Skip to main content Q2 2015 Earnings Call – Dof Asa Investor Presentation | Shale Experts
Loading...
Pm

Q2 2015 Earnings Call – Dof Asa

Dof Asa · Aug 13, 2015 · 37 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. Q2 2015 Earnings Call – Dof Asa – slide 1
    Q2 Financial Presentation 2015 DOF ASA
  2. Q2 2015 Earnings Call – Dof Asa – slide 2
    Highlights
  3. Q2 2015 Earnings Call – Dof Asa – slide 3
    Main highlights Q2 2015 EBITDA Q2 MNOK 976 Completed sale of 8 vessels so far in 2015 Good operational EBITDA in Q2 2015 MNOK 838 Good backlog for 2nd half 2015, 84% overall Contracts awarded recently on decent levels Challenging…
  4. Q2 2015 Earnings Call – Dof Asa – slide 4
    Highlights Q2 2015 Subsea Asia Pacific Variable utilisation in Q2 mainly due to idle time on two vessels between projects North Sea - Good utilisation US Gulf Variable utilisation Brazil Good utilisation Operational AHTS/PSV…
  5. Q2 2015 Earnings Call – Dof Asa – slide 5
    Highlights Q2 2015 Skandi Pacific awarded 9 months + 3x1 months contract with Total Austral in Argentina Harvey Deep Sea awarded IMR contract with Freeport McMoran, 6 months firm + 2 x 6 months options Geoholm RSV contract extended…
  6. Q2 2015 Earnings Call – Dof Asa – slide 6
    Highlights Q2 2015 Five vessels sold: Three last vessels, Skandi Leblon, Skandi Flamengo and Skandi Copacabana, sold in April as part of the Norskan sale transaction of 5 vessels Fleet Shares in DOFTECH, owner of Skandi Arctic, sold…
  7. Q2 2015 Earnings Call – Dof Asa – slide 7
    Overview Group
  8. Q2 2015 Earnings Call – Dof Asa – slide 8
    DOF ASA in brief Fleet Global organisation 70 vessels (wholly and partly owned) Head office in Norway (20 PSV, 20 AHTS, 30 Subsea) Regional offices in Australia, 61 owned vessels in operation Singapore, UK, USA, Canada, Angola,…
  9. Q2 2015 Earnings Call – Dof Asa – slide 9
    Fleet overview and contract coverage No. of vessels PSV AHTS Subsea Total fleet Good coverage in 2015: DOF ASA/DOF REDERI AS 17 4 2 23 Minor time charter renewal risk in NORSKAN OFFSHORE 1 10 2 13 2015 DOF SUBSEA AS Important long…
  10. Q2 2015 Earnings Call – Dof Asa – slide 10
    DOF backlog overview 2015 -2020+ 10 000 10000 26,813 Annual backlog Annual option 9 000 9000 8 000 8000 Annual Backlog (MNOK) 7 000 7000 6 000 6000 1 410 1 416 5 000 1 805 5000 2 118 9 421 4 000 263 4000 3 000 3000 4…
  11. Q2 2015 Earnings Call – Dof Asa – slide 11
    A global player 34 Austevoll Aberdeen Moscow St. Johns Cairo Houston 3 Manila Malaysia Singapore Brunei Luanda Jakarta Maca Rio de Janeiro 23 Perth 3 Buenos Aires 8 FOCUS AREAS Norway Brazil US/Canada UK Asia…
  12. Q2 2015 Earnings Call – Dof Asa – slide 12
    Remaining newbuilding program Vessel Yard Delivery Type Contract Financing Skandi Paraty Vard Brazil Q1 2016 AHTS 4 yrs Petrobras Signed loan agreement Skandi Africa Vard Norway Q1 and Q3 2015 CSV 5 yrs Technip Loan drawn on first…
  13. Q2 2015 Earnings Call – Dof Asa – slide 13
    DOF ASA timeline DOF fleet evolution DOF Group employees 80 40000 6000 No. of operated Vessels MV of Fleet No. Of employees 70 35000 5000 60 30000 4000 No. Of Vessels 50 25000 MNOK 40 20000 3000 30 15000 2000 20…
