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SBERBANK CIB RUSSIA THE INSIDE TRACK 1 1 CONFERENCE – Eurasia Drilling Company Limited

Eurasia Drilling Company Limited · Sep 5, 2013 · 27 slides

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Slides

  1. SBERBANK CIB RUSSIA THE INSIDE TRACK 1 1 CONFERENCE – Eurasia Drilling Company Limited – slide 1
    EURASIA DRILLING COMPANY LTD EURASIA DRILLING COMPANY LTD Sberbank CIB Russia: The Inside Track 1-1 Conference London September 5-6, 2013 1
  2. SBERBANK CIB RUSSIA THE INSIDE TRACK 1 1 CONFERENCE – Eurasia Drilling Company Limited – slide 2
    Agenda 1. EDC at a glance 2. 2013 Outlook 3. Market 4. Operations 5. Financial performance 3
  3. SBERBANK CIB RUSSIA THE INSIDE TRACK 1 1 CONFERENCE – Eurasia Drilling Company Limited – slide 3
    EDC at a glance The largest drilling company in Russia and the CIS 1H 2013 Change Revenues US 1.7 billion +7.6% EBITDA US 441 million +17% EBITDA margin 26% +2.1 pp Net Income US 217 million +14.8% Operating Statistics 3,039,245…
  4. SBERBANK CIB RUSSIA THE INSIDE TRACK 1 1 CONFERENCE – Eurasia Drilling Company Limited – slide 4
    History constant steady growth Schlumberger (SLB) asset transaction Ordered MERCURY Meters drilled, thsd m and strategic alliance in Russia and CIS jack-up from Lamprell 20% CAGR (19 drilling, 23 sidetrack & 34 W/O rigs) (Q4 2014…
  5. SBERBANK CIB RUSSIA THE INSIDE TRACK 1 1 CONFERENCE – Eurasia Drilling Company Limited – slide 5
    Geographic presence Head Office Regional/Branch Office Support Base Operational Areas TIMAN-PECHORA EASTERN Usinsk SIBERIA Kogalym WESTERN Moscow Russia SIBERIA Tyumen VOLGA-URALS Kaliningrad Tomsk Zhirnovsk Kazakhstan…
  6. SBERBANK CIB RUSSIA THE INSIDE TRACK 1 1 CONFERENCE – Eurasia Drilling Company Limited – slide 6
    Agenda 1. EDC at a glance 2. 2013 Outlook 3. Market 4. Operations 5. Financial performance 7
  7. SBERBANK CIB RUSSIA THE INSIDE TRACK 1 1 CONFERENCE – Eurasia Drilling Company Limited – slide 7
    2013 Outlook Summary 2013 financial guidance Total revenues for 2013 are expected to be in excess of US 3.55 billion. EBITDA margin should be approximately 26% for the full year of 2013. Onshore Drilling and Workover Services Onshore…
  8. SBERBANK CIB RUSSIA THE INSIDE TRACK 1 1 CONFERENCE – Eurasia Drilling Company Limited – slide 8
    2013 Outlook continued Offshore Drilling The SATURN j/u continues drilling for Petronas under a new 3-year contract effective January 9, 2013 in Turkmen waters of the Caspian Sea. The ASTRA j/u is committed to a full 12 month…
  9. SBERBANK CIB RUSSIA THE INSIDE TRACK 1 1 CONFERENCE – Eurasia Drilling Company Limited – slide 9
    1H 2013 Results Summary Financial update Operations update Top line revenue up 7.6% to US 1,695 million Drilling output was 3.039 mln m, + 5.9% vs 1H12; (1H12: US 1,575 million); Horizontal metres drilled was 492 th m, +19.6% vs…
  10. SBERBANK CIB RUSSIA THE INSIDE TRACK 1 1 CONFERENCE – Eurasia Drilling Company Limited – slide 10
    Agenda 1. EDC at a glance 2. 2013 Outlook 3. Market 4. Operations 5. Financial performance 11
  11. SBERBANK CIB RUSSIA THE INSIDE TRACK 1 1 CONFERENCE – Eurasia Drilling Company Limited – slide 11
    Russias oil industry Russian oil production Russian oil production by region(1) 26 Oil prices backdrop has 24 4% 5% 21 23 5% 5% 5% 5% 6% 6% 4% 5% 5% 5% been supportive for 19 5% 7% 15 15 17 21% 8% drilling activity…
  12. SBERBANK CIB RUSSIA THE INSIDE TRACK 1 1 CONFERENCE – Eurasia Drilling Company Limited – slide 12
    Drilling market dynamics Onshore well construction & servicing market, bn Drilling volumes in Russia, mn m 26,5 CAGR +10% Russian drilling industry 22,1 24,4 has demonstrated 27,2 19,6 25,5 increased drilling 24,4 21,1 15,7…
  13. SBERBANK CIB RUSSIA THE INSIDE TRACK 1 1 CONFERENCE – Eurasia Drilling Company Limited – slide 13
    Market structure Russias onshore drilling by footage, 2012 EDC market share dynamics EDC 29% SSK 7% 29% 29% RU-Energy 7% 25% Independent: 22% WFT 4% 60% 17% Eriell 2% Other major independent 3% Smaller independent 8%…
  14. SBERBANK CIB RUSSIA THE INSIDE TRACK 1 1 CONFERENCE – Eurasia Drilling Company Limited – slide 14
