Jefferies & Company Global Energy Conference Louis A. Raspino, President & Chief Executive Officer December 2, 2010 Houston, Texas
Forward Looking Statements Certain statements in the following presentation may constitute forward looking statements as defined by the Securities and Exchange Commission. Such statements are not historical facts, but are predictions…
Company Overview
Company Profile Focused deepwater asset base Proven leader in deepwater operations, engineering and project management Established presence and key relationships in deepwater basins with robust contract backlog Strong earnings and…
Focused Fleet With A Global Presence Rig Fleet Deepwater Mid-water Independent Managed Floaters (12) Floaters (6) Leg Jackups (7) Rigs (2) 4 DP Drillships 5 Moored Semis 6 ILCs 1 TLP (Kizomba) 2 DP Drillships under construction 1 DP…
Among the Industrys Largest Floating Rig Fleets Number of Rigs 80 73 Deepwater defined as 4,500 feet and greater. 70 Midwater defined as up to 4,499 feet. 60 31 50 40 33 30 24 20 20 20 42 5 16 6 2 1 9 9 8 8 7 10 19 3 6 6…
Strong Presence In Deepwater DP Market 50 Number of Deepwater Rigs 42 40 9 30 19 20 33 15 8 12 11 10 2 8 15 6 6 3 6 5 6 5 11 10 2 3 2 1 8 6 6 5 5 4 1 1 4 3 1 0 IG G TW EM O SK IG E E EA…
Among the Industrys Youngest Floating Fleets Avg. Age Avg. Age Floating Fleet Deepwater Fleet(1) Years Years 30 30 30 26 21 20 17 20 16 15 13 10 10 8 4 3 0 0 SDRL PDE NE RIG DO SDRL PDE NE RIG DO Source: ODS Petrodata,…
Minimal Jack Up / Tender Exposure Number of Rigs 80 60 40 66 43 6 20 42 20 15 7 5 0 RIG NE ESV SDRL DO PDE ATW Source: Company fleet reports Jackup Shallow Water Tenders (
Presence in Key Deepwater Regions Other Intl 2% U.S USA 4% S. Arabia 4% 3% INDIA7% E. Guinea 6% Egypt 9% Brazil SOUTH AFRICA 51% 5% ANGOLA Angola 12% 23% EGYPT 6% NOC 61% Revenues For The Nine Months Ended…
Strong Customer Base With Robust E&P Spending Programs Noble OGX Independents 18% National Oil Companies 46% Majors 36% Petrobras BP ONGC Total Saudi Aramco ExxonMobil Revenues For The Nine Months Ended September 30, 2010…
Floating Rig Fleet Contract Status As of December 1, 2010 Deepwater 2010 2011 2012 2013 17% 25% 37% 80% 63% 100% 83% 75% 2010 2011 2012 2013 Midwater 14% 19% 22% 35% 81% 78% 65% 86% Under Contract Open
Deepwater Focus Drives Future Performance Revenue %Floater: 25% 88% 93% 2004 2010 (1) 2013 Other Other 5% IL Jackups E&P 6% 7% Services IL Jackups 9% Deep Water 7% 18% Midwater Midwater 18% Land 7% Drilling Midwater 23%…
Market Discussion By Sector
Deepwater Sector Deepwater Floater Utilization 4,500' - 6,999' WD Dayrates under pressure, (October 2000 - October 2010) especially since U.S. government moratorium 60 100% Backlog in decline 50 90% Moored units experiencing…
Unique Strategic Position Emphasis on High Specification Floaters 8 7 SDRL 6 RDC Asset Specification 5 ESV RIG RIG Future Pride NE PDE Today 4 ATW 3 DO PDE 2008 2 Seahawk PDE 1 HERO 2003 EV = 5B 0 Note: 0…
Favorable Contracts on New Drillships Deep Ocean Deep Ocean Deep Ocean Deep Ocean Ascension Clarion Mendocino Molokai Client BP BP Petrobras Open Contract Terms Five Years Five Years Five Years (2) (2) Dayrate 540,189 550,800 502,300…
Deep Ocean Molokai Opportunities 2011 and 2012 Market Opportunities are Appearing Gulf of Mexico 4 rigs 2 to 4 years Asia Pacific 2 rigs, India 1 to 5 years 1 rig West Africa 2 to 4 years 5 to 7 rigs 2 to 5 years Brazil…
Ultra-Deepwater Sector Ultra-Deepwater Floater Utilization Fleet utilization remains effectively 6,999' WD full through 2010 and looks tight (October 2000 - October 2010) for 2011 80 100% Client demand improving tenders 70 and…
November 2010 Deepwater Supply / Demand Forecast Un-Contracted Rig Years (Surplus / Shortage), Market Tightens in 2011 N. Sea / NWE Deepwater Total 2011 2012 2011 2012 +/(-) 0 1 +/(-) 2 28 Black Sea 2011 2012 +/(-) 0 (1) GOM /…
Deepwater Sector Long-Term Outlook Compelling Indicators of Growth Proven geology with record exploration success continuing through 2010 Source: Market data
Deepwater Sector Long-Term Outlook Compelling Indicators of Growth Proven geology with record exploration success continuing through 2010 Expanding client base and geographic appeal as numerous new regions emerge Source: Market…
The Deepwater Drilling Opportunity Established Emerging
The Deepwater Drilling Opportunity Established Emerging
Deepwater Sector Long-Term Outlook Compelling Indicators of Growth Proven geology with record exploration success continuing through 2010 Expanding client base and geographic appeal as numerous new regions emerge Development…
Investment Highlights Industry-leading focus on floating rig fleet with emphasis in deepwater Proven leader in deepwater operations, engineering and project management Long-term presence in key deepwater basins Favorable long-term…
Jefferies & Company Global Energy Conference Louis A. Raspino, President & Chief Executive Officer December 2nd, 2010 Houston, Texas
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