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Q2 2013 EARNINGS CALL – Dof Asa

Dof Asa · Aug 22, 2013 · 37 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. Q2 2013 EARNINGS CALL – Dof Asa – slide 1
    Q2 Financial Presentation 2013 DOF ASA
  2. Q2 2013 EARNINGS CALL – Dof Asa – slide 2
    Agenda Highlights Overview Group Financials DOF Subsea update Outlook DOF ASA - Q2 Presentation 2013
  3. Q2 2013 EARNINGS CALL – Dof Asa – slide 3
    Highlights Q2 2013 All time high EBITDA MNOK 770 The newbuild Skandi Bergen started on its first project (Banff) in June Improved spot market in the North Sea Operational Good utilisation for the subsea project fleet in May &…
  4. Q2 2013 EARNINGS CALL – Dof Asa – slide 4
    Highlights Q2 2013 Several subsea contracts in the Atlantic region, including increased work scope on the Banff project, increasing the utilisation of the vessels Geosund, Geoholm, Skandi Skolten and Skandi Bergen Several subsea…
  5. Q2 2013 EARNINGS CALL – Dof Asa – slide 5
    State-of-the-art PLSVs DOF ASA Q2 Presentation 2013 5 5
  6. Q2 2013 EARNINGS CALL – Dof Asa – slide 6
    PLSV contracts Mons S. Aase, DOF Subseas Chief Executive Officer, declared: The contracts confirm that our co-operation with Technip on the Skandi Vitria and Skandi Niteri have been successful, and reinforces our position as a leading…
  7. Q2 2013 EARNINGS CALL – Dof Asa – slide 7
    PLSV key information PLSV 1+2 PLSV 3+4 To be built in Brazil To be built in Norway, Sviknes Delivered Q4 2016 and Q2 2017 Delivered Q2 2016 and Q4 2016 Design 316 Design 305 Type Pipe Lay support Type Pipe Lay support LOA 140 m…
  8. Q2 2013 EARNINGS CALL – Dof Asa – slide 8
    PLSV financial information DOF Subsea part of CAPEX approx. USD 625 million Contract 8 + 8 years Norskan will provide Marine Services Approx. USD 110 million in annual EBITDA contribution for DOF Subsea when all vessels are in…
  9. Q2 2013 EARNINGS CALL – Dof Asa – slide 9
    Overview Group DOF ASA - Q2 Presentation 2013
  10. Q2 2013 EARNINGS CALL – Dof Asa – slide 10
    DOF ASA in brief Fleet 70 vessels in operation (PSV: 23, AHTS: 17, Subsea: 30) 8 Newbuildings (AHTS: 3 Subsea: 5) Operates 52 ROVs Market value total fleet at NOK 46 bn Average age of 7 years Value adjusted fleet age of 4 years…
  11. Q2 2013 EARNINGS CALL – Dof Asa – slide 11
    Company overview DOF ASA Q2 Presentation 2013 11
  12. Q2 2013 EARNINGS CALL – Dof Asa – slide 12
    The fleet market segment PSV AHTS Subsea Total fleet No. of vessels DOF ASA/DOF REDERI AS 18 3 4 25 NORSKAN OFFSHORE 5 12 2 19 DOF SUBSEA AS 0 0 26 26 DOF INSTALLER ASA 0 0 3 3 AKER DOF DEEPWATER AS 0 5 0 5 Total fleet…
  13. Q2 2013 EARNINGS CALL – Dof Asa – slide 13
    Global player Focus regions 33 Austevoll Bergen Aberdeen Moscow St. Johns Houston 2 Manila Singapore 2 Brunei 8 Angola Jakarta 25 Darwin Macae Perth Rio de Janeiro Melbourne Buenos Aires DOF Group employees…
  14. Q2 2013 EARNINGS CALL – Dof Asa – slide 14
    Remaining newbuilding program Vessel Yard Delivery Type Contract Financing Skandi Urca Vard Brazil Q4 2013 AHTS 8 yrs Petrobras Funding secured Skandi Angra Vard Brazil Q2 2014 AHTS 8 yrs Petrobras Funding secured Skandi Paraty Vard…
  15. Q2 2013 EARNINGS CALL – Dof Asa – slide 15
    Financials DOF ASA - Q2 Presentation 2013
  16. Q2 2013 EARNINGS CALL – Dof Asa – slide 16
    Result Q2 2013 AllALL figures in NOK FIGURES IN million NOK MILLION Q2 2013 Q2 2012 YTD Q2 2013 YTD Q2 2012 Comments Operating income 2 493 2 119 4 487 3 987 All time high revenue ( high project Operating expenses -1 728 -1 376 -3 123…
  17. Q2 2013 EARNINGS CALL – Dof Asa – slide 17
    P&L Q2 2013 Supply and Subsea ALL FIGURES IN NOK MILLION Amounts in NOK mill PSV AHTS Subsea Total Q2 2013 Q2 2012 Q2 2013 Q2 2012 Q2 2013 Q2 2012 Q2 2013 Q2 2012 Operating income 283 243 338 307 1 872 1 569 2 493 2 119 Operating…
  18. Q2 2013 EARNINGS CALL – Dof Asa – slide 18
    Financial result Q2 2013 ALL FIGURES IN NOK MILLION Financial items Q2 2013 Q2 2012 YTD Q2 2013 YTD Q2 2012 Comments Share of loss profit from associated 3 1 9 1 Interest reveneue 13 13 28 35 Interest costs -346 -300 -690 -625 Realized…
  19. Q2 2013 EARNINGS CALL – Dof Asa – slide 19
