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CREDIT SUISSE ENERGY SUMMIT – Oceaneering International

Oceaneering International · Feb 7, 2012 · 44 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. CREDIT SUISSE ENERGY SUMMIT – Oceaneering International – slide 1
    WHY OII Leveraged to Deepwater and Subsea Completions Secular Growth Leading Market Positions ROVs and Specialty Subsea Products Excellent Earnings, Liquidity and Cash Flow
  2. CREDIT SUISSE ENERGY SUMMIT – 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. CREDIT SUISSE ENERGY SUMMIT – Oceaneering International – slide 3
    Long-Term Deepwater Outlook Where the Oil Is Western IOCs Have Little Choice Restricted Access to World-Class Onshore Reserves Exploration Success Bodes Well for the Future Drilling Intensity is Rising Source: Wood Mackenzie…
  4. CREDIT SUISSE ENERGY SUMMIT – Oceaneering International – slide 4
    Earnings Per Share Guidance 2011 Estimate 2.11 2 11-2 2.15; 15; 2012 Estimate 2 2.45 45-2 2.65 65 Actual Low Estimate High Estimate 3.00 2.50 are ngs per Sha 2.00 1.50 Earnin 1.00 0.50 0.00 2008 2009 2010…
  5. CREDIT SUISSE ENERGY SUMMIT – 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 2011E 2012E Based on First Call Actuals and Mean Estimates as of December 30, 2011
  6. CREDIT SUISSE ENERGY SUMMIT – Oceaneering International – slide 6
    Relative EPS Performance To Recent 2008 OSX Peak OII OSX w/o OII 60% 40% 20% 0% -20% -40% -60% 2008 2009 2010 2011E 2012E Based on First Call Actuals and Mean Estimates as of December 30, 2011
  7. CREDIT SUISSE ENERGY SUMMIT – Oceaneering International – slide 7
    2012 EPS Guidance The Big Picture SEGMENT OPERATING INCOME ROV 2011 Subsea Products 2011 Subsea Projects 2011 Inspection 2011 Advanced Tech 2011
  8. CREDIT SUISSE ENERGY SUMMIT – Oceaneering International – slide 8
    Field Support Vessel Services Contract BP Angola Blocks 18 and 31 Project Management & Engineering Three Years from February 1 1, 2012 Two Chartered Vessels Ocean Intervention III Bourbon Oceanteam 101 BP Options Two, 1-Year…
  9. CREDIT SUISSE ENERGY SUMMIT – Oceaneering International – slide 9
    AGR Field Operations Acquisition Closed December 20, 2011 230 MM Purchase P rchase Price Increase 2012 EPS by 0.10 Expands Asset Integrity Management Business Particularly P i l l iin NNorway Adds Subsea Inspection p…
  10. CREDIT SUISSE ENERGY SUMMIT – Oceaneering International – slide 10
    Excellent Liquidity & Cash Flow September 30, 2011 166 MM Cash 300 MM Revolving Credit Available At Least 480 MM of EBITDA Expected in 2011 At Least 550 MM of EBITDA Expected in 2012 Ample Resources to Invest in Growth EBITDA…
  11. CREDIT SUISSE ENERGY SUMMIT – Oceaneering International – slide 11
    Plans For Cash Investments Organic Growth Acquisitions Regular Quarterly Dividend Share Repurchases
  12. CREDIT SUISSE ENERGY SUMMIT – Oceaneering International – slide 12
    Acquisition Targets Within Our Market Niches Expand Subsea Products International Focus Reasonablyy Priced
  13. CREDIT SUISSE ENERGY SUMMIT – Oceaneering International – slide 13
    Remotely Operated Vehicles 34% Revenue by Business Segment September YTD 2011
  14. CREDIT SUISSE ENERGY SUMMIT – Oceaneering International – slide 14
