asa – slide 25
    CSV Contract coverage CSV 2014 2015 2016 2017 2018 J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D Supply Skandi Olympia 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1…
  26. Q4 2013 EARNINGS CALL – Dof Asa – slide 26
    Subsea Contract coverage Subsea 2014 2015 2016 2017 2018 J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D Skandi Acergy 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1…
  27. Q4 2013 EARNINGS CALL – Dof Asa – slide 27
    DOF Subsea DOF ASA - Q4 Presentation 2013
  28. Q4 2013 EARNINGS CALL – Dof Asa – slide 28
    DOF Subsea Group In brief Fleet One of the largest subsea vessel owners in the world Owns and operates a fleet of 24 vessels, plus 5 newbuilds on order In addition 2 vessels on long-term charter The market value of owned vessels in…
  29. Q4 2013 EARNINGS CALL – Dof Asa – slide 29
    DOF Subsea Group In brief Quarterly figures 2 000 33% 1 800 32% 1 600 1 400 20.1 % 31% CAGR 1 200 NOK million 1 000 30% 800 29% 600 Key figures 400 28% 19.7 % Back-log incl. options NOK 34 billion 200 CAGR Market…
  30. Q4 2013 EARNINGS CALL – Dof Asa – slide 30
    Level of industry barriers to entry DSV Increased engineering requirement Complexity and size of operations Increased system requirement OSCV Level of barriers to entry Complex subsea operations ROV Marine…
  31. Q4 2013 EARNINGS CALL – Dof Asa – slide 31
    DOF Subsea Projects OMV Emergency FPSO Mooring System Repair Skandi Singapore Q1 12 &13, Skandi Hercules, Skandi Skansen, Skandi Atlantic, Skandi Emerald Q3 & Q4 13 Initially routine IRM scope including saturation diving in NZ.…
  32. Q4 2013 EARNINGS CALL – Dof Asa – slide 32
    DOF Subsea Projects Teekay Knarr FPSO Mooring Installation Skandi Skolten and two third party AHTS from Q3 2013 to Q3/Q4 2014 Phase 1 - Q3 2013: Installation and pre-tensioning of 12 anchors c/w 500m of 120mm chain Phase 2 - Q2…
  33. Q4 2013 EARNINGS CALL – Dof Asa – slide 33
    Outlook Brazil: We expect increased demand for our vessels and services. We expect a substantial increase in day rates compared to old contracts. North Sea: We expect a good, but volatile AHTS market in 2014. We are surprised…
  34. Q4 2013 EARNINGS CALL – Dof Asa – slide 34
    Guidance 2014: We expect Revenue and Ebitda to increase in 2014 compared to 2013: - A solid subsea project organization and increased earning on several CSVs - Increased earnings AHTS & PSV segment going forward - Recent contract…
  35. Q4 2013 EARNINGS CALL – Dof Asa – slide 35
    Thank you Presented by Mons Aase - CEO Hilde Drnen - CFO

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