Agenda Introduction Plan the work - Work the plan Status and outlook Summary 3
Who we are Worlds most diversified fleet of 8 semi-submersible 1 accommodation-, service- and safety vessels and one TSV vessel. Three new builds at Cosco and one monohull under management. 2 Mid to late cyclical, typically exposed…
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:…
Significant reductions in cost and capex 2011-2015 annual Initial target levels average levels (2016) Current run rate Onshore operating cost USD 40m USD 28-30m USD 22m (-25-30%) (-45%) Annual fleet capex1) USD 60m USD 20-30m USD…
Agenda Highlights Plan the work - Work the plan Status and outlook Summary 8
Proactive in restructuring of the industry Regalia (85/09) Next phase Fleet renewal Engaging in M&A: restructuring Growth and and rightsizing: consolidation: 1. Acq. of 1.Consolidation Creation: 1. Renewal Nova/Vega 2. More…
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…
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…
Agenda Highlights Plan the work - Work the plan Status and outlook Summary 12
Contributing to fleet renewal and high-grading 13
Contract portfolio Firm order book at end Q3 2017 of approx. MUSD 375 14
Prospects and tendering Prosafe business intel Tenders and Prospects - outlook is generally three years Nine tenders ongoing for 2017 through 2019 two in the North Sea The prospect list with a three-year look-out remains at a…
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 /…
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 were in Mexico (2015) In 2017, the total capacity in Mexico is around 4000 POB Ageing…
Summary Currently low tendering activity due to deferred operator spending. Most activity outside the North Sea The prospect list with a three-year look-out remains at a relatively high level Positioning TSV Safe Scandinavia towards…
Appendix 23
EBITDA and capex guidance 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 24
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…
Loading...
