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1H 2009 RESULTS – Eurasia Drilling Company Limited

Eurasia Drilling Company Limited · Apr 12, 2010 · 33 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. 1H 2009 RESULTS – Eurasia Drilling Company Limited – slide 1
    1H 2009 Results September 2009
  2. 1H 2009 RESULTS – Eurasia Drilling Company Limited – slide 2
    Financial highlights Summary Financial highlights financials Operational highlights Market Summary financials & position Summary & outlook Strategic roadmap Operational highlights Q&A Market and position Summary…
  3. 1H 2009 RESULTS – Eurasia Drilling Company Limited – slide 3
    Financial highlights Summary Revenue decreased by 34.7% due to 2.9% decrease in our financials Operational drilling volumes and c.38% devaluation of Russian ruble v. US highlights Market & position Improved EBITDA and…
  4. 1H 2009 RESULTS – Eurasia Drilling Company Limited – slide 4
    Financial highlights Summary 2007 2008 2008 2009 financials Operational (US '000) Audited Audited First Half First Half highlights Market & position Revenue 1,492,189 2,101,779 1,030,276 673,188 Summary & outlook Strategic…
  5. 1H 2009 RESULTS – Eurasia Drilling Company Limited – slide 5
  6. 1H 2009 RESULTS – Eurasia Drilling Company Limited – slide 6
    Financial highlights Summary Improved market share (based on meters drilled) from 26.0% in financials Operational 2008 to 26.4% at the end of 1H2009 highlights Market & position Achieved drilling output of 1,927,411 meters…
  7. 1H 2009 RESULTS – Eurasia Drilling Company Limited – slide 7
    Financial highlights WTI Oil Consensus v. Strip Summary financials 2009 2010 2011 2012 2013 Operational 150 highlights Current Spot: 69.97 Market Forward Strip 68.66 72.34 75.40 77.27 79.10 & position Summary & outlook…
  8. 1H 2009 RESULTS – Eurasia Drilling Company Limited – slide 8
    Financial highlights Dramatic hydro-frac Russian Drilling v. Oil Production Growth Summary induced production financials Operational gains in early 2000s 6,000 1,000 highlights Market & position Production Change (mbpd)…
  9. 1H 2009 RESULTS – Eurasia Drilling Company Limited – slide 9
    Financial highlights Drilling volume growth Russian Drilling Volume Changes Summary financials slowed in 2008 as Operational 2,500 highlights compared to 2007, due Market to several factors: 2,000 & position Drilled Meters…
  10. 1H 2009 RESULTS – Eurasia Drilling Company Limited – slide 10
    Financial highlights EDC has established EDC Share in Drilling Volume Changes Summary financials itself as the premier 3,000 Operational highlights drilling company in Market & position 2,500 Russia Drilled Meters Growth…
  11. 1H 2009 RESULTS – Eurasia Drilling Company Limited – slide 11
    Financial highlights Sector analysts expect Russia OFS Market: Drilling Summary financials contraction in drilling Operational highlights 18 market in 2009, Eastern Siberia Market & position followed by a rebound 16 Timan…
  12. 1H 2009 RESULTS – Eurasia Drilling Company Limited – slide 12
    Financial highlights Market Share EDC Drilling Volume Performance Summary financials 4,500 Operational 1H 2009 EDC FY 2009 Forecast highlights 4,000 Market EDC 4,020 & position 26.4% EDC 1H 2009 Actual Drilled Meters…
  13. 1H 2009 RESULTS – Eurasia Drilling Company Limited – slide 13
    Financial highlights 1H 2009 (1,927 th. meters drilled) Recent contract developments Summary financials 1% Other Operational 12% 2nd rig drilling in Eastern Siberia for highlights Rosnefts Vankor field . Plans call for Market &…
  14. 1H 2009 RESULTS – Eurasia Drilling Company Limited – slide 14
    Financial highlights Repositioning EDC Crew productivity 1 Summary financials 110 Operational Leading technology Meters/Drill Crew/Day 108.32 highlights Market 100 & position New drilling rigs are fit-for-purpose in Summary…
  15. 1H 2009 RESULTS – Eurasia Drilling Company Limited – slide 15
    Financial Balance sheet, as of 31/12/2008 (USmm) Balance sheet, as of 30/06/2009 (USmm) highlights Summary financials Operational P, P&E 609 P, P&E 634 highlights 881 Equity Equity 917 Market & position Inventories, trade…
  16. 1H 2009 RESULTS – Eurasia Drilling Company Limited – slide 16
    Financial highlights EDCs Rig Fleet CAPEX expenditure Summary financials Workover 350 Operational Actual 327 m Rig fleet plans (onshore) Drilling rigs rigs 320 m highlights '09 Forecast Market 300 & position Rigs on hand,…
  17. 1H 2009 RESULTS – Eurasia Drilling Company Limited – slide 17