    Agenda 1. EDC at a glance 2. 2013 Outlook 3. Market 4. Operations 5. Financial performance 15
  15. SBERBANK CIB RUSSIA THE INSIDE TRACK 1 1 CONFERENCE – Eurasia Drilling Company Limited – slide 15
    Operating performance Drilling volumes have shown strong growth over the past years due to winning new customers and increased existing customer activity, as well as a series of successful acquisitions EDC drilling volume…
  16. SBERBANK CIB RUSSIA THE INSIDE TRACK 1 1 CONFERENCE – Eurasia Drilling Company Limited – slide 16
    Customer portfolio Well balanced customer mix dominated by oil majors/long-term contracts 2007 EDC customers 1H13 EDC customers Capex of Russian oil majors, bn Brent consensus 110 110 Rosneft Others forecast, /bbl 8% 1% TNK-BP…
  17. SBERBANK CIB RUSSIA THE INSIDE TRACK 1 1 CONFERENCE – Eurasia Drilling Company Limited – slide 17
    Rig fleet EDC is to maintain a competitive drilling fleet EDC drilling rig fleet EDC rig fleet by age 59% EDC fleet is younger than Russias average 34% 33% 24% 15% 10% 12% 6% 4%…
  18. SBERBANK CIB RUSSIA THE INSIDE TRACK 1 1 CONFERENCE – Eurasia Drilling Company Limited – slide 18
    Offshore assets Quality assets in a tight market Caspian Sea jack-up market EDC assets Approx. 3% of world oil reserves ASTRA 3 jack-up rigs currently in operation BMC-150-H jack-up rig Barriers to entry: time and costs to deliver…
  19. SBERBANK CIB RUSSIA THE INSIDE TRACK 1 1 CONFERENCE – Eurasia Drilling Company Limited – slide 19
    Capital expenditures Capex program focused on evolving fleet to meet the most demanding and complex customer needs apex, mn EDCs fleet modernisation programme: Capex/ 21% 16% 8% 16% 14% 19% 11% revenues 1. Refurbishment of Medium…
  20. SBERBANK CIB RUSSIA THE INSIDE TRACK 1 1 CONFERENCE – Eurasia Drilling Company Limited – slide 20
    Agenda 1. EDC at a glance 2. 2013 Outlook 3. Market 4. Operations 5. Financial performance 21
  21. SBERBANK CIB RUSSIA THE INSIDE TRACK 1 1 CONFERENCE – Eurasia Drilling Company Limited – slide 21
    Financial overview Key Financial Highlights 2007 2008 2009 2010 2011 2012 1H 2012 1H 2013 (US thousands) Audited Audited Audited Audited Audited Audited Unaudited Unaudited Revenue 1,492,189 2,101,779 1,382,203 1,822,180 2,766,749…
  22. SBERBANK CIB RUSSIA THE INSIDE TRACK 1 1 CONFERENCE – Eurasia Drilling Company Limited – slide 22
    Debt profile EDC retains conservative debt profile Leverage dynamics Debt repayments as of 30.06.2013, mn 1 219 753 700 527 753 404 395 244 211 145 63 41 6 2010 2011 2012 30-Jun-2013 41455 1-Jul-13 to 1-Jul-14 to 2015 2016…
  23. SBERBANK CIB RUSSIA THE INSIDE TRACK 1 1 CONFERENCE – Eurasia Drilling Company Limited – slide 23
    Key strategic focus Maintain leadership position as the largest provider of onshore drilling services Organic growth and in Russia and operator of the largest jack-up fleet in key sectors of the Caspian Sea selective acquisitions Invest…
  24. SBERBANK CIB RUSSIA THE INSIDE TRACK 1 1 CONFERENCE – Eurasia Drilling Company Limited – slide 24
    Appendix 25
  25. SBERBANK CIB RUSSIA THE INSIDE TRACK 1 1 CONFERENCE – Eurasia Drilling Company Limited – slide 25
    Balance sheet 1H 2013 thsd 2010 Audited 2011 Audited 2012 Audited Unaudited Assets Current assets Cash and cash equivalents 629,466 509,781 305,333 691,951 Accounts receivable, net 252,749 378,523 528,813 579,873 Inventories…
  26. SBERBANK CIB RUSSIA THE INSIDE TRACK 1 1 CONFERENCE – Eurasia Drilling Company Limited – slide 26
    Income statement statement Income statement 2010 2011 2012 1H 2012 1H 2013 thsd Audited Audited Audited Unaudited Unaudited Drilling and related services 1,808,905 2,734,444 3,222,830 1,569,045 1,682,545 Other sales and services 13,275…
  27. SBERBANK CIB RUSSIA THE INSIDE TRACK 1 1 CONFERENCE – Eurasia Drilling Company Limited – slide 27
    Cash flow statement Cash flow statement 2010 2011 2012 1H 2012 1H 2013 thsd Audited Audited Audited Unaudited Unaudited Net Income 206,826 283,371 382,009 189,068 216,741 Adjustments for non-cash (Depreciation) 144,241 213,492…

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