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Bank of America Merrill Lynch 2014 Global Energy Conference – Dril-Quip, Inc.

Dril-Quip, Inc. · Nov 13, 2014 · 27 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. Bank of America Merrill Lynch 2014 Global Energy Conference – Dril-Quip, Inc. – slide 1
    Dril-Quip, Inc. Bank of America Merrill Lynch 2014 Global Energy Conference Miami, Florida November 13th, 2014
  2. Bank of America Merrill Lynch 2014 Global Energy Conference – Dril-Quip, Inc. – slide 2
  3. Bank of America Merrill Lynch 2014 Global Energy Conference – Dril-Quip, Inc. – slide 3
    DRQ - Investment Highlights Pure play in worldwide offshore market Deepwater focus Consistent backlog growth Superior margins Strong balance sheet Positioned for growth
  4. Bank of America Merrill Lynch 2014 Global Energy Conference – Dril-Quip, Inc. – slide 4
    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…
  5. Bank of America Merrill Lynch 2014 Global Energy Conference – Dril-Quip, Inc. – slide 5
    Subsea Well Systems Utilized on subsea wells drilled by floating rigs Subsea Wellheads Specialty Connectors Liner Hangers
  6. Bank of America Merrill Lynch 2014 Global Energy Conference – Dril-Quip, Inc. – slide 6
    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
  7. Bank of America Merrill Lynch 2014 Global Energy Conference – Dril-Quip, Inc. – slide 7
    Subsea Completion Systems Utilized in subsea field developments Subsea Trees Control Systems Subsea Manifolds Subsea Wellheads Specialty Connectors Liner Hangers
  8. Bank of America Merrill Lynch 2014 Global Energy Conference – Dril-Quip, Inc. – slide 8
    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…
  9. Bank of America Merrill Lynch 2014 Global Energy Conference – Dril-Quip, Inc. – slide 9
    Suppliers Offshore Operators
  10. Bank of America Merrill Lynch 2014 Global Energy Conference – Dril-Quip, Inc. – slide 10
    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…
  11. Bank of America Merrill Lynch 2014 Global Energy Conference – Dril-Quip, Inc. – slide 11
    DRQ Revenues, Wells Drilled & Day Rates DRQ Revenue (Millions) & Floating Rig Day Rate (Thousands) 1,000 900 900 Moratorium 800 Undrilled Wells 800 700 700 600 600 Number of Wells 500 500 400 400 300 300 200…
  12. Bank of America Merrill Lynch 2014 Global Energy Conference – Dril-Quip, Inc. – slide 12
    Working Floating Rig Fleet 2009 - 2015E 57 new-builds 280 delivered 6-Yr AVG % Mid-Case 260 2014 Flat Average Number of Rigs 240 220 200 180 160 2009 2010 2011 2012 2013 2014E 2015E Projected Floaters Working…
  13. Bank of America Merrill Lynch 2014 Global Energy Conference – Dril-Quip, Inc. – slide 13
    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. 400 350 Number of Floating Rigs 300 187 Ultra-Deepwater 165 7,500…
  14. Bank of America Merrill Lynch 2014 Global Energy Conference – Dril-Quip, Inc. – slide 14
    Floating Rig Drilling Activity Moratorium 400 Undrilled Wells 800 350 700 300 600 Number of Floating Rigs Number of Wells /Trees 250 500 200 400 150 300 100 200 50 100 0 0 2003 2004 2005 2006 2007 2008 2009 2010…
  15. Bank of America Merrill Lynch 2014 Global Energy Conference – Dril-Quip, Inc. – slide 15
    Worldwide Subsea Tree Awards Forecast 600 500 400 Number of Trees 300 200 100 0 2012 2013 2014E 2015E 2016E 2017E 2018E Actual Tree Awards Forecast Tree Awards Source: Quest Offshore Resources, Base Case…
  16. Bank of America Merrill Lynch 2014 Global Energy Conference – Dril-Quip, Inc. – slide 16
    DRQ - Subsea Tree Orders 2011 2015E 25 23 20 17 Tree Units Number of Trees 15 Subsea 10 5 5 2 2 0 2011 2012 2013 2014 2015E Ordered Y-T-D Estimated
  17. Bank of America Merrill Lynch 2014 Global Energy Conference – Dril-Quip, Inc. – slide 17
    Vertically Integrated Manufacturing Purchase Raw Forge Materials Rough Machine Heat Treat Finishing Finishing Finishing Finishing Operations Operations Operations Operations Houston Aberdeen Singapore Brazil
  18. Bank of America Merrill Lynch 2014 Global Energy Conference – Dril-Quip, Inc. – slide 18
    Machinery and Equipment Rebuilding Purchase used equipment Refurbish in-house with new CNC controls Purpose-built machine tools Resulting in reduced capital expenditures
  19. Bank of America Merrill Lynch 2014 Global Energy Conference – Dril-Quip, Inc. – slide 19
    Manufacturing Locations Houston Eldridge (218 acres) Aberdeen, Scotland (24 acres) Singapore (11 acres) Maca, Brazil (11 acres)
  20. Bank of America Merrill Lynch 2014 Global Energy Conference – Dril-Quip, Inc. – slide 20
    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
  21. Bank of America Merrill Lynch 2014 Global Energy Conference – Dril-Quip, Inc. – slide 21
    Strong Balance Sheet Offers Flexibility (Millions of USD) Assets 09/30/14 12/31/13 Cash 315 384 Other Current assets 789 695 Property, plant and equipment, net 310 305 Other assets 15 11 Total assets 1,429 1,395 Liabilities and…
  22. Bank of America Merrill Lynch 2014 Global Energy Conference – Dril-Quip, Inc. – slide 22
    Condensed Consolidated Statements of Income Nine months ended September 30, (000s of US) 2014 2013 Revenues 676,138 639,910 Cost and Expenses: Cost of sales 54.9% 371,030 59.6% 381,662 S, G & A 70,300 68,732 Engineering 34,295…
  23. Bank of America Merrill Lynch 2014 Global Energy Conference – Dril-Quip, Inc. – slide 23
    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 nine mos. 2014 1400 Backlog (mm) 1,250 revenue…
  24. Bank of America Merrill Lynch 2014 Global Energy Conference – Dril-Quip, Inc. – slide 24
    Superior Margins vs. Peers* 35.0% EBIT (Operating Income) Margin ** (%) 30.0% 29.7% 25.6% 24.6% 25.0% 21.6% 22.1% 20.0% 15.0% 10.0% 5.0% 0.0% 2010 2011 2012 2013 Thru 09/14 Dril-Quip Average of Peer Group Superior…
  25. Bank of America Merrill Lynch 2014 Global Energy Conference – Dril-Quip, Inc. – slide 25
    2014 Planned Capital Expenditures (Millions of USD) Machinery & equipment 25 Rental tools 13 Land, buildings & improvements 8 Other 4 Total 50
  26. Bank of America Merrill Lynch 2014 Global Energy Conference – Dril-Quip, Inc. – slide 26
    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…
  27. Bank of America Merrill Lynch 2014 Global Energy Conference – Dril-Quip, Inc. – slide 27
    DRIL-QUIP, Inc. DRIL-QUIP (Europe), Ltd. DRIL-QUIP Asia Pacific Pte., Ltd DRIL-QUIP do Brasil, Ltda. 6401 N. Eldridge Pkwy. Stoneywood Park 80 Tuas West Drive Estrada de Imboassica, 853 Houston, Texas, 77041 Dyce, Aberdeen, AB21 7DZ,…

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