Agenda Highlights Financial results and guidance Plan the work work the plan Status and outlook Summary 3
Highlights Good operating performance Utilisation of 38.9 per cent in the quarter (52%) Impairment of goodwill, older vessels and Safe Scandinavia Safe Boreas commenced firm 13-month contract early-August for Statoil at Mariner…
Agenda Highlights Financial results and guidance Plan the work work the plan Status and outlook Summary 5
Impairment of goodwill, older vessels and Scandinavia Due to an anticipated deferred improvement of market conditions, an impairment charge of USD 609 million has been made in Q3 2017 USD 226.7 million relates to goodwill which has…
EBITDA 2017 and capex guidance 2017 Guidance 2017 EBITDA Ca. MUSD 120 Average capex per year Ca. MUSD 10-15 1) 1) Incl. SPS for the Safe Caledonia and OTG 13/14 works on Boreas in 2017 and without any new build deliveries 9
Significant cost and capex reductions achieved 2011-2015 annual average Revised current levels levels Offshore opex1) USD 180m USD 125-140m Onshore opex USD 40m USD 21-22 m Onshore headcount reduction 50 percent achieved (in…
Protecting the runway - financial and strategic flexibility 250 Reduced cost and capex Cash actual Q3 2017 Cash neutral at EBITDA of approx. 200 Cash neutral EBITDA level USD 100 million 150 100 50 0 11
Agenda Highlights Financial results and guidance Plan the work work the plan Status and outlook Summary 12
TSV Safe Scandinavia Westcon dispute Court proceedings commenced 22 August 2017 The yards budget for the work matured to approx. NOK 1.07 billion after several revisions Total cost claimed by yard approx. NOK 2.4 billion Prosafe has…
Fleet renewal controlling 3 new builds at COSCO Negotiations with COSCO regarding Safe Nova, Safe Vega and Safe Eurus ongoing The standstill agreement between Prosafe and COSCO related to Safe Nova and Safe Vega has been extended…
Exploring various opportunities for strategic optionality High End Mid Water Drilling Support Opportunities Further strategic opportunities at different levels: Zephyrus (16) Notos (16) Boreas (15) Regalia (85/09) Astoria (83/12)…
Prosafe: well positioned in global niche Prosafe is a leading company in a global niche Prosafe is the only listed, pure play offshore accommodation company in the world Prosafe is restructured and streamlined Market indicators:…
Agenda Highlights Financial results and guidance Plan the work work the plan Status and outlook Summary 17
Safe Boreas commenced contract with Statoil In early August, Safe Boreas commenced on a 13-month firm contract with Statoil at the Mariner installation in the UK North Sea In addition, Statoil can exercise six one-month options…
TSV Safe Scandinavia - Strong performance at Oseberg Firm contract with Statoil until end June 2018 at Oseberg East on the NCS Strong and efficient operational and technical performance Drilling with TSV support started in March…
Safe Scandinavia Positioning beyond 2018 In dialogue with blue chip companies to collaborate within Plug and Abandonment (P&A) and decommissioning: Permanent P&A Ambition to reduce the total project time for P&A, Making safe /…
Contract portfolio Firm order book at end Q3 2017 of approx. MUSD 375 21
Prospects and tendering Prosafe business intel Tenders and Prospects - outlook is generally three years Nine tenders ongoing for 2017 through 2019 2 within North Sea The prospect list with a three-year look-out remains at a…
North Sea: Prospects developing from 2019 onwards Age of fixed facilities in the North Sea Currently low tendering activity due to low and deferred operator spending Longer term, expect increased tendering and contracts related to…
Brazil: Anticipate tender activity for long term Petrobras technical specifications (GTD) have evolved substantially since 2010 some of the highest requirements of any operator 9 vessels of 8 owners operating in 2015 Presently…
Mexico expected to return to a strong market longer term Mexico remains a major oil producer At the peak of the flotel market, around 9000 POB was in Mexico (2015) In 2017, the total capacity in Mexico is around 4000 POB Ageing…
Agenda Highlights Financial results and guidance Plan the work work the plan Status and outlook Summary 26
Summary Good operating performance Impairment of goodwill, older vessels and Safe Scandinavia Utilisation of 38.9 per cent in the quarter (52%) Safe Boreas commenced firm 13 month contract early-August Good activity indicators in…
Appendix 28
Operating revenue (USD million) Q3 17 Q2 17 Q3 16 9M 17 9M 16 2016 Charter income 62.9 56.3 114.4 185.5 279.7 375.5 Mob/demob income 1.0 1.3 2.1 3.4 16.5 34.0 Other income 5.0 4.1 13.3 17.4 52.0 64.5 Total 68.9 61.7 129.8 206.3…
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