    Historical EBITDA excl asset sales 3 000 50% Operating revenue EBITDA EBITDA margin 45% 2 500 40% 35% 2 000 MNOK 30% 1 500 25% 20% 1 000 15% 10% 500 5% - 0% Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011…
  20. Q2 2013 EARNINGS CALL – Dof Asa – slide 20
    Balance Q2 2013 Amounts in NOK million ALL FIGURES IN NOK MILLION 30.06.2013 30.06.2012 31.12.2012 Comments ASSETS Intangible assets 784 564 704 Vessel and other tangible assets 26 839 24 877 26 179 One vessel delivered in Q2 2013…
  21. Q2 2013 EARNINGS CALL – Dof Asa – slide 21
    Net interest bearing debt 30.06.2013 30.06.2012 31.12.2012 Non-current interest bearing liabilities Bond loan 4 411 3 520 4 164 Debt to credit institutions 17 096 16 379 16 592 Total non-current interest bearing liabilites 21 507…
  22. Q2 2013 EARNINGS CALL – Dof Asa – slide 22
    Key figures Q2 2013 Q2 2013 Q2 2013 YTD Q2 2013 YTD Q2 2012 2012 FINANCIAL RESULT EBITDA margin ex net gain on sale of vessel 31 % 35 % 30 % 34 % 34 % EBITDA margin 31 % 45 % 31 % 39 % 37 % EBIT margin 19 % 32 % 17 % 26 % 23 % Cashflow…
  23. Q2 2013 EARNINGS CALL – Dof Asa – slide 23
    Cash flow Q2 2013 Amounts in NOK ALL FIGURES million IN NOK MILLION YTD Q2 2013 YTD Q2 2012 2012 Comments Net cash from operating activities 219 761 1 182 Cash from operation is effected by increased working capital of MNOK 370 in…
  24. Q2 2013 EARNINGS CALL – Dof Asa – slide 24
    Debt maturity profile 4 000 Bond Loan Bank Debt Balloons 3 538 DOF Supply 3 500 3 000 DOF 07* DOF 08 - NOK 950 million - NOK 600 million 2 500 - Maturity July 2013 - Maturity Mar 2015 2 000 - Net NOK 132 million 1 500 DOF 09…
  25. Q2 2013 EARNINGS CALL – Dof Asa – slide 25
    DOF ASA Asset coverage Combined market value DOF Group fleet including newbuild is NOK 39.4 bn (total value 100% NOK 46 bn) New-building program to be completed in 2017 (including 50% in 4 PLSVs) Asset-level gearing on the existing…
  26. Q2 2013 EARNINGS CALL – Dof Asa – slide 26
    Contract Coverage DOF ASA - Q2 Presentation 2013
  27. Q2 2013 EARNINGS CALL – Dof Asa – slide 27
    PSV Contract coverage PSV 2013 2014 2015 2016 2017 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 2 2 2 2 2 Skandi M arstein 1 1 1 1 1 1 1 2 2 2 2 2 2…
  28. Q2 2013 EARNINGS CALL – Dof Asa – slide 28
    AHTS Contract coverage AHTS 2013 2014 2015 2016 2017 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 SPOT Supply Skandi Admiral 1 1 1 1 1 1 1 1 1 1 1 1 1…
  29. Q2 2013 EARNINGS CALL – Dof Asa – slide 29
    CSV Contract coverage CSV 2013 2014 2015 2016 2017 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 Fjord 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2…
  30. Q2 2013 EARNINGS CALL – Dof Asa – slide 30
    Subsea Contract coverage FIRM CONTRACTS OPTIONAL PERIOD UNDER CONSTRUCTION CSV 2013 2014 2015 2016 2017 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…
  31. Q2 2013 EARNINGS CALL – Dof Asa – slide 31
    DOF Subsea DOF ASA - Q2 Presentation 2013
  32. Q2 2013 EARNINGS CALL – Dof Asa – slide 32
    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…
  33. Q2 2013 EARNINGS CALL – Dof Asa – slide 33
    DOF Subsea Group In brief Quarterly figures 1 800 40% 1 600 35% 1 400 30% 21.2 % CAGR 1 200 25% NOK million 1 000 20% 800 15% 600 10% Key figures 400 15.5 % CAGR 5% Back-log incl. options NOK 29 971 million 200…
  34. Q2 2013 EARNINGS CALL – Dof Asa – slide 34
    Markets Brazil The Brazilian OSV market is picking up after a slow 2012 with several contract awards. We expect the demand for all types of vessels to increase. North Sea AHTS We expect the spot market the remaining Q3 to be…
  35. Q2 2013 EARNINGS CALL – Dof Asa – slide 35
    Outlook Subsea Healthy fundamentals for offshore activity Demand Supply High oil price Increasing number of high-end Expected 6-8% growth in E&P newbuilds spending in 2013 and 2014 Limited growth in supply of engineering Increased…
  36. Q2 2013 EARNINGS CALL – Dof Asa – slide 36
    Outlook for 2013 Ebitda guidance: Q3: We expect better numbers in Q3 compared to Q2 2013: We repeat the guidance given in February 2013; i.e. MNOK 3 000 3 400 full year Ebitda DOF ASA Q2 Presentation 2013 36
  37. Q2 2013 EARNINGS CALL – Dof Asa – slide 37
    Thank you Thank Thankyou Thank you you Presented by Mons Aase - CEO Hilde Drnen - CFO

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