BARCLAYS CAPITAL CEO ENERGY POWER CONFERENCE – Seadrill Limited

Seadrill Limited · Sep 10, 2010 · 24 slides

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Barclays Capital CEO Energy-Power Conference CEO Alf C Thorkildsen September 2010
Contents Company profile Achievements last 12months Recent investments Rig fleet Market outlook Cash dividends Strategy 3
Company profile 2nd largest offshore driller based on EV 2nd largest ultra-deepwater fleet Largest and most modern jack-up and tender rig fleet 2Q/10 EBITDA annualized US2.0 billion Contract backlog US12.3 billion Quarterly…
2010 versus 2009 Sept. 2009 Sept. 2010 SDRL Share Price US17.7 US25.5 WTI Oil price US70 US75 Deepwater dayrates US500,000 US430,000 Premium Jack-up dayrates US100,000 US125,000 Semi-tender rigs US150,000 US150,000 Contract…
What have we achieved over the last twelve months Acquired 7 jack-ups through the Scorpion acquisition Bought the CJ70 harsh environment jack-up rig Secured US3.4 bn in new contracts Resumed regular quarterly cash dividends…
Worldwide operations Europe - 5 units Newbuilds - 4 units - 3 Semis - 1 Jack-up - 1 Drillship - 1 Deepwater semi GoM - 1 unit - 1 HE jack-up - 1 Semi - 1 BE jack-up - 1 Semi-tender Brazil/Trinidad - 7 units - 3 Semis - 1…
Second largest in deepwater - most modern fleet in the industry Age related issues underestimated 8 Source: ODS Petrodata
US9.1 billion contract backlog - Floaters Superb earnings visibility 9
Largest operator of tender rigs - most modern fleet in the industry Maintaining market share 10 Source: ODS Petrodata
US1.5 billion contract backlog - Tender rigs Improved market condition 11
Jack-up rig acquisitions last 6 months 1 harsh environment jack-up CJ70 Gusto MSC CJ70 X150A design 450ft water depth capacity Delivery scheduled in the 2Q 2011 5-year contract awarded by Statoil for operations in Norway 7…
Largest operator of premium jack-up rigs built after Year 2000 Most modern fleet 13 Source: ODS Petrodata
US1.9 billion contract backlog - Jack-ups 2010 2011 2012 2013 Unit Customer 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q West Prospero RSPOC US196,000 West Triton Anadarko US116/140 West Ariel Vietsopetro US135,000 US122,500…
Why investment in new jack-up rigs Growing demand for new jack-ups Benefits of new jack-up rigs The easy oil is gone operators require Increased deck-load and open deck space jack-up rigs with greater capabilities than the typical…
Economics of jack-up investments Harsh environment Benign environment Actual 5Y contract CJ70 Assumed contract terms Dayrate US345,000 Dayrate US130,000 Opex incl. G&A US120,000 Opex incl. G&A US50,000 Tax 3.5% Tax 3.5% 5Y…
EBITDA* development Actual numbers Unique opportunity to continue growth 17 * EBITDA earnings before interest, tax depreciation and amortization
How do Seadrill continue its growth Single assets acquisitions, selective newbuilds and M&As 18
Market Outlook Long term market drivers intact as global oil basins mature and decline rates increase/stay high Exploration for oil and gas reserves takes place in more challenging areas Significant exploration success in new…
Strong operational performance and project execution Delays in delivery deepwater units Effective start-up of deepwater newbuilds Performance second to none 20
US12.3 bn contract backlog Quality customers . superb visibility 21
Share price and dividends * *Adjusted for dividends Outperforming peer group 22
Net interest bearing debt and dividend Rigs re-contracted at latest market dayrate UDW floaters 440 BE Jack-ups 120/130 Semi-tenders 150 Tender barges 90 Debt refinanced at similar terms No conversion has been assumed…
Seadrill uniquely positioned Brand new fleet of rigs Sound operations Global presence Strong contract backlog and earnings visibility Unique bank relationships Confidence and trust from the equity markets Track record of…
Asset portfolio Core fleet 36 units built after 2000 12 built before 2000 12 Ultra Deepwater Units + 1 Deepwater Unit 1 Mid-water semi 14 High Specification Jack-ups 3 Jack-ups 9 Tender Rigs 8 Tender Rigs Shareholdings…

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