  14. Q2 2015 Earnings Call – Dof Asa – slide 14
    Financials- Management Reporting
  15. Q2 2015 Earnings Call – Dof Asa – slide 15
    Result Q2 2015 Comments result Q2 Operational performance: All figures in NOK million Q2 2015 Q2 2014 2014 PSV: 95% utilisation PSV fleet Operating income 2 778 2 791 10 681 Operating expenses -1 940 -1 925 -7 350 One vessel in the spot…
  16. Q2 2015 Earnings Call – Dof Asa – slide 16
    Segment reporting Q2 2015 PSV AHTS CSV Total Amounts in NOK mill Q2 2015 Q2 2014 Q2 2015 Q2 2014 Q2 2015 Q2 2014 Q2 2015 Q2 2014 Operating income 301 296 400 393 2 076 2 102 2 778 2 791 Operating result before depreciation and…
  17. Q2 2015 Earnings Call – Dof Asa – slide 17
    Historical Performance Group (excl gain from sale of assets) 3 500 40% Operating revenue EBITDA EBITDA margin 35% 3 000 30% 2 500 EBITDA Margin % 25% 2 000 MNOK 20% 1 500 15% 1 000 10% 500 5% - 0% Q2…
  18. Q2 2015 Earnings Call – Dof Asa – slide 18
    Balance Q2 2015 Comments balanse YTD June Amounts in NOK million 30.06.2015 30.06.2014 31.12.2014 Assets ASSETS 8 vessels sold YTD. Vessels sold in Q2: Intangible assets 1 404 724 1 103 Skandi Leblon, Flamengo, Copacabana Vessel and…
  19. Q2 2015 Earnings Call – Dof Asa – slide 19
    Cash Flow Q2 2015 Comments Q2 cash flow Amounts in NOK million Q2 2015 Q2 2014 2014 Cash from operating activities 1 236 533 2 963 Operating activities: Net interest paid -276 -315 -1 352 Improved cash flow mainly due to completion…
  20. Q2 2015 Earnings Call – Dof Asa – slide 20
    Key figures Q2 2015 Q2 2015 Q2 2014 2014 FINANCIAL RESULT EBITDA margin ex net gain on sale of vessel 30 % 31 % 31 % EBITDA margin 35 % 31 % 35 % EBIT margin 15 % 22 % 25 % Cashflow per share 1) 3,26 2,90 12,12 Profit per share…
  21. Q2 2015 Earnings Call – Dof Asa – slide 21
    Net interest bearing debt 30.06.2015 Comments balanse 30 June 2015: Amounts in NOK million 30.06.2015 30.06.2014 31.12.2014 Current interest bearing debt: Bond loan 3 378 4 820 4 124 Bonds Debt to credit institutions 15 725 14 439 15…
  22. Q2 2015 Earnings Call – Dof Asa – slide 22
    Management reporting vs Financial reporting RESULT Q2 2015 Q2 2014 Management Financial Management Financial Amounts in NOK mill reporting Variance reporting reporting Variance reporting Operating income 2 778 -129 2 648 2 791 -122 2…
  23. Q2 2015 Earnings Call – Dof Asa – slide 23
    Management reporting vs Financial reporting BALANCE 30.06.2015 30.06.2014 Management Financial Management Financial Amounts in NOK mill reporting Variance reporting reporting Variance reporting ASSETS Intangible assets 1 404 -91 1 313…
  24. Q2 2015 Earnings Call – Dof Asa – slide 24
    Debt maturity profile DOF GROUP COUNTERPARTY 4 500 EXPOSURE Q2 2015 4 000 3 500 DOF ex Subsea 3 000 Bank Debt 36% 2 500 43% Bond 2 000 1 500 Balloons 1 000 ECA 21% 500 Bonds - Other Banks 2015 2016 2017 2018 2019…
  25. Q2 2015 Earnings Call – Dof Asa – slide 25
    DOF ASA Asset coverage Combined market value DOF Group fleet including newbuild is NOK 44.6 bn (JV adjusted, total value 100% NOK 36.8 bn) as per 30.06.2015 New-building program to be completed in 2017 (including 50% in 4 PLSVs)…
