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GHS 100 SECURITIES ENERGY CONFERENCE – Oceaneering International

Oceaneering International · Jun 26, 2012 · 46 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. GHS 100 SECURITIES ENERGY CONFERENCE – Oceaneering International – slide 1
    Global Hunter Securities 100 Energy Conference June 26, 2012 San Francisco, CA
  2. GHS 100 SECURITIES ENERGY CONFERENCE – Oceaneering International – slide 2
    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
  3. GHS 100 SECURITIES ENERGY CONFERENCE – Oceaneering International – slide 3
    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
  4. GHS 100 SECURITIES ENERGY CONFERENCE – Oceaneering International – slide 4
    Long-Term Deepwater Outlook Where the Oil Is Largest Source of Future Supply Growth Projected at 10% of Production by 2025 Western IOCs Have Little Choice Restricted Access to World-Class Onshore Reserves Exploration Success…
  5. GHS 100 SECURITIES ENERGY CONFERENCE – Oceaneering International – slide 5
    Earnings Per Share Guidance 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 2011 2012E OII 2012 Guidance Range…
  6. GHS 100 SECURITIES ENERGY CONFERENCE – Oceaneering International – slide 6
    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 Based on First Call Actuals and Mean Estimates as of May 31, 2012
  7. GHS 100 SECURITIES ENERGY CONFERENCE – Oceaneering International – slide 7
    Relative EPS Performance To Recent 2008 OSX Peak OII OSX w/o OII 60% 40% 20% 0% -20% -40% -60% 2008 2009 2010 2011 2012E Based on First Call Actuals and Mean Estimates as of May 31, 2012
  8. GHS 100 SECURITIES ENERGY CONFERENCE – 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. GHS 100 SECURITIES ENERGY CONFERENCE – Oceaneering International – slide 9
    AGR Field Operations Acquisition Closed December 2011 Expanded Asset Integrity Management Business Particularly in Norway Added Subsea Inspection Tooling Established Subsea Engineering & Field Operations Presence in Australia
  10. GHS 100 SECURITIES ENERGY CONFERENCE – Oceaneering International – slide 10
    2012 EPS Guidance The Big Picture SEGMENT OPERATING INCOME ROV 2011 Subsea Products 2011 Subsea Projects 2011 Asset Integrity 2011 Advanced Tech 2011
  11. GHS 100 SECURITIES ENERGY CONFERENCE – Oceaneering International – slide 11
    Excellent Liquidity & Cash Flow March 31, 2012 127 MM Cash 200 MM Revolving Credit Available At Least 550 MM of EBITDA Expected in 2012 Ample Resources to Invest in Growth EBITDA Reconciliation to Net Income is in Supplemental…
  12. GHS 100 SECURITIES ENERGY CONFERENCE – Oceaneering International – slide 12
    Plans For Cash Investments Organic Growth Acquisitions Regular Quarterly Dividend Share Repurchases
  13. GHS 100 SECURITIES ENERGY CONFERENCE – Oceaneering International – slide 13
    Acquisition Targets Within Our Market Niches Expand Subsea Products International Focus Reasonably Priced
  14. GHS 100 SECURITIES ENERGY CONFERENCE – Oceaneering International – slide 14
    Remotely Operated Vehicles 33% Revenue by Business Segment YTD March 2012
  15. GHS 100 SECURITIES ENERGY CONFERENCE – Oceaneering International – slide 15
    Floating Rig Demand 300 262 Rigs 250 d Floating R 200 Contracted 150 C 100 *Source: IHS-Petrodata, March 31, 2012
  16. GHS 100 SECURITIES ENERGY CONFERENCE – Oceaneering International – slide 16
    OII ROV Fleet Size OII Fleet Size 300 270 od End unt at Perio 200 Vehicle Cou 100 125 V 0 *March 31, 2012
  17. GHS 100 SECURITIES ENERGY CONFERENCE – Oceaneering International – slide 17
    Floating Rig Fleet Expansion Excluding Rigs Contracted to Petrobras in Brazil 53 On Order at March 31 31, 2012 14 Contracted Long Term 8 ROV Contracts Awarded 7 to Oceaneering O i 45 ROV Contracts Left to be Pursued…
  18. GHS 100 SECURITIES ENERGY CONFERENCE – Oceaneering International – slide 18
    Outlook for ROV Demand on Vessels 3.5 3:1 OVs per Floating Rig 3.0 2.5 2:1 2.0 1.5 Global RO If the recent trend ratio of 3 ROVs per rig 1.0 persists, future ROV demand to support vessel-based activities may grow by…
  19. GHS 100 SECURITIES ENERGY CONFERENCE – Oceaneering International – slide 19
    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 March 2012
  20. GHS 100 SECURITIES ENERGY CONFERENCE – Oceaneering International – slide 20
    2012 ROV Overview Increase in Days On Hire Higher Fleet Utilization Expect to Add 20 to 25 New Systems
  21. GHS 100 SECURITIES ENERGY CONFERENCE – Oceaneering International – slide 21
    Operating Income ROV 2012 Estimate 2011 in millions Actual Estimate 250 200 150 100 50 0 2007 2008 2009 2010 2011 2012E OII 2012 Guidance as of April 25, 2012
  22. GHS 100 SECURITIES ENERGY CONFERENCE – Oceaneering International – slide 22
    Worldwide Subsea Completions This Decade Expected to Grow 45% 45% Completed Estimated 5000 4448 ompletions 4000 Number of Subsea Co 3000 2000 1000 N 0 90s 00s 10s Source: Quest Offshore Resources June 2012
