Disclaimer This presentation is being made only to, and is only directed at, persons to whom such presentation may lawfully be communicated (relevant persons). Any person who is not a relevant person should not act or rely on these…
Highlights Announcement of USD 1.10 dividend Total Q4 Revenue USD 61.4 million; EBITDA USD 40.5 million Q4 Opex per rig approx. USD 88,700 per day Total contract backlog at end of Q4 was USD 762 million Revenue efficiency…
2. Q4 2013 and Preliminary Full-Year 2013 Financial Results
Q4 2013 Income Statement Condensed statement of comprehensive income in USD thousands, except earnings per share Full Year Full Year Q4 2013 2013 Q4 2012 2012 (unaudited) (unaudited) (unaudited) (audited) Contract revenue 60,733…
Q4 2013 Balance Sheet Condensed statement of financial position in USD thousands 31.12.2013 31.12.2012 (unaudited) (audited) Rigs, machinery and equipment 245,279 250,173 Deferred tax asset 2,763 853 248,042 251,026 Trade and…
3. Operational Update
Contract Status Current Backlog USD 724 million* AWILCO DRILLING PLC CONTRACT STATUS 2013 2014 June July Aug Sept Oct Nov Dec Jan Feb March April May June July Aug Sept Oct Nov Dec WILHUNTER : Hess 360,000 385,000…
Operational Performance Good operational performance in Q4 with 98.5% operational uptime Adverse weather conditions caused extensive waiting-on-weather Continued positive customer feedback Opex in Q4 close to guiding for 2013…
Dividend Distribution Announcement of dividend payable in Q1 of USD 1.10 per share Dividend payable on or around the 20th March 2014 Share will trade ex-dividend on 4th March 2014, the record date will be 6th March Future…
4. Market Outlook
Dayrates and Contract Duration remain Attractive in the UK Market Source: Fearnley Fonds and IHS Petrodata 14
Limited Influx of Rigs to the UK and Limited Orderbook should keep the Market in Balance Source: Fearnley Offshore 15
The UK Market is close to Sold Out until mid-2015 UK FLOATER MARKET CONTRACT STATUS 2014 2015 2016 Company Rig name Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug…
Why do we expect the UK market to be tight beyond mid-2015 Sustained high oil price well above investment triggers is under-pinning operator confidence UK Government has set out a new vision to maximise the recovery of hydrocarbon…
5. Summary
Summary Market fundamentals remain positive Solid current contract backlog of USD 724 million Continued focus on operational efficiency Announcement of dividend payable in Q1 of USD 1.10 Evaluating growth opportunities on a…
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