Ocean Rig UDW Inc. 2nd Quarter Ended June 30, 2015 Earnings Presentation NASDAQ: OCEAN RIG UDW INC. ORIG August 07, 2015
Q2 2015 financial results Net Revenue from drilling contracts: 433.2 million Adjusted EBITDA: 262.2 million Net Income: 74.9 million or 0.54 per share OCEAN RIG UDW INC. 3
Key highlights Achieved approximately 98% average fleet wide operating performance for the second quarter Agreed to exchange the remaining 80.0 million owed to us by Dryships for 17.8 million of our common shares owned by DryShips…
Solid backlog insulates ORIG from market softness Ocean Rigs fleet is 93% contracted in 2015 and 69% contracted in 2016 and even 44% in 2017 Revenue Backlog & Weighted Average Contracted Dayrate Backlog million Contracted dayrate…
Operational & Financial Highlights OCEAN RIG UDW INC.
Solid multi-year fleet employment profile Average contract remaining fixed period of 2.1 years, 3.4 years with options 93%, 69% calendar days under contract in 2015 and 2016 respectively 4.3 billion revenue backlog Rem 2015 2016…
Q2 2015- Revenue and operating expenses summary During the quarter, we had 910 calendar days of which 182 days were uncontracted and 28 days were spent on mobilization Resulting in 700 available contracted drilling days, of which 684…
Income Statement (Expressed in Millions of U.S. Dollars except for share and per share data) Q2 2015 REVENUES: Drilling revenues, net 388.5 Amortization of deferred revenue 44.7 Total Revenues from drilling contracts 433.2…
Solid Balance Sheet Weighted average debt maturity of 4.7 years No near-term maturities; next significant maturity in Q4 2017 DFHI Term Loan 7.25% Unsecured 6.50% Secured DOV Term Loan B Commercial Bank B-1 Notes Notes Loan (1)…
Managing our capital expenditure program 322 million equity invested for our three newbuildings through Q2 2015 Current1 construction payment2 profile million 1,000 800 600 OCR Amorgos 32 32 OCR Crete 32 400 OCR…
Industry Overview OCEAN RIG UDW INC.
Scrapping of older floaters has accelerated Over 10% of floater fleet scrapped in last 12 months 30 25 23 Market weakness has accelerated scrapping activity of older units 20 16 15 23 units scrapped last 7 months 10 16 23 All…
Older units unable to secure new contracts more stacking and scrapping Floaters utilization 100% 95% 90% 85% Since the start of the downcycle, utilization of older units has 80% decreased to below 70% 75% 70% This decrease has…
Stacking and scrapping of older units will continue to accelerate 68 Idled/Stacked floater units units 160 148 140 133 16 120 25 100 80 15% (24 units) of older floaters are cold stacked 60 16% (25 units) of older floaters are…
Closing Remarks OCEAN RIG UDW INC.
Closing remarks Attractive portfolio of modern drilling units Fleet of 11 modern (6th and 7th generation) UDW drillships and 2 UDW harsh environment semi-submersible rigs Premium high specification standardized assets Value…
Appendix OCEAN RIG UDW INC.
Pure-play ultra-deepwater driller with premium assets Harsh environment UDW semis Sister drillships provide benefits from standardization Optimized for development drilling 5th generation semisubmersibles Four 6th and five 7th…
Healthy liquidity & capital structure (in million) June 30, Ownership on June 30, 2015 2015 Shares Outstanding(4) 156.4million Total cash 833.6 Senior Secured Term Loan B Facility(1) 1,261.9 Free float shares 82.6million B-1 Term…
Fleet status report Date: 7-Aug-15 Estimated Mobilization Days Expected Idle & Off-hire Days Year Built / Estimated Estimated Expected Commencement Completion 2015 2015 Footnote UDW Unit Name Delivery Location Customer Date Date Q2A…
Projected deferred revenue & expense amortization As of August 3, 2015 (USD million) Q1A 2015 Q2A 2015 Q3E 2015 Q4E 2015 FY 2015 Q1E 2016 Q2E 2016 Amortization of deferred revenues 37.0 44.7 45.3 41.7 168.7 37.1 26.4 Amortization…
Balance Sheet (Expressed in Thousands of U.S. Dollars) December 31, 2014 June 30, 2015 ASSETS Cash, cash equivalents and restricted cash (current and non-current) 531,497 833,554 Other current assets 446,695 576,109 Advances…
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