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Presentation 1Q 2014 – Fred Olsen Energy

Fred Olsen Energy · Jul 5, 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. Presentation 1Q 2014 – Fred Olsen Energy – slide 1
    Presentation 1Q 2014 Oslo, 7th May 2014
  2. Presentation 1Q 2014 – Fred Olsen Energy – slide 2
    AGENDA FINANCIAL RESULT 1Q 2014 MARKETS OPERATIONS SUMMARY
  3. Presentation 1Q 2014 – Fred Olsen Energy – slide 3
    Income Statement Key Figures (USD mill) 1Q 2014 4Q 2013 Change Operating revenues 259,2 288,3 (29,1) Recharged income 18,6 9,7 8,9 Total revenues 277,8 298,0 (20,2) Operating costs (157,7) (172,2) 14,5 Recharged expenses (18,1) (9,1)…
  4. Presentation 1Q 2014 – Fred Olsen Energy – slide 4
    EBITDA Comparison 1Q 2014 vs. 4Q 2013
  5. Presentation 1Q 2014 – Fred Olsen Energy – slide 5
    Financial Items Breakdown (USD mill) 1Q 2014 4Q 2013 Change Interest income 0,7 0,5 0,2 Gains on financial instruments 0,8 1,7 (0,9) Financial income 1,5 2,2 (0,7) Interest expenses (11,0) (9,0) (2,0) Capitalized borrowing cost…
  6. Presentation 1Q 2014 – Fred Olsen Energy – slide 6
    Offshore Drilling Segment (USD mill) 1Q 2014 4Q 2013 Change Operating revenues 248,5 271,6 (23,1) Recharged income 18,6 9,7 8,9 Total revenues 267,1 281,3 (14,2) Operating costs (145,2) (149,2) 4,0 Recharged expenses (18,1) (9,1)…
  7. Presentation 1Q 2014 – Fred Olsen Energy – slide 7
    Engineering & Fabrication Segment (USD mill) 1Q 2014 4Q 2013 Change Operating revenues (external) 10,7 16,7 (6,0) Inter-segment revenues 37,7 8,4 29,3 Total operating revenues 48,4 25,1 23,3 Operating costs (44,3) (31,4) (12,9) Oper.…
  8. Presentation 1Q 2014 – Fred Olsen Energy – slide 8
    Consolidated Balance Sheet (USD mill) 1Q 2014 4Q 2013 Change Intangible assets 16,5 16,2 0,3 Property, plant & equipment 2 595,9 2 476,2 119,7 Other non-current assets 27,4 27,0 0,4 Total non-current assets 2 639,8 2 519,4 120,4 Other…
  9. Presentation 1Q 2014 – Fred Olsen Energy – slide 9
    Consolidated Cash Flow (USD mill) 1Q 2014 4Q 2013 Change Profit before income taxes 24,5 52,1 (27,6) Depreciation and impairment 62,6 60,1 2,5 Interest expense 7,8 4,2 3,6 Gain on sale of assets - (0,5) 0,5 Changes in working capital…
  10. Presentation 1Q 2014 – Fred Olsen Energy – slide 10
    Offshore drilling EBITDA and margin
  11. Presentation 1Q 2014 – Fred Olsen Energy – slide 11
    Fleet status Rig Type / design W depth ft Location Client Contract status Day rate (in USD) Next CR survey Ultra-deepwater and deepwater units Bollsta Dolphin SS / Moss 10 000 UK Chevron 4Q 2015- 4Q 2020 560 000 1Q 2020 Bolette Dolphin…
  12. Presentation 1Q 2014 – Fred Olsen Energy – slide 12
    Financing New bond loan of NOK 1 100 million raised in the Norwegian bond market Final maturity in February 2019 Coupon of 3 months Nibor + 3.0% Debt profile - outstanding per end of year 1200 1000 800 USD million…
  13. Presentation 1Q 2014 – Fred Olsen Energy – slide 13
    Dividend Proposed dividend of NOK 10 ordinary and NOK 10 extraordinary per share Annual General Meeting to take place 27th of May 2014 Ex-dividend date 28th May 2014 Date for dividend payment is estimated to 20th June 2014
  14. Presentation 1Q 2014 – Fred Olsen Energy – slide 14
    FINANCIAL RESULT MARKETS OPERATIONS SUMMARY
  15. Presentation 1Q 2014 – Fred Olsen Energy – slide 15
    Global market outlook floating units In general, operators are revisiting development and exploration programs and the low contracting activity continued in all market segments Decline in dayrates seen in most markets due to…
  16. Presentation 1Q 2014 – Fred Olsen Energy – slide 16
