Who we are Worlds most diversified fleet of 7 semi-submersible 1 accommodation-, service- and safety vessels, 1 monohull under management, 3 new builds at yard and 1 TSV vessel 2 Mid to late cyclical, typically exposed to brownfield…
What we do Our vessels have accommodation capacity for 306-500 persons as well as cranes, utilities, offices etc The vessels are positioned alongside the host installation and are connected by means of a telescopic gangway so that…
Global operations North Sea Norway UK Russia US Gulf of Mexico China new build project Gulf of Mexico Singapore West Africa Brazil SE Asia and Australia Current operations Previous operations Offices 5
Position in value chain and demand drivers Share of market (ca.) 25% 75% 0-10% Market visibility High Low Medium Lead time Long Short Medium Average duration 8 months 6 months Anticipated longer Project sanctioning, Age of…
The Prosafe transformation 2018 - Agreement with Cosco & Lenders 1 2 3 Cosco vessels Cosco agreement Debt facilities enhancements Safe Eurus o Average price per vessel ca. MUSD o Liquidity: Amortisation relief of USD 215. 8% headline…
Reshaping Prosafe fleet A significantly renewed fleet enhances versatility and earnings potential Development in Prosafes fleet Proactive fleet renewal program Average fleet age 31…
Prosafe anno 2018 Transformed and repositioned o Add three versatile units with global reach 1 Modernized the fleet o 50% of the fleet will be less than 4 years old o Limited debt service and interest expenses in the years to come…
Supply side en route towards a better global balance Floating accommodation supply (by year delivered) Modern Fleet Bifurcation of industry by legacy and modern fleet 6 Legacy Fleet 5 5 5 4 Legacy fleet of 18 units (7 have been…
Oil companies long-term Brent oil price forecasts average at 76 USD/bbl* Company Communicated long-term Brent oil price outlook* (USD/bbl) Comment Long-term price assumption for 2023 onwards, used in BPs 2017 91 annual report Total…
Offshore Project sanctioning ((FID) to near double in 2018, before reaching 190 billion average 2019-23 Offshore greenfield capex in approval year*, by sensitivity to oil price USD billion (real) 250 Historical sanctions Sanctioned…
North Sea Activity: Recently Only HUC MMO to return North Sea activity profile (months) MMO work has been the primary driver of demand on the North Sea, comprising of 74% of the historical work by duration However, in 2017 and into…
20+ lifetime extensions on NCS facilities could impact the majority of Equinors hubs Facility lifetime extensions on Equinor fields Equinor hubs on the NCS 1975 1985 1995 2005 2015 2025 2035 2045 STATFJORD A STATFJORD B Equinor…
International markets to offer growth opportunities Brazil tenders coming Brazil demand and supply near balance (vessel yrs) Prosafe units that meet the current and anticipated future technical specifications for Petrobras 12 10…
Prospects, Tendering & Recent Fixtures Global opportunities Prospects & Tendering 3 year profile 8 tenders ongoing for 2018 through 2020 6 tenders with commencement dates in 2019 18 North Sea prospects with high probability of going…
Activity is on the rise Number of contracts Contract months Comments 6 60 2018 offers an activity 5 50 rebound in to 2019: 4 40 of contract months Thus far in 2018, Prosafe of contracts 3 30 has seen more than a 2 20…
Improved order backlog - Tide turning into 2020 Prosafes firm backlog has increased to Order backlog (USD million) USD 232 million per end Q3 2018 1200 Awarded 39% and 72%, respectively, of 1000 global and North Sea contracts,…
Fleet and contract status potential in options/extensions Contract backlog Statistics Contract coverage shaping up for 2019 season for vessels on water MMO returning in the North Sea Over a 10 year period then approx. 93% of…
North Sea Day Rate (10 Year Profile) Dayrates following activity Supply and demand on NCS/UKCS 20
Summary Clear strategy Transformed and refinanced Largest and most versatile fleet globally Sufficient financial runway and flexibility Market picking up MMO is key Order backlog picking up: MMO, wins and extensions Consolidation /…
Appendix 22
Income statement (Unaudited figures in USD million) Q3 18 Q3 17 Higher revenues due to higher utilisation at 48.1% (Q3 2017: 38.9%) and IFRS 15 adjustment (USD 5.2 million) Operating revenues 74 69 partially offset by lower average day…
Balance sheet (Unaudited figures in USD million) 30.09.18 30.09.17 31.12.17 Vessels 1,451 1,555 1,527 Total assets of USD 1.9 billion New builds 126 125 125 Positive working capital in the quarter Other non-current assets 16 11 11 Total…
Operating revenue (USD million) Q3 18 Q2 18 Q3 17 9M 18 9M 17 2017 Charter income 54.5 79.0 62.9 201.3 185.5 256.1 Other income (incl amortization of fees) 19.1 21.3 6.0 55.4 20.8 26.9 Total 73.6 100.3 68.9 256.7 206.3 283.0…
The Cosco agreement in short Deal highlights Vessels o Option to take delivery of three vessels Safe Eurus Safe Eurus before 31 Dec 2019 Delivery First of Safe Vega/Nova delivery within 3+1 years terms Second of Safe Vega/Nova…
Attractive purchase price and yard financing Combination of cash discount, attractive yard financing, and optionality Attractive pricing through a package deal Discount and sources and uses 1. Cash discount of USD 55m (mill USD) Safe…
Key COSCO transaction terms Item Description Delivery 1. Safe Eurus Delivery before 31st December 2019 Window and 2. Nova/Vega; 1. Delivery of one vessel within 3 years from agreement with COSCO, plus 1 year option (subject to certain…
Attractive interest rate linked to dayrates achieved Fixed interest rate mechanism Interest rate benchmarking (year after delivery) 8,00 Average dayrate for up to 8 Year 1-2 Year 3-5 Year 6 to maturity 4 reference vessels* < USD 99k -…
Illustrative example of key commercial terms in the COSCO deal Illustration of EBITDA split for a 3-year contract Key assumptions and explanations 70 In this example EBITDA 3 year contract with annual EBITDA USD 20 million yielding…
COSCO units have a very competitive cash break-even Comment Cash break even cost per day Illustration shows minimum cash cost 100 000 elements with COSCO financing package (assuming USD 40k/day OPEX) 90 000 Significantly lower cash…
Key debt amendments Significantly improved financial runway and flexibility Key amendments Amortization profile (USD 1.3bn facility) Extended runway in terms of continued reduced amortization USDm and one (1) year maturity extension…
Amendments to interest expenses For USD 1.3bn facility only Interest margin terms Interest margin grid Increased margin of 0.6% p.a. from date of amendments 3,5 3,35% becoming effective. The new credit margin will dependent on 3,10%…
Global accommodation units by age, geography and owner Prime Norway assets North Sea & International assets Vessel Owner Geography Built Second Tier (North Sea Assets / International) Safe Boreas Prosafe NCS 2015 Vessel Owner…
Update on Westcon dispute Ruling on 8 March: The Court issued its judgement in favour of Prosafe, and decided that Westcon must pay Prosafe NOK 344 million plus interest and NOK 10.6 million legal costs Westcon has filed an appeal.…
Financial Calendar & IR Contact Financial calendar: 4th Quarter 2018 results and preliminary full year 2018: 5th February 2019 IR Contact Stig H. Christiansen, Deputy CEO & CFO Phone: +47 47807813 / +47 51642517 Email:…
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