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PARETO OIL AND OFFSHORE SERVICE CONFERENCE – Seadrill Limited

Seadrill Limited · Aug 31, 2011 · 27 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. PARETO OIL AND OFFSHORE SERVICE CONFERENCE – Seadrill Limited – slide 1
    Pareto Oil & Offshore Service Conference CEO Alf C Thorkildsen August 31, 2011
  2. PARETO OIL AND OFFSHORE SERVICE CONFERENCE – Seadrill Limited – slide 2
    Contents Company profile Developments last 12m Market outlook Rig fleet Financial gearing Value creation Strategy 6th gen. semi-submersible rig West Pegasus 3
  3. PARETO OIL AND OFFSHORE SERVICE CONFERENCE – Seadrill Limited – slide 3
    Company profile Second largest offshore driller based on Enterprise Value 2nd largest ultra-deepwater fleet Largest and most modern jack-up and tender rig fleet 2Q/11 EBITDA annualized US2.3 billion Contract backlog US12.2…
  4. PARETO OIL AND OFFSHORE SERVICE CONFERENCE – Seadrill Limited – slide 4
    2011 versus 2010 & 2009 Strong backlog significant growth potential 5
  5. PARETO OIL AND OFFSHORE SERVICE CONFERENCE – Seadrill Limited – slide 5
    Company development last 12 months Deepwater (5 rigs, 3bn invested) 3 ultra-deepwater vessels at Samsung US600m per unit ordered 2 Seadragon ultra-deepwater units US600m per unit acquired Shallow water (added 9+3 rigs, sold 3,…
  6. PARETO OIL AND OFFSHORE SERVICE CONFERENCE – Seadrill Limited – slide 6
    Seadrill growth story Step II 112 bbl 40 bbl Growth Performance Scale benefits 7
  7. PARETO OIL AND OFFSHORE SERVICE CONFERENCE – Seadrill Limited – slide 7
    Quality assets built at quality yards 33 Rigs Delivered 14 Rigs Under Construction 3 Drillships 3 Drillships 3 x Samsung: Q308, Q408, Q210 3 x Samsung: Q113, Q213, Q313 8 Semi-submersibles 2 Semi-submersibles 2 x Samsung: Q108,…
  8. PARETO OIL AND OFFSHORE SERVICE CONFERENCE – Seadrill Limited – slide 8
    Leading player in our markets Largest modern fleet in our industry 9
  9. PARETO OIL AND OFFSHORE SERVICE CONFERENCE – Seadrill Limited – slide 9
    Worldwide operations Americas North Atlantic 10 units 6 units Gulf of Mexico - 3 Semis - 2 Jack-ups - 2 Semis - 1 Drillship South America - 3 Semis - 1 Drillship - 3 Jack-ups - 1 Semi-tender Africa-Middle Asia Pacific…
  10. PARETO OIL AND OFFSHORE SERVICE CONFERENCE – Seadrill Limited – slide 10
    Seadrill business approach Strengthening of regional presence for performance and growth 11
  11. PARETO OIL AND OFFSHORE SERVICE CONFERENCE – Seadrill Limited – slide 11
    Market outlook and trends Brent Spot Price 160 Sound oil price environment 140 120 U S p er b arrel Strong growth in E&P spending 100 80 60 Trend towards more challenging 40 and complex resources continues 20…
  12. PARETO OIL AND OFFSHORE SERVICE CONFERENCE – Seadrill Limited – slide 12
    Major deepwater regions Deepwater Discoveries Discovered reserves in 2010, by water depth Strong combination of exploration success and new areas 13 Source: DnB NOR Markets, PCF Energy, Pareto, Woodmac, OGX
  13. PARETO OIL AND OFFSHORE SERVICE CONFERENCE – Seadrill Limited – slide 13
    Ultra-deepwater demand Contract Status & Expected Demand 2005-2015: Ultra Deepwater Drilling Units (7500feet) - Worldwide 160 140 120 100 80 60 40 20 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014…
