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Wells Fargo Securities Energy Symposium – Atwood Oceanics Inc

Atwood Oceanics Inc · Dec 9, 2015 · 14 slides

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Slides

  1. Wells Fargo Securities Energy Symposium – Atwood Oceanics Inc – slide 1
    2015 Wells Fargo Securities Energy Well-Positioned Symposium December 9, 2015 Mark W. Smith Sr. Vice President and CFO IR Presentation as of 11/11/2015 1
  2. Wells Fargo Securities Energy Symposium – Atwood Oceanics Inc – slide 2
    Well-Positioned to Weather the Downturn Modern, high quality rig fleet New construction: 6 UDW floaters and 3 high-specification jackups Only 2 rigs greater than 12 years old Industry-leading performance and financial returns…
  3. Wells Fargo Securities Energy Symposium – Atwood Oceanics Inc – slide 3
    Geographically Diverse and High-Spec, Mixed Fleet ATWOOD BEACON ATWOOD ADMIRAL Under Houston, Texas ATWOOD ACHIEVER ATWOOD ARCHER Construction ATWOOD CONDOR ATWOOD MAKO ATWOOD ADVANTAGE ATWOOD MANTA ATWOOD ORCA ATWOOD AURORA…
  4. Wells Fargo Securities Energy Symposium – Atwood Oceanics Inc – slide 4
    The Atwood Advantage 1.14 Safety Leader Strong Operations 1.20 40% 35% 33% 1.00 Peer Group Average: 18% 30% 0.80 0.68 27% 26% 0.67 25% 0.58 22% 0.60 20% 20% 0.36* 17% 16% 0.40 14% 0.28 15% 12% 0.20 0.08 10% 0.06 0.04…
  5. Wells Fargo Securities Energy Symposium – Atwood Oceanics Inc – slide 5
    Recent Atwood Marketing Successes Atwood Beacon 6 month extension in Italy at a blended rate (announced July 2015) Atwood Orca 9 month extension in Thailand at a blended rate (announced October 2015) Atwood Achiever 1 year…
  6. Wells Fargo Securities Energy Symposium – Atwood Oceanics Inc – slide 6
    Diverse Client Relationships with Majors & Independents - Limited concentration risk & NOC exposure 2015 2016 2017 Rig (by calendar year) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Ultra-Deepwater Atwood Advantage 584K 240K** 584K Noble…
  7. Wells Fargo Securities Energy Symposium – Atwood Oceanics Inc – slide 7
    Liquidity Beyond Remaining Capital Expenditures Millions 1,000 951 Revenue backlog of 900 1.5 billion as of Contracted Revenue 800 November 1, 2015 Contracted EBITDA 700 575 million in Newbuild CAPEX** remaining total new 600…
  8. Wells Fargo Securities Energy Symposium – Atwood Oceanics Inc – slide 8
    Increasing Financial Flexibility No additional financing required through 2019 Revolving Credit Facility matures in 2019 Senior Notes Mature in 2020 Significant availability under the revolving facility At least 475 million…
  9. Wells Fargo Securities Energy Symposium – Atwood Oceanics Inc – slide 9
    Continued Demand Decreases Will Pressure Drillers to Stack Working Rig Count November 2014 November 2015 280 270 Floaters 260 269 UDW -11% 250 DW -36% 240 MW -31% -22% 230 220 211 210 200 Mar Nov Dec Jan May Jun Aug…
  10. Wells Fargo Securities Energy Symposium – Atwood Oceanics Inc – slide 10
    Potential for Improving Supply/Demand Balance Rig retirements are accelerating 78 floaters cold-stacked/scrapped/announced for retirement 82 jackups cold-stacked/scrapped/announced for retirement Newbuild delivery delays and…
  11. Wells Fargo Securities Energy Symposium – Atwood Oceanics Inc – slide 11
    Many Drillers Will Look Different After the Cycle There are more rigs that will come out of the supply A Supply Driven Rebalance of the Floater Market 116 units stacked/scrapped 400 350 70 20 Atwood has only 2 300 250 70…
  12. Wells Fargo Securities Energy Symposium – Atwood Oceanics Inc – slide 12
    Cost Reductions Improve Offshore Well Economics Accelerates Recovery Timing Floater rig dayrates approximately 50-60% lower than peak Service costs also declining 15 25% reductions in costs depending on the type of service being…
  13. Wells Fargo Securities Energy Symposium – Atwood Oceanics Inc – slide 13
    Well-Positioned to Weather the Downturn Operational excellence and cost control initiatives limit margin erosion Opportunities to extend work with existing clients Reducing costs without impacting safety or service Solid balance…
  14. Wells Fargo Securities Energy Symposium – Atwood Oceanics Inc – slide 14
    Thank You www.atwd.com 15 www.atwd.com

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