    Norwegian floater market 2014 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Tight market in 2014 with first Name West Navigator availability in 2015 Ocean Vanguard Transocean Leader Transocean Searcher Several units announced to…
  17. Presentation 1Q 2014 – Fred Olsen Energy – slide 17
    Average dayrates Norway
  18. Presentation 1Q 2014 – Fred Olsen Energy – slide 18
    UK floater market Low contracting activity also 2014 2015 2016 Name Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 in this quarter, and few new J.W. McLean requests expected in the next Ocean Princess GSF Arctic III quarters Paul B. Loyd,…
  19. Presentation 1Q 2014 – Fred Olsen Energy – slide 19
    Average dayrates UK
  20. Presentation 1Q 2014 – Fred Olsen Energy – slide 20
    Dayrates deepwater drilling units worldwide
  21. Presentation 1Q 2014 – Fred Olsen Energy – slide 21
    FINANCIAL RESULT MARKETS OPERATIONS SUMMARY
  22. Presentation 1Q 2014 – Fred Olsen Energy – slide 22
    Contract overview 2014 2015 2016 2017 2018 2019 2020 Bolette Anadarko Bollsta Chevron Belford Anadarko Blackford 1) 2) Nexen Chevron Borgny 3) Bideford Statoil Borgland RMN consortium Bredford AGR consortium Byford BP Borgsten…
  23. Presentation 1Q 2014 – Fred Olsen Energy – slide 23
    Contract backlog Contract backlog Customer base Total backlog ca. USD 4.3 billion
  24. Presentation 1Q 2014 – Fred Olsen Energy – slide 24
    Bollsta Dolphin Harsh environment ultra deepwater semi-submersible under construction Moss Maritime CS 60 E (Enhanced) design from Hyundai Heavy Industries Delivery is rescheduled to 3Q 2015 Block erection and keel laying commenced…
  25. Presentation 1Q 2014 – Fred Olsen Energy – slide 25
    Ultra deepwater Bolette Dolphin Belford Dolphin Newbuild ultra deepwater drillship from Hyundai Heavy Commenced a new four-year contract with Anadarko Industries delivered 21st of February 2014 from January 2012 Has secured a…
  26. Presentation 1Q 2014 – Fred Olsen Energy – slide 26
    Midwater - Norway Borgland Dolphin Bideford Dolphin Continued operations under a four-year drilling contract Commenced a new three-year contract with Statoil with a consortium managed by RMN (Rig Management end of January 2014 Norway)…
  27. Presentation 1Q 2014 – Fred Olsen Energy – slide 27
    Midwater - Norway / United Kingdom Bredford Dolphin Borgholm Dolphin Continued under the 12-well contract with an AGR Currently under a one year contract with Shell consortium. The contract is expected to expire end of 3Q 2015 The…
  28. Presentation 1Q 2014 – Fred Olsen Energy – slide 28
    Midwater - United Kingdom (cont.) Byford Dolphin Borgsten Dolphin Continued under a three-year drilling contract with BP Continued under the tender support services contract of Exploration, estimated to expire April 2016 40 months…
  29. Presentation 1Q 2014 – Fred Olsen Energy – slide 29
    Deepwater United Kingdom / midwater Brazil Blackford Dolphin Borgny Dolphin The unit is undertaking the five-year class renewal survey Operating under a five-year drilling contract with and upgrades at H&W yard Petrobras in Brazil.…
  30. Presentation 1Q 2014 – Fred Olsen Energy – slide 30
    Harland & Wolff Focus on ship repair, ship building, steel fabrication and engineering services Class renewal survey of Blackford Dolphin continued during the quarter The engineering phase for fabrication of the Humber gateway…
  31. Presentation 1Q 2014 – Fred Olsen Energy – slide 31
    Summary Financial Revenues were 278 million EBITDA was 102 million Profit before tax was 23.5 million Contract backlog amounting to approximately USD 4.3 billion Estimated dividend payment date is 20th of June 2014 Operational…
  32. Presentation 1Q 2014 – Fred Olsen Energy – slide 32
    Q&A

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