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Q2 2015 Investor Presentation – Odfjell Drilling

Odfjell Drilling · Aug 19, 2015 · 25 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 Investor Presentation – Odfjell Drilling – slide 1
    Q2 2015 Presentation
  2. Q2 2015 Investor Presentation – Odfjell Drilling – slide 2
    Contents Highlights and material events Segment reporting Financial information Summary Page 2
  3. Q2 2015 Investor Presentation – Odfjell Drilling – slide 3
    Group Financial performance Q2 2015 highlights: Operating revenue of USD 286 million *EBITDA adjusted of USD 89 million EBITDA of negative USD 156 million *EBITDA margin adjusted of 31 % EBITDA-margin of negative 54 % Net…
  4. Q2 2015 Investor Presentation – Odfjell Drilling – slide 4
    Highlights and material events in Q2 2015 Lenders consent to reduce equity ratio financial covenant The Group has received consent from its lenders to reduce the equity ratio financial covenant of the Odfjell Drilling Group from 35 % to…
  5. Q2 2015 Investor Presentation – Odfjell Drilling – slide 5
    Highlights and material events in Q2 2015 (cont.) MODU Deepsea Aberdeen commenced on its 7-year drilling contract with BP on 21 April 2015. Deepsea Metro II ended its contract with Petrobras in Brazil in mid May and has since June been…
  6. Q2 2015 Investor Presentation – Odfjell Drilling – slide 6
    Highlights and material events in Q2 2015 (cont.) Drilling & Technology In Q2, Odfjell Drilling secured a contract with Statoil for the platform drilling services on the Johan Sverdrup platform, including assistance during the…
  7. Q2 2015 Investor Presentation – Odfjell Drilling – slide 7
    Segment reporting - Mobile Offshore Drilling Units (MODU) MODU MODU Firm MODU contract backlog at 30 June 2015 of USD 1.8 billion with additional priced options valued at USD 0.5 billion. Financial utilisation: Financial…
  8. Q2 2015 Investor Presentation – Odfjell Drilling – slide 8
    MODU - Dayrates, contract status and options Location day rate Drilling unit Contract status /operator (USDk/day)1 Deepsea Angola 545 Stavanger BP Angola Deepsea Norway 566/300 6 X 6 months Atlantic Statoil Deepsea UK 450…
  9. Q2 2015 Investor Presentation – Odfjell Drilling – slide 9
    Segment reporting - Platform Drilling and Technology Platform Drilling and Technology Drilling & Technology Firm contract backlog of USD 0.5 billion at 30 June 2015 Value of priced optional periods of USD 1.4 billion Platform…
  10. Q2 2015 Investor Presentation – Odfjell Drilling – slide 10
    Segment reporting - Well Services BASES : EUROPE Norway United Kingdom Key figures Holland 510 employees Romania Services from 11 bases Operations in more than 20 countries BASES : ASIA Service offering Thailand…
  11. Q2 2015 Investor Presentation – Odfjell Drilling – slide 11
    Market outlook Exposed to re-contracting risk in a weak drilling market over the next few years MODU The drilling market has continued weakening during 2015 and we expect a further weakening into 2016. The soft market is due to…
  12. Q2 2015 Investor Presentation – Odfjell Drilling – slide 12
    Market outlook (cont.) Platform Drilling and Technology The slowdown in the North Sea area has led to continued low activity level for development and upgrade projects. To meet this challenge the Group has reorganised its engineering…
  13. Q2 2015 Investor Presentation – Odfjell Drilling – slide 13
    Earnings visibility through USD 4.2 billion order backlog Total revenue backlog per year (for firm contracts and priced option periods)1 USD million Firm Options 1044 Firm contracts USD 2.2 billion 1000 Priced options USD 2.0…
