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2010 YEAR END RESULTS AND Q1 2011 UPDATE – Eurasia Drilling Company Limited

Eurasia Drilling Company Limited · Jun 10, 2011 · 32 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. 2010 YEAR END RESULTS AND Q1 2011 UPDATE – Eurasia Drilling Company Limited – slide 1
    May-June 2011
  2. 2010 YEAR END RESULTS AND Q1 2011 UPDATE – Eurasia Drilling Company Limited – slide 2
    EDC Overview Overview: EDC at a glance Investment Case EDCs Position Investment case Strategic Focus Summary Q&A Performance and positioning Strategic Focus Summary Q&A 3
  3. 2010 YEAR END RESULTS AND Q1 2011 UPDATE – Eurasia Drilling Company Limited – slide 3
    EDC Overview As of 31 Dec 2010 Investment Case No.1 477 24% 4,103 EDCs Position Strategic Focus Summary Largest independent Rig fleet including Market share Thousand meters drilled Q&A drilling company in Russia 211 onshore…
  4. 2010 YEAR END RESULTS AND Q1 2011 UPDATE – Eurasia Drilling Company Limited – slide 4
    EDC at a glance EDC Head Office Overview Regional/Branch Office Investment Case Support Base EDCs Operational Areas Position Strategic Focus TIMAN-PECHORA Summary Q&A EASTERN Usinsk SIBERIA Kogalym WESTERN Moscow SIBERIA…
  5. 2010 YEAR END RESULTS AND Q1 2011 UPDATE – Eurasia Drilling Company Limited – slide 5
    EDC The Russian Oil Industry Entering a New Phase Overview Investment Case mbd Phase 1 Phase 2 Phase 3 Phase 4 EDCs 12,000 Collapse of Soviet Well re-activation and Growth stalls Tax reform Position Union leads to huge fall…
  6. 2010 YEAR END RESULTS AND Q1 2011 UPDATE – Eurasia Drilling Company Limited – slide 6
    EDC Russias Onshore Market by Meters Drilled (mln) Total meters drilled onshore Overview Investment Russia in 2010 were 18% above 2013F Case 2012F EDCs 2009 levels Position 2011F Strategic As per REnergyCo, demand for 2010E…
  7. 2010 YEAR END RESULTS AND Q1 2011 UPDATE – Eurasia Drilling Company Limited – slide 7
    EDC Russia Brownfield Oil Production, mln bpd 9.30 Legacy output (Brownfield Overview Investment 9.22 9.20 production) in Russia has been Case EDCs 9.10 deteriorating since 3Q-08; Position Strategic 9.00 8.90 The industry has…
  8. 2010 YEAR END RESULTS AND Q1 2011 UPDATE – 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 Strategic Focus…
  9. 2010 YEAR END RESULTS AND Q1 2011 UPDATE – Eurasia Drilling Company Limited – slide 9
    EDC Russia Onshore Meters Drilled (th. meters) Market Share Overview Investment Case 2011F 3,616 (1Q11) 2010 EDCs Position 2010 17,233 EDC 24% Strategic 2009 14,554 All others Focus 26% 2008 15,454 Summary Q&A 2007 14,627…
  10. 2010 YEAR END RESULTS AND Q1 2011 UPDATE – 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 history EDC Actual 4,800 EDCs Position LUKoil-Bureniye 4,000 as an independent Strategic Drilled…
  11. 2010 YEAR END RESULTS AND Q1 2011 UPDATE – Eurasia Drilling Company Limited – slide 11
    EDC Overview Horizontal Meters Drilled by EDC Migration toward exploitation of more Investment Case 770 challenging geologies and isolated oil EDCs reserves requires more sophisticated Position Strategic Th. meters drilled…
  12. 2010 YEAR END RESULTS AND Q1 2011 UPDATE – Eurasia Drilling Company Limited – slide 12
    EDC 2010 EDC Drilling Volumes Contract Developments Overview Investment Case 2% 2% Other In 2007 (EDCs IPO year) our major client EDCs 10% accounted for 77% of total meters drilled Position Strategic Focus 1,762 thousand meters…
  13. 2010 YEAR END RESULTS AND Q1 2011 UPDATE – Eurasia Drilling Company Limited – slide 13
    EDC 2007 2008 2009 2010 Overview (US thousands) Audited Audited Audited Audited Investment Case EDCs Revenue 1,492,189 2,101,779 1,382,203 1,812,156 Position Strategic % growth 37.2% 40.9% -34.2% 31.1% Focus Summary EBITDA…
  14. 2010 YEAR END RESULTS AND Q1 2011 UPDATE – Eurasia Drilling Company Limited – slide 14
    EDC Overview Balance Sheet, as of 31-Dec-08 (USD mm) Balance Sheet, as of 31-Dec-09 (USD mm) Investment Case EDCs Position P, P&E 609 P, P&E 684 881 Equity Strategic 1,002 Equity Focus Inventories, trade Inventories, trade…
  15. 2010 YEAR END RESULTS AND Q1 2011 UPDATE – Eurasia Drilling Company Limited – slide 15
    EDC Financial Highlights Operating Highlights Overview Investment Case EDCs Revenue of US 498 million in first Drilling output was 985,137 meters for Position Inorganic quarter 2011; 28% above US 388 mln 1Q-11; 15% above 1Q-10…
  16. 2010 YEAR END RESULTS AND Q1 2011 UPDATE – Eurasia Drilling Company Limited – slide 16
