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BAML 2013 GLOBAL ENERGY CONFERENCE – Dril-Quip, Inc.

Dril-Quip, Inc. · Nov 21, 2013 · 26 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. BAML 2013 GLOBAL ENERGY CONFERENCE – Dril-Quip, Inc. – slide 1
    Dril-Quip, Inc. Bank Bank of of America America Merrill Merrill Lynch Lynch 2013 2013 Global Global Energy Energy Conference Conference Miami, Miami, Florida Florida November November 2121stst,, 2013 2013
  2. BAML 2013 GLOBAL ENERGY CONFERENCE – Dril-Quip, Inc. – slide 2
    DRQ Investment Highlights Pure play in worldwide offshore market Deepwater focus Strong backlog continues to grow Superior margins Strong balance sheet Prepared for growth
  3. BAML 2013 GLOBAL ENERGY CONFERENCE – Dril-Quip, Inc. – slide 3
    Product and Services Summary Subsea Equipment 1 Specialty Connectors 2 Mudline Suspension Jack-Up Spar 3 Subsea Wellheads TLP 4 Tie-Back Connectors Platform 13 17 13 17 5 Template Systems 12 12 14 Drillship 13 FPSO 12 14 Semi 6…
  4. BAML 2013 GLOBAL ENERGY CONFERENCE – Dril-Quip, Inc. – slide 4
    Subsea Well Systems Utilized on subsea wells drilled by Floating Rigs Subsea Wellheads Specialty Connectors Liner Hangers
  5. BAML 2013 GLOBAL ENERGY CONFERENCE – Dril-Quip, Inc. – slide 5
    Dry Tree Completion Systems Utilized by Spars and TLPs Surface Trees Surface Wellheads Riser Tensioners Production Risers Tie-Back Connectors Subsea Wellheads Specialty Connectors Liner Hangers
  6. BAML 2013 GLOBAL ENERGY CONFERENCE – Dril-Quip, Inc. – slide 6
    Subsea Completion Systems Utilized in subsea field developments Subsea Trees Control Systems Subsea Manifolds Subsea Wellheads Specialty Connectors Liner Hangers
  7. BAML 2013 GLOBAL ENERGY CONFERENCE – Dril-Quip, Inc. – slide 7
    Offshore Rig Equipment Utilized on Drilling Rigs Wellhead Connectors Drilling Risers Diverters
  8. BAML 2013 GLOBAL ENERGY CONFERENCE – Dril-Quip, Inc. – slide 8
    Strong Global Presence Worldwide offices located near key demand centers Eastern Hemisphere Headquarters Aberdeen, Scotland World Headquarters Houston, Texas Asia-Pacific Headquarters Singapore Maca, Brazil…
  9. BAML 2013 GLOBAL ENERGY CONFERENCE – Dril-Quip, Inc. – slide 9
    Suppliers Offshore Operators
  10. BAML 2013 GLOBAL ENERGY CONFERENCE – Dril-Quip, Inc. – slide 10
    Consistent Track Record of Growth 350 800 300 700 Working Floating Rig Count 250 600 Revenue (millions) 200 500 150 400 100 300 50 200 0 100 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Working…
  11. BAML 2013 GLOBAL ENERGY CONFERENCE – Dril-Quip, Inc. – slide 11
    Floating Rig Fleet and Capability Growth 400 9000 350 8500 Average Floating Operating Water Depth (ft) 300 8000 Number of Floating Rigs 250 7500 200 7000 150 6500 100 6000 50 5500 0 5000 2007 2008 2009 2010 2011…
  12. BAML 2013 GLOBAL ENERGY CONFERENCE – Dril-Quip, Inc. – slide 12
    Floating Rig Drilling Activity Remains Strong 400 900 350 800 300 700 Number of Floating Rigs Number of Wells /Trees 250 600 200 500 150 400 100 300 50 200 0 100 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012…
  13. BAML 2013 GLOBAL ENERGY CONFERENCE – Dril-Quip, Inc. – slide 13
    Worldwide Floating Production Unit Forecast (excluding Petrobras) FPSO, Spar and TLP Awards 20 15 10 5 0 2012A 2013E 2014E 2015E 2016E 2017E Source: Base Case, Quest Floating Production Database, Jun 28, 2013
  14. BAML 2013 GLOBAL ENERGY CONFERENCE – Dril-Quip, Inc. – slide 14
