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Power Conference – Dril-Quip, Inc.

Dril-Quip, Inc. · Sep 2, 2014 · 25 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. Power Conference – Dril-Quip, Inc. – slide 1
    Dril-Quip, Inc. BARCLAYS CEO Energy - Power Conference New York City September 2, 2014
  2. Power Conference – Dril-Quip, Inc. – slide 2
    DRQ - Investment Highlights Pure play in worldwide offshore market Deepwater focus Consistent backlog growth Superior margins Strong balance sheet Positioned for growth
  3. Power Conference – Dril-Quip, Inc. – slide 3
    Products and Services Summary SUBSEA EQUIPMENT 1 Specialty Connectors 2 Mudline Suspension Jack-Up TLP Spar 3 Subsea Wellheads 4 Tie-Back Connectors 13 17 13 17 5 Platform 12 12 14 Drillship Template Systems FPSO 12 14 Semi 13 17 6…
  4. Power Conference – Dril-Quip, Inc. – slide 4
    Subsea Well Systems Utilized on subsea wells drilled by floating rigs Subsea Wellheads Specialty Connectors Liner Hangers
  5. Power Conference – Dril-Quip, Inc. – slide 5
    Dry Tree Completion Systems Utilized by SPARs and TLPs Surface Trees Surface Wellheads Riser Tensioners Production Risers Tie-Back Connectors Subsea Wellheads Specialty Connectors Liner Hangers
  6. Power Conference – Dril-Quip, Inc. – slide 6
    Subsea Completion Systems Utilized in subsea field developments Subsea Trees Control Systems Subsea Manifolds Subsea Wellheads Specialty Connectors Liner Hangers
  7. Power Conference – Dril-Quip, Inc. – slide 7
    Strong Global Presence Located worldwide to serve key demand centers Eastern Hemisphere Headquarters Aberdeen, Scotland World Headquarters Houston, Texas Asia-Pacific Headquarters Singapore Maca, Brazil Dril-Quip…
  8. Power Conference – Dril-Quip, Inc. – slide 8
    Suppliers Offshore Operators
  9. Power Conference – Dril-Quip, Inc. – slide 9
    Consistent Track Record of Growth 400 900 350 800 of Working Floating Rigs 300 700 Revenue (millions) Working Floating Rig Count 250 600 Revenue (millions) 200 500 150 400 Number 100 300 50 200 0 100…
  10. Power Conference – Dril-Quip, Inc. – slide 10
    DRQ Revenues, Wells Drilled & Day Rates DRQ Revenue (Millions) & Floating Rig Day Rate (Thousands) Moratorium Undrilled Wells Number of Wells Development Wells Exploration Wells Ave Floating Rig Day Rate DRQ Revenue Source:…
  11. Power Conference – Dril-Quip, Inc. – slide 11
    Working Floating Rig Fleet 2009 - 2015E 57 new-builds delivered 6-Yr AVG % Mid-Case 2014 Flat Average Number of Rigs Actual as of Aug. 2014 Projected Floaters Working Floaters 6-Yr AVG % Mid-Case 2014 Flat Source:…
  12. Power Conference – Dril-Quip, Inc. – slide 12
    Floating Rig Fleet by Water Depth 2009 2015E By year end 2015, there will be more ultra-deepwater rigs than shallow, midwater, and deepwater rigs combined. Number of Floating Rigs 7,500 ft. + 4,500 ft. 7499 ft. 1,500 ft.…
  13. Power Conference – Dril-Quip, Inc. – slide 13
    Floating Rig Drilling Activity Moratorium Undrilled Wells Total Floating Rigs Working Floating Rigs Tree Startups Wells Drilled Source: IHS-Petrodata, BofA Merrill Lynch, Quest Offshore Resources
  14. Power Conference – Dril-Quip, Inc. – slide 14
    Worldwide Subsea Tree Awards Forecast Number of Trees Actual Tree Awards Forecast Tree Awards Source: Quest Offshore Resources, Base Case Scenario, August 2014
  15. Power Conference – Dril-Quip, Inc. – slide 15
    DRQ - Subsea Tree Orders 2011 2015E Number of Trees Ordered Y-T-D Estimated
  16. Power Conference – Dril-Quip, Inc. – slide 16
    Vertically Integrated Manufacturing Purchase Raw Forge Materials Rough Machine Heat Treat Finishing Finishing Finishing Finishing Operations Operations Operations Operations Houston Aberdeen Singapore Brazil
  17. Power Conference – Dril-Quip, Inc. – slide 17
    Machinery and Equipment Rebuilding Purchase used equipment Refurbish in-house with new CNC controls Purpose-built machine tools Resulting in reduced capital expenditures
  18. Power Conference – Dril-Quip, Inc. – slide 18
    Manufacturing Locations Houston Eldridge (218 acres) Aberdeen, Scotland (24 acres) Singapore (11 acres) Maca, Brazil (11 acres)
  19. Power Conference – Dril-Quip, Inc. – slide 19
    Machines and Machinists 450 1.50 1.45 400 1.40 1.35 350 1.30 Number Ratio 300 1.25 1.20 250 1.15 1.10 200 1.05 150 1.00 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14E Ratio Machinists Machines
  20. Power Conference – Dril-Quip, Inc. – slide 20
    Strong Balance Sheet Offers Flexibility Assets (Millions of USD) 06/30/14 12/31/13 Cash 343 384 Other Current assets 779 695 Property, plant and equipment, net 316 305 Other assets 11 11 Total assets 1,449 1,395 Liabilities and…
  21. Power Conference – Dril-Quip, Inc. – slide 21
    Condensed Consolidated Statements of Income Six months ended June 30, (Thousands of USD) 2014 2013 Revenues 434,388 415,186 Cost and Expenses: Cost of sales 54.3% 235,780 60.1% 249,531 S, G & A expenses 49,455 38,902 Engineering…
  22. Power Conference – Dril-Quip, Inc. – slide 22
    Revenue and Backlog 1000 Revenue (mm) 872 800 733 600 543 540 566 601 Consistent revenue and backlog growth 400 through industry 200 cycles 0 2008 2009 2010 2011 2012 2013 1st half 2014 1400 Backlog (mm) 1,320 revenue…
  23. Power Conference – Dril-Quip, Inc. – slide 23
    Superior Margins vs. Peers* 35.0% EBIT (Operating Income) Margin ** (%) 30.0% 29.4% 25.6% 24.6% 25.0% 21.6% 22.1% 20.0% 15.0% 10.0% 5.0% 0.0% 2010 2011 2012 2013 1st Half 2014 Dril-Quip Average of Peer Group…
  24. Power Conference – Dril-Quip, Inc. – slide 24
    2014 Planned Capital Expenditures (Millions of USD) Machinery & equipment 30 Rental tools 15 Land, buildings & improvements 10 Other 5 Total 60
  25. Power Conference – Dril-Quip, Inc. – slide 25
    Looking Ahead Continued focus on the growing deepwater offshore sector Continued commitment to Quality, Health, Safety and Environmental Management Systems Increase market share of subsea completion systems Continued focus on our…

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