  14. PARETO OIL AND OFFSHORE SERVICE CONFERENCE – Seadrill Limited – slide 14
    Floaters and US GoM drilling permits Significant pent-up demand to be unlocked 15
  15. PARETO OIL AND OFFSHORE SERVICE CONFERENCE – Seadrill Limited – slide 15
    Ultra-deepwater daily rates development Dayrate US1,000 UDW dayrates reflect tighter market rates 500,000 16 Source: Morgan Stanley July 27, 2011, North America Oil Services, Drilling & Equipment Offshore Drilling Playbook
  16. PARETO OIL AND OFFSHORE SERVICE CONFERENCE – Seadrill Limited – slide 16
    US7.8 billion contract backlog - Floaters Staggered contract portfolio offers flexibility 17
  17. PARETO OIL AND OFFSHORE SERVICE CONFERENCE – Seadrill Limited – slide 17
    US2.6 billion contract backlog - Jack-ups Strong interest in premium rigs continues 18
  18. PARETO OIL AND OFFSHORE SERVICE CONFERENCE – Seadrill Limited – slide 18
    US1.8 billion contract backlog Tender rigs Long-term visibility strong EBITDA margins 19
  19. PARETO OIL AND OFFSHORE SERVICE CONFERENCE – Seadrill Limited – slide 19
    US12.2 bn revenue backlog units Average term Average dayrate Current market rate Floaters 19 2.1Y US534,000 US500,000 HE Jack-up rigs 3 4.5Y US340,000 US360,000 Jack-up rigs 18 0.9Y US145,000 US135,000 Semi-tenders 8 2.0Y…
  20. PARETO OIL AND OFFSHORE SERVICE CONFERENCE – Seadrill Limited – slide 20
    Rig investment economics UDW floaters Jack-ups Tender rigs Dayrate US500,000 US145,000 US170,000 Opex incl. G&A US170,000 US60,000 US60,000 Tax (of revenues) 3.5% 3.5% 3.5% 5Y cash-flow US526 million US133 million US175…
  21. PARETO OIL AND OFFSHORE SERVICE CONFERENCE – Seadrill Limited – slide 21
    EBITDA* development 10% % 52 G R CA 22 * EBITDA earnings before interest, tax, depreciation and amortization
  22. PARETO OIL AND OFFSHORE SERVICE CONFERENCE – Seadrill Limited – slide 22
    Net interest bearing debt and dividend Rigs re-contracted at latest market dayrate UDW floaters 500 BE Jack-ups 135 Semi-tenders 170 Tender barges 115 Debt refinanced at similar terms No conversion has been assumed for…
  23. PARETO OIL AND OFFSHORE SERVICE CONFERENCE – Seadrill Limited – slide 23
    Net interest bearing debt in deepwater unit equivalents Relative gearing significantly reduced per unit Assumptions: 75 cent quarterly dividend, UDW dayrates US500, jack-up dayrates US135 and tender rig dayrates US115-170 24
  24. PARETO OIL AND OFFSHORE SERVICE CONFERENCE – Seadrill Limited – slide 24
    Value creation and dividends Consistently outperforming peers top dividend yield globally 25
  25. PARETO OIL AND OFFSHORE SERVICE CONFERENCE – Seadrill Limited – slide 25
    Seadrill is uniquely positioned While the other major drillers are spending cash on maintaining and replacing their aging fleet Seadrill are indentifying and selectively growing its already modern fleet at attractive rig…
  26. PARETO OIL AND OFFSHORE SERVICE CONFERENCE – Seadrill Limited – slide 26
    Key success factors 27
  27. PARETO OIL AND OFFSHORE SERVICE CONFERENCE – Seadrill Limited – slide 27
    Asset portfolio Core fleet 50 units built after Y2000 10 built before Y2000 17 Ultra-Deepwater Units + 1 Mid-water semi 1 Mid-water Semi 19 High Specification Jack-up rigs 2 Jack-up rigs 14 Tender Rigs 7 Tender Rigs…

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