Skip to main content GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Oceaneering International Investor Presentation | Shale Experts
Loading...
Pm

GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Oceaneering International

Oceaneering International · Jan 8, 2013 · 42 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. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Oceaneering International – slide 1
    WHY OII Leveraged to Deepwater and Subsea Completions Secular Growth Leading Market Positions ROVs and Specialty Subsea Products Good Project Execution Excellent Earnings, g , Liquidity q y and Cash Flow
  2. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Oceaneering International – slide 2
    Leveraged to Deepwater Projects Take Years to Develop Largely Oil Reservoirs With High Production Flow Rates Well Capitalized Customer Base Investment Based on Long-Term Commodity Price
  3. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Oceaneering International – slide 3
    Long-Term Deepwater Outlook Largest Source of Future Supply Growth Exploration Success Bodes Well for the Future Drilling Intensity is Rising Source: ExxonMobil, Wood Mackenzie and Deutsche Bank
  4. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Oceaneering International – slide 4
    Earnings Per Share Guidance 2012 Estimate 2 2.60 60-2 2.65; 65; 2013 Estimate 3 3.00 00-3 3.25 25 Actual Low Estimate High Estimate 3.50 3.00 are 2.50 ngs per Sha 2.00 1.50 Earnin 1.00 0.50 0.00…
  5. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Oceaneering International – slide 5
    Combined EPS OSX Companies Excluding OII Actual Consensus Estimate 75 60 are ngs per Sha 45 30 Earnin 15 0 2008 2009 2010 2011 2012E 2013E Based on First Call Actuals and Mean Estimates as of October 31, 2012
  6. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Oceaneering International – slide 6
    Relative EPS Performance To Recent 2008 OSX Peak OII OSX w/o OII 100% 75% 50% 25% 0% -25% -50% 2008 2009 2010 2011 2012E 2013E Based on First Call Actuals and Mean Estimates as of October 31, 2012
  7. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Oceaneering International – slide 7
    EPS Guidance The Big Picture SEGMENT OPERATING INCOME 2012 2013 ROV 2011 2012 Subsea Products 2011 2012 Subsea Projects 2011 2012 Asset Integrity 2011 2012 Advanced Tech 2011 2012 2012
  8. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Oceaneering International – slide 8
    Excellent Cash Flow & Liquidity At Least 590 MM of EBITDA Expected in 2012 489 MM iin 2011 At Least 670 MM of EBITDA Expected in 2013 Ample Resources to Invest in Growth At September 30, 2012: 104 MM Cash 125 MM Debt 1.7 B…
  9. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Oceaneering International – slide 9
    Plans For Cash Investments Organic Growth Acquisitions Regular Quarterly Dividend Share Repurchases
  10. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Oceaneering International – slide 10
    Acquisition Targets Within Our Market Niches Expand Subsea Products International Focus Reasonably Priced
  11. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Oceaneering International – slide 11
    31% Remotely Operated Vehicles Revenue by Business Segment YTD September 2012
  12. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Oceaneering International – slide 12
    Floating Rig Demand 300 273 Rigs 250 d Floating R 200 Contracted 150 C 100 *Source: IHS-Petrodata at September 30, 2012
  13. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Oceaneering International – slide 13
    OII ROV Fleet Size 300 285 od End unt at Perio 200 Vehicle Cou 100 125 V 0 *September 30, 2012
  14. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Oceaneering International – slide 14
    High-Spec, Non-PBR Brazil Rig Fleet 96 Existing Rigs OII ROV Contracts on 75% 62 Rigs On Order Visibility of 65% Rig Fleet Growth OII Expects to Continue as Dominant ROV Provider OII ROV Contracts on 10 of 11 Awards 51…
  15. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Oceaneering International – slide 15
    Outlook for ROV Demand on Vessels 3.5 3:1 OVs per Floating Rig 3.0 2.5 2:1 2.0 If the recent trend ratio of 1.5 3 ROVs p per rig gppersists,, Global RO future ROV demand to 1.0 support vessel-based activities may…
  16. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Oceaneering International – slide 16
    ROV Pricing and Fleet Utilization Revenue / Day on Hire Fleet Utilization 11,000 100% 9,000 90% 7,000 80% 5 000 5,000 70% 3,000 60% 1,000 50% * * YTD September 2012
  17. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Oceaneering International – slide 17
    2013 ROV Overview Increase in Days On Hire Higher Demand to Support Drilling and Vessel Projects Fleet Expansion Expect to Add 30 to 35 New Systems
  18. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Oceaneering International – slide 18
    Operating Income ROV 2012 Estimate 2011; 2013 Estimate 2012 in millions Actual Estimate 250 200 150 100 50 0 2008 2009 2010 2011 2012E 2013E OII 2012 and 2013 Guidance as of October 29, 2012
  19. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Oceaneering International – slide 19
    Subsea Tree Orders Forecast at Historically High Levels 1,000 65% Growth* 750 Tree Orders 500 250 0 '07 '08 '09 '10 '11 '12F '13F '14F '15F '16F * 2012-2016 vs. 2007-2011 Source: Quest Offshore Resources Mean Case…
  20. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Oceaneering International – slide 20
