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Jefferies Energy Conference – Oceaneering International

Oceaneering International · Nov 11, 2015 · 29 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. Jefferies Energy Conference – Oceaneering International – slide 1
    5th Annual Ultimate Energy Energy Conference Conference December November 11, 1, 2015 2015 New York, TX Houston, NY
  2. Jefferies Energy Conference – Oceaneering International – slide 2
    OII in the Offshore Oilfield Life Cycle PHASE EXPLORATION DEVELOPMENT PRODUCTION DECOMMISSIONING 1 Market of Operating Subsea Tree Subsea Trees of Field Driver Floating Drilling Rigs Installations In Service Abandonments Business…
  3. Jefferies Energy Conference – Oceaneering International – slide 3
    OII Offshore Life Cycle Business Exposure Revenue Mix 5% 15% 25% 55% Exploration Development Production Decommissioning Source: OII Estimates
  4. Jefferies Energy Conference – Oceaneering International – slide 4
    Earnings Per Share Guidance 2015 Estimate 2.60 2 60 to 2 2.66 66 Actual Low Estimate High Estimate 5.00 4 00 4.00 Earnings per Share 3.00 2.00 E 1.00 0.00 2008 2009 2010 2011 2012 2013 2014 2015E OII 2015…
  5. Jefferies Energy Conference – Oceaneering International – slide 5
    Relative EPS Performance To 2008 OSX Peak OII OSX w/o OII 150% 125% Relative to: 100% 2008 Up 55% 2014 Down 30% 75% 50% 25% 0% Relative R l ti tto: -25% 2008 Down 55% 2014 Down 40% -50% -75% 2008 2009 2010 2011 2012 2013…
  6. Jefferies Energy Conference – Oceaneering International – slide 6
    Cost-Cutting Initiatives Right Right-Sizing Sizing Workforce Reducing Training Expenses Obtaining g Supplier pp Price Concessions Reducing g Incentive & Deferred Compensation p Lowering g Organic g CAPEX
  7. Jefferies Energy Conference – Oceaneering International – slide 7
    Segment Outlook Q4 2015 SEGMENT OPERATING INCOME ROV < Q3 Subsea Products Q3 Subsea Projects < Q3 Asset Integrity < Q3 Advanced Technologies Q3 Unallocated Expenses Q3
  8. Jefferies Energy Conference – Oceaneering International – slide 8
    2015 Capital Sources & Allocations Current Sources Potential Allocations Cash at Sept 30, 2015 Organic Cap Ex 271 MM 200 MM to 250 MM Estimated 2015 EBITDA Acquisitions 640 MM 230 MM & More Bank Revolver Cash Dividends 500 MM…
  9. Jefferies Energy Conference – Oceaneering International – slide 9
    Strong Free Cash Flow in millions 2015 YTD* Net Income for the Period 204 Cash Flows from Operating Activities 373 Purchases of Property and Equipment (139) Free Cash Flow 234 Free Cash Flow as % of Net Income 115%…
  10. Jefferies Energy Conference – Oceaneering International – slide 10
    2016 Earnings Outlook Less Than 2015 Projected Earnings Additional Customer Spending Cuts Reductions in Offshore Activities, including Fewer Contracted Floating Rigs
  11. Jefferies Energy Conference – Oceaneering International – slide 11
    Long Term: Offshore is Essential D Deepwater t R Remains i SiSignificant ifi t Incremental Bbls Existing Fields Bbls Source of 90 Additional 29Mm B/D Crude Production 80 4.31 densate 9.35 70 4.74 e and Cond…
  12. Jefferies Energy Conference – Oceaneering International – slide 12
    Offshore Final Investment Decisions (FIDs) E Expected t d Capital C it l EExpenditure dit A Approvals l in billions 400 350 300 250 200 150 100 50 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Approved…
  13. Jefferies Energy Conference – Oceaneering International – slide 13
    OII Summary Challenging Time Well Positioned for Inevitable Rebound Intend to Continue Investing for the Future & Returning Capital to Our Shareholders Deepwater Focus Remains Sound Long-Term Prospects Are Promising