    Floating Rig Demand Floaters Contracted 300 260 Rigs 250 d Floating R 200 Contracted 150 C 100 *Source: IHS-Petrodata at December 31, 2011
  15. CREDIT SUISSE ENERGY SUMMIT – Oceaneering International – slide 15
    OII ROV Fleet Size OII Fleet Size 300 267 od End unt at Perio 200 Vehicle Cou 100 125 V 0 *December 31, 2011
  16. CREDIT SUISSE ENERGY SUMMIT – Oceaneering International – slide 16
    Floating Rig Fleet Expansion 68 On Order at December 31, 2011 28 Contracted Average length 7 years 29 Pl Placed d In I Service S i in i 2011 24 Expected to be Placed In Service in 2012 Source: OII Estimates Based On…
  17. CREDIT SUISSE ENERGY SUMMIT – Oceaneering International – slide 17
    ROV Operating Leverage Revenue / Day on Hire Fleet Utilization 11,000 100% 9,000 80% 7,000 60% 5 000 5,000 40% 3,000 20% 1,000 0% September YTD 2011
  18. CREDIT SUISSE ENERGY SUMMIT – Oceaneering International – slide 18
    2012 ROV Overview Increase in Days On Hire Higher Fleet Utilization Expect to Add 20 to 25 New Systems
  19. CREDIT SUISSE ENERGY SUMMIT – Oceaneering International – slide 19
    Operating Income ROV 2011 Estimate 2010; 2012 Estimate 2011 in millions Actual Estimate 250 200 150 100 50 0 2007 2008 2009 2010 2011E 2012E OII 2011 and 2012 Guidance Ranges as of October 26, 2011
  20. CREDIT SUISSE ENERGY SUMMIT – Oceaneering International – slide 20
    Worldwide Subsea Completions This Decade Expected to Grow 65% Completed Estimated 6000 ompletions 5069 5000 4000 Number of Subsea Co 3000 2000 1000 N 0 90s 00s 10s Source: Quest Offshore Resources December…
  21. CREDIT SUISSE ENERGY SUMMIT – Oceaneering International – slide 21
    Subsea Tree Orders Forecasted at Historically High Levels 1,000 58% Growth* 750 Tree Orders 500 250 0 '06 '07 '08 '09 '10 '11F '12F '13F '14F '15F * 2011-2015 vs 2006-2010 Source: Quest Offshore Resources Mean Case…
  22. CREDIT SUISSE ENERGY SUMMIT – Oceaneering International – slide 22
    Subsea Products 35% Revenue by Business Segment ROV Tooling & Work Packages Umbilicals Field e d Development e e op e t Hardware September YTD 2011
  23. CREDIT SUISSE ENERGY SUMMIT – Oceaneering International – slide 23
    Subsea Products Required for Every Subsea Completion Subsea Hardware Umbilicals Tooling Field Development IWOCS Connectors & Valves BOP Control Systems Highly Engineered Worldwide World ide Coverage Co erage
  24. CREDIT SUISSE ENERGY SUMMIT – Oceaneering International – slide 24
    Subsea Products Backlog At Period End in millions 500 403 400 300 200 100 0 2007 2008 2009 2010 2011 Q3
  25. CREDIT SUISSE ENERGY SUMMIT – Oceaneering International – slide 25
    Operating Income Products 2011 Estimate 2010; 2012 Estimate 2011 in millions Actual Estimate 120 100 80 60 40 20 0 2007 2008 2009 2010 2011E 2012E OII 2011 and 2012 Guidance Ranges as of October 26, 2011
  26. CREDIT SUISSE ENERGY SUMMIT – Oceaneering International – slide 26
    OII Summary Diversified OFS Company Leveraged g to Deepwater p and Subsea Completions p Leading Market Positions in Technical Niches Excellent Earnings, Liquidity and Cash Flow
  27. CREDIT SUISSE ENERGY SUMMIT – Oceaneering International – slide 27
  28. CREDIT SUISSE ENERGY SUMMIT – Oceaneering International – slide 28
    Supplemental Financial Information
  29. CREDIT SUISSE ENERGY SUMMIT – Oceaneering International – slide 29