  14. Q2 2015 Investor Presentation – Odfjell Drilling – slide 14
    Financial information
  15. Q2 2015 Investor Presentation – Odfjell Drilling – slide 15
    Financial performance highlights Odfjell Drilling reports for Q2 2015: Group Operating Revenues (USDm) Operating revenue of USD 286 million 1 174 270 1 094 1 057 *EBITDA adjusted of USD 89 million 782 EBITDA of negative USD 156…
  16. Q2 2015 Investor Presentation – Odfjell Drilling – slide 16
    Group summary financials Condensed consolidated income statement P&L - (USD million) Q2 15 Q2 14 YTD 15 YTD 14 FY 14 Operating revenue 286 272 526 545 1 088 Other gains/losses 1 9 1 11 11 Share of profit/(loss) from joint ventures -265…
  17. Q2 2015 Investor Presentation – Odfjell Drilling – slide 17
    Segment reporting - MODU financials MODU Key Financials (USD million) Condensed P&L - (USD million) Q2 15 Q2 14 Y TD 15 Y TD 14 FY 14 Revenues 748 762 Operating revenue 209 184 375 364 748 EBITDA 95 83 173 156 331 Depreciation and…
  18. Q2 2015 Investor Presentation – Odfjell Drilling – slide 18
    Segment reporting - Drilling & Technology financials Drilling and Technology Key Financials (USD million) Condensed P&L - (USD million) Q2 15 Q2 14 YTD 15 YTD 14 FY 14 Revenues 352 Operating revenue 51 81 105 159 302 302 EBITDA -3…
  19. Q2 2015 Investor Presentation – Odfjell Drilling – slide 19
    Segment reporting - Well Services financials Well Services Key Financials (USD million) Condensed P&L - (USD million) Q2 15 Q2 14 YTD 15 YTD 14 FY 14 Revenues 227 Operating revenue 38 50 78 103 198 198 EBITDA 16 20 32 44 85…
  20. Q2 2015 Investor Presentation – Odfjell Drilling – slide 20
    Group - Eliminations & Reconciliation Group Eliminations & Reconciliation (USD million) Q2 15 Q2 14 YTD 15 YTD 14 FY 14 Operating revenue -12 -43 -31 -80 -160 EBITDA -268 -11 -288 -32 -148 EBIT -50 -2 -63 -15 -42 EBIT for reportable…
  21. Q2 2015 Investor Presentation – Odfjell Drilling – slide 21
    Deep Sea Metro financials Deep Sea Metro Ltd Group - Key financials (100% basis) Condensed figures - (USD million) Q2 15 Q2 14 YTD 15 YTD 14 FY 14 Comments: Total income 17 95 54 175 345 At 30 June 2015, the book value of Operating…
  22. Q2 2015 Investor Presentation – Odfjell Drilling – slide 22
    Summary statement of financial position Group statement of financial position Assets (USDm) 30.06.15 30.06.14 31.12.14 Equity and liabilities (USDm) 30.06.15 30.06.14 31.12.14 Intangible assets 38 38 37 Total paid-in capital 329 332 332…
  23. Q2 2015 Investor Presentation – Odfjell Drilling – slide 23
    Summary statement of cash flow Group statement of cash flow Cash Flow - (USDm) Q2 15 Q2 14 YTD 15 YTD 14 FY 14 Profit before income tax -216 33 -189 60 79 Cash from operations 84 85 154 173 358 Interest paid -17 -12 -29 -25 -51 Income tax…
  24. Q2 2015 Investor Presentation – Odfjell Drilling – slide 24
    Summary Q2 2015 Earnings visibility through USD 4.2 billion order backlog MODU: - Deepsea Aberdeen commenced its long-term drilling contract - Deepsea Atlantic awarded long-term contract on Johan Sverdrup - Deepsea Metro I…
  25. Q2 2015 Investor Presentation – Odfjell Drilling – slide 25
    President & CEO Simen Lieungh EVP & CFO Atle Sb Investor relations Lasse H. Johannesen, lajodfjelldrilling.com, +47 55 92 11 01 / +47 995 06 908 Press contact Gisle Johanson, gijoodfjelldrilling.com, +47 414 40 050 Next event: Q3 2015…

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