  14. Jefferies Energy Conference – Oceaneering International – slide 14
  15. Jefferies Energy Conference – Oceaneering International – slide 15
    Supplemental pp Financial Information
  16. Jefferies Energy Conference – Oceaneering International – slide 16
    EBITDA in millions Actual Low Estimate High Estimate 1,000 900 800 700 600 500 400 300 200 100 0 * 2015 - 640 MM MM-660 660 MM Based on OII EPS Guidance as of October 28, 2015 See Next Slide For Non-GAAP…
  17. Jefferies Energy Conference – Oceaneering International – slide 17
    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…
  18. Jefferies Energy Conference – Oceaneering International – slide 18
    Free Cash Flow Free Cash Flow (FCF) is a non-GAAP financial measurement. FCF represents cash flow from operations less organic capital expenditures (i.e., capital expenditures excluding those for business acquisitions or other…
  19. Jefferies Energy Conference – Oceaneering International – slide 19
    Business Segments Revenue Operating Income 11% 4% 3% 27% 12% 19% 41% 20% 30% 33% ROV Subsea Products Subsea Projects Asset Integrity Adtech September YTD 2015
  20. Jefferies Energy Conference – Oceaneering International – slide 20
    Supplemental pp Market Information
  21. Jefferies Energy Conference – Oceaneering International – slide 21
    Rig Fleet, Non-PBR Brazil att September S t b 30, 30 2015 173 Rigs g Under Contract OII on 65% OII on 75% of Drillships/6th Gen Rigs 47 Rigs On Order 8 Rigs Have Operator Contracts 7 ROV C Contracts t t - OII 1 ROV Contract -…
  22. Jefferies Energy Conference – Oceaneering International – slide 22
    Floating Rig Demand History 300 ng Rigs 275 d Contracted Floatin 250 200 Demand at Sept 30 30, 2015 - 222 Year-End 150 100 Source: IHS-Petrodata
  23. Jefferies Energy Conference – Oceaneering International – slide 23
    Leading Market Position Remotely Operated Vehicles Ownership Drill Support Market Share OII - 336 OII 127 36% 57% Worldwide Fleet 222 Floating Rigs Contracted** 937 Vehicles* Source: *OII Estimates - December 2014; **IHS…
  24. Jefferies Energy Conference – Oceaneering International – slide 24
    Oilfield ROV Fleet Ownership Drill Support Market Share OII 336 OII 127 36% 57% OII Subsea 7 Fugro DOF Subsea Saipem C-Innovations H li Helix Technip Worldwide Fleet TMT 222 Floating Rigs Contracted** 937 Vehicles*…
  25. Jefferies Energy Conference – Oceaneering International – slide 25
    OII ROV Fleet Geographic Profile September 2015 35 34 107 28 56 77 GOM Africa Norway Brazil Asia/Pac Other 337 Vehicles
  26. Jefferies Energy Conference – Oceaneering International – slide 26
    OII ROVs on Vessels September 2015 Locations Customers 10 8 31 48 49 24 24 GOM Africa Norway Asia Other Operators Contractors 97 Vehicles
  27. Jefferies Energy Conference – Oceaneering International – slide 27
    OII ROV Pricing and Fleet Utilization Revenue / Day on Hire Fleet Utilization 11,000 100% 9 000 9,000 90% 7,000 80% 5,000 70% 3,000 60% 1,000 50% * September YTD
  28. Jefferies Energy Conference – Oceaneering International – slide 28
    Leading Market Position Specialty Subsea Products Umbilicals Tooling & Subsea Work Systems IInstallation t ll ti and d Workover Control Systems Subsea Hardware
  29. Jefferies Energy Conference – Oceaneering International – slide 29
    Subsea Products Backlog At Period End in millions 1,000 800 600 400 200 0 2009 2010 2011 2012 2013 2014 2015* *September 2015

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