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Q1 2014 CONFERENCE CALL – Odfjell Drilling

Odfjell Drilling · May 23, 2014 · 22 slides

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Slides

  1. Q1 2014 CONFERENCE CALL – Odfjell Drilling – slide 1
    Q1 2014 Presentation
  2. Q1 2014 CONFERENCE CALL – Odfjell Drilling – slide 2
    Contents Financial performance highlights Highlights and material events Segment reporting Financial information Summary Page 2
  3. Q1 2014 CONFERENCE CALL – Odfjell Drilling – slide 3
    Financial performance highlights Group Operating Revenues (USD million) Group EBITDA (USD million) Odfjell Drilling reports for Q1 2014: Operating Revenues of USD 274 million EBITDA of USD 75 million Profit before tax of USD…
  4. Q1 2014 CONFERENCE CALL – Odfjell Drilling – slide 4
    Highlights and material events Q1 2014 Newbuild project Deepsea Aberdeen recovered after water ingress incident at yard. Revised time schedule gives expected delivery from yard in October/November 2014 with commencement of drilling…
  5. Q1 2014 CONFERENCE CALL – Odfjell Drilling – slide 5
    Segment reporting - Mobile Offshore Drilling Units (MODU) highlights MODU Highlights MODU Q1 2014 Operating Revenue of USD 180 million Q1 2014 EBITDA of 73 million Q1 2014 EBITDA margin of 41% Firm contract backlog of USD 2,019…
  6. Q1 2014 CONFERENCE CALL – Odfjell Drilling – slide 6
    MODU - Dayrates, contract status and options Location Current day rate Drilling unit Contract status /operator (USD/day)1 Deepsea Angola 420,000 / Stavanger BP Angola 540,000 Deepsea NCS 560,839 / 586k Atlantic Statoil…
  7. Q1 2014 CONFERENCE CALL – Odfjell Drilling – slide 7
    Segment reporting - Platform Drilling and Technology highlights Platform Drilling and Technology Highlights Drilling & Technology Q1 2014 Operating Revenue of USD 78 million Q1 2014 negative EBITDA of USD 1 million Q1 2014 negative…
  8. Q1 2014 CONFERENCE CALL – Odfjell Drilling – slide 8
    Platform Drilling contracts Customer Platforms Contract period 7 NO platforms1 Mariner Bressey Brage 6 UK platforms2 Harding 5 UK platforms3 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022…
  9. Q1 2014 CONFERENCE CALL – Odfjell Drilling – slide 9
    Segment reporting - Well Services highlights Well Services Highlights Well Services Q1 2014 Operating Revenue of USD 53 million Q1 2014 EBITDA of USD 24 million Q1 2014 EBITDA-margin of 45% Casing and tubular running services…
  10. Q1 2014 CONFERENCE CALL – Odfjell Drilling – slide 10
    Market outlook Satisfactory fundamental long-term demand for the Groups services but expect softer near term market MODU Softer near term DW and UDW market slowdown of oil companies E&P spending increase in UDW rig supply…
  11. Q1 2014 CONFERENCE CALL – Odfjell Drilling – slide 11
    Earnings visibility through USD 2.8 billion firm order backlog Total revenue backlog per year (for firm contracts and priced option periods)1 USD million Firm contracts USD 2.8 billion Priced options USD 2.0 billion Total backlog…
  12. Q1 2014 CONFERENCE CALL – Odfjell Drilling – slide 12
    Financial information
  13. Q1 2014 CONFERENCE CALL – Odfjell Drilling – slide 13
    Group summary financials Condensed consolidated income statement P&L - (USD million) Q1 14 Q1 13 FY 13 Operating revenue 274 296 1 174 Other gains/losses 2 0 22 Share of profit/(loss) from joint ventures -2 -2 0 Personnel expenses -136…
  14. Q1 2014 CONFERENCE CALL – Odfjell Drilling – slide 14
    Segment reporting - MODU financials MODU Key Financials (USD million) Condensed P&L - (USD million) Q1 14 Q1 13 FY 13 Operating revenue 180 185 762 EBITDA 73 80 338 Depreciation and impairments -36 -33 -134 EBIT 37 47 205 1 Book…
  15. Q1 2014 CONFERENCE CALL – Odfjell Drilling – slide 15
    Segment reporting - Drilling & Technology financials Drilling and Technology Key Financials (USD million) Condensed P&L - (USD million) Q1 14 Q1 13 FY 13 Operating revenue 78 88 352 EBITDA -1 5 25 Depreciation and impairments -1 -1…
  16. Q1 2014 CONFERENCE CALL – Odfjell Drilling – slide 16
    Segment reporting - Well Services financials Well Services Key Financials (USD million) Condensed P&L - (USD million) Q1 14 Q1 13 FY 13 Operating revenue 53 61 227 EBITDA 24 29 105 Depreciation and impairments -8 -11 -38 EBIT 15 17…
  17. Q1 2014 CONFERENCE CALL – Odfjell Drilling – slide 17
    Group - Eliminations & Reconciliation Group Eliminations & Reconciliation (USD million) Q1 14 Q1 13 FY 13 Operating revenue -37 -38 -167 EBITDA -21 -25 -76 EBIT -13 -17 -44 EBIT for reportable segments 49 68 292 Corporate overheads -3…
  18. Q1 2014 CONFERENCE CALL – Odfjell Drilling – slide 18
    Deep Sea Metro financials Deep Sea Metro Ltd Group - Key financials (100% basis) Condensed figures - (USD million) Q1 14 Q1 13 FY 13 Total income 80 82 359 Operating expenses -60 -60 -243 At 31 March 2014 the total gross interest…
  19. Q1 2014 CONFERENCE CALL – Odfjell Drilling – slide 19
    Summary statement of financial position Group statement of financial position Assets (USDm) 31 Mar 2014 31 Mar 2013 31 Dec 2013 Equity and liabilities (USDm) 31 Mar 2014 31 Mar 2013 31 Dec 2013 Intangible assets 27 31 27 Total paid-in…
  20. Q1 2014 CONFERENCE CALL – Odfjell Drilling – slide 20
    Summary statement of cash flow Group statement of cash flow Cash Flow - (USDm) Q1 14 Q1 13 FY 13 Profit before income tax 27 28 171 Cash from operations 88 82 339 Interest paid -13 -13 -56 Income tax paid -19 -14 -37 Net cash from…
  21. Q1 2014 CONFERENCE CALL – Odfjell Drilling – slide 21
    Summary Earnings visibility through USD 2.8 billion of firm order backlog Softer near term market outlook for the MODU segment Well Services segment less exposed to short-term market fluctuations Reduced near term demand for…
  22. Q1 2014 CONFERENCE CALL – Odfjell Drilling – slide 22
    President & CEO Simen Lieungh EVP & CFO Atle Sb Investor relations Lasse H. Johannesen, lajodfjelldrilling.com, +47 55 92 11 01 / +47 995 06 908 Press contact Gisle Johanson, gijoodfjelldrilling.com, +47 414 40 050 Next event:…

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