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UBS RUSSIA AND CIS 1 1 CONFERENCE – Eurasia Drilling Company Limited

Eurasia Drilling Company Limited · Mar 10, 2011 · 30 slides

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Slides

  1. UBS RUSSIA AND CIS 1 1 CONFERENCE – Eurasia Drilling Company Limited – slide 1
    March 2011
  2. UBS RUSSIA AND CIS 1 1 CONFERENCE – Eurasia Drilling Company Limited – slide 2
    EDC Overview Overview: EDC at a glance Investment Case EDCs Position Investment case Growth Strategy Summary Q&A Performance and positioning Growth strategy Summary Q&A 3
  3. UBS RUSSIA AND CIS 1 1 CONFERENCE – Eurasia Drilling Company Limited – slide 3
    EDC By End-2010 Overview Investment Case No.1 471 24% 4,102 EDCs Position Growth Strategy Summary Largest independent Rig fleet including Market share Thousand meters drilled Q&A drilling company in Russia 211 onshore…
  4. UBS RUSSIA AND CIS 1 1 CONFERENCE – Eurasia Drilling Company Limited – slide 4
    EDC at a glance EDC Head Office Overview Regional/Branch Office Investment Case Support Base EDCs Rig Fabrication Position Operational Areas Growth Strategy TIMAN-PECHORA Summary Q&A EASTERN Usinsk SIBERIA Kogalym WESTERN…
  5. UBS RUSSIA AND CIS 1 1 CONFERENCE – Eurasia Drilling Company Limited – slide 5
    Russias Onshore Market by Meters Drilled (mln) EDC Total meters drilled onshore Overview Investment 2012F Russia in 2010 were 18% above Case 2011F EDCs 2009 levels Position 2010E Growth As per REnergyCo, demand for 2009…
  6. UBS RUSSIA AND CIS 1 1 CONFERENCE – Eurasia Drilling Company Limited – slide 6
    EDC Change in Breakeven Well Flow & No. of Profitable The Ministry of Energy is Overview Investment Wells after Adoption of New Tax Regime proposing a decrease in the Case EDCs 300 6,000 marginal export tax rate for Position 5,288…
  7. UBS RUSSIA AND CIS 1 1 CONFERENCE – Eurasia Drilling Company Limited – slide 7
    EDC Russia Brownfield Oil Production, mln bpd Legacy output (Brownfield Overview Investment 9.30 9.22 production) in Russia has been Case 9.20 EDCs 9.10 deteriorating since 3Q-08; Position Growth 9.00 The industry has lost 320 kbpd…
  8. UBS RUSSIA AND CIS 1 1 CONFERENCE – Eurasia Drilling Company Limited – slide 8
    EDC Customers demanding hi-spec rigs Fleets must be modern Overview Investment Fleets must be heavier Case Depths/complexity increasing EDCs Position Assets are becoming scarce Fleets must be more efficient Growth Strategy…
  9. UBS RUSSIA AND CIS 1 1 CONFERENCE – Eurasia Drilling Company Limited – slide 9
    EDC Russia Onshore Meters Drilled (th. meters) Market Share Overview Investment Case 2010 17,233 2010 EDCs Position EDC 24% 2009 14,554 Growth Strategy All others 2008 15,454 25% Summary 2007 14,627 Q&A 2006 12,305 2005 10,117…
  10. UBS RUSSIA AND CIS 1 1 CONFERENCE – Eurasia Drilling Company Limited – slide 10
    EDC CAGR of 19% in EDC Drilling Volume Performance (th. meters) Overview Investment drilling volumes 5,000 Case during EDCs EDCs EDC 4,800 Position LUKoil-Bureniye Growth history as an Drilled Meters (thousands) 4,000 EDC…
  11. UBS RUSSIA AND CIS 1 1 CONFERENCE – Eurasia Drilling Company Limited – slide 11
    EDC 2010 EDC Drilling Volumes Contract Developments Overview Investment In 2007 (EDCs IPO year) our major client Case 2% 2% Other EDCs 10% accounted for 77% of total meters drilled Position Growth Strategy Continuous efforts…
  12. UBS RUSSIA AND CIS 1 1 CONFERENCE – Eurasia Drilling Company Limited – slide 12
    EDC EDC Capital Expenditures EDCs Rig Fleet Overview Investment Case 350 327 320 EDCs Actual Position 300 2010E about 270m 100-125 T 160-175 T 200-225 T 250-270 T 320-400 T 450 T Growth 0 Strategy 250 Summary 1,000 US…
  13. UBS RUSSIA AND CIS 1 1 CONFERENCE – Eurasia Drilling Company Limited – slide 13
    EDC Acquisition of Russian land drilling/workover businesses Overview Investment Case Asset swap between EDC & Schlumberger announced in Oct-10 EDCs Position EDC signed LOI to acquire drilling assets of Slavneft in Feb-11 Growth…
  14. UBS RUSSIA AND CIS 1 1 CONFERENCE – Eurasia Drilling Company Limited – slide 14
    EDC Transaction with Schlumberger announced late 2010: Overview Investment EDC transfers NTS assets (cementing, DD/telemetry and drilling fluids) Case EDCs and crews (24 cementing, 57 DD/telemetry & 50 drilling fluids) to SLB…
  15. UBS RUSSIA AND CIS 1 1 CONFERENCE – Eurasia Drilling Company Limited – slide 15