    EDC EDC Capital Expenditures EDCs Rig Fleet Overview Investment 400 Case Actual about 350 mln EDCs 350 320 327 Position 2011E 284 100-125 T 160-175 T 200-225 T 250-270 T 320-400 T 450 T Strategic 300 0 Focus Summary US…
  17. 2010 YEAR END RESULTS AND Q1 2011 UPDATE – Eurasia Drilling Company Limited – slide 17
    EDC Overview Acquisition of drilling assets from SLB will Continue to invest in expanding our fleet, Investment Increase market add 3-4% to market share (full year basis) share implementing state-of-the-art technology and Case…
  18. 2010 YEAR END RESULTS AND Q1 2011 UPDATE – Eurasia Drilling Company Limited – slide 18
    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…
  19. 2010 YEAR END RESULTS AND Q1 2011 UPDATE – Eurasia Drilling Company Limited – slide 19
    EDC Overview EDC signed LOI in Feb-11 to purchase Investment Case 100% of the development and exploration EDCs Position drilling assets of Slavneft Strategic Focus Drilling output c. 815k meters (2010), approx. Summary Q&A 4%…
  20. 2010 YEAR END RESULTS AND Q1 2011 UPDATE – Eurasia Drilling Company Limited – slide 20
    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…
  21. 2010 YEAR END RESULTS AND Q1 2011 UPDATE – Eurasia Drilling Company Limited – slide 21
    EDC Specifications Overview Investment Case Rig Type: Independent three leg cantilever EDCs Position Design: Keppel Fels KFELS CS MOD V Strategic Mfr.: Caspian Shipyard Co at the Caspian Shipyard, Azerbaijan Focus Summary…
  22. 2010 YEAR END RESULTS AND Q1 2011 UPDATE – Eurasia Drilling Company Limited – slide 22
    EDC Specifications Overview Investment Case Rig Type: Independent three leg cantilever EDCs Position Design: LeTourneau Super 116E Strategic Mfr.: Lamprell shipyard in Sharjah Focus Summary Certification: ABS + A1 Q&A Nominal…
  23. 2010 YEAR END RESULTS AND Q1 2011 UPDATE – Eurasia Drilling Company Limited – slide 23
    2011 financials EDC Overview Total revenue for 2011 is forecast to reach approx. US 2.4 billion Investment Case EBITDA margins are expected to be slightly below 24% EDCs Position Capital expenditures are not expected to exceed US…
  24. 2010 YEAR END RESULTS AND Q1 2011 UPDATE – Eurasia Drilling Company Limited – slide 24
    EDC Forward calendar Overview Investment Case 1Q 2011 Results Update 18 May 2011 EDCs Position Management Non-Deal Road Show 23 May- 3 June 2011 (USA, UK, Europe) Strategic Focus 11th Moscow International Oil & Gas June 21st-…
  25. 2010 YEAR END RESULTS AND Q1 2011 UPDATE – Eurasia Drilling Company Limited – slide 25
    EDC Overview Investment Case EDCs Position Strategic Focus Summary Q&A 26
  26. 2010 YEAR END RESULTS AND Q1 2011 UPDATE – Eurasia Drilling Company Limited – slide 26
    27
  27. 2010 YEAR END RESULTS AND Q1 2011 UPDATE – Eurasia Drilling Company Limited – slide 27
    US Oil production vs Wells drilled Russian Oil Production vs Wells drilled 70 12,000 10 12,000 60 10,000 10,000 8 Number of New Wells ('000) Number of New wells ('000) US Production (Kbpd) Oil porduction, kbpd 50 8,000…
  28. 2010 YEAR END RESULTS AND Q1 2011 UPDATE – Eurasia Drilling Company Limited – slide 28
    250 Est. Rigs Added 200 Projected Demand Numbr of Rigs Built 150 Russias onshore rig fleet has suffered from a long 100 period of underinvestment 50 0 1987 1991 1992 1996 1997 2000 2001 2005…
  29. 2010 YEAR END RESULTS AND Q1 2011 UPDATE – Eurasia Drilling Company Limited – slide 29
    R --550-- Nabors Industries LTD IM --7.7- Nabors Industries LTD R G I --353-- Precision Drilling Corp A --6.4-- Helmrich & Payne, Inc G --350-- Patterson UTI Energy, Inc FR --5.0- Rowan Companies Inc LK --313-- Ensign Energy…
  30. 2010 YEAR END RESULTS AND Q1 2011 UPDATE – Eurasia Drilling Company Limited – slide 30
    2007 2008 2009 2010 Audited Audited Audited Audited Exchange Rate RUB/USD 24.5 29.4 30.2 30.5 ASSETS Current Assets Cash 343,089 279,430 433,724 629,466 Trade Accounts Receivable, net 230,888 230,147 191,054 235,360 Inventory 132,822…
  31. 2010 YEAR END RESULTS AND Q1 2011 UPDATE – Eurasia Drilling Company Limited – slide 31
    2007 2008 2009 2010 Audited Audited Audited Audited Av. Exchange Rate RUB/USD 25.6 24.9 31.7 30.4 Total Revenue 1,492,189 2,101,779 1,382,203 1,812,156 Costs and Other Deductions Operating Expenses 1,031,480 1,453,718 912,050…
  32. 2010 YEAR END RESULTS AND Q1 2011 UPDATE – Eurasia Drilling Company Limited – slide 32
    2007 2008 2009 2010 Audited Audited Audited Audited Net Income 168,544 220,933 165,490 207,353 Non-cash Adjustments (Depreciation) 58,705 101,777 106,390 142,000 Changes in Working Capital excl. Cash (53,929) (12,859) 137,627…

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