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Q3 2012 EARNINGS CALL – Seadrill Limited

Seadrill Limited · Nov 26, 2012 · 28 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. Q3 2012 EARNINGS CALL – Seadrill Limited – slide 1
    Conference call 3Q 2012 results November 26, 2012
  2. Q3 2012 EARNINGS CALL – Seadrill Limited – slide 2
    Contents Highlights 3Q 2012 Market outlook Floaters Jack-ups Tender rigs Contract backlog 3Q 2012 accounts Seadrill North Atlantic Drilling Q&A session 2
  3. Q3 2012 EARNINGS CALL – Seadrill Limited – slide 3
    Highlights Third quarter 2012 Quarterly EBITDA Seadrill generates third quarter 2012 EBITDA of US574 million Seadrill reports third quarter 2012 net income of US216 million and earnings per share of US0.40 Since second quarter…
  4. Q3 2012 EARNINGS CALL – Seadrill Limited – slide 4
    Global Operational Footprint Americas North Atlantic 9 units 6 units - 3 Semis Gulf of Mexico - 2 Jack-ups - 3 Semis - 1 Drillship South America - 3 Semis - 2 Jack-up - 1 Semi-tender Africa-Middle Asia Pacific East 23…
  5. Q3 2012 EARNINGS CALL – Seadrill Limited – slide 5
    Corporate transactions Seadrill Partners listing on NYSE: Raising US207 million in successful IPO, Seadrill hold 75.3% 30% ownership in four Seadrill rigs Could lower Seadrills cost of capital and be a vehicle for future growth…
  6. Q3 2012 EARNINGS CALL – Seadrill Limited – slide 6
    Highlights Market trends USDk/day Historical dayrates for Ultradeepwater rigs Ultra Deepwater international 700 Increasing demand from Africa and GoM 600 Newbuild prices stable daily rates approaching 2008 levels 500…
  7. Q3 2012 EARNINGS CALL – Seadrill Limited – slide 7
    Floaters - US15.7 billion contract backlog Sold out 2013prime position with newbuilds in 2014 7
  8. Q3 2012 EARNINGS CALL – Seadrill Limited – slide 8
    Jack-ups - US3.3 billion contract backlog Diverse portfolio of short and long-term contracts 8
  9. Q3 2012 EARNINGS CALL – Seadrill Limited – slide 9
    Tender rigs - US2.3 billion contract backlog Long-term contracts..excellent visibility 9
  10. Q3 2012 EARNINGS CALL – Seadrill Limited – slide 10
    US21.3 billion contract backlog 24% BP 12% Total Exxon 11% Petrobras 9% Statoil 9% Chevron 6% Husky 5% Shell 4% Others 20% Attractive backlog..quality customerssuperb visibility 10
  11. Q3 2012 EARNINGS CALL – Seadrill Limited – slide 11
    Summary Significant newbuilding program, 22 units under construction Record high revenue backlog and earnings visibility Successful listing of Seadrill Partners Sale of tender rig fleet for US2.9 billion Issued US1 billion…
  12. Q3 2012 EARNINGS CALL – Seadrill Limited – slide 12
    Financial performance highlights 12
  13. Q3 2012 EARNINGS CALL – Seadrill Limited – slide 13
    Financial performance highlights This quarter Previous quarter EBITDA US574 m US634 m Earnings per share US0.40 US1.12 Operating profit US413 m US483 m Financial items US(158) m US114 m Cash flow from operating activities…
  14. Q3 2012 EARNINGS CALL – Seadrill Limited – slide 14
    EBITDA contribution 14
  15. Q3 2012 EARNINGS CALL – Seadrill Limited – slide 15
    Operating Income - Floaters Unaudited accounts in USD millions 3Q12 2Q12 1Q12 4Q11 Operating revenues 674 718 656 674 Reimbursables 22 11 9 14 Other revenues 3 0 0 2 Total operating revenues 699 728 665 690 Gain on sale of…
  16. Q3 2012 EARNINGS CALL – Seadrill Limited – slide 16