    EBITDA in millions Actual Low Estimate High Estimate 700 600 500 400 300 200 100 0 2007 2008 2009 2010 2011* 2012* *2011 - 480MM-485MM, 480MM 485MM 2012 - 550MM-585MM 550MM 585MM Based on OII 2011 and 2012 EPS…
  30. CREDIT SUISSE ENERGY SUMMIT – 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. CREDIT SUISSE ENERGY SUMMIT – Oceaneering International – slide 31
    OII Balance Sheet ((in millions)) Dec 31 D 31, Dec 31 D 31, Dec 31 D 31, Dec 31 D 31, Septt 30, S 30 2007 2008 2009 2010 2011 E it Equity 915 968 1 224 1,224 1 390 1,390 1 517 1,517 Debt 200 229 120 0 0 Cash 27 11 162…
  32. CREDIT SUISSE ENERGY SUMMIT – Oceaneering International – slide 32
    Capital Expenditures: 2010 75% on ROVs and Subsea Products ROV Subsea Products Subsea Projects Other 6% 21% 53% 20%
  33. CREDIT SUISSE ENERGY SUMMIT – Oceaneering International – slide 33
    Capital Expenditures: 2011* 75% on ROVs and Subsea Products ROV Subsea Products Subsea Projects Other 5% 20% 39% 36% 207 Million * September YTD
  34. CREDIT SUISSE ENERGY SUMMIT – Oceaneering International – slide 34
    Business Segment Revenue % of Oilfield 90% ROV - 38% Products - 40% Inspection - 14% Projects - 8% Oilfield Non-Oilfield YTD September 2011
  35. CREDIT SUISSE ENERGY SUMMIT – Oceaneering International – slide 35
    Business Segment Operating Income % of Oilfield 97% ROV - 52% Products - 32% Inspection - 8% Projects - 8% Oilfield Non-Oilfield YTD September 2011
  36. CREDIT SUISSE ENERGY SUMMIT – Oceaneering International – slide 36
    Supplemental Market Information
  37. CREDIT SUISSE ENERGY SUMMIT – Oceaneering International – slide 37
    Oilfield ROV Fleet Ownership p Profile - December 2011 35% OII Subsea 7 OII 267 Sonsub Fugro Canyon Other 758 Vehicles Source: OII Estimates, December 2011
  38. CREDIT SUISSE ENERGY SUMMIT – Oceaneering International – slide 38
    OII ROV Fleet Geographic g p Profile December 2011 9 58 GOM 30 16 Africa Norway 39 Brazil 62 U.K. 53 Asia/Pac Can/Mex 267 Vehicles
  39. CREDIT SUISSE ENERGY SUMMIT – Oceaneering International – slide 39
    Oilfield ROV Drill Support Market December 2011 OII Subsea 7 Fugro 60% Sonsub Other 260 Floating Rigs Contracted Source: IHS-Petrodata and OII Estimates
  40. CREDIT SUISSE ENERGY SUMMIT – Oceaneering International – slide 40
    OII ROV Fleet Construction/Field Maintenance Locations 9 GOM 16 Africa Norway Other 14 14 53 Vehicles December 2011
  41. CREDIT SUISSE ENERGY SUMMIT – Oceaneering International – slide 41
    OII ROV Fleet Construction/Field Maintenance Customers 21 Operators 32 Contractors 53 Vehicles December 2011
  42. CREDIT SUISSE ENERGY SUMMIT – Oceaneering International – slide 42
    Worldwide Umbilical Market Overview Forecasted at Historicallyy High g Levels Umbilicals Tree Orders 58% Growth* - Trees 1,000 57% Growth* - Umbilicals 3000 2500 750 Tree Orders KM Umbiliccal Orders -K 2000 500 1500…
  43. CREDIT SUISSE ENERGY SUMMIT – Oceaneering International – slide 43
    Umbilical Products Thermoplastic Hose Umbilicals Steel Tube Umbilicals
  44. CREDIT SUISSE ENERGY SUMMIT – Oceaneering International – slide 44
    OIE Products Production Control Valves ROV Tooling g & Work Packages Installation Workover & Control Systems Connectors & Repair Systems Field Development Hardware

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