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JOHNSON RICE COMPANY ENERGY CONFERENCE – Atwood Oceanics Inc

Atwood Oceanics Inc · Oct 5, 2011 · 31 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. JOHNSON RICE COMPANY ENERGY CONFERENCE – Atwood Oceanics Inc – slide 1
    Johnson Rice Energy Conference October 5, 2011 Mark L. Mey Senior Vice President & CFO Positioned for Growth 1
  2. JOHNSON RICE COMPANY ENERGY CONFERENCE – Atwood Oceanics Inc – slide 2
    Company Overview 3
  3. JOHNSON RICE COMPANY ENERGY CONFERENCE – Atwood Oceanics Inc – slide 3
    Atwood Oceanics Profile (NYSE ticker ATW) Headquartered in Houston, Texas Founded in 1968, operating since 1970 Strong safety, reliability and performance culture Diversified international rig fleet and customer base…
  4. JOHNSON RICE COMPANY ENERGY CONFERENCE – Atwood Oceanics Inc – slide 4
    Consistent Revenue and Earnings Growth Revenue Net Income ( Millions) ( Millions) 651 587 257 251 527 215 403 139 277 176 86 26 FY 05 FY 06 FY 07 FY 08 FY 09 FY 10 FY 05 FY 06 FY 07 FY 08 FY 09 FY 10 Fiscal YTD…
  5. JOHNSON RICE COMPANY ENERGY CONFERENCE – Atwood Oceanics Inc – slide 5
    Strong Margins and Capital Returns 60% 50% ATW SDRL ATW SDRL 40% ESV FY 11 RDC DO Margins ESV NE DO EBIT 30% FY 12 RIG RDC 20% RIG NE 10% 0% 0% 2% 4% 6% 8% 10% 12% 14% 16% Capital Return*…
  6. JOHNSON RICE COMPANY ENERGY CONFERENCE – Atwood Oceanics Inc – slide 6
    Leading Share Price Performance 20 Year Share Price History */** 3000% 5 Year Share Price Growth 2700% ATW SDRL 146% 2400% NE RDC ATW 70% 2100% 1800% DO 17% 1500% RDC 7% 1200% 900% ESV 4% 600% NE 3% 300% 0% RIG -26% 91 93 95 97 99…
  7. JOHNSON RICE COMPANY ENERGY CONFERENCE – Atwood Oceanics Inc – slide 7
    Rig Fleet and Operations 8
  8. JOHNSON RICE COMPANY ENERGY CONFERENCE – Atwood Oceanics Inc – slide 8
    Diversified Rig Fleet with Global Presence London Houston, Texas ATWOOD ADVANTAGE ATWOOD SOUTHERN CROSS RICHMOND ATWOOD AURORA Kuala Lumpur VICKSBURG ATWOOD BEACON ATWOOD HUNTER ATWOOD FALCON SEAHAWK ATWOOD CONDOR…
  9. JOHNSON RICE COMPANY ENERGY CONFERENCE – Atwood Oceanics Inc – slide 9
    Ensuring Operations Integrity Example Atwood Initiatives People Technology Well control training and drills BOP enhancements Emergency management training BOP testing Competency assurance Tubular shear testing People…
  10. JOHNSON RICE COMPANY ENERGY CONFERENCE – Atwood Oceanics Inc – slide 10
    Delivering Performance Excellence Atwood Osprey Millenium ExD semisubmersible contracted to Chevron and partners for Greater Gorgon development in Australia Construction and commissioning at Jurong Shipyard 9.8 million man-hours…
  11. JOHNSON RICE COMPANY ENERGY CONFERENCE – Atwood Oceanics Inc – slide 11
    Cost-Effective Maintenance of Rig Fleet Bubble size denotes average maintenance capital expenditures as a percent of gross PP&E from 2006 2010 Fleet Maintenance CAPEX / Gross PPE 37 % of Rigs 5 Yrs 5 Yrs Avg Avg Delivered Avg…
  12. JOHNSON RICE COMPANY ENERGY CONFERENCE – Atwood Oceanics Inc – slide 12
    Growth Strategy 13
  13. JOHNSON RICE COMPANY ENERGY CONFERENCE – Atwood Oceanics Inc – slide 13
    Executing our Growth Strategy Maximize operating and financial performance from existing fleet to generate cash flow to fund growth Revenue efficiency Cost control Expand and renew rig fleet, emphasizing high-specification…
  14. JOHNSON RICE COMPANY ENERGY CONFERENCE – Atwood Oceanics Inc – slide 14
    Atwoods Expanding Rig Fleet 2009 2013 Additions 3 Ultra-Deepwater Floaters 4 High-Spec Jackups Atwood Mako 2.7 Billion Investment Atwood Manta Atwood Orca Atwood Aurora Atwood Osprey Atwood Condor Atwood Advantage 2009…
  15. JOHNSON RICE COMPANY ENERGY CONFERENCE – Atwood Oceanics Inc – slide 15
    Driller Investments in Organic Growth As of September 23, 2011 30.0 Enterprise Value (billions) 25.0 RIG 20.0 15.0 NE 10.0 DO ESV 5.0 RDC ATW 0.0 0.0% 20.0% 40.0% 60.0% 80.0% % Newbuild Rigs to Enterprise Value EV =…
  16. JOHNSON RICE COMPANY ENERGY CONFERENCE – Atwood Oceanics Inc – slide 16
