UBS Global Oil and Gas Conference May 21, 2013 Rob R b Saltiel S li l President and CEO 1
Overview & Strategy 3
Transforming Atwood Oceanics Multi-year investment in fleet modernization and expansion Delivering 5 UDW floater and 3 jackup newbuilds from 2011 through 2015 Will own youngest high-spec floater and jack-up fleets in the industry…
Steady Revenue and Earnings Growth 2008-Present R Revenue Net Income Millions Millions 800 300 787 700 272 250 257 651 600 215 200 500 527 253 Q2 400 150 86 Q2 300 100 200 245 Q1 73 50 Q1 100 0 0 2008 2010 2012 2013…
Industry Leading Margins and Capital Returns for FY 2013 40% 35% ATW ESV 30% SDRL 25% Net Marrgins DO 20% RDC NE RIG 15% 10% 5% 0% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% Capital Return Note: The Bubble size…
Shareholder Return: ATW Vs. Peers* Total Shareholder Return: 1 Year Comparison Total Shareholder Return: 3 Year Comparison p 150% 35% 129.7% 31.7% 31.5% 130% 30% 110% 24.2% 25% 90% 19.9% 20.5% 20.5% 70.8% 66.9% 20% 70% 50% 34.6%…
Improving Revenue Quality 2011 vs. 2015 FY 2011 Revenue FY 2015 Revenue* 10% 10% 27% 53% 20% 80% Ultra Deepwater Floaters Ultra Deepwater Floaters High Spec Jackups High Spec Jackups Other Other *Source: Atwood…
Fleet Transformation and Growth Atwoods fleet has a strong presence in Australia, Southeast Asia and West Africa ATWOOD ADVANTAGE ATWOOD BEACON Houston, Texas ATWOOD ACHIEVER ATWOOD ADMIRAL ATWOOD CONDOR ATWOOD AURORA ATWOOD…
Execution Performance 11
Achieving Top-Tier Execution Value Drivers Revenue Cost Project Key Ke Enablers Efficiency Control Management M t - Centralized maintenance and technical support 2011 - Consistent standards - Atwood Osprey Best-in-class…
Continuous Safety Performance Improvement Fiscal Year 2008-Present Total Recordable Incident Rate Lost Time Incident Rate 1.2 0.40 0.35 1.0 1.05 1 05 0.30 0.8 0.80 0.25 0.26 0.6 0.68 0.20 0.18 0.15 04 0.4 0.10 0.2…
Major Accomplishments Last Nine Months Partial Listing Delivered Atwood Mako 4 weeks ahead of schedule and Sept 2012 started up in the Gulf of Thailand Delivered Atwood Condor ahead of original schedule and Oct 2012 started up in…
Calendar 2013 Priorities and Potential Catalysts Start-up of the Atwood Orca Contracting of Atwood Beacon and Atwood Hunter (2013 / 2014 availability) Securing inaugural contract for the Atwood Achiever Potential exercise of…
Market Outlook and Contracts 16
64 Recent Discoveries in Floater Water Depths* December 2011 to April 2013 6 4 4 3 Golden G Triangle 7 10 11 4 8 7 * Water depths greater than 500 ft. 17 Source: IHS-Petrodata
Steady Floater Utilization UDW Rigs Sold Out Worldwide Floater Supply and Utilization 310 303 100% 290 98% Contracted Uttilization 96% 270 94% 250 Total Supply 92% 230 221 90% 210 88% 86% 190 84% 170 82% 50 150…
New Build UDW Floater Delivery by Calendar Years No. of Rigs 35 30 1 25 20 3 18 15 29 7 10 17 5 8 9 0 2013 2014 2015 2016+ Contracted Uncontracted Total 92 Contracted 63 Uncontracted 29 19 Source: IHS Petrodata as of May…
Jackups: Utilization Recovers Even as Supply Grows Worldwide Jackup Supply and Utilization 494 490 100% 480 95% 470 90% 460 85% Total Supply Utilization 443 450 80% 440 75% 430 70% 420 65% Total Supply…
Accelerating High Spec Jack-Up Dayrate Outlook J k tenders Jackup t d i t l 20% over the up approximately th pastt 4 months th Driven by demand in the North Sea, Middle East, SE Asia and India Contract duration and lead times…
Atwood Fleet Contract Status (by calendar year) 2013 2014 2015 Ri Cl Rig /Ri Class/Rig C t Customer Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Ultra-Deepwater Drillships Atwood Advantage Noble Energy 409K 584K Atwood Achiever Available Delivery…
Revenue Backlog Analysis (FY in Millions) Total = 2.4 Billion 1,200 (in Millions) 1,000 353 800 965 886 600 400 1,129 531 461 411 200 - Majors 2013 2014 2015 2016+ Large Independents Fiscal Year S ll IIndependents…
Financial Considerations 24
Future Capital Expenditures Fully Financed 1.5 billion1 in remaining total ( millions) capital expenditures as of May 1,000 1, 2013 900 Approximately 0.9 billion in contracted after tax cash flow 800 through 2015 is available…
Earnings Growth Through Newbuild Rig Deliveries Potential P t ti l Incremental I t l 6.25 6 25 Earnings E i Per P Share Sh from f Newbuild N b ild Rig Ri Deliveries* D li i * Atwood Condor Atwood Manta Atwood Achiever Atwood…
Summary 27
The Atwood Advantage High-Quality Operating Fleet with Aggressive Growth Initiative Knowledgeable Attractive and Experienced Geographic Management Team Diversity Significant Strong Backlog Liquidity and with High Quality…
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