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Q1 RESULTS – Dof Asa

Dof Asa · Apr 1, 2014 · 35 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. Q1 RESULTS – Dof Asa – slide 1
    Q1 Financial Presentation 2014 DOF ASA
  2. Q1 RESULTS – Dof Asa – slide 2
    Highlights
  3. Q1 RESULTS – Dof Asa – slide 3
    Highlights Q1 2014 Total Ebitda MNOK 960 and operational EBITDA MNOK 756 (MNOK 606) Lower subsea project activity in 1st quarter compared with previous quarter Weak utilisation on 3 PSVs, 6 AHTS and 3 CSV due to: Skandi Marstein…
  4. Q1 RESULTS – Dof Asa – slide 4
    Highlights Q1 2014 Skandi Seven 2 yrs extention with Subsea 7 firm until March 2017 Project contracts Ross Candies and Chloe Candies in Gulf of Mexico Several subsea contracts in the Asia Pacific and Atlantic region Skandi…
  5. Q1 RESULTS – Dof Asa – slide 5
    Overview Group
  6. Q1 RESULTS – Dof Asa – slide 6
    DOF ASA in brief Fleet 70 vessels in operation (PSV: 24, AHTS: 18, Subsea: 28) 7 newbuildings (AHTS: 2 Subsea: 5) Operates 58 ROVs Market value total fleet (100% basis) in operation at NOK 33.5 bn Average age of 8 years Value…
  7. Q1 RESULTS – Dof Asa – slide 7
    Company overview DOF ASA - Q1 Presentation 2014
  8. Q1 RESULTS – Dof Asa – slide 8
    The fleet market segment PSV AHTS Subsea Total fleet No. of vessels DOF ASA/DOF REDERI AS 19 3 3 25 NORSKAN OFFSHORE 5 12 2 19 DOF SUBSEA AS 0 0 25 25 DOF INSTALLER ASA 0 0 3 3 AKER DOF DEEPWATER AS 0 5 0 5 Total fleet…
  9. Q1 RESULTS – Dof Asa – slide 9
    Global player 31 4 2 28 9 Focus Region Norway Brazil US/Canada UK Asia Pacific Angola Marine Crew Total DOF employees 469 555 159 352 355 20 3 045 4 955 DOF ASA - Q1 Presentation 2014
  10. Q1 RESULTS – Dof Asa – slide 10
    Remaining newbuilding program Vessel Yard Delivery Type Contract Financing Skandi Angra Vard Brazil Q4 2014 AHTS 8 yrs Petrobras Funding secured Skandi Paraty Vard Brazil Q2 2015 AHTS 4 yrs Petrobras Funding secured Skandi TBN 800…
  11. Q1 RESULTS – Dof Asa – slide 11
    Financials
  12. Q1 RESULTS – Dof Asa – slide 12
    Result Q1 2014 ALLfigures All FIGURES IN NOKmillion in NOK MILLION Q1 2014 Q1 2013 2013 Comments Operating income 2 240 1 994 9 754 PSV: Operating expenses -1 486 -1 394 -6 651 88% utilisation rate PSV fleet Net profit/loss from…
  13. Q1 RESULTS – Dof Asa – slide 13
    P&L Q1 2014 Segments Amounts in NOK ALL FIGURES mill MILLION IN NOK PSV AHTS Subsea Total Q1 2014 Q1 2013 Q1 2014 Q1 2013 Q1 2014 Q1 2013 Q1 2014 Q1 2013 Operating income 296 272 266 335 1 678 1 387 2 240 1 994 Operating result…
  14. Q1 RESULTS – Dof Asa – slide 14
    Historical EBITDA excl asset sales 3 000 40% Operating revenue EBITDA 35% 2 500 30% 2 000 25% EBITDA Margin % MNOK 1 500 20% 15% 1 000 10% 500 5% - 0% Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3…
  15. Q1 RESULTS – Dof Asa – slide 15
    Balance Q1 2014 ALL FIGURES IN NOK MILLION Comments Amounts in NOK million 31.03.2014 31.03.2013 31.12.2013 ASSETS Intangible assets 758 693 781 Newbuildings represent instalments Vessel and other tangible assets 25 683 26 702 26 244…
  16. Q1 RESULTS – Dof Asa – slide 16
    Proportional consolidation - IFRS 11 RESULT 1 Quarter 2014 Proportional MNOK consolidation IFRS 11 impact IFRS 11 Operating income 2 240 -112 2 128 Operating expenses -1 486 31 -1 456 Net profit from associated and joint ventures 2…
  17. Q1 RESULTS – Dof Asa – slide 17
    Proportional consolidation - IFRS 11 BALANCE Balance 31.03.2014 Proportional MNOK consolidation IFRS 11 impact IFRS 11 ASSETS Intangible assets 758 -18 740 Tangible assets 26 637 -3 101 23 535 Non-current financial assets 284 1 287 1…
  18. Q1 RESULTS – Dof Asa – slide 18
    Cash Flow Q1 2014 (IFRS 11) ALL FIGURES IN NOK MILLION Q1 2014 Q1 2013 2013 Comments Q1 Cash from operating activities 571 380 2 602 Net interest paid -346 -364 -1 288 Taxes paid -8 -3 -29 Net Increased cash from Net cash from…
