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2017 First Quarter Financial Results – Fred Olsen Energy

Fred Olsen Energy · May 4, 2017 · 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. 2017 First Quarter Financial Results – Fred Olsen Energy – slide 1
    Financial results 1Q 2017 Oslo, May 4, 2017
  2. 2017 First Quarter Financial Results – Fred Olsen Energy – slide 2
    AGENDA FINANCIAL RESULTS 1Q 2017 MARKET OPERATIONS SUMMARY
  3. 2017 First Quarter Financial Results – Fred Olsen Energy – slide 3
    Income Statement Key Figures (USD mill) 1Q 2017 4Q 2016 Change Operating revenues 95,5 152,5 (57,0) Recharged income 2,9 4,3 (1,4) Total revenues 98,4 156,8 (58,4) Operating costs (54,7) (55,5) 0,8 Recharged expenses (2,9) (4,1) 1,2…
  4. 2017 First Quarter Financial Results – Fred Olsen Energy – slide 4
    EBITDA comparison 1Q 2017 vs. 4Q 2016 120 100 15 80 13 MUSD 13 60 10 97 5 40 20 41 0 4Q EBITDA Borgsten Bideford Overhead Blackford Other 1Q EBITDA
  5. 2017 First Quarter Financial Results – Fred Olsen Energy – slide 5
    Financial Items Breakdown (USD mill) 1Q 2017 4Q 2016 Change Interest income 4,6 0,8 3,8 Gains on financial instruments 0,5 1,2 (0,7) Financial income 5,1 2,0 3,1 Interest expenses (8,3) (8,8) 0,5 Losses on financial instruments…
  6. 2017 First Quarter Financial Results – Fred Olsen Energy – slide 6
    Offshore Drilling Segment (USD mill) 1Q 2017 4Q 2016 Change Operating revenues 90,2 149,9 (59,7) Recharged income 2,9 4,3 (1,4) Total revenues 93,1 154,2 (61,1) Operating costs (48,6) (51,9) 3,3 Recharged expenses (2,9) (4,1) 1,2…
  7. 2017 First Quarter Financial Results – Fred Olsen Energy – slide 7
    Engineering & Fabrication Segment (USD mill) 1Q 2017 4Q 2016 Change Operating revenues (external) 5,3 2,6 2,7 Inter-segment revenues 0,2 0,2 - Total operating revenues 5,5 2,8 2,7 Operating costs (6,3) (3,8) (2,5) Oper. result before…
  8. 2017 First Quarter Financial Results – Fred Olsen Energy – slide 8
    Consolidated Balance Sheet (USD mill) 31 Mar 2017 31 Dec 2016 Change Property, plant & equipment 1 307,3 1 361,0 (53,7) Other non-current assets 17,4 17,3 0,1 Total non-current assets 1 324,7 1 378,3 (53,6) Other current assets 189,4…
  9. 2017 First Quarter Financial Results – Fred Olsen Energy – slide 9
    Consolidated Cash Flow (USD mill) 1Q 2017 4Q 2016 Change Profit before income taxes (20,8) 18,6 (39,4) Depreciation and impairment 55,0 75,7 (20,7) Interest expense 9,2 10,4 (1,2) Changes in working capital 29,2 18,2 11,0 Unrealized…
  10. 2017 First Quarter Financial Results – Fred Olsen Energy – slide 10
    Offshore drilling EBITDA and margin
  11. 2017 First Quarter Financial Results – Fred Olsen Energy – slide 11
    Fleet status ULTRA- / DEEPWATER UNITS Bolette Dolphin DS/ Gusto P10' 12 000 Colombia Anadarko May 2014 - July 2018 419 000/ 488 000 1Q 2019 Blackford Dolphin SS / Aker H-3 7 000 Norway (UK compliant) Smart stacked 2Q 2019* Belford…
  12. 2017 First Quarter Financial Results – Fred Olsen Energy – slide 12
    FINANCIAL RESULTS MARKET OPERATIONS SUMMARY
  13. 2017 First Quarter Financial Results – Fred Olsen Energy – slide 13
    Global market floating units The market is bottoming out in 2017, longer term indicators are positive The increase in requests and tender activity has continued during the quarter The contract activity has strengthened with a…
  14. 2017 First Quarter Financial Results – Fred Olsen Energy – slide 14
    Dayrates- worldwide Source: Clarksons Platou Offshore
  15. 2017 First Quarter Financial Results – Fred Olsen Energy – slide 15