    Subsea Tree Orders Excluding Brazil Forecast at Historically High Levels 500 60% Growth Growth* 400 Tree Orders 300 200 100 0 '07 '08 '09 '10 '11 '12F '13F '14F '15F '16F * 2012-2016 vs. 2007-2011 Source: Quest…
  21. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Oceaneering International – slide 21
    Record Offshore Construction Backlog Saipem Technip, Saipem, Technip and Subsea 7 25 20 ons) (in billio 15 10 5 0 Source: Morgan Stanley and Company Filings
  22. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Oceaneering International – slide 22
    29% Subsea Products Revenue by Business Segment Umbilicals & Field Development Hardware ROV Tooling & Work Packages Installation and Workover Control Systems YTD September 2012
  23. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Oceaneering International – slide 23
    Subsea Products Required for Every Subsea Completion Product Line Categories Umbilicals Tooling Installation & Workover Control Systems (IWOCS) Subsea Hardware Field Development Connectors & Valves BOP Controls Highly…
  24. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Oceaneering International – slide 24
    Subsea Products Backlog At Period End in millions 700 619 600 500 400 300 200 100 0 2007 2008 2009 2010 2011 2012* * September 2012
  25. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Oceaneering International – slide 25
    Operating Income Products 2012 Estimate 2011; 2013 Estimate 2012 in millions Actual Estimate 160 120 80 40 0 2008 2009 2010 2011 2012E 2013E OII 2012 and 2013 Guidance as of October 29, 2012
  26. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Oceaneering International – slide 26
    OII Summary Diversified OFS Company Leading g Market Positions in Technical Niches Leveraged to Deepwater and Subsea Completions Excellent Earnings, Liquidity and Cash Flow
  27. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Oceaneering International – slide 27
  28. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Oceaneering International – slide 28
    Supplemental Financial Information
  29. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Oceaneering International – slide 29
    EBITDA in millions Actual Low Estimate High Estimate 800 700 600 500 400 300 200 100 0 2008 2009 2010 2011 2012E* 2013E* *2012 - 590MM-600MM; 590MM 600MM; 2013 - 670MM-725MM 670MM 725MM Based on OII 2012 and 2013…
  30. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Oceaneering International – slide 30
    EBITDA Reconciliation to Net Income Earnings before interest, taxes, depreciation and amortization (EBITDA) is a non-GAAP financial measurement. Oceaneerings management uses EBITDA because we believe that this measurement is a widely…
  31. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Oceaneering International – slide 31
    OII Balance Sheet ((in millions)) Dec 31 D 31, Dec D 3131, Dec D 3131, Dec D 3131, Dec D 3131, Sept S t 30, 30 2007 2008 2009 2010 2011 2012 Equity 915 968 1,224 1,390 1,558 1,734 Debt 200 229 120 0 120 120…
  32. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Oceaneering International – slide 32
    Business Segment Revenue % of Oilfield 90% ROV - 35% Products - 32% Asset Integrity - 18% Projects - 15% Oilfield Non-Oilfield YTD September 2012
  33. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Oceaneering International – slide 33
    Business Segment Operating Income % of Oilfield 96% ROV - 49% Products - 31% Asset Integrity - 10% Projects - 10% Oilfield Non-Oilfield YTD September 2012
  34. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Oceaneering International – slide 34
    Supplemental Market Information
  35. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Oceaneering International – slide 35
    Oilfield ROV Fleet Ownership p Profile - December 2011 35% OII OII Subsea 7 267 Sonsub Fugro Canyon Other 758 Vehicles Source: OII Estimates
  36. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Oceaneering International – slide 36
    OII ROV Fleet Geographic g p Profile - September p 2012 31 69 GOM 33 Africa Norway 36 Brazil 62 Asia/Pac Other 54 285 Vehicles
  37. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Oceaneering International – slide 37
    Oilfield ROV Drill Support Market September p 2012 OII Subsea 7 Fugro 56% Sonsub Other 273 Floating Rigs Contracted Source: IHS-Petrodata and OII Estimates
  38. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Oceaneering International – slide 38
    OII ROVs on Vessels Locations 15 19 GOM Africa Norway Other 16 20 70 Vehicles September 2012
  39. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Oceaneering International – slide 39
    OII ROVs on Vessels Customers Operators Contractors 31 39 70 Vehicles September 2012
  40. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Oceaneering International – slide 40
    Worldwide Subsea Completions This Decade Expected p to Grow 35% Completed Estimated 5000 4196 ompletions 4000 Number of Subsea Co 3000 2000 1000 N 0 90s 00s 10s Source: Quest Offshore Resources November…
  41. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Oceaneering International – slide 41
    Umbilical Products Thermoplastic Hose Umbilicals Steel Tube Umbilicals
  42. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Oceaneering International – slide 42
    OIE Products Production Control Valves ROV Tooling g & Work Packages Installation Workover & Control Systems Connectors & Repair Systems Field Development Hardware

From the store

Browse maps, data & reports in the Shale Experts store