29 November 2011 Dahlman Roses Oil Services & Drilling Conference, New York
3 Agenda Introduction Outlook and operations Growth and dividend Attachments
4 Prosafe the leading accommodation rig company Global leader The worlds leading owner and operator of semi-submersible accommodation rigs in harsh environments Strategically focused on high-end accommodation segment Long…
5 Offshore accommodation Pre-eng./ Seismic E&D concept Hook-up/ De- Production drilling studies commissioning commissioning Hook-up/commissioning of new installations Maintenance, modifications, IOR projects and tie-ins…
6 Agenda Introduction Outlook and operations Growth and dividend Attachments
7 Supply Prosafe leading player Prosafe largest player by far Two units under construction by other players delivery scheduled for 2012 (African Challenger) and 2014 (Floatel Victory) No. of accommodation semis by owner No. of…
8 Demand North Sea Examples of changes in field life expectancy Norway Maintenance & modifications Field life expectancy Latest year Brage increasing many of production Draugen installations approaching as of 1992-95 estimate…
9 Demand Mexico Pemex has indicated increasing E&P spending in the years to come Current demand mainly driven by maintenance of installations in shallow waters Longer-term potential for demand from developments in deeper…
10 Demand Brazil High E&P activity Four safety and maintenance units in operations in the Campos basin Demand potential also in other basins Deep waters drive demand for DP units
11 Demand Rest of world Australia interesting potential Seasonally harsh weather conditions Strict regulations Prosafe has recently secured a contract offshore western Australia Asia increasing amount of prospects Variable…
18 Safe Caledonia refurbishment All larger orders placed Yard contract awarded to Remontowa in Poland Yard work to commence end Q1 2012 after completion of BG contract Shipyard period scheduled for 7 months including sea…
19 Total capex expectation for 2011 2011 capex to be lower than the USD 60-70 million (ex. Safe Caledonia) previously indicated Mainly related to timing of maintenance and upgrade projects
20 Agenda Introduction Outlook and operations Growth and dividend Attachments
21 Growth achieved with a robust financial position Growth achieved by: Good operating performance At all times, a robust financial position An efficient financing and tax structure (low cost of funding) Returning capital…
22 Dividend policy Prosafes objective is to provide shareholders with a competitive, risk-adjusted yield on their shares through a combination of share price appreciation and direct return in the form of dividend The level of…
23 Dividend New dividend policy implemented in Q3 2011 Resolution on 24 August to declare an interim dividend equivalent to USD 0.166 per share (NOK 0.89) Resolution on 2 November to declare an interim dividend equivalent…
24 Dividend policy leaves room for growth Generic illustration
25 Summary Leading market position High quality and versatile rig fleet Good market outlook Robust financial position High dividend capacity
26 Agenda Introduction Outlook and operations Growth and dividend Attachments
31 Shareholders SHAREHOLDERS AS AT 24.10.2011 No. of shares Ownership Folketrygdfondet 15 015 519 6.5 % Pareto 12 656 241 5.5 % State Street Bank & Trust (nom) 12 288 920 5.3 % KAS Dep. Trust (nom) 10 446 900 4.6 % State Street Bank…
32 Debt as of end Q3 2011 Credit facility New credit facility of USD 1.1 billion in place in August 2011 Maturity of six years The applicable margin on the credit facility is 1.875%. This will increase to 2.25% after the 4th year…
33 Debt as of end Q3 2011 Total interest-bearing debt USD 694.8 million: Credit facility: USD 520 million (long-term) Bond loan: USD 3.6 million (short-term) Bond loan: NOK 500 million (USD 85.6 million) (long-term) Bond loan :…
34 Financial covenants on credit facility Maximum leverage ratio of 5.0 and 4.5 after second anniversary Minimum liquidity (including up to USD 25 million of undrawn amounts under the credit facility) of USD 65 million in the…
Rig name Location Client name Type of contract Firm contract Option Dayrate 35 Current contract MSV Regalia UK North Sea, Auk South Talisman Time charter March 12 - Aug 12 USD 225 000 Norwegian North Sea, Yme Talisman Time charter Nov…
Safe Caledonia 36 start-up between May-July 2014, 240 UK North Sea, Golden Eagle Nexen Time charter day firm 30-days USD 300 000 UK North Sea BG Time charter Nov 11- mid March 12 March 12 USD 200 000 UK North Sea BG Time charter…
37 Fleet overview Name MSV Regalia Safe Scandinavia Safe Caledonia Geographical area Harsh environment, NCS Harsh environment, NCS Harsh environment Mooring system DP 12 point chain winches 10 point wire winches Station keeping…
38 Fleet overview Name Safe Astoria Safe Bristolia Safe Esbjerg Geographical area Moderately harsh env. Moderately harsh env. Harsh environment Mooring system 8 point wire winches 8 point wire winches 4 point wire winches Station…
39 Fleet overview Name Safe Britannia Safe Lancia Safe Hibernia Geographical area Harsh env. Moderately harsh env. Harsh environment Mooring system 9 point wire winches 8 point chain winches 12 point wire winches Station keeping…
40 Fleet overview Name Safe Regency Safe Concordia Jasminia Geographical area Harsh environment Benign environment Benign environment Mooring system 8 point wire winches 4 point wire winches 8 point wire winches Station keeping…
41 Financial calendar and IR contacts Financial calendar IR contact Cecilie Ouff Finance and IR Manager 1 March 2012 - Publication of fourth cecilie.ouff(a)prosafe.com quarter 2011/preliminary 2011 results Phone: +47 51 64 25 20…
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