North Atlantic Drilling Ltd. First quarter 2014 results May 28, 2014 The leading driller in the North Atlantic region
First Quarter Call Agenda Company profile Highlights first quarter 2014 Assets & contract backlog Market overview & outlook First quarter 2014 financials Summary Q&A The leading driller in the North Atlantic region 3
Company profile Setting the Standard in Harsh Environment Drilling Offers investors opportunity to invest in experienced pure-play harsh environment driller NADL is Seadrills dedicated vehicle for harsh environment and Arctic…
Operational Excellence Recognized for providing high quality operations, in the most challenging sectors of offshore drilling Quality of Business has approximately 1,600 skilled employees with over 40 years of offshore drilling…
Company profile Highlights first quarter 2014 Assets & contract backlog Market overview & outlook First quarter 2014 financials Summary Q&A The leading driller in the North Atlantic region 6
First quarter 2014 highlights and subsequent events Highlights First quarter 2014 EBITDA* of US119.3 million First quarter 2014 net income of US20.2 million and EPS of US0.08 Regular quarterly cash dividend increased by US0.01 to…
Partnership with Rosneft North Atlantic Drilling, Seadrill and Rosneft enter into Investment and Co-operation Agreement for drilling operations offshore and onshore Russia until at least 2022 North Atlantic Drilling will initially…
Company profile Highlights first quarter 2014 Assets & contract backlog Market overview & outlook First quarter 2014 financials Summary Q&A The leading driller in the North Atlantic region 9
Strong Contract Coverage As of Q1 2014 Current dayrate Contract status Rig Client (USk/day) 2014 2015 2016 2017 2018 2019 2020 West 5351 5471 Alpha West 441 Venture West 464 Phoenix West 497 497 Hercules West 589…
with US2.4 Bn Backlog to High Quality Customers Strong Contract Backlog Strong contract backlog of US2.4 Bn with A-rated 1,200 customers 1,000 Differentiated by premium harsh environment assets 800 and high operational…
Company profile Highlights first quarter 2014 Assets & contract backlog Market overview & outlook First quarter 2014 financials Summary Q&A The leading driller in the North Atlantic region 12
Market Situation for Harsh Environment Rigs Strong Growth in HE Rig Supply and Full Utilization Major Harsh Environment Projects in Pipeline 40 100% Norway Johan Sverdrup, Johan Castberg, Maria, Zidane, Strong Growth in Luva, Snhvit,…
Significant Arctic Opportunity Arctic region estimated at over 400 billion barrels of oil equivalents 85% of resources expected to be offshore More than 50% expected to be in Russia 30% of global undiscovered natural gas 13% of…
Game changer in Russia The Russian offshore harsh environment areas contain 5x the recoverable resources in Norway North Atlantic Drilling in pole position with West Alpha contract and strategic partnership agreement with Rosneft…
Company profile Highlights first quarter 2014 Assets & contract backlog Market overview & outlook First quarter 2014 financials Summary Q&A The leading driller in the North Atlantic region 16
Financial reporting highlights This quarter Previous quarter EBITDA US119 m US138 m Earnings per share US0.08 US0.21 Operating profit US71 m US89 m Financial items US(48) m US(30) m Cash flow from operating activities US32…
Operating Income - Total 1Q14 4Q13 3Q13 2Q13 Unaudited accounts in USD millions Contract revenues 226 271 293 280 Reimbursables 32 27 28 95 Related party revenues 16 12 - - Total operating revenues 274 310 321 375 Vessel and rig…
Net Income - Total 1Q14 4Q13 3Q13 2Q13 Unaudited accounts in USD millions Net operating income 71 89 93 87 Financial items Interest expense (23) (24) (21) (21) