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Company Presentation – Maersk Oil

Maersk Oil · Jun 16, 2014 · 32 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. Company Presentation – Maersk Oil – slide 1
    Company presentation Mrsk Gallant site visit Head of Strategy & Relations - Michael Harboe-Jrgensen 16 June 2014, Lind Industrial Park, Denmark
  2. Company Presentation – Maersk Oil – slide 2
    page 3 Maersk Drilling at a glance Founded Revenue in 2013 (USDm) 1972 1,972 4,000 863 employees EBITDA in 2013 (USDm) Rig fleet (existing and newbuilds) NOPATin 2013 (USDm) 19+5 528 Invested capital in 2013 (USDm) ROIC in…
  3. Company Presentation – Maersk Oil – slide 3
    page 4 Agenda Q1 2014 highlights Special topic: Yard stays Market Strategy Q&A
  4. Company Presentation – Maersk Oil – slide 4
    page 5 page 5 page 5 Q1 2014 Highlights Financial Highlights (USDm, first quarter) Profit decreased to USD 116m (USD 146m), mainly due to three rigs on planned yard stays Highlights Q1 2014 Q1 2013 and start-up for new rigs…
  5. Company Presentation – Maersk Oil – slide 5
    page 6 Subsequent events Q2 2014 Maersk Intrepid arrival in Norway, 2014 The first ultra harsh environment rig (Maersk Intrepid) arrived in Norway Maersk Drilling took delivery of second ultra deepwater drillship (Maersk…
  6. Company Presentation – Maersk Oil – slide 6
    page 7 Priorities for Maersk Intrepid on heavylifter, 2014 execution in 2014 Take delivery and commence operation of the six newbuild rigs without further delay Manage extensive yard stay programme Secure contracts for the…
  7. Company Presentation – Maersk Oil – slide 7
    page 8 FY 2014 outlook For 2014 Maersk Drilling continues to expect a result below the result for 2013 (USD 528m) due to planned yard stays and high costs associated with training and start-up of operation of six new rigs On…
  8. Company Presentation – Maersk Oil – slide 8
    page 9 Agenda Q1 2014 highlights Special topic: Yard stays Market Strategy Q&A
  9. Company Presentation – Maersk Oil – slide 9
    page 10 Extensive yard stay programme in 2014 2014 Yard stays Maersk Developer yard stay in Pascagoula, US Heydar Q4 2013 5 year class renewal+ Aliyev* upgrade Mrsk Q4 2013 5 year class renewal Developer* Maersk Q1 2014 5 year class…
  10. Company Presentation – Maersk Oil – slide 10
    page 11 What is a yard stay Maersk Giant yard stay in Hirtshals, Denmark Purposes 5 year class renewal Maintenance Upgrade Life time extensions Duration 14-100 days Cost USD 5m 100m+
  11. Company Presentation – Maersk Oil – slide 11
    page 12 Mrsk Gallant yard stay Purpose 5-year class renewal 10-year life time extension Duration Est. 74 days Cost USD 100m Scope New PS Crane New DG no. 6 Increase POB to 120 including new Life boats Galley/mess room upgrade…
  12. Company Presentation – Maersk Oil – slide 12
    page 13 Maersk Resolve yard stay Purpose 5-year class renewal Equipment upgrade Contractual upgrade Duration 40 days Cost USD35m Scope Pipe Modification De-commissioning of existing shale shakers Installation of Mud Cubes…
  13. Company Presentation – Maersk Oil – slide 13
    page 14 Agenda Q1 2014 highlights Special topic: Yard stays Market Strategy Q&A
  14. Company Presentation – Maersk Oil – slide 14
    page 15 Capital discipline impacting exploration and development spending and consequently rig demand in the short term Actual and planned upstream oil and gas Restrained capital spending due to capital spending, USDbn capital…
  15. Company Presentation – Maersk Oil – slide 15
    page 16 Longer term fundamentals for the deepwater market remain intact Offshore oil & gas production, mboe/day Growing demand for oil and gas Replacement of production from 70 existing oil and gas fields 60 In addition to…
  16. Company Presentation – Maersk Oil – slide 16
    page 17 Ageing rig fleet needs replacement and clear evidence of dayrate and utilisation bifurcation in the market Global rig fleet age profile, no. of rigs Floater utilisation 500 100% 400 95% 300 90% 200 85%…