  23. GHS 100 SECURITIES ENERGY CONFERENCE – Oceaneering International – slide 23
    Subsea Tree Orders Forecast at Historically High Levels 1,000 80% 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…
  24. GHS 100 SECURITIES ENERGY CONFERENCE – Oceaneering International – slide 24
    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…
  25. GHS 100 SECURITIES ENERGY CONFERENCE – Oceaneering International – slide 25
    29% Subsea Products Revenue by Business Segment Umbilicals & Field Development Hardware ROV Tooling & Work Packages Installation and Workover Control Systems YTD March 2012
  26. GHS 100 SECURITIES ENERGY CONFERENCE – Oceaneering International – slide 26
    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
  27. GHS 100 SECURITIES ENERGY CONFERENCE – Oceaneering International – slide 27
    Subsea Products Backlog At Period End in millions 500 402 400 300 200 100 0 2007 2008 2009 2010 2011 2012* * March 2012
  28. GHS 100 SECURITIES ENERGY CONFERENCE – Oceaneering International – slide 28
    Operating Income Products 2012 Estimate 2011 in millions Actual Estimate 160 120 80 40 0 2007 2008 2009 2010 2011 2012E OII 2012 Guidance as of April 25, 2012
  29. GHS 100 SECURITIES ENERGY CONFERENCE – Oceaneering International – slide 29
    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
  30. GHS 100 SECURITIES ENERGY CONFERENCE – Oceaneering International – slide 30
  31. GHS 100 SECURITIES ENERGY CONFERENCE – Oceaneering International – slide 31
    Supplemental Financial Information
  32. GHS 100 SECURITIES ENERGY CONFERENCE – Oceaneering International – slide 32
    EBITDA in millions Actual Low Estimate High Estimate 700 600 500 400 300 200 100 0 2007 2008 2009 2010 2011 2012* *2012 - 550MM-600MM 550MM 600MM Based on OII 2012 EPS Guidance as of April 25, 2012. See Next Slide For…
  33. GHS 100 SECURITIES ENERGY CONFERENCE – Oceaneering International – slide 33
    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…
  34. GHS 100 SECURITIES ENERGY CONFERENCE – Oceaneering International – slide 34
    OII Balance Sheet ((in millions)) Dec 31 D 31, Dec D 3131, Dec D 3131, Dec D 3131, Dec D 3131, Mar M 31, 31 2007 2008 2009 2010 2011 2012 Equity 915 968 1,224 1,390 1,558 1,612 Debt 200 229 120 0 120 100 Cash…
  35. GHS 100 SECURITIES ENERGY CONFERENCE – Oceaneering International – slide 35
    Business Segment Revenue % of Oilfield 89% ROV - 36% Products - 32% Asset Integrity - 18% Projects - 14% Oilfield Non-Oilfield YTD March 2012
  36. GHS 100 SECURITIES ENERGY CONFERENCE – Oceaneering International – slide 36
    Business Segment Operating Income % of Oilfield 97% ROV - 57% Products - 29% Asset Integrity - 6% Projects - 8% Oilfield Non-Oilfield YTD March 2012
  37. GHS 100 SECURITIES ENERGY CONFERENCE – Oceaneering International – slide 37
    Capital Expenditures: 2007-2011 1.4 Billion, Including g 400 Million on Acquisitions q ROV Subsea Products Asset Integrity Subsea Projects Other 2% 11% 18% 47% 22%
  38. GHS 100 SECURITIES ENERGY CONFERENCE – Oceaneering International – slide 38
    Supplemental Market Information
  39. GHS 100 SECURITIES ENERGY CONFERENCE – Oceaneering International – slide 39
    Oilfield ROV Fleet Ownership p Profile - December 2011 35% OII Subsea 7 OII 267 Sonsub Fugro Canyon Other 758 Vehicles Source: OII Estimates
  40. GHS 100 SECURITIES ENERGY CONFERENCE – Oceaneering International – slide 40
    OII ROV Fleet Geographic g p Profile March 2012 8 62 31 GOM 18 Africa Norway 38 Brazil 61 U.K. Asia/Pac 52 Can/Mex 270 Vehicles
  41. GHS 100 SECURITIES ENERGY CONFERENCE – Oceaneering International – slide 41
    Oilfield ROV Drill Support Market March 2012 OII Subsea 7 Fugro 59% Sonsub Other 262 Floating Rigs Contracted Source: IHS-Petrodata and OII Estimates
  42. GHS 100 SECURITIES ENERGY CONFERENCE – Oceaneering International – slide 42
    OII ROV Fleet Construction/Field Maintenance Locations 9 GOM 16 Africa ca Norway Other 15 19 59 Vehicles March 2012
  43. GHS 100 SECURITIES ENERGY CONFERENCE – Oceaneering International – slide 43
    OII ROV Fleet Construction/Field Maintenance Customers Operators 27 32 Contractors 59 Vehicles March 2012
  44. GHS 100 SECURITIES ENERGY CONFERENCE – Oceaneering International – slide 44
    Worldwide Umbilical Market Overview Forecasted at Historicallyy High g Levels Umbilicals Tree Orders 80% Growth* - Trees 1,000 60% Growth* - Umbilicals 3000 2500 750 Tree Orders KM Umbiliccal Orders -K 2000 500 1500…
  45. GHS 100 SECURITIES ENERGY CONFERENCE – Oceaneering International – slide 45
    Umbilical Products Thermoplastic Hose Umbilicals Steel Tube Umbilicals
  46. GHS 100 SECURITIES ENERGY CONFERENCE – Oceaneering International – slide 46
    OIE Products Production Control Valves ROV Tooling g & Work Packages Installation Workover & Control Systems Connectors & Repair Systems Field Development Hardware

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