    Norwegian floater market 2017 2018 2019 Name Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 The utilization of the rig fleet in Norway is West Navigator COSLPioneer expected to continue to drop during 2017 Transocean Searcher Songa Trym…
  16. 2017 First Quarter Financial Results – Fred Olsen Energy – slide 16
    Average dayrates Norway Source: Clarksons Platou Offshore
  17. 2017 First Quarter Financial Results – Fred Olsen Energy – slide 17
    UK floater market 2017 2018 2019 Name Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 The development in the UK market is Ocean Vanguard similar to Norway, with rig utilization Ocean Nomad Ocean Princess continuing to drop during 2017…
  18. 2017 First Quarter Financial Results – Fred Olsen Energy – slide 18
    Average dayrates UK Source: Clarksons Platou Offshore
  19. 2017 First Quarter Financial Results – Fred Olsen Energy – slide 19
    FINANCIAL RESULTS MARKET OPERATIONS SUMMARY
  20. 2017 First Quarter Financial Results – Fred Olsen Energy – slide 20
    Main priorities Deliver consistent performance and efficient operations Operational Focus on continued cost discipline and low opex excellence Prioritize capital expenditures to support high regularity Pursue new contracts…
  21. 2017 First Quarter Financial Results – Fred Olsen Energy – slide 21
    Fred. Olsen Energy Operating worldwide Byford Bideford Dolphin Dolphin Greenland Borgsten Borgland Dolphin Dolphin Borgholm Bredford Dolphin Dolphin Iceland Russia Sweden Finnland Norway Canada…
  22. 2017 First Quarter Financial Results – Fred Olsen Energy – slide 22
    Contract overview Unit 2017 2018 Bolette Anadarko Belford Preserved and maintained Blackford Chevron Smart stacked Bideford Statoil Statoil Borgland Smart stacked Bredford Preserved and maintained Byford Smart stacked Borgsten…
  23. 2017 First Quarter Financial Results – Fred Olsen Energy – slide 23
    Ultra deepwater Bolette Dolphin Ultra deepwater drillship delivered in 2014 Operates under a four-year contract with Anadarko estimated to expire in July 2018 Has operated offshore Colombia during the quarter, and is now en route…
  24. 2017 First Quarter Financial Results – Fred Olsen Energy – slide 24
    Deepwater / midwater- UK Blackford Dolphin Continued the extended contract with Chevron during the quarter, operating offshore UK The contract was concluded end of April 2017 Is now preparing for smart stacking in Flekkefjord,…
  25. 2017 First Quarter Financial Results – Fred Olsen Energy – slide 25
    Midwater - Norway Bideford Dolphin Completed the contract extension end of March A new contract extension with Statoil was entered into for a one well drilling program of approximately 50 days with commencement by end of July 2017.…
  26. 2017 First Quarter Financial Results – Fred Olsen Energy – slide 26
    Midwater Norway / UK Bredford Dolphin The unit is cold stacked at Kvinesdal, Norway The class renewal survey was completed August 2012 A renewal of the class certificates will not be carried out in 2017 in the current market…
  27. 2017 First Quarter Financial Results – Fred Olsen Energy – slide 27
    Harland & Wolff The activity has been low during the quarter with only smaller ship repairs Secured a jacket contract as subcontractor to Lamprell for deliveries in 2017/2018 Has also entered into a contract with ST3 Offshore,…
  28. 2017 First Quarter Financial Results – Fred Olsen Energy – slide 28
    Summary Revenues were USD 98 million Financial EBITDA was USD 41 million Profit after tax was negative USD 26 million Contract backlog amounting to approximately USD 220 million Market New one well contract extension for…
  29. 2017 First Quarter Financial Results – Fred Olsen Energy – slide 29
    Q&A

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