    Operating Income Jack-up rigs Unaudited accounts in USD millions 3Q12 2Q12 1Q12 4Q11 Operating revenues 203 186 199 199 Reimbursables 5 16 11 5 Other revenues 0 (3) (3) (6) Total operating revenues 209 199 207 198 Gain on sale…
  17. Q3 2012 EARNINGS CALL – Seadrill Limited – slide 17
    Operating Income Tender rigs Unaudited accounts in USD millions 3Q12 2Q12 1Q12 4Q11 Operating revenues 178 183 169 167 Reimbursables 6 10 6 3 Other revenues (1) 2 3 0 Total operating revenues 183 195 178 170 Gain on sale of…
  18. Q3 2012 EARNINGS CALL – Seadrill Limited – slide 18
    Operating Income Total Seadrill Limited Unaudited accounts in USD millions 3Q12 2Q12 1Q12 4Q11 Operating revenues 1 056 1 087 1 025 1 040 Reimbursables 33 37 25 22 Other revenues 2 (1) 0 (3) Total operating revenues 1 092 1 122 1…
  19. Q3 2012 EARNINGS CALL – Seadrill Limited – slide 19
    Net Income Total Seadrill Limited Unaudited accounts in USD millions 3Q12 2Q12 1Q12 4Q11 Net operating income 413 483 456 436 Financial items Interest income 5 4 4 4 Interest expense (102) (76) (71) (75) Share in results from…
  20. Q3 2012 EARNINGS CALL – Seadrill Limited – slide 20
    Balance sheet - Assets September June December Unaudited accounts in USD millions 30, 2012 30, 2012 31, 2011 Current assets Cash and cash equivalents 518 276 483 Restricted cash 151 102 232 Marketable securities 246 227 24…
  21. Q3 2012 EARNINGS CALL – Seadrill Limited – slide 21
    Balance Sheet Liabilities and Shareholders Equity September June December 30, 2012 31, 2012 31, 2011 Current liabilities Current portion of long-term debt 1 523 1 462 1 419 Trade accounts payable 62 55 38 Other current…
  22. Q3 2012 EARNINGS CALL – Seadrill Limited – slide 22
    North Atlantic Drilling Non-financial highlights Management of West Hercules transferred from Seadrill to North Atlanic Drilling in July 2012 Strong operational quarter Confidentially submitted the first draft registration statement…
  23. Q3 2012 EARNINGS CALL – Seadrill Limited – slide 23
    North Atlantic Drilling Financial reporting highlights This quarter Previous quarter EBITDA US148 m US156 m Earnings per share US0.286 US0.31 Operating profit US106 m US114 m Financial items US(32) m US(33) m Cash flow from…
  24. Q3 2012 EARNINGS CALL – Seadrill Limited – slide 24
    North Atlantic Drilling Operating Income - Total Unaudited accounts in USD millions 3Q12 2Q12 1Q12 Operating revenues 244 251 219 Reimbursables 17 16 14 Other revenues 0 0 0 Total operating revenues 261 267 233 Vessel and rig…
  25. Q3 2012 EARNINGS CALL – Seadrill Limited – slide 25
    North Atlantic Drilling Net Income - Total Unaudited accounts in USD millions 3Q12 2Q12 1Q12 Net operating income 106 114 86 Financial items Interest expense (19) (20) (22) Gain on derivatives (4) (21) 6 Other financial items…
  26. Q3 2012 EARNINGS CALL – Seadrill Limited – slide 26
    North Atlantic Drilling Balance Sheet - Assets September June December 30, 2012 30, 2012 31, 2011 Current assets Cash and cash equivalents 235 107 147 Restricted cash 16 19 12 Accounts receivables, net 173 172 154 Related party…
  27. Q3 2012 EARNINGS CALL – Seadrill Limited – slide 27
    North Atlantic Drilling Balance Sheet - Liabilities and Shareholders Equity September June December 30, 2012 30, 2012 31, 2011 Current liabilities Current portion of long-term debt 167 167 167 Related party transaction 61 63 7 Tax…
  28. Q3 2012 EARNINGS CALL – Seadrill Limited – slide 28
    Seadrill Uniquely Positioned Seadrill selectively growing its already modern fleet at attractive rig prices 28

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