    Financial highlights YTD Russian Market is stronger than expected but overall drilling Summary financials volumes have declined from 2008 levels (4.8% through 30 June) Operational highlights Market & position Resilient…
  18. 1H 2009 RESULTS – Eurasia Drilling Company Limited – slide 18
    Financial highlights Summary EDCs land drilling volume is expected to be 3.6 to 3.7 financials Operational highlights million meters for the full year 2009 Market & position Summary & outlook EBITDA margin is expected to be…
  19. 1H 2009 RESULTS – Eurasia Drilling Company Limited – slide 19
    Financial highlights Summary Organic growth and Efficiency improved by 10% to 108 Meters/Crew/Day; financials Operational efficiency improvement Market Share grew to 26.4% highlights Market & position Summary Continued focus on…
  20. 1H 2009 RESULTS – Eurasia Drilling Company Limited – slide 20
    Financial highlights Summary financials Operational highlights Market & position Summary & outlook Strategic roadmap Q&A 21
  21. 1H 2009 RESULTS – Eurasia Drilling Company Limited – slide 21
    Forward calendar 2009 Interim results conference call September 2, 2009 EDC Annual General Meeting September 11, 2009 (Cannes, France) Roadshow 1H-09 Results September 14-18, 2009 (UK, USA) UBS Russia/CIS Investment Conference…
  22. 1H 2009 RESULTS – Eurasia Drilling Company Limited – slide 22
    Appendix 23
  23. 1H 2009 RESULTS – Eurasia Drilling Company Limited – slide 23
    1st Half 2009 Revenues US 673 million EBITDA US 147 million Net Income US 78 million Market Share 26.4% by meters drilled 1 Production Assets 241 Total Crews 2 206 Drilling Rigs 2 85 Workover Rigs Operating Statistics 1,927,411…
  24. 1H 2009 RESULTS – Eurasia Drilling Company Limited – slide 24
    Head Office Regional/Branch Office Support Base Rig Fabrication Operational Areas TIMAN-PECHORA EASTERN Usinsk SIBERIA Kogalym WESTERN Moscow SIBERIA Polazna Kaliningrad VOLGA-URALS Zhirnovsk Astrakhan Aktau…
  25. 1H 2009 RESULTS – Eurasia Drilling Company Limited – slide 25
    Highly qualified personnel & The largest leading management onshore driller in team Russia Broad, powerful and growing production base Exposure to high growth markets Established track record of profitable Mutually…
  26. 1H 2009 RESULTS – Eurasia Drilling Company Limited – slide 26
    2006 2007 2008 6M 2008 6M 2009 Audited Audited Audited Interim Interim Total Revenue 1,087,572 1,492,189 2,101,779 1,030,276 673,188 Costs and Other Deductions Operating Ex penses 806,881 1,031,480 1,453,718 720,553 449,022 Selling,…
  27. 1H 2009 RESULTS – Eurasia Drilling Company Limited – slide 27
    2006 2007 2008 1H 2009 Audited Audited Audited Reviewed KEY RATIOS: 1 Return on Equity 80.4% 34.3% 26.0% 17.4% 2 Return on Assets 18.3% 16.9% 15.8% 11.3% 3 ROCE 36.0% 33.4% 40.2% 24.0% Accounts Pay able Turnov er 47 51 41 40…
  28. 1H 2009 RESULTS – Eurasia Drilling Company Limited – slide 28
    2006 2007 2008 1H 2009 Net Income 90,765 168,544 220,933 78,392 Non-cash Adjustments (Depreciation) 23,722 58,705 101,777 49,791 Changes in Working Capital ex cl. Cash (64,963) (53,929) (12,859) 40,748 Cash from Operations 49,524…
  29. 1H 2009 RESULTS – Eurasia Drilling Company Limited – slide 29
    ASSETS (US 000) 2006 Audited 2007 Audited 2008 Audited 1H '09 Reviewed Current Assets Cash 29,296 343,089 279,430 278,505 Trade Accounts Receiv able, net 151,371 230,888 230,147 207,036 Inv entory 141,302 132,822 183,448 133,078…
  30. 1H 2009 RESULTS – Eurasia Drilling Company Limited – slide 30
    LIABILITIES AND SHAREHOLDERS EQUITY (US 000) 2006 Audited 2007 Audited 2008 Audited 1H '09 Reviewed Current Liabilities Trade Accounts Pay able 140,979 210,337 236,343 146,086 Notes Pay able - Current LTD & Other 77,557 118,911 91,721…
  31. 1H 2009 RESULTS – Eurasia Drilling Company Limited – slide 31
    EDC shares have Market Cap v. Replacement Cost been trading well 4,500 below replacement 4,000 cost of our drilling and 3,500 workover rig fleet 3,000 USS '000 2,500 Historical trough drilling company 2,000 valuations have…
  32. 1H 2009 RESULTS – Eurasia Drilling Company Limited – slide 32
    Recent analysts view 2009 outlook 2010-11 outlook Given the ruble depreciation, a c. 30% decline in oil Inflation is expected to return into the sector in 2H companies 2009 dollar capex, would allow them to 2009 and overall level of…
  33. 1H 2009 RESULTS – Eurasia Drilling Company Limited – slide 33
    MET. Per tone basis 90% 419 * (oil price - 15) / 261 taxes as % of oil price + 70% Export duty, for oil price over 25=65% Marginal tax rate 90% (Oil price - 25) * 65% + 3.99 50% + Corporate income tax - 20% 30% + 10% Other…

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