  26. Q2 2015 Earnings Call – Dof Asa – slide 26
    Sale of 9 vessels since November 2014 Design Built Type Delivery Skandi Skolten STX AH04 2010 AHTS/Subsea November 2014 Skandi Aker OSCV 06 L 2010 Subsea Q1 2015 Skandi Stolmen UT 755 1997 PSV Q1 2015 Skandi Yare UT 755 2001 PSV…
  27. Q2 2015 Earnings Call – Dof Asa – slide 27
    Continuous cost focus Adjusting the organization Several improvement projects started in 2013 and 2014 Focus on realizing efficiency gains from improvement projects Going forward - strong focus on efficiency targets and cost…
  28. Q2 2015 Earnings Call – Dof Asa – slide 28
    DOF Subsea
  29. Q2 2015 Earnings Call – Dof Asa – slide 29
    DOF Subsea Group In brief Fleet One of the largest subsea vessel owners in the world Owns and operates a fleet of 22 vessels, plus 4 newbuilds on order In addition 5 vessels on long-term charter The market value of owned vessels in…
  30. Q2 2015 Earnings Call – Dof Asa – slide 30
    DOF Subsea Group In brief 2 500 40% Quarterly figures 35% 2 000 30% 12.3 % CAGR 25% 1 500 NOK million 20% Key figures 1 000 15% Back-log incl. options NOK 36 billion Market value of fleet NOK 16 billion 10% Number of…
  31. Q2 2015 Earnings Call – Dof Asa – slide 31
    Key credit metrics Interest Coverage (EBIT / Interest cost) NIBD/EBITDA 3,00 12,00 2,50 10,00 2,00 8,00 1,50 6,00 1,00 4,00 0,50 2,00 - - 2009 2010 2011 2012 2013 2014 Last 12 2009 2010 2011 2012 2013 2014 Last 12 months months…
  32. Q2 2015 Earnings Call – Dof Asa – slide 32
    DOF Subsea Projects 8 000 8 000 2 500 2 000 1 950 7 000 7 000 DOF Subsea has built a global 2 000 presence over the last 9 years 1 900 6 000 6 000 1 850 DOF Subsea has developed the 5 000 5 000 project business…
  33. Q2 2015 Earnings Call – Dof Asa – slide 33
    Market and outlook Subsea: APAC market Construction in Australia slowing down, but being replaced by IRM Reduced spending from operators Competition scene changing DOF SUB: Still good long term opportunities Brazil market We…
  34. Q2 2015 Earnings Call – Dof Asa – slide 34
    Market and outlook continued Subsea: North America market Increased bidding activities IMR and light construction vessels to support tie-back and commissioning operation Increased competition in the spot market, looking for…
  35. Q2 2015 Earnings Call – Dof Asa – slide 35
    Market and outlook continued Supply: Brazil: We expect a slower 2015, with fewer new tenders, increased competition, pressure on rates and redelivery of international flagged vessels Expect Petrobras to reduce current fleet size…
  36. Q2 2015 Earnings Call – Dof Asa – slide 36
    Market and outlook continued Guidance Q3 2015: Good backlog in Q3 2015 All 8 vessels sold were delivered to new owners in YTD 2015, no contribution from them in Q3 Operational EBITDA guidance Q3 2015 in line or slightly weaker…
  37. Q2 2015 Earnings Call – Dof Asa – slide 37
    Thank you Presented by Mons Aase - CEO Hilde Drnen - CFO

From the store

Browse maps, data & reports in the Shale Experts store