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SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Paragon Offshore Plc

Paragon Offshore Plc · Mar 23, 2015 · 25 slides

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Slides

  1. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Paragon Offshore Plc – slide 1
    Scotia Howard Weil 43rd Annual Energy Conference March 23-26, 2015 New Orleans, LA www.paragonoffshore.com
  2. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Paragon Offshore Plc – slide 2
    Agenda Introducing Paragon Offshore Paragons Acquisition of Prospector Offshore Market Considerations Conclusion Paragon C461 www.paragonoffshore.com 3
  3. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Paragon Offshore Plc – slide 3
    Overview of Paragon Offshore Business Overview Worldwide Offshore Presence North Sea Offshore contract drilling services provider Semis: 1 Jackups: 9 Canada Hibernia Spin-off from Noble Corporation completed Platform…
  4. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Paragon Offshore Plc – slide 4
    Paragons Accomplishments Generated 438 MM of EBITDA & 291 MM of Cash in 3Q14 and 4Q14 Added 454 MM of Backlog on Standard Specification Rigs since the Spin-off Acquired Prospector Offshore, adding of Backlog on354 MM Two New…
  5. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Paragon Offshore Plc – slide 5
    Paragons Strategy Deliver reliable, safe, cost-efficient operations Match our assets to customers in fit-for-purpose applications while maintaining industry-leading utilization Manage our costs to preserve flexibility in changing…
  6. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Paragon Offshore Plc – slide 6
    Prospector Transaction Closed Concluded acquisition of all remaining shares February 23, 2015; Purchased PROS shares with existing cash and Revolver (no additional equity) Will request that PROS be delisted from the Oslo Brs Prospector…
  7. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Paragon Offshore Plc – slide 7
    Contract Overview and Delivery Schedule of Prospector Offshores Rigs PROSPECTOR 1 has a firm charter duration of 730 days, plus one 1-year option and four 6-month options with Total The total revenue backlog for firm period is…
  8. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Paragon Offshore Plc – slide 8
    Paragons Contract Coverage March 2015 Fleet Status Jackup Floater Prospector 2015 2016 2017 Rig Name Region 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 L1112 (NEH) India M1161 (NCY) Arabian Gulf L786 (NKD)…
  9. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Paragon Offshore Plc – slide 9
    2.0 Billion of Backlog Including Prospector as of 02/28/15 in millions Backlog by Customer as of 02/28/15 800 Gaz de Other, France, Wintershall, 11% 4% 4% Nexen, 4% Petrobras 602 35% 600 ADMA- OPCO, 5% Pemex, 6% Total,…
  10. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Paragon Offshore Plc – slide 10
    Industry-Leading Safety and Quality Performance Commitment to Safety and Quality Strong Safety Record Customers recognize our commitment to safety and performance 1.00 2014 Paragon TRIR1 25% lower than 0.81 International Association…
  11. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Paragon Offshore Plc – slide 11
    Newbuild Jackup Orders According to IHS March 17, 2015 128 Anticipated Jackup Deliveries 160 128 11 120 17 100 60 80 None built 30 40 in China 10 0 Total Newbuilds to be Contracted Rigs Rigs on Order/ Rigs Under China…
  12. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Paragon Offshore Plc – slide 12
    Number and Status of Jackup Rigs in Service In- Service Before 2000 Number of Units by Type Independent Cantilevers 321 Total Mat and Slot Rigs 300 257 33 2 10 250 11 Concentrated ownership (HERO 21 200 owns 20 of 33 mat…
  13. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Paragon Offshore Plc – slide 13
    Paragons Standard Specification Activity at a Glance Split by Rig Activity Rigs surveyed in January 100% 6 3 2015; results reflect most 13 14 20 27 80% 31 50 41 recent 10 well activities 30 60% 46 65 40% 68 Significant workover…
  14. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Paragon Offshore Plc – slide 14
    Newbuild Floater Orders According to IHS March 18, 2015 86 Anticipated Floater Deliveries 120 56 Ships, 30 Semis 86 46 7 rigs cancelled by 80 EAS in Brazil 12 28 40 13 11 4 0 Total Newbuilds Contracted Rigs Rigs on Order-…
  15. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Paragon Offshore Plc – slide 15
    PeopleA Key Ingredient for Success and an Advantage for Paragon With 128 jackups and 86 floaters under construction, the industry needs to add a significant number of people to crew these units At an average of 100 people per rig, we…
  16. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Paragon Offshore Plc – slide 16
    Debt Maturity Profile In Millions 800 154 700 600 500 400 646 300 609 527 200 457 100 2 7 7 7 7 7 0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Avail. Revolver at 12/31/14 Revolver drawn at 12/31/14 Term…
  17. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Paragon Offshore Plc – slide 17
    Conclusion www.paragonoffshore.com 18
  18. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Paragon Offshore Plc – slide 18
    2015 Priorities for Paragon Continue Safe, Reliable, Efficient Operations Control and Reduce Costs Stack idle rigs without long-term prospects quickly to lower operating and capital costs Target 10% reduction in G&A and shorebase cost…
  19. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Paragon Offshore Plc – slide 19
    Why Paragon Offshore Significant Scale, Size, and Expertise High Quality, Low Cost Drilling Contractor Strong Backlog and Established Diverse Customer Base Well-Maintained Workhorse Fleet of Rigs Opportunistic…
  20. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Paragon Offshore Plc – slide 20
    NYSE Listed: PGN 3151 Briarpark Drive Houston, TX 77042 832.783.4000 For additional information, contact: Lee M. Ahlstrom SVP-Investor Relations, Strategy & Planning lahlstromparagonoffshore.com www.paragonoffshore.com
  21. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Paragon Offshore Plc – slide 21
    Appendix www.paragonoffshore.com 22
  22. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Paragon Offshore Plc – slide 22
    4Q14 Adjusted Net Income (Non-GAAP) to Net Income (GAAP) PARAGON OFFSHORE PLC RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (In thousands, except per share amounts) (Unaudited) The following tables sets forth the…
  23. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Paragon Offshore Plc – slide 23
    4Q14 As Adjusted Measures (Non-GAAP) to As Reported Measures (GAAP) (In thousands, except operating statistics) (Unaudited) As Reported Rigs Retained or Sold by Noble As Adjusted Three Months Ended Three Months Ended Three Months…
  24. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Paragon Offshore Plc – slide 24
    4Q14 As Reported and As Adjusted Operational Information PARAGON OFFSHORE PLC OPERATIONAL INFORMATION (In thousands, except operating statistics) (Unaudited) As Reported Rigs Retained or Sold by Noble As Adjusted Three Months…
  25. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Paragon Offshore Plc – slide 25
    December 31, 2014 Summary Balance Sheet Assets (in thousands) Cash 69,274 Total Current Assets 713,294 PPE, Net 2,410,360 Other Assets 129,735 Total Assets 3,253,389 Liabilities and Equity Total Current Liabilities…

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