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CREDIT SUISSE ANNUAL ENERGY SUMMIT – Seadrill Limited

Seadrill Limited · Feb 28, 2011 · 23 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 ANNUAL ENERGY SUMMIT – Seadrill Limited – slide 1
    Credit Suisse Annual Energy Summit Vail - Colorado Alf C Thorkildsen, CFO
  2. CREDIT SUISSE ANNUAL ENERGY SUMMIT – Seadrill Limited – slide 2
    Contents Company profile Rig fleet Market view Recent investments Financial strategy Dividend policy Summary 3
  3. CREDIT SUISSE ANNUAL ENERGY SUMMIT – Seadrill Limited – slide 3
    Company profile 2nd largest offshore driller based on EV 2nd largest ultra-deepwater fleet Largest fleet of modern jack-ups and tender rigs 3Q/10 EBITDA annualized US2.3 billion Contract backlog US11.0 billion Quarterly…
  4. CREDIT SUISSE ANNUAL ENERGY SUMMIT – Seadrill Limited – slide 4
    Seadrill growth story 56 Rapid growth through strong business performance 5
  5. CREDIT SUISSE ANNUAL ENERGY SUMMIT – Seadrill Limited – slide 5
    Enterprise value comparison A top tier offshore drilling company 6 * Source: DnB Nor Markets
  6. CREDIT SUISSE ANNUAL ENERGY SUMMIT – Seadrill Limited – slide 6
    Worldwide operations Europe - 5 units Newbuilds - 11 units - 3 Semis - 1 Jack-up - 1 Drillship -3 Semis -2 Drillships GoM - 1 unit - 1 HE jack-up - 1 Semi - 4 BE jack-ups - 1 Semi-tender South America - 7 units - 3 Semis…
  7. CREDIT SUISSE ANNUAL ENERGY SUMMIT – Seadrill Limited – slide 7
    Second largest in deepwater - most modern fleet in the industry Age related issues underestimated 8 Source: ODS Petrodata
  8. CREDIT SUISSE ANNUAL ENERGY SUMMIT – Seadrill Limited – slide 8
    US7.9 billion contract backlog - Floaters Superb earnings visibility 9
  9. CREDIT SUISSE ANNUAL ENERGY SUMMIT – Seadrill Limited – slide 9
    Largest operator of premium jack-up rigs built after Year 2000 Most modern fleet 10 Source: ODS Petrodata
  10. CREDIT SUISSE ANNUAL ENERGY SUMMIT – Seadrill Limited – slide 10
    US1.8 billion contract backlog - Jack-ups Sound market outlook for premium rigs 11
  11. CREDIT SUISSE ANNUAL ENERGY SUMMIT – Seadrill Limited – slide 11
    Largest operator of tender rigs - most modern fleet in the industry Maintaining market share 12 Source: ODS Petrodata
  12. CREDIT SUISSE ANNUAL ENERGY SUMMIT – Seadrill Limited – slide 12
    US1.4 billion contract backlog - Tender rigs Improved market conditions 13
  13. CREDIT SUISSE ANNUAL ENERGY SUMMIT – Seadrill Limited – slide 13
    Market view Brent Spot Price Market prospects suggest stable or 160 140 increasing oil prices 120 US per barrel 100 Declining production rates trigger more 80 60 drilling in existing reservoirs 40 20 Exploration…
  14. CREDIT SUISSE ANNUAL ENERGY SUMMIT – Seadrill Limited – slide 14
    Ultra-deepwater newbuild orders & acquisitions 2010 2 ultra-deepwater drillships 12,000ft water depth capacity 1,250 ton hook load 200 accommodation capacity 7 ram BOP Total project cost per rig US600 million Delivery 1Q/2013…
  15. CREDIT SUISSE ANNUAL ENERGY SUMMIT – Seadrill Limited – slide 15
    Jack-up acquisitions & orders 2010 1 harsh environment jack-up CJ70 Gusto MSC CJ70 X150A design 450ft water depth capacity Delivery scheduled in 2Q 2011 5-year contract awarded by Statoil for operations in Norway 7 benign…
  16. CREDIT SUISSE ANNUAL ENERGY SUMMIT – Seadrill Limited – slide 16
    Rational for investment in new rigs Benefits of new deepwater units Benefits of new jack-up rigs Dual derrick rigs Increased deck-load and open deck space Increased water depth and drilling depth Greater engine horsepower…
  17. CREDIT SUISSE ANNUAL ENERGY SUMMIT – Seadrill Limited – slide 17
    Economics of new investments Ultra-deepwater drillships Benign environment Jack-up Assumed contract terms Assumed contract terms Dayrate US500,000 Dayrate US130,000 Opex incl. G&A US150,000 Opex incl. G&A US50,000 Tax 5.0% Tax…
  18. CREDIT SUISSE ANNUAL ENERGY SUMMIT – Seadrill Limited – slide 18
    Asset backed financing Actively uses bank syndication market to finance our rigs Combination of new assets and quality contract coverage is attractive to bankers US4 billon worth of unpledged assets (16 units) US3 billion in…
  19. CREDIT SUISSE ANNUAL ENERGY SUMMIT – Seadrill Limited – slide 19
    US11 bn contract backlog Quality customers . superb visibility 20
  20. CREDIT SUISSE ANNUAL ENERGY SUMMIT – Seadrill Limited – slide 20
    EBITDA* development Unique opportunity to continue growth 21 * EBITDA earnings before interest, tax depreciation and amortization
  21. CREDIT SUISSE ANNUAL ENERGY SUMMIT – Seadrill Limited – slide 21
    Dividend distribution and policy Dividend resolved at US0.65 per share Increase reflects strong earnings visibility and increasing free cash flow Future dividend depends on: Debt leverage Contract coverage Capital expenditure…
  22. CREDIT SUISSE ANNUAL ENERGY SUMMIT – Seadrill Limited – slide 22
    Seadrill uniquely positioned Brand new fleet of rigs (supplement by newbuild orders) Sound operations Global presence Strong contract backlog and earnings visibility Unique bank relationships Confidence and trust from the…
  23. CREDIT SUISSE ANNUAL ENERGY SUMMIT – Seadrill Limited – slide 23
    Asset portfolio Core fleet 45 units built after 2000 11 built before 2000 16 Ultra-Deepwater Units + 1 Deepwater Unit 1 Mid-water Semi 19 High Specification Jack-ups 2 Jack-ups 9 Tender Rigs 8 Tender Rigs Shareholdings…

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