    EDC EDC signed LOI in Feb-11 to purchase 100% Overview Investment of the development and exploration drilling Case EDCs Position assets of Slavneft Growth Strategy Drilling output c. 900k meters (2010), approx. Summary 5%…
  16. UBS RUSSIA AND CIS 1 1 CONFERENCE – Eurasia Drilling Company Limited – slide 16
    EDC STATOIL Exploration Demand for jack-ups growing in all Overview Investment NCOC (Exxon) Caspian sectors served by EDC: Case Exploration EDCs In the Russian sector, Lukoil has made Position CMOC (Shell) a number of…
  17. UBS RUSSIA AND CIS 1 1 CONFERENCE – Eurasia Drilling Company Limited – slide 17
    EDC Overview Specifications Investment Case Rig Type: Independent three leg cantilever EDCs Position Design: Baker Marine (BMC) 150 H Growth Strategy Mfr.: Nippon Kokan Shipbuilding, Japan 1983 Summary Certification: ABS + A1…
  18. UBS RUSSIA AND CIS 1 1 CONFERENCE – Eurasia Drilling Company Limited – slide 18
    EDC Specifications Overview Investment Rig Type: Independent three leg cantilever Case EDCs Design: Keppel Fels KFELS CS MOD V Position Growth Mfr.: Caspian Shipyard Co at the Caspian Shipyard, Azerbaijan Strategy Summary shipyard…
  19. UBS RUSSIA AND CIS 1 1 CONFERENCE – Eurasia Drilling Company Limited – slide 19
    EDC Specifications Overview Investment Rig Type: Independent three leg cantilever Case EDCs Design: LeTourneau Super 116E Position Growth Mfr.: Lamprell shipyard in Sharjah Strategy Summary Certification: ABS + A1 Q&A Nominal…
  20. UBS RUSSIA AND CIS 1 1 CONFERENCE – Eurasia Drilling Company Limited – slide 20
    EDC Iraq opportunities Overview Investment Case Iraq, holder of the worlds third-largest oil EDCs Position reserves, aims to increase crude Growth Strategy production to 6 mln barrels a day by 2015 Summary Q&A Licenses…
  21. UBS RUSSIA AND CIS 1 1 CONFERENCE – Eurasia Drilling Company Limited – slide 21
    Update for 2010 EDC Overview 2010 another record year for EDC with 4,102 th. meters drilled onshore; +9.3% y-o-y Investment Case Total revenue for 2010 expected at approx. US 1.79 billion, EBITDA margin of 24.1% EDCs Position 2010…
  22. UBS RUSSIA AND CIS 1 1 CONFERENCE – Eurasia Drilling Company Limited – slide 22
    EDC Overview Continue to invest in expanding our fleet, implementing state-of-the-art technology Investment Increase market and enhancing service quality; Case share Integrate recently acquired drilling assets from Schlumberger; EDCs…
  23. UBS RUSSIA AND CIS 1 1 CONFERENCE – Eurasia Drilling Company Limited – slide 23
    EDC Forward calendar Overview Investment Case UBS Russia & CIS 1-1 Conference February 28 to March 1, 2011 (New York) EDCs Position 10th Annual Oil & Gas 1-1 Investor Forum April 4 to 6, 2011 (London) Growth Strategy (Bank of…
  24. UBS RUSSIA AND CIS 1 1 CONFERENCE – Eurasia Drilling Company Limited – slide 24
    EDC Overview Investment Case EDCs Position Growth Strategy Summary Q&A 25
  25. UBS RUSSIA AND CIS 1 1 CONFERENCE – Eurasia Drilling Company Limited – slide 25
    26
  26. UBS RUSSIA AND CIS 1 1 CONFERENCE – Eurasia Drilling Company Limited – slide 26
    R --554-- Nabors Industries LTD IM --8.0- Nabors Industries LTD R G I --353-- Precision Drilling Corp A --6.7-- Helmrich & Payne, Inc G --350-- Patterson UTI Energy, Inc FR --4.9- Rowan Companies Inc LK --313-- Ensign Energy…
  27. UBS RUSSIA AND CIS 1 1 CONFERENCE – Eurasia Drilling Company Limited – slide 27
    2007 2008 2009 1H 2009 1H 2010 Audited Audited Audited Unaudited Unaudited Av. Exchange Rate RUB/US 25.6 24.9 31.7 33.1 30.1 Total Revenue 1,492,189 2,101,779 1,382,203 673,188 862,013 Costs and Other Deductions Operating Expenses…
  28. UBS RUSSIA AND CIS 1 1 CONFERENCE – Eurasia Drilling Company Limited – slide 28
    2006 2007 2008 2009 30-Jun-10 Audited Audited Audited Audited Unaudited Exchange Rate RUB/US 26.3 24.5 29.4 30.2 31.2 ASSETS Current Assets Cash 29,296 343,089 279,430 433,724 383,170 Trade Accounts Receivable, net 151,371 230,888…
  29. UBS RUSSIA AND CIS 1 1 CONFERENCE – Eurasia Drilling Company Limited – slide 29
    2007 2008 2009 1H 2009 1H 2010 Audited Audited Audited Unaudited Unaudited Net Income 168,544 220,933 165,490 78,392 104,810 Non-cash Adjustments (Depreciation) 58,705 101,777 106,390 49,791 67,127 Changes in Working Capital excl.…
  30. UBS RUSSIA AND CIS 1 1 CONFERENCE – Eurasia Drilling Company Limited – slide 30
    EDC vs. Market Indicators EDC vs. Russian OFS Peers 220 220 200 200 180 180 160 160 140 140 120 120 100 100 80 80 60 60 40 40 4-Jan-10 4-Mar-10 4-May-10 4-Jul-10 4-Sep-10 4-Nov-10 4-Jan-11 4-Jan-10 4-Mar-10 4-May-10 4-Jul-10 4-Sep-10…

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