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Q1 2013 RESULTS – Seadrill Limited

Seadrill Limited · May 28, 2013 · 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. Q1 2013 RESULTS – Seadrill Limited – slide 1
    Conference call 1Q 2013 results May 28, 2013
  2. Q1 2013 RESULTS – Seadrill Limited – slide 2
    Contents Highlights 1Q 2013 Market outlook Contract backlog Dividend policy Summary 1Q 2013 financial accounts Seadrill North Atlantic Drilling Q&A session 3
  3. Q1 2013 RESULTS – Seadrill Limited – slide 3
    Financial performance highlights Quarterly EBITDA Seadrill generates a record EBITDA of US713 million for the first quarter 2013 Earnings impacted by a US61 million gain for the sale of the 1985 built jack-up West Janus…
  4. Q1 2013 RESULTS – Seadrill Limited – slide 4
    Highlights First Quarter 2013 Orders four high specification jack-ups for US230 million per rig Completes the acquisition of the Songa Eclipse for US590 million Completes the sale of the 1985 built jack-up West Janus for US73 million…
  5. Q1 2013 RESULTS – Seadrill Limited – slide 5
    Global operational footprint Americas North Atlantic 7 units North Atlantic 7 units London Canada - 4 Semis - 1 Semi - 2 Jack-ups - 1 Drillship Gulf of Mexico -3 Semis -1 Drillship Gulf of Mexico Middle East Asia Pacific South…
  6. Q1 2013 RESULTS – Seadrill Limited – slide 6
    Floaters - US15.4 billion contract backlog 4% 14% 38% 51% Contract coverage 2013 2014 2015 2016 Contracted Uncontracted 96% 86% 62% 49%
  7. Q1 2013 RESULTS – Seadrill Limited – slide 7
    Jack-ups - US3.2 billion contract backlog Contract coverage Contracted Uncontracted 7% 2013 93% 47% 2014 53% 56% 2015 44% 69% 2016 31%
  8. Q1 2013 RESULTS – Seadrill Limited – slide 8
    Orderbacklog US19.1 bn* US Millions 5,000 24% A BP 4,500 4.5 Total 12% AA- 4,000 4.3 4.0 3,500 Exxon 12% AAA 3,000 3.2 2.9 Statoil 10% AA- 2,500 2,000 Petrobras 9% BBB 1,500 Tullow 6% - 1,000 500 Husky 6% BBB…
  9. Q1 2013 RESULTS – Seadrill Limited – slide 9
    Highlights Market trends Ultra Deepwater international Increased spend from Oil and Gas companies Newbuild prices & Dayrates stable Africa and GoM driving demand Operational and financial risks has increased barriers to entry…
  10. Q1 2013 RESULTS – Seadrill Limited – slide 10
    Dividend Key objective to distribute quarterly dividends Cash dividend resolved at US0.88 per share Increase reflects improved free cash flow and newbuilds commencing operation this year Future dividends depend on: Contract…
  11. Q1 2013 RESULTS – Seadrill Limited – slide 11
    Summary Economic utilization is back to norm SapuraKencana transaction completed Four jack-ups ordered T15 dropped down to SDLP Growing earnings and dividend 12
  12. Q1 2013 RESULTS – Seadrill Limited – slide 12
    Financial performance highlights 13
  13. Q1 2013 RESULTS – Seadrill Limited – slide 13
    Financial performance highlights This quarter Previous quarter EBITDA US713 m US604 m Earnings per share US0.87 US(0.04) Operating profit US552 m US441 m Financial items US (68) m US(335) m Cash flow from operating…
  14. Q1 2013 RESULTS – Seadrill Limited – slide 14
    EBITDA contribution 15
  15. Q1 2013 RESULTS – Seadrill Limited – slide 15
    Operating Income - Floaters Unaudited accounts in USD millions 1Q13 4Q12 3Q12 2Q12 Operating revenues 757 700 674 718 Reimbursables 43 63 22 11 Other revenues 7 1 3 0 Total operating revenues 807 764 699 728 Gain on sale of…
  16. Q1 2013 RESULTS – Seadrill Limited – slide 16
