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Credit Suisse Energy Summit – Ensco Plc

Ensco Plc · Feb 1, 2014 · 30 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. Credit Suisse Energy Summit – Ensco Plc – slide 1
    Credit Suisse Energy Summit February 2014 1
  2. Credit Suisse Energy Summit – Ensco Plc – slide 2
    Dividend Growth 3.00 2.00 1.50 1.40 0.10 Nov. 2009 Apr. 2010 Feb. 2012 Feb. 2013 Nov. 2013 Note: Dividend announcement date 3
  3. Credit Suisse Energy Summit – Ensco Plc – slide 3
    Strong Financial Position 11 billion of contracted revenue backlog Baa1/BBB+ ratings from Moodys/S&P Leverage Ratios 64% 40% 40% 37% 28% 27% SDRL NE RIG RDC ESV DO Source: Total debt-to-capital ratios from ISI Group Oil…
  4. Credit Suisse Energy Summit – Ensco Plc – slide 4
    Payout Ratios 134% 89% 72% 52% 48% 20% SDRL DO RIG NE ESV RDC Source: Thomson Reuters; most recent declared quarterly dividend annualized divided by 2013 mean estimates for earnings per share for dividend-paying…
  5. Credit Suisse Energy Summit – Ensco Plc – slide 5
    Earnings Growth, Balance Sheet Strength and High Dividend Yield of Companies 500 2 Year EPS Growth Rate 10% 305 Total Debt-to-Capital Ratio < 30% 102 Dividend 1 Yield 5% Payout Ratio 1 50% Source: Bloomberg; 2 Year…
  6. Credit Suisse Energy Summit – Ensco Plc – slide 6
    Key Milestones 2008 Ordered three ENSCO 8500 Series ultra-deepwater semisubmersibles (1.6 billion commitment) 2009 Redomesticated to U.K. improved operational oversight, tax efficiencies and capital management flexibility 2010…
  7. Credit Suisse Energy Summit – Ensco Plc – slide 7
    Key Milestones 2012 Ordered two ultra-deepwater drillships Raised dividend to 1.50 per share annually 2013 Increased dividend 33% to 2.00 per share annually Ranked 1 in Total Customer Satisfaction in EnergyPoint survey for third…
  8. Credit Suisse Energy Summit – Ensco Plc – slide 8
    Ensco Now 2008 3Q13 Fleet Size / % of Revenues Floaters 2 / 4% 29 / 64% Jackups 43 / 96% 47 / 36% Countries 17 22 Customers 39 47 Backlog (B) 4 11 Revenues (B) 2.2 4.7* Total Capitalization (B) 5.0 18.7* Annual Dividend (per share)…
  9. Credit Suisse Energy Summit – Ensco Plc – slide 9
    Net Income Margin 29% 25% 23% 16% 16% 13% ESV SDRL DO NE RDC RIG Source: Thomson One; sum of trailing eight quarters of net income divided by sum of trailing eight quarters of revenue 10
  10. Credit Suisse Energy Summit – Ensco Plc – slide 10
    Fleet Highgrading Six newbuild rigs to be delivered through 2016 700 million of budgeted rig enhancements to existing fleet in 2013 and 2014 13 rigs sold since 2010 80 million total gain on sales 11
  11. Credit Suisse Energy Summit – Ensco Plc – slide 11
    Organic Growth from Newbuild Program 6 Under 20 Delivered Construction 4 3 3 3 2 2 2 2 1 1 1 1 1 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Semisubmersibles Premium jackups Drillships 12
  12. Credit Suisse Energy Summit – Ensco Plc – slide 12
    Newbuild Delivery Schedule 2013.5 3Q13 4Q13 1Q14 2014.5 2Q14 3Q14 4Q14 1Q15 2015.5 2Q15 3Q15 4Q15 1Q16 2Q16 ENSCO DS-7 Delivered / Contracted ENSCO 120 Delivered / Contracted ENSCO 121 Delivered / Contracted ENSCO 122…
  13. Credit Suisse Energy Summit – Ensco Plc – slide 13
    New Ultra-Deepwater Fleet ( 7,500) Avg. Age of Fleet Years 22.9 9.6 8.3 3.8 3.1 SDRL ESV NE RIG DO Source: IHS-ODS Petrodata as of 1 February 2014 Ultra-deepwater includes competitive semisubmersibles and drillships…
  14. Credit Suisse Energy Summit – Ensco Plc – slide 14
    Floater Revenues 2012A % of Floater Revenues Floater Operating Age Margin* 2012A 2015E 0 10 Years Mid 60% 50% 65% 11 20 Years Mid 40% 33% 25% 20+ Years High 30% 17% 10% *Operating Margin = (Revenues Contract Drilling…
  15. Credit Suisse Energy Summit – Ensco Plc – slide 15
    Floater Upgrades Major upgrades to several rigs ENSCO 5005 ENSCO 5006 ENSCO DS-2 ENSCO 6001 and ENSCO 6002 Completion of ENSCO DS-1 upgrade project 16
