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Q3 2015 Presentation – Dof Subsea

Dof Subsea · Nov 13, 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. Q3 2015 Presentation – Dof Subsea – slide 1
    Q3 2015 Presentation DOF Subsea Group
  2. Q3 2015 Presentation – Dof Subsea – slide 2
    DOF Subsea Group
  3. Q3 2015 Presentation – Dof Subsea – slide 3
    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…
  4. Q3 2015 Presentation – Dof Subsea – slide 4
    DOF Subsea Group In brief Q3 last four years Key figures 5 last quarters 2 500 40% 35% 2 000 30% 25% NOK million 1 500 20% 1 000 15% 10% Key figures 500 5% Back-log incl. options NOK 40 billion Market value of fleet…
  5. Q3 2015 Presentation – Dof Subsea – slide 5
    Recent events Fleet Skandi Africa commenced long-term charter with Technip Contracts Total contract award of NOK 4 500 million during 3rd quarter 2015 Husky Energy awarded DOF Subsea with a 10 year firm IMR contract IMR contract…
  6. Q3 2015 Presentation – Dof Subsea – slide 6
    Ship of the Year 2015 Skandi Africa 6
  7. Q3 2015 Presentation – Dof Subsea – slide 7
    Ownership structure DOF ASA First Reserve (51%) Corporation (49%) DOF Subsea Holding (100%) DOF Subsea 2005 20 121 Modern 1 630 Established NOK million high-end fleet highly-skilled total assets and equipment…
  8. Q3 2015 Presentation – Dof Subsea – slide 8
    Our global footprint Bergen Aberdeen St Johns 11 547 3 267 Houston ATLANTIC Manila NORTH AMERICA Brunei Kuala Lumpur Singapore 1 Luanda Jakarta Darwin Maca Rio de Janeiro 4 411 BRAZIL Perth Buenos ASIA PACIFIC Aires…
  9. Q3 2015 Presentation – Dof Subsea – slide 9
    DOF Subsea timeline DOF Subsea fleet evolution DOF Subsea employees 28 18 000 2 000 Number of operated vessels MV of fleet 16 000 1 800 24 Number of employees 14 000 1 600 20 1 400 NOK million 12 000 16 1 200 10…
  10. Q3 2015 Presentation – Dof Subsea – slide 10
    New high-end fleet 10,00 Year of delivery DOF Subsea fleet 9,00 Before 2000 4% Newbuild 8,00 15 % 7,00 2000 - 2006 6,00 23 % 5,00 4,00 3,00 2007 - 2015 58 % 2,00 1,00 - Average fleet age Value adjusted Majority of…
  11. Q3 2015 Presentation – Dof Subsea – slide 11
    Business management Global business management system accredited by DNV to: Business Management System ISO 9001: 2008 Health and Safety System OHSAS 18001:2007 Environmental Management System ISO 14001:2004 Global recertification by…
  12. Q3 2015 Presentation – Dof Subsea – slide 12
    HSEQ key statistcs Substantial HSE-improvement since 2005 Substantial increase in activity level measured by total man-hours DOF Subsea HSEQ-statistics 12 6 000 000 10 5 000 000 Frequence: Incident / 1 000 000 man-hour 8 4…
  13. Q3 2015 Presentation – Dof Subsea – slide 13
    Projects
  14. Q3 2015 Presentation – Dof Subsea – slide 14
    DOF Subsea Projects Operating income by segment DOF Subsea has built a global 8 000 2 500 presence over the last 10 years 7 000 2 000 DOF Subsea has developed the 6 000 project business gradually 5 000 1 500 NOK million…
  15. Q3 2015 Presentation – Dof Subsea – slide 15
    IMCA ranking (Industry global ranking) IMCA Surf / IMR / Heavy lift / trunk Vessel owners Membership Construction line / FPSO / Intervention Global Saipem, Technip, Allseas, Hereema, Contractor (6) Subsea 7 McDermott, Tier 1…
  16. Q3 2015 Presentation – Dof Subsea – slide 16
    Establishing the North America region Targeted establishment in North America market from 2012 Mainly focus on delivering S&P services and obtaining MSAs/FAs Built track record of subsea projects gradually Built a fleet of 3…
  17. Q3 2015 Presentation – Dof Subsea – slide 17
    Contract status
  18. Q3 2015 Presentation – Dof Subsea – slide 18
    Contract coverage 45 40 35 30 NOK billion 25 20 15 10 5 - 2015 2016 2017 2018 2019 2020 2021 2022 Firm 23 21 18 15 12 9 7 5 Option 18 17 17 17 16 16 15 14 * 2015-numbers as per 30th September 2015. Figures based…
  19. Q3 2015 Presentation – Dof Subsea – slide 19
    Financials
  20. Q3 2015 Presentation – Dof Subsea – slide 20
    Condensed profit & loss (IFRS 11) Operating income was NOK 1 904 million in Q3 2015, up from NOK 1 815 million in Q3 2014. EBITDA (excl. gain on sale of assets) was NOK 452 million in Q3 2015, down from NOK 496 million in Q3…
  21. Q3 2015 Presentation – Dof Subsea – slide 21
    Condensed balance sheet (IFRS 11) From year end 2014 non-current assets has increased to NOK 15 086 million from NOK 14 336 million From year end 2014 total receivables has increased to NOK 1 980 million from NOK 1 964 million…
  22. Q3 2015 Presentation – Dof Subsea – slide 22
    Quarterly performance (excl. asset sales) 2 500 40% Operating income EBITDA EBITDA margin 35% 2 000 30% 25% 1 500 NOK million 20% Consolidation phase 1 000 15% Growth phase 10% 500 5% - 0% Q3 2011 Q4 2011 Q1…
  23. Q3 2015 Presentation – Dof Subsea – slide 23
    Debt maturity profile Debt maturity profile DOF Subsea AS level, 2016E 2020E 3 000 DOFSUB05 - NOK 750 million - Maturity April 2016 2 500 2 000 DOFSUB07 - NOK 1 300 million - Maturity May 2018 1 500 1 000 500 - 2016E…
  24. Q3 2015 Presentation – Dof Subsea – slide 24
    Risk mitigating factors New, high-end fleet provides Value added safe collateral services provide Recent sale of increased vessels earnings potential Diversified blue- Spare leveraging chip customers capacity on reduce…
  25. Q3 2015 Presentation – Dof Subsea – slide 25
    Outlook
  26. Q3 2015 Presentation – Dof Subsea – slide 26
    Challenging fundamentals for subsea activity Demand Weak and volatile oil price Continued cost focus by oil companies Reduced offshore E&P spending Uncertain project timing Increased focus on newer, technologically advanced and…
  27. Q3 2015 Presentation – Dof Subsea – slide 27
    Challenging fundamentals for subsea activity Supply Fleet of subsea vessels increasing Several vessels in lay-up Increasing supply of engineering capabilities Reduced Increasing demand supply Weaker market conditions…
  28. Q3 2015 Presentation – Dof Subsea – slide 28
    Challenging fundamentals for subsea activity Low and volatile oil price Increased Reduced supply of E&P subsea spending vessels Lower rig Improved activity and access to delayed field qualified development personnel Weak…
  29. Q3 2015 Presentation – Dof Subsea – slide 29
    Thank you

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