    Operating Income Jack-up rigs Unaudited accounts in USD millions 1Q13 4Q12 3Q12 2Q12 Operating revenues 256 233 203 186 Reimbursables 15 14 5 16 Other revenues (2) 0 0 (3) Total operating revenues 269 247 209 199 Gain on sale of…
  17. Q1 2013 RESULTS – Seadrill Limited – slide 17
    Operating Income Tender rigs Unaudited accounts in USD millions 1Q13 4Q12 3Q12 2Q12 Operating revenues 182 193 178 183 Reimbursables 6 7 6 10 Other revenues 2 2 (1) 2 Total operating revenues 190 202 183 195 Gain on sale of…
  18. Q1 2013 RESULTS – Seadrill Limited – slide 18
    Operating Income Total Seadrill Limited Unaudited accounts in USD millions 1Q13 4Q12 3Q12 2Q12 Operating revenues 1,195 1 126 1 056 1 087 Reimbursables 64 85 33 37 Other revenues 6 3 2 (1) Total operating revenues 1,265 1 215 1 092…
  19. Q1 2013 RESULTS – Seadrill Limited – slide 19
    Net Income Total Seadrill Limited Unaudited accounts in USD millions 1Q13 4Q12 3Q12 2Q12 Net operating income 552 441 413 483 Financial items Interest income 4 11 5 4 Interest expense (108) (91) (102) (76) Share in results from…
  20. Q1 2013 RESULTS – Seadrill Limited – slide 20
    Balance sheet - Assets March December September Unaudited accounts in USD millions 31, 2013 31, 2012 30, 2012 Current assets Cash and cash equivalents 328 318 518 Restricted cash 174 184 151 Marketable securities 314 333 246 Accounts…
  21. Q1 2013 RESULTS – Seadrill Limited – slide 21
    Balance Sheet Liabilities and Shareholders Equity December September March 31, 2013 31, 2012 30, 2012 Current liabilities Current portion of long-term debt 2 598 2 066 1 523 Trade accounts payable 58 72 62 Current liabilities…
  22. Q1 2013 RESULTS – Seadrill Limited – slide 22
    Non-financial highlights Seadrill and North Atlantic Drilling in discussions with potential strategic partners. Due to the partnership discussions, the IPO process will resume in the third quarter West Hercules starts drilling…
  23. Q1 2013 RESULTS – Seadrill Limited – slide 23
    Financial reporting highlights This quarter Previous quarter EBITDA US135 m US140 m Earnings per share US0.240 US(0.023) Operating profit US92 m US98 m Financial items US(30) m US(19) m Dividend declared per share US0.225…
  24. Q1 2013 RESULTS – Seadrill Limited – slide 24
    Operating Income - Total Unaudited accounts in USD millions 1Q13 4Q12 3Q12 2Q12 Operating revenues 272 241 244 251 Reimbursables 46 42 17 16 Total operating revenues 318 283 261 267 Vessel and rig operating expenses 125 89 86 86…
  25. Q1 2013 RESULTS – Seadrill Limited – slide 25
    Net Income - Total Unaudited accounts in USD millions 1Q13 4Q12 3Q12 2Q12 Net operating income 92 98 106 114 Financial items Interest expense (19) (22) (19) (20) (Loss) / gain on derivatives (6) 2 (4) (21) Other financial items (5) 1…
  26. Q1 2013 RESULTS – Seadrill Limited – slide 26
    Balance Sheet - Assets March December September 31, 2013 31, 2012 30, 2012 Current assets Cash and cash equivalents 120 98 235 Restricted cash 19 24 16 Accounts receivables, net 225 212 173 Related party receivables 142 196 90…
  27. Q1 2013 RESULTS – Seadrill Limited – slide 27
    Balance Sheet Liabilities and Shareholders Equity March December September 31, 2013 31, 2012 30, 2012 Current liabilities Current portion of long-term debt 167 167 167 Related party transaction 11 67 61 Tax payable 48 114 150 Deferred…
  28. Q1 2013 RESULTS – Seadrill Limited – slide 28
    Assets Core assets 24 Ultra-deepwater units built after 2000 2 Midwater semi-submersible rigs 24 High-specification jack-up rigs built after 2005 3 Harsh environment Jack-ups Financial investments 12% of SapuraKencana MV US928…

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