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Cowen and Company – Transocean Ltd.

Transocean Ltd. · Dec 2, 2014 · 23 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. Cowen and Company – Transocean Ltd. – slide 1
    www.deepwater.com
  2. Cowen and Company – Transocean Ltd. – slide 2
    Company Overview Market Overview Value Creation Financial Flexibility Capital Investment Dividend Litigation Update 33
  3. Cowen and Company – Transocean Ltd. – slide 3
    Company Overview Industry Leader Premier position in ultradeepwater market segment Largest fleet of high spec and midwater floaters Operates in most major markets worldwide Technical leader Significant relationships across…
  4. Cowen and Company – Transocean Ltd. – slide 4
    5
  5. Cowen and Company – Transocean Ltd. – slide 5
    Company Overview Strong Backlog Total Backlog From Continuing Operations 23.6 billion(4) 6
  6. Cowen and Company – Transocean Ltd. – slide 6
    Company Overview Diversified Revenue Sources By Asset Class By Customer 11% 11% 30% 19% 32% 50% 2% 38% 7% UltraDeepwater Deepwater Harsh Environment Integrated NOC Independent Midwater HighSpec Jackups Other…
  7. Cowen and Company – Transocean Ltd. – slide 7
    Company Overview Committed Fleet (5) 8
  8. Cowen and Company – Transocean Ltd. – slide 8
    Market Overview Ultra-Deepwater Exploration success supports significant longterm ultradeepwater demand Between 2010 2013, 131 UDW discoveries totaled 40 billion boe* UDW remains among highest return investments Transoceans…
  9. Cowen and Company – Transocean Ltd. – slide 9
    Market Overview Other Floaters, Jackups Deepwater Midwater HighSpec Jackups Discoverer Seven Seas GSF Rig 140 Transocean Honor Nearterm increase in rig Strong presence in the U.K. and Demand and dayrates remain availability…
  10. Cowen and Company – Transocean Ltd. – slide 10
    Value Creation Strong backlog Continuing focus on costs and Financial margins Transocean Partners Flexibility Divest non-core assets Debt reduction Investment grade rating Shareholder Value Dividend - 3/share Return of…
  11. Cowen and Company – Transocean Ltd. – slide 11
    Manage financial exposure Sustain investment grade rating while renewing the fleet Progress towards gross debt targets Completed 1 billion accelerated debt retirement Successfully launched Transocean Partners LLC Continue to divest…
  12. Cowen and Company – Transocean Ltd. – slide 12
    Revenue efficiency and utilization Revenue Efficiency Utilization 98% 90% 85% 96% 80% 94% 75% 92% 70% 65% 90% 60% 88% 55% 50% 86% 45% 84% 40% 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14…
  13. Cowen and Company – Transocean Ltd. – slide 13
    Successful IPO Strong investor demand Structure facilitates strategic initiatives Improves financial flexibility, liquidity Supports balance sheet objectives Represents attractive value proposition Proceeds allocated consistent…
  14. Cowen and Company – Transocean Ltd. – slide 14
    Completed Program: 18 HighSpec Rigs 2009 20102012 2013 2014 Americas Inspiration Andaman Invictus Clear Leader KG2 Siam Driller Asgard KG1 India Ao Thai Petrobras 10000 Luanda DD III Champion Barents Honor Spitsbergen Current…
  15. Cowen and Company – Transocean Ltd. – slide 15
    High-Grading of Fleet Offshore Rigs Floaters Floaters Rigs at risk of Potential newbuilds displacement Longterm growth in deepwater 90 120 150 500 Lower spec rigs at risk 382 125 floaters are 30+ years old Customers prefer…
  16. Cowen and Company – Transocean Ltd. – slide 16
    Strategic imperative to highgrade the fleet through consistent investment in highspecification floaters and jackups Acquire existing, highspecification rigs Build highspecification, contractbacked rigs Build highspecification rigs…
  17. Cowen and Company – Transocean Ltd. – slide 17
    Current Fleet Future Fleet Existing Under Total construction Ultra-deepwater 29 +7 36 Ultra-deepwater 50% Floaters Deepwater 12 12 Deepwater Midwater 21 21 Midwater Harsh Environment 7 7 Harsh Environment 10% Jackups…
  18. Cowen and Company – Transocean Ltd. – slide 18
    Fleet renewal strategy drives annual newbuild capital Estimated 1.52.0 billion per year Will be opportunistic and disciplined Amount will vary from year to year Funding sources include Operating cash flow Transocean Partners Asset…
  19. Cowen and Company – Transocean Ltd. – slide 19
    20
  20. Cowen and Company – Transocean Ltd. – slide 20
    Favorable court ruling 9/4/14 effectively eliminates Transoceans financial risk arising from the belowsurface discharge of oil Transocean found to be not grossly negligent and not liable for punitive damages Contractual indemnity…
  21. Cowen and Company – Transocean Ltd. – slide 21
    Improving operations Steady gains in revenue efficiency, exceeding 2014 guidance Rationalizing cost structure Leaner shorebase, optimizing maintenance Continued focus on outofservice spending Eliminated exposure to lowspec jackups…
  22. Cowen and Company – Transocean Ltd. – slide 22
    We are delivering on our commitment to create value Improving financial flexibility Executing plan to highgrade the fleet Returning excess cash to shareholders Reducing uncertainty We will continue to focus on what we can control…
  23. Cowen and Company – Transocean Ltd. – slide 23
    www.deepwater.com

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