  19. Q1 RESULTS – Dof Asa – slide 19
    Key figures & Financial Compliance in Q1 2014 Q1 2014 Q1 2013 YTD 2013 FINANCIAL RESULT EBITDA margin 43 % 29 % 31 % EBITDA margin excl. net gain of assets 33 % 29 % 31 % EBIT margin 33 % 14 % 19 % Cashflow per share 1) 5,02 1,98 14,60…
  20. Q1 RESULTS – Dof Asa – slide 20
    Net interest bearing liabilities 31.03.2014 ALL FIGURES IN NOK MILLION Proportional consolidation IFRS 11 Bond loan 5 157 5 157 Debt to credit institutions 14 634 13 000 Total non-current interest bearing liabilities 19 790 18 157…
  21. Q1 RESULTS – Dof Asa – slide 21
    Debt maturity profile 3 500 Bank Debt Bond Balloons 3 000 2 500 2 000 DOF GROUP COUNTERPARTY DOF 1 500 EXPOSURE Q1 2014 1 000 500 26% 38% - 2014 2015 2016 2017 2018 After Bond Eca 36% Bank 3 500 Bank Debt Bond…
  22. Q1 RESULTS – Dof Asa – slide 22
    DOF ASA Asset coverage Combined market value DOF Group fleet including newbuild is NOK 37.95 bn (total value 100% NOK 45.1 bn) New-building program to be completed in 2017 (including 50% in 4 PLSVs) Asset-level gearing on the…
  23. Q1 RESULTS – Dof Asa – slide 23
    Contract Coverage
  24. Q1 RESULTS – Dof Asa – slide 24
    PSV Contract coverage PSV 2014 2015 2016 2017 2018 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 J F M A M J J A S O N D Skandi Falcon 1 Skandi M arstein 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2…
  25. Q1 RESULTS – Dof Asa – slide 25
    AHTS Contract coverage AHTS 2015 2016 2017 2018 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 J F M A M J J A S O N D Skandi Stord SPOT Supply Skandi Admiral 1 1 1 1 1 1 2 2 2 2 2 2 2…
  26. Q1 RESULTS – Dof Asa – slide 26
    CSV Contract coverage CSV 2014 2015 2016 2017 2018 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 J F M A M J J A S O N D Supply Skandi Olympia 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1…
  27. Q1 RESULTS – Dof Asa – slide 27
    Subsea Contract coverage Subsea 2014 2015 2016 2017 2018 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 J F M A M J J A S O N D Skandi Acergy 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1…
  28. Q1 RESULTS – Dof Asa – slide 28
    DOF Subsea
  29. Q1 RESULTS – Dof Asa – slide 29
    DOF Subsea Group In brief 1 800 40% Quarterly figures 1 600 35% 1 400 30% 19.4 % 1 200 25% CAGR NOK million 1 000 20% 800 * According to internal Management reporting 15% 600 10% Key figures 400 27.7 % CAGR 200 5%…
  30. Q1 RESULTS – Dof Asa – slide 30
    Key credit metrics Interest Coverage NIBD/EBITDA 2,50 12,00 2,00 10,00 8,00 1,50 6,00 1,00 4,00 0,50 2,00 - - 2009 2010 2011 2012 2013 Last 4 2009 2010 2011 2012 2013 Last 4 Qs Qs NIBD/Total assets Debt/Total assets 1,00…
  31. Q1 RESULTS – Dof Asa – slide 31
    DOF Subsea Projects PTSC Lamson FPSO Mooring Installation Location 120km east of Vung Tau, Offshore Vietnam Skandi Hercules, Skandi Singapore, two third party AHTS and a third party Tug & Barge from Q3 2013 to Q2 2014 Project…
  32. Q1 RESULTS – Dof Asa – slide 32
    DOF Subsea Projects OMV Emergency FPSO Mooring System Repair Skandi Singapore Q1 12 &13, Skandi Hercules, Skandi Skansen, Skandi Atlantic, Skandi Emerald Q3 & Q4 13 Initially routine IRM scope including saturation diving in NZ.…
  33. Q1 RESULTS – Dof Asa – slide 33
    DOF Subsea Projects Operating income by segment o DOF Subsea has built a global 7 000 7 000 project organisation over the last 9 years 6 000 6 000 o DOF Subsea has developed the project business gradually 5 000 5 000 o Increased…
  34. Q1 RESULTS – Dof Asa – slide 34
    Outlook Brazil: We expect increased demand for our vessels and services. We expect a substantial increase in day rates compared to old contracts. North Sea: We expect a volatile AHTS market in 2014. We expect high utilisation and…
  35. Q1 RESULTS – Dof Asa – slide 35
    Thank you Presented by Mons Aase - CEO Hilde Drnen - CFO

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