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Q2 2014 RESULTS – North Atlantic Drilling Limited

North Atlantic Drilling Limited · Aug 27, 2014 · 21 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 2014 RESULTS – North Atlantic Drilling Limited – slide 1
    North Atlantic Drilling Ltd. Second quarter 2014 results August 27, 2014 The leading driller in the North Atlantic region
  2. Q2 2014 RESULTS – North Atlantic Drilling Limited – slide 2
    Second Quarter Call Agenda Highlights second quarter 2014 Backlog and market Second quarter 2014 financials Summary Q&A The leading driller in the North Atlantic region 3
  3. Q2 2014 RESULTS – North Atlantic Drilling Limited – slide 3
    Second quarter 2014 key financials EBITDA* US154 million EBITDA margin** 57 percent Net Income US59.7 million EPS**** US0.24 Accumulated dividends since inception in Feb. 2011 Dividend US 0.24 Total dividend…
  4. Q2 2014 RESULTS – North Atlantic Drilling Limited – slide 4
    Second quarter 2014 operations highlights Successful startup for West Linus West Alpha on transit to operate in the Kara Sea. Has thereafter started drilling according to the drilling plan Back on track with 98 percent…
  5. Q2 2014 RESULTS – North Atlantic Drilling Limited – slide 5
    Partnership with Rosneft Investment and Co-operation Agreement for drilling operations offshore and onshore Russia until at least 2022 entered into in May 2014 Contracts for 5 offshore drilling rigs totaling US4.1 million of order…
  6. Q2 2014 RESULTS – North Atlantic Drilling Limited – slide 6
    Highlights first quarter 2014 Backlog and market Second quarter 2014 financials Summary Q&A The leading driller in the North Atlantic region 7
  7. Q2 2014 RESULTS – North Atlantic Drilling Limited – slide 7
    Fleet contract coverage Contract status Current dayrate Rig Client (USk/day) 2014 2015 2016 2017 2018 2019 2020 West 537/552 552 to Q2 2021/2022 Alpha West 448 Venture West 465 Phoenix West 503 Operated and managed by…
  8. Q2 2014 RESULTS – North Atlantic Drilling Limited – slide 8
    with US6.3 Bn Backlog to High Quality Customers Strong contract backlog of US6.3 Bn with Customer Credit investment grade customers Moody's1 S&P1 Rating Differentiated by premium harsh environment assets Rosneft Baa1 BBB- and…
  9. Q2 2014 RESULTS – North Atlantic Drilling Limited – slide 9
    Russian Arctic and Rosneft partnership Kara Sea Currently three blocks being explored by a JV between Rosneft and ExxonMobil Estimated recoverable resources1: 45.9bn boe of oil 14.59bn m3 of gas West Alpha drilling the University-1…
  10. Q2 2014 RESULTS – North Atlantic Drilling Limited – slide 10
    Market for older floaters in Norway and in the UK Norwegian floater market: Rigs currently in Norway: 25 Newbuilds with contracts in Norway: 4 Norway average Rigs confirmed to leave in 14/15: 5* floater age: High potential leavers…
  11. Q2 2014 RESULTS – North Atlantic Drilling Limited – slide 11
    Expected Harsh Environment Projects Norway Johan Sverdrup, Johan Castberg, Maria, Zidane, Luva, Snhvit, Bream, Barents Sea exploration UK/West of Shetland Laggan/Toremore OMV et. al. plus Nexen requirements Russia/Arctic Rosneft…
  12. Q2 2014 RESULTS – North Atlantic Drilling Limited – slide 12
    Highlights second quarter 2014 Backlog and market Second quarter 2014 financials Summary Q&A The leading driller in the North Atlantic region 13
  13. Q2 2014 RESULTS – North Atlantic Drilling Limited – slide 13
    Financial reporting highlights Q2 2014 Q1 2014 EBITDA US154 m US119 m Earnings per share US0.24 US0.08 Operating profit US105 m US71m Financial items US(42) m US(48) m Cash flow from operating activities US12 m US32 m…
  14. Q2 2014 RESULTS – North Atlantic Drilling Limited – slide 14
    Operating Income - Total 2Q14 1Q14 4Q13 3Q13 Unaudited accounts in USD millions Contract revenues 269 226 271 293 Reimbursables 58 32 27 28 Related party revenues 16 16 12 - Total operating revenues 343 274 310 321 Vessel and rig…
  15. Q2 2014 RESULTS – North Atlantic Drilling Limited – slide 15
    Net Income - Total 2Q14 1Q14 4Q13 3Q13 Unaudited accounts in USD millions Net operating income 105 71 89 93 Financial items Interest expense (27) (23) (24) (21) Gain / (loss) on derivatives (19) 5 (16) (3) Other financial items 4…
  16. Q2 2014 RESULTS – North Atlantic Drilling Limited – slide 16
    Balance Sheet - Assets June March December September 30, 2014 31, 2014 31, 2013 30, 2013 Current assets Cash and cash equivalents 81 114 84 116 Restricted cash 14 9 25 19 Accounts receivables, net 272 198 222 256 Related party…
  17. Q2 2014 RESULTS – North Atlantic Drilling Limited – slide 17
    Balance Sheet Liabilities and Shareholders Equity June March December September 30, 2014 31, 2014 31, 2013 31, 2013 Current liabilities Current portion of long-term debt 218 206 167 167 Related party liabilities 18 50 13 7 Tax payable…
  18. Q2 2014 RESULTS – North Atlantic Drilling Limited – slide 18
    Company profile Highlights second quarter 2014 Backlog and market Second quarter 2014 financials Summary Q&A The leading driller in the North Atlantic region 19
  19. Q2 2014 RESULTS – North Atlantic Drilling Limited – slide 19
    Summary Record High Contract Backlog of US6.3bn Quarterly cash dividend distribution Committed growth The Russian opportunity EBITDA1 2014: West Linus US80 million 2015: West Rigel US125 million 2017: 2xHE JUs US160…
  20. Q2 2014 RESULTS – North Atlantic Drilling Limited – slide 20
    Company profile Highlights second quarter 2014 Backlog and market Second quarter 2014 financials Summary Q&A The leading driller in the North Atlantic region 21
  21. Q2 2014 RESULTS – North Atlantic Drilling Limited – slide 21
    North Atlantic Drilling Ltd. Second quarter 2014 results August 27, 2014 The leading driller in the North Atlantic region

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