  17. Company Presentation – Maersk Oil – slide 17
    page 18 Agenda Q1 2014 highlights Special topic: Yard stays Market Strategy Q&A
  18. Company Presentation – Maersk Oil – slide 18
    page 19 Strategy One billion, zero incident strategy Deliver on the financial ambition of Net Operating Profit After Tax (NOPAT) of USD 1bn in 2018 (ROIC 10%) Conduct incident free operation Become a sizeable player in the…
  19. Company Presentation – Maersk Oil – slide 19
    page 20 Rig fleet development 2009-2016 Maersk Drilling fleet, number of rigs 30 One billion, zero incidents New orders: Performance 4 jack-ups Operational excellence 4 drillships 20 23 24 22 10 15 16 16 16 16…
  20. Company Presentation – Maersk Oil – slide 20
    page 21 Since 2009 Maersk Drilling has more than doubled profit while delivering an average ROIC of 10% Segment result, USDm (left) and ROIC, percentage (right) 700 14% 600 12% 500 10% 400 8% 300 6% 200 4% 100 2% 0 0%…
  21. Company Presentation – Maersk Oil – slide 21
    page 22 Investing USD 5.2bn in the most attractive segments to deliver on the USD 1bn NOPAT aspiration by 2018 Ultra harsh environment jack-up rigs Ultra deepwater drillships Maersk Intrepid XL Enhanced 2 Maersk Viking Maersk…
  22. Company Presentation – Maersk Oil – slide 22
    page 23 With the investments we increase our exposure to the most attractive rig segments Maersk Drilling fleet 2011 Maersk Drilling fleet 2016E Ultra Ultra Midwater floaters Midwater floaters deepwater deepwater floaters…
  23. Company Presentation – Maersk Oil – slide 23
    page 24 Maersk Drilling newbuild delivery status Expected delivery schedule Maersk Intrepid Keppel FELS Delivered XL Enhanced 2 Keppel FELS XL Enhanced 3 Keppel FELS XL Enhanced 4 Daewoo Maersk Viking Samsung HI Delivered…
  24. Company Presentation – Maersk Oil – slide 24
    page 25 Maersk Drilling has one of the most modern fleets in the competitive landscape Deepwater fleet average age, years 35 30 25 20 15 10 5 0 Rowan Maersk Drilling Seadrill Ensco Transocean Noble Atwood…
  25. Company Presentation – Maersk Oil – slide 25
    page 26 Present in the most important oil and gas markets North West Europe 6 ultra harsh jack-up rigs 4 premium jack-up rigs US Gulf of Mexico 3 ultra deepwater floaters Caspian Sea 1 midwater floater Venezuela Cameroon…
  26. Company Presentation – Maersk Oil – slide 26
    page 27 Fleet status overview Ultra deepwater rigs Ultra harsh environment jack-up Harsh environment jack-up rigs rigs Heydar Mrsk Innovator Aliyev Maersk Resolute Mrsk Inspirer Mrsk Developer Mrsk Gallant Maersk Resolve…
  27. Company Presentation – Maersk Oil – slide 27
    page 28 High forward contract coverage reflecting solid demand for Maersk Drillings high end assets Maersk Drilling forward contract coverage 100% 93% 80% 60% 70% 40% 50% 31% 20% 0% 2014 RoY 2015 2016 2017…
  28. Company Presentation – Maersk Oil – slide 28
    page 29 Revenue backlog of USD 7.4bn with quality customers provides strong revenue visibility Revenue backlog, end Q1 2014, USDbn Revenue backlog by customer, end Q1 2014 2.5 Others BP 2.0 2.1 2.1 1.8 1.5 Marathon 1.5 USD…
  29. Company Presentation – Maersk Oil – slide 29
    page 30 Partnership agreement with BP signed in 2013 In 2013, Maersk Drilling signed a partnership agreement with BP to develop conceptual engineering designs for a new breed of advanced technology offshore drilling rigs 20K…
  30. Company Presentation – Maersk Oil – slide 30
    page 31 Final remarks Growing business in the most attractive rig segments (harsh environment and ultra deepwater) Building position in US GoM and leveraging strong position in Norway Having a modern fleet Building a strong…
  31. Company Presentation – Maersk Oil – slide 31
    page 32 Agenda Q1 2014 highlights Special topic: Yard stays Market Strategy Q&A
  32. Company Presentation – Maersk Oil – slide 32
    page 33 Maersk Drilling Moving boundaries within offshore drilling

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