    Atwood Condor Ultra-deepwater DP Semi-submersible Scheduled delivery in June 2012 from Jurong Shipyard Design and Capabilities Friede & Goldman Millennium ExD Design Dynamically Positioned 10,000 ft. water depth capability Six-ram…
  17. JOHNSON RICE COMPANY ENERGY CONFERENCE – Atwood Oceanics Inc – slide 17
    Atwood Advantage Ultra-deepwater DP-3 Drillship Scheduled delivery in 2 half of 2013 from DSME Shipyard nd Design and Capabilities 12,000 ft. water depth capability Seven-ram BOP with acoustic package 1,250 ton main load path…
  18. JOHNSON RICE COMPANY ENERGY CONFERENCE – Atwood Oceanics Inc – slide 18
    Newbuild High-Specification Jackups Atwood Mako, Manta and Orca Scheduled delivery in 2012 and 2013 from PPL Shipyard Design and Capabilities Pacific Class (Baker Marine) 400 design 400 ft. water depth capability 750 ton traveling…
  19. JOHNSON RICE COMPANY ENERGY CONFERENCE – Atwood Oceanics Inc – slide 19
    Are We Getting Full Credit For Our Growth Story Five additional high-specification rigs being delivered through September 30, 2013 Two ultra deepwater units Three high specification jackups Estimated built-in EPS growth of 3.08…
  20. JOHNSON RICE COMPANY ENERGY CONFERENCE – Atwood Oceanics Inc – slide 20
    Market Outlook and Contracts 21
  21. JOHNSON RICE COMPANY ENERGY CONFERENCE – Atwood Oceanics Inc – slide 21
    Floater Market Maturing oil basins, oil production decline rates and deepwater exploration success drive long-term demand Day rates continue to improve and are approaching 500,000 per day for ultra- deepwater as newbuild floaters…
  22. JOHNSON RICE COMPANY ENERGY CONFERENCE – Atwood Oceanics Inc – slide 22
    Jackup Market Demand increasing as oil prices remain above 80 per barrel All newbuilds from 2005-2009 cycle have been contracted a 2nd build cycle has started with Atwood a first mover High-spec rig utilization stable above 90%…
  23. JOHNSON RICE COMPANY ENERGY CONFERENCE – Atwood Oceanics Inc – slide 23
    Atwood Fleet Contract Status - 1.5 billion in backlog* 2011 2012 2013 2014 Rig Class/Rig+ Customer Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Ultra-Deepwater Drillship Atwood Advantage Available Available late 2013 Ultra-Deepwater…
  24. JOHNSON RICE COMPANY ENERGY CONFERENCE – Atwood Oceanics Inc – slide 24
    Growing Revenue and Cash Flow Backlog October 2011 Revenue Backlog 1.5 billion After-Tax Cash Flow Backlog 817 million 685 485 372 311 263 174 58 12 8 31 2011 2012 2013 2014 2015 Fiscal Year CONTRACT REVENUES CONTRACT…
  25. JOHNSON RICE COMPANY ENERGY CONFERENCE – Atwood Oceanics Inc – slide 25
    Financial Considerations 26
  26. JOHNSON RICE COMPANY ENERGY CONFERENCE – Atwood Oceanics Inc – slide 26
    Balance Sheet Supports Future Growth Debt/EBITDA * Debt/Capitalization * 6.0 58% 4.8 3.4 3.5 35% 32% 33% 2.8 27% 20% 21% 1.1 0.9 ATW RDC DO ESV NE RIG SDRL DO ATW RDC SDRL NE RIG ESV Active 500 million S-3…
  27. JOHNSON RICE COMPANY ENERGY CONFERENCE – Atwood Oceanics Inc – slide 27
    New Credit Facility for Growth Strategy 750 million revolving credit agreement Commitment can be increased to 1.1 billion upon delivery of the Atwood Condor Matures May 2016 Balance at August 22, 2011 400 million Interest rate…
  28. JOHNSON RICE COMPANY ENERGY CONFERENCE – Atwood Oceanics Inc – slide 28
    Projected Capital Expenditures and Funding* Capex Net Credit Facility Drawdowns Cash flow Net Debt / Capitalization 600 20% 18% 500 16% Net Debt / Capitalization Millions 14% 400 12% 300 10% 8% 200 6% 4% 100…
  29. JOHNSON RICE COMPANY ENERGY CONFERENCE – Atwood Oceanics Inc – slide 29
    Summary 30
  30. JOHNSON RICE COMPANY ENERGY CONFERENCE – Atwood Oceanics Inc – slide 30
    Atwood Oceanics Positioned for Successful Growth Excellent safety systems and operating reputation Leading financial and shareholder performance Diversified customer base and market presence Expanding high-specification rig…
  31. JOHNSON RICE COMPANY ENERGY CONFERENCE – Atwood Oceanics Inc – slide 31
    Thank You Mark L. Mey mmeyatwd.com www.atwd.com www.atwd.com Phone: 281-749-7800 32

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