Main highlights Q4 2014 Strengthening balance sheet through sale of vessels approximately MNOK 1 350 in liquidity Improved terms from refinancing activity Record high backlog for 2015 (approximately 79% overall) Challenging…
Highlights Q4 2014 Subsea Asia Pacific Decent utilisation, but good project execution North Sea - High utilisation and good project execution in October and November, but weak utilisation in December US Gulf Stable utilisation…
Highlights Q4 2014 Skandi Vega including ROV, first option with Statoil firm until mid-May 2016 Skandi Caledonia, 6 months extension with Maersk UK firm until Apr 2016 Skandi Gamma, 1 yr extension with Statoil applicable from Feb…
Overview Group
DOF ASA in brief Fleet Global organization 72 vessels in operation Head office in Norway 68 owned vessels Regional offices in Australia, Singapore, 4 Subsea vessels chartered in UK, USA, Canada, Angola, Argentina PSV: 24, AHTS: 18 and…
Fleet overview and contract coverage No. of vessels PSV AHTS Subsea Total fleet Good coverage in 2015: DOF ASA/DOF REDERI AS 19 3 2 24 Minor time charter renewal risk in NORSKAN OFFSHORE 5 12 2 19 2015 Important LOA (7 + 3 yr)…
A global player 34 Austevoll Aberdeen Moscow St. Johns Cairo Houston 3 Manila Malaysia Singapore Brunei Luanda Jakarta Maca Rio de Janeiro 27 Perth 3 Buenos Aires 9 FOCUS AREAS Norway Brazil US/Canada UK Asia…
Remaining newbuilding program Vessel Yard Delivery Type Contract Financing Skandi Angra Vard Brazil Apr 2015 AHTS 8 yrs Petrobras Funding secured Skandi Paraty Vard Brazil Oct 2015 AHTS 4 yrs Petrobras Funding secured Skandi Africa…
DOF ASA timeline DOF fleet evolution DOF Group employees 80 40000 6000 No. of operated Vessels MV of Fleet No. Of employees 70 35000 5000 60 30000 No. Of Vessels 4000 50 25000 MNOK 40 20000 3000 30 15000 2000 20…
Financials- Management Reporting
Result Q4 2014 Comments Operational result All ALLfigures inINNOK FIGURES million NOK MILLION Q4 2014 Q4 2013 2014 2013 PSV: Operating income 2 878 2 633 10 681 9 754 88% utilisation PSV fleet Operating expenses -2 082 -1 806 -7…
Segment reporting Q4 2014 Amounts ALL FIGURESin IN NOK mill NOK MILLION PSV AHTS CSV/Subsea Total Q4 2014 Q4 2013 Q4 2014 Q4 2013 Q4 2014 Q4 2013 Q4 2014 Q4 2013 Operating income 304 270 400 333 2 174 2 030 2 878 2 633 Operating…
Historical Performance Group (excl gain from sale of assets) 3 500 40% Operating revenue EBITDA EBITDA margin 35% 3 000 30% 2 500 EBITDA Margin % 25% MNOK 2 000 20% 1 500 15% 1 000 10% 500 5% - 0% Q4…
Balance Q4 2014 Amounts in NOK IN NOKmillion 31.12.2014 31.12.2013 ALL FIGURES MILLION Comments ASSETS Intangible assets 1 117 781 Prepaid instalments new-buildings include 7 Vessel and other tangible assets 26 204 26 244 vessels (50%…
Cash Flow Q4 2014 ALL FIGURES IN NOK MILLION Q4 2014 Q4 2013 2014 2013 Comments Improved cash from operating activities Cash from operating activities 1 050 871 2 963 2 809 Net interest paid -316 -299 -1 352 -1 342 Investing activities…
Key figures Q4 2014 Q4 2014 Q4 2013 2014 2013 FINANCIAL RESULT EBITDA margin ex net gain on sale of vessel 27 % 31 % 31 % 32 % EBITDA margin 36 % 31 % 35 % 32 % EBIT margin 25 % 20 % 25 % 20 % Cashflow per share 5,70 4,48 20,13…
Net interest bearing debt Q4 2014 ALL FIGURES IN NOK MILLION 31.12.2014 31.12.2013 Comments Bond loan 4 124 4 722 Current interest bearing debt: Debt to credit institutions 15 057 16 265 Total non-current interest bearing liabilities…
Debt maturity profile 3 000 DOF GROUP COUNTERPARTY EXPOSURE Q4 2014 2 500 2 000 Bank Debt DOF 1 500 34% Bond loans 44% 1 000 Balloons 500 22% - 2015 2016 2017 2018 2019 After 2500 ECA Bond Other Banks 2000 DOF…
DOF ASA Asset coverage Combined market value DOF Group fleet including newbuild is NOK 40.4 bn (total value 100% NOK 48.658 bn) New-building program to be completed in 2017 (including 50% in 4 PLSVs) Asset-level gearing on the…
Sale of 5 vessels in Brazil Design Built Type Skandi Stolmen UT 755 1997 PSV Skandi Yare UT 755 2001 PSV Skandi Leblon UT 755 L 2004 PSV Skandi Flamengo UT 755 L 2003 PSV Skandi Copacabana UT 722 L 2005 AHTS DOF…
DOF Subsea
DOF Subsea Group In brief Fleet One of the largest subsea vessel owners in the world Owns and operates a fleet of 22 vessels, plus 5 newbuilds on order In addition 4 external vessels on long-term charter The market value of owned…
DOF Subsea Group In brief Quarterly figures 2 500 35% 30% 2 000 25% 17.6 % NOK million 1 500 20% CAGR 15% 1 000 10% Key figures 500 5% 7.3 % CAGR Back-log incl. options NOK 36 billion Market value of fleet NOK 15…
DOF Subsea Projects DOF Subsea has built a global presence Operating income by segment over the last 9 years 8 000 8 000 7 000 7 000 DOF Subsea has developed the project 6 000 6 000 business gradually 5 000 5 000 4 000 4 000…
Market and outlook Subsea: APAC market Construction in Australia slowing down But being replaced by IRM Operators spend slowing Competition scene changing DOF SUB: High tendering activity, several long term opportunities Expect…
Market and outlook continued Subsea: North America market Increasing demand for Jones Act Compliance IMR and light construction vessels Market slow down for DSV and larger construction vessels DOF SUB: Fairly new player in the US…
Market and outlook continued Supply: Brazil: We expect a slower 2015, with few new tenders and pressure on rates DOF: Only 2 PSVs and 1 AHTS up for renewal late in 2015. All 3 vessels are Brazilian built and flagged North Sea: We…
Market and outlook continued Guidance 2015: High backlog for 2015 already secured Skandi Skolten and Skandi Aker already delivered to new owners 5 Brazilian vessels planned for delivery to new owners within April 2015 3 new…
Thank you Presented by Mons Aase - CEO Hilde Drnen - CFO
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