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CREDIT SUISSE ENERGY SUMMIT – Eurasia Drilling Company Limited

Eurasia Drilling Company Limited · Feb 22, 2011 · 28 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. CREDIT SUISSE ENERGY SUMMIT – Eurasia Drilling Company Limited – slide 1
    February 2011
  2. CREDIT SUISSE ENERGY SUMMIT – Eurasia Drilling Company Limited – slide 2
    EDC Overview Overview: EDC at a glance Investment Case EDCs Position Investment case Growth Potential Summary Q&A Performance and positioning Growth opportunities Summary Q&A 3
  3. CREDIT SUISSE ENERGY SUMMIT – Eurasia Drilling Company Limited – slide 3
    EDC Overview No.1 471 24% 4,102 Largest independent Rig fleet including Market share Thousand meters drilled Investment Case EDCs Position Growth Potential drilling company in Russia 211 onshore, onshore Russia as measured…
  4. CREDIT SUISSE ENERGY SUMMIT – 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 Potential TIMAN-PECHORA Summary Q&A EASTERN Usinsk SIBERIA Kogalym WESTERN…
  5. CREDIT SUISSE ENERGY SUMMIT – Eurasia Drilling Company Limited – slide 5
    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…
  6. CREDIT SUISSE ENERGY SUMMIT – Eurasia Drilling Company Limited – slide 6
    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 Potential…
  7. CREDIT SUISSE ENERGY SUMMIT – Eurasia Drilling Company Limited – slide 7
    EDC Russias Onshore Market by Meters Drilled (mln) 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…
  8. CREDIT SUISSE ENERGY SUMMIT – Eurasia Drilling Company Limited – slide 8
    EDC Russia Onshore Meters Drilled (th. meters) Market Share Overview Investment Case 2010 17,233 2010E EDCs Position 2009 14,554 EDC Growth 24% Potential 2008 15,454 All others Summary 33% 2007 14,627 Q&A 2006 12,305 2005…
  9. CREDIT SUISSE ENERGY SUMMIT – Eurasia Drilling Company Limited – slide 9
    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…
  10. CREDIT SUISSE ENERGY SUMMIT – Eurasia Drilling Company Limited – slide 10
    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 Potential Continuous efforts…
  11. CREDIT SUISSE ENERGY SUMMIT – Eurasia Drilling Company Limited – slide 11
    EDC EDC Capital Expenditures EDCs Rig Fleet Overview Investment 1 Case 350 327 320 EDCs Actual Position 300 2010E 100-125 T 160-175 T 200-225 T 250-270 T 320-400 T 450 T Growth 0 Potential 250 about 230m Summary 1,000 US…
  12. CREDIT SUISSE ENERGY SUMMIT – Eurasia Drilling Company Limited – slide 12
    EDC Acquisition of Russian land drilling/workover businesses Overview Investment Case Asset swap between EDC & Schlumberger announced in Oct-10 EDCs Position EDC active participant in Slavneft and Gazpromneft divestitures of their…
  13. CREDIT SUISSE ENERGY SUMMIT – Eurasia Drilling Company Limited – slide 13
    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…
  14. CREDIT SUISSE ENERGY SUMMIT – Eurasia Drilling Company Limited – slide 14
    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…
  15. CREDIT SUISSE ENERGY SUMMIT – Eurasia Drilling Company Limited – slide 15
    EDC Iraq opportunities Overview Investment Case Iraq, holder of the worlds third-largest oil EDCs Position reserves, aims to increase crude Growth Potential production to 6 mln barrels a day by 2015 Summary Q&A Licenses…
  16. CREDIT SUISSE ENERGY SUMMIT – Eurasia Drilling Company Limited – slide 16
    EDC Update for 2010 Overview Investment 2010 another record year for EDC with 4,102 th. meters drilled onshore; +9.3% y-o-y Case EDCs Total revenue for 2010 expected at approx. US 1.79 billion, EBITDA margin of 24.1% Position…
  17. CREDIT SUISSE ENERGY SUMMIT – Eurasia Drilling Company Limited – slide 17
    EDC Overview Continue to invest in expanding our fleet, implementing state-of-the-art technology Investment Increase market and enhancing service quality; Case share Targeting acquisition of one or more in-house drilling companies;…
  18. CREDIT SUISSE ENERGY SUMMIT – Eurasia Drilling Company Limited – slide 18
    EDC Forward calendar Overview Investment Case 2011 Credit Suisse Energy Summit February 7 to 11, 2011 (Vail, CO) EDCs Position UBS Russia & CIS 1-1 Conference February 28 to March 1, 2011 (New York) Growth Potential 10th…
  19. CREDIT SUISSE ENERGY SUMMIT – Eurasia Drilling Company Limited – slide 19
    EDC Overview Investment Case EDCs Position Growth Potential Summary Q&A 20
  20. CREDIT SUISSE ENERGY SUMMIT – Eurasia Drilling Company Limited – slide 20
    21
  21. CREDIT SUISSE ENERGY SUMMIT – Eurasia Drilling Company Limited – slide 21
    2007 2008 2009 1H 2009 1H 2010 (US'000) Audited Audited Audited Unaudited Unaudited Revenue 1,492,189 2,101,779 1,382,203 673,188 862,013 % growth 37.2% 40.9% -34.2% -25.8% 28.0% EBITDA 313,751 452,720 319,813 147,482 206,343 %…
  22. CREDIT SUISSE ENERGY SUMMIT – Eurasia Drilling Company Limited – slide 22
    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…
  23. CREDIT SUISSE ENERGY SUMMIT – Eurasia Drilling Company Limited – slide 23
    Balance Sheet, as of 31-Dec-08 (US mm) Balance Sheet, as of 31-Dec-09 (US mm) P, P&E 609 P, P&E 684 881 Equity 1,002 Equity Inventories, trade Inventories, trade receivables and 557 receivables and 405 other assets 263 Debt other…
  24. CREDIT SUISSE ENERGY SUMMIT – Eurasia Drilling Company Limited – slide 24
    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…
  25. CREDIT SUISSE ENERGY SUMMIT – Eurasia Drilling Company Limited – slide 25
    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.…
  26. CREDIT SUISSE ENERGY SUMMIT – Eurasia Drilling Company Limited – slide 26
    Financial Highlights Operating Highlights Revenue was US 491mln in 3Q 2010 Drilling output of 3,065,111 meters for compared to US 334 mln in 3Q 2009 9M10 was 6% ahead y-o-y (9M09 drilling (revenue for 9M10 US 1,353 mln vs output was…
  27. CREDIT SUISSE ENERGY SUMMIT – Eurasia Drilling Company Limited – slide 27
    R --554-- Nabors Industries LTD IM --7.2- Nabors Industries LTD R G I --353-- Precision Drilling Corp A --6.3-- Helmrich & Payne, Inc G --350-- Patterson UTI Energy, Inc FR --4.6- Eurasia Drilling Company LK Ltd --313-- Ensign…
  28. CREDIT SUISSE ENERGY SUMMIT – Eurasia Drilling Company Limited – slide 28
    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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