    Worldwide Subsea Tree Forecast (excluding Petrobras) 400 350 300 250 200 150 100 50 0 2011A 2012A 2013E 2014E 2015E 2016E 2017E Source: Quest Subsea Forecast Awards, Aug 27, 2013 Quest Subsea Database Main…
  15. BAML 2013 GLOBAL ENERGY CONFERENCE – Dril-Quip, Inc. – slide 15
    Vertically Integrated Manufacturing Purchase Raw Forge Materials Rough Machine Heat Treat Finishing Finishing Finishing Finishing Operations Operations Operations Operations Houston Aberdeen Singapore Brazil
  16. BAML 2013 GLOBAL ENERGY CONFERENCE – Dril-Quip, Inc. – slide 16
    Machine Rebuilding Purchase used machines Rebuild in-house with new CNC controls Purpose-built machines Resulting in reduced capital expenditures
  17. BAML 2013 GLOBAL ENERGY CONFERENCE – Dril-Quip, Inc. – slide 17
    Manufacturing Locations Houston Forge & Heat Treat expansion scheduled for completion Q4 2013 Houston Eldridge (218 acres) Brazil 6 new machines planned for 2013 Maca, Brazil (11 acres)
  18. BAML 2013 GLOBAL ENERGY CONFERENCE – Dril-Quip, Inc. – slide 18
    Manufacturing Locations Aberdeen Additional seven-acre renovation to include: Offices Test & Assembly building 1 new machine planned Aberdeen, Scotland (24 acres) for 2013 Singapore 4 new machines planned for 2013…
  19. BAML 2013 GLOBAL ENERGY CONFERENCE – Dril-Quip, Inc. – slide 19
    Machines and Machinists 400 1.50 1.45 350 1.40 1.35 Number 300 1.30 Ratio 1.25 250 1.20 1.15 200 1.10 1.05 150 1.00 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13E Machines Machinists Ratio
  20. BAML 2013 GLOBAL ENERGY CONFERENCE – Dril-Quip, Inc. – slide 20
    Strong Balance Sheet Offers Flexibility (Millions of USD) Sept. 30, Dec. 31, Assets 2013 2012 Current assets 1,035 924 Property, plant and equipment, net 301 296 Other assets 11 11 Total assets 1,347 1,231 Liabilities and Stockholders…
  21. BAML 2013 GLOBAL ENERGY CONFERENCE – Dril-Quip, Inc. – slide 21
    Condensed Consolidated Statements of Income Nine Months Ended Sept. 30, (Thousands of USD) 2013 2012 Revenues 639,910 544,554 Cost and Expenses: Cost of sales 59.6% 381,662 61.9% 337,196 S, G & A expenses 68,732 58,614 Engineering…
  22. BAML 2013 GLOBAL ENERGY CONFERENCE – Dril-Quip, Inc. – slide 22
    Revenues and Backlog 800 Revenue (mm) 733 700 566 601 600 543 540 500 496 Consistent revenue 400 and backlog growth 300 200 through industry 100 cycles 0 2007 2008 2009 2010 2011 2012 3rd Qtr Y-T-D 2013 1400 Backlog (mm)…
  23. BAML 2013 GLOBAL ENERGY CONFERENCE – Dril-Quip, Inc. – slide 23
    Superior Margins vs. Peers* EBIT (Operating Income) Margin ** (%) 30.0% 26.4% 24.6% 25.1% 25.0% 21.6% 22.1% 20.0% 15.0% 10.0% 5.0% 0.0% 2009 2010 2011 2012 3Q YTD 2013 Dril-Quip Average of Peer Group Superior margins…
  24. BAML 2013 GLOBAL ENERGY CONFERENCE – Dril-Quip, Inc. – slide 24
    2013 Planned Capital Expenditures (Millions of USD) Machines 24 Land, buildings & improvements 13 Rental tools 12 Forge equipment 6 Other 5 Total 60
  25. BAML 2013 GLOBAL ENERGY CONFERENCE – Dril-Quip, Inc. – slide 25
    Looking Ahead Continued focus on the growing deepwater offshore sector Continued commitment to Quality, Health, Safety and Environmental Management Systems Increase market share of dry tree and subsea completion systems Continued…
  26. BAML 2013 GLOBAL ENERGY CONFERENCE – Dril-Quip, Inc. – slide 26
    DRIL-QUIP, Inc. DRIL-QUIP (Europe), Ltd. DRIL-QUIP Asia Pacific Pte., Ltd DRIL-QUIP do Brasil, Ltda. 6401 N. Eldridge Pkwy. Stoneywood Park 80 Tuas West Drive Estrada de Imboassica, 853 Houston, Texas, 77041 Dyce, Aberdeen, AB21 7DZ,…

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