  16. Credit Suisse Energy Summit – Ensco Plc – slide 16
    Premium Jackup Fleet Overview Largest premium jackup fleet 1.3 billion committed to build four ultra-premium ENSCO 120 Series jackups and one premium jackup, ENSCO 110 All marketed jackups are contracted 17
  17. Credit Suisse Energy Summit – Ensco Plc – slide 17
    ENSCO 120 Series Ultra-Premium Jackups Two under construction 1 billion+ investment 40,000 total drilling depth 400 water depth 2.5 million pound quad derrick State-of-the-art cantilever envelope Ultra-deep gas/long-reach…
  18. Credit Suisse Energy Summit – Ensco Plc – slide 18
    Global Platform Europe & Mediterranean Semi 2 U.S. Gulf of Mexico Jackups 10 Ships 2 Semis 6 Jackups 8 Middle East Jackups 10 Africa Mexico Ships 4 Jackups 4 Semis 2 Brazil Ship 1 Asia Pacific Semis 6 Under Construction Semi…
  19. Credit Suisse Energy Summit – Ensco Plc – slide 19
    Benefits of Standardization ENSCO Samsung DP3 Megathyst DP3 Premium KFELS 8500 Series (7) Drillships (8) Semisubmersibles (4) Jackup Mod V-A,B + Super A (13) Shipyard Common Equipment Training Repair & Maintenance Spare…
  20. Credit Suisse Energy Summit – Ensco Plc – slide 20
    Standardization Repeat Customers See the Benefits ENSCO ENSCO ENSCO ENSCO ENSCO ENSCO ENSCO 8500 8501 8502 8503 8504 8505 8506 21
  21. Credit Suisse Energy Summit – Ensco Plc – slide 21
    Success of the ENSCO DS Series BP Has Contracted 3 Drillships ENSCO DS-3: U.S. Gulf of Mexico ENSCO DS-4: Brazil ENSCO DS-6: Angola 22
  22. Credit Suisse Energy Summit – Ensco Plc – slide 22
    Supply Considerations Rigs under construction 30 new floaters and 35 new jackups to be delivered in 2014 14 uncontracted floaters and 26 uncontracted jackups Aging global fleet 55% of jackups and 37% of floaters are older than…
  23. Credit Suisse Energy Summit – Ensco Plc – slide 23
    Demand Considerations Marketed utilization for global fleet 96% for floaters 95% for jackups New discoveries lead to additional appraisal and developmental drilling 70+ new discoveries per year on average since 2009…
  24. Credit Suisse Energy Summit – Ensco Plc – slide 24
    Demand Considerations Stable commodity prices above the economic breakeven for our customers Brazil to develop pre-salt basins Energy reform in Mexico to expand floater market Customer demand more diversified NOCs driven by…
  25. Credit Suisse Energy Summit – Ensco Plc – slide 25
    Safety, Health & Environment Total Recordable Incident Rate Record TRIR in 2013 1.2 Zero-incident goal 1.0 STOP work authority 0.8 Comprehensive training 0.6 Quality control and audit 0.4 Dedicated safety 0.2 management systems…
  26. Credit Suisse Energy Summit – Ensco Plc – slide 26
    Competency Assurance Program Commitment to Employee Development International Association of Drilling Contractors (IADC) has awarded accreditation to Ensco training programs Focus on safety and efficiency of operations Defined…
  27. Credit Suisse Energy Summit – Ensco Plc – slide 27
    Industry Leader in Customer Satisfaction Rated 1 Total Satisfaction Job Quality Performance & Reliability Technology Special Drilling Applications International Multinationals North Sea Non-Vertical Wells Shelf Wells 28
  28. Credit Suisse Energy Summit – Ensco Plc – slide 28
    Estimated Capital Expenditures as of 3Q13 Earnings Call billions Sustaining 0.25 2014 rig enhancement capital expenditures for currently approved Enhancements 0.30 0.38 projects. Final budget TBD. Newbuild 1.30 1.30…
  29. Credit Suisse Energy Summit – Ensco Plc – slide 29
    Summary Top 5% dividend yield S&P 500 Strong balance sheet and capital management flexibility New ultra-deepwater rigs and largest premium jackup fleet Global presence Safety and operational excellence 1 in customer…
  30. Credit Suisse Energy Summit – Ensco Plc – slide 30
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