Disclaimer This presentation is being made only to, and is only directed at, persons to whom such presentation may lawfully be communicated (relevant persons). Any person who is not a relevant person should not act or rely on these…
Agenda 1. Highlights Q4 2012 2. Q4 2012 and Preliminary Full Year 2012 Financial Results 3. Operational Update 4. Market Outlook 5. Summary 6. Q&A 3
1. Q4 2012 Highlights
Q4 2012 Highlights Total Q4 Revenue approx. USD 52.8 million; EBITDA USD 32.6 million Q4 Opex per rig approx. USD 78,500 per day Total contract backlog per end of Q4 was USD 297 million Revenue efficiency during Q4 was…
2. Q4 2012 and Preliminary Full Year 2012 Financial Results
Q4 2012 Income Statement Condensed statement of comprehensive income in USD thousands, except earnings per share Full Year Full Year Q4 2012 2012 Q4 2011 2011 (unaudited) (unaudited) (unaudited) (audited) Contract revenue 51,799…
Q4 2012 Balance Sheet Condensed statement of financial position in USD thousands 31.12.2012 31.12.2011 (unaudited) (audited) Rigs, machinery and equipment 250,173 262,573 250,173 262,573 Trade and other receivables 22,285…
3. Operational Update
Contract Status Backlog USD 490 million (incl. LOI) AWILCO DRILLING PLC CONTRACT STATUS 2014 Feb March April May June July Aug Sept Oct Nov Dec Jan Feb March April May June July Aug Sept Oct Nov Dec WILHUNTER : Suncor 315,000…
Operational Performance Good operational performance in Q4 with 94.3% operational uptime In Q4 2012 the rigs have been tested with heavy duty work WilPhoenix has completed the Spaniards and the Cyclone wells for Premier WilPhoenix…
Dividend Prospects All free cash flow over a robust cash buffer of approximately USD 35 million for operational requirements and capex commitments to be distributed In the case of attractive growth opportunities the company will…
4. Market Outlook
Dayrates, Duration and Leadtime Increasing in the UK Market Source: Fearnley Fonds and IHS Petrodata 14
Utilisation Increasing in International Markets, Stable Supply Source: Fearnley Fonds 15
The UK Market is close to Sold Out until 2015 UK FLOATER MARKET CONTRACT STATUS 2014 2015 Company Rig name Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep…
Demand Outstrips Supply in 2014 Unmet demand in 2014 is likely to push work into 2015 17
Why do we expect the UK market to be tight beyond 2014 Sustained high oil price under-pinning operator confidence UK market has barriers to entry UK Government encouraging activity through licensing Operators increasing activity…
5. Summary
Summary Market fundamentals remain positive Solid contract backlog of USD 490 million Continued focus is on operational efficiency Free cash flow to be distributed, dividend payments expected to start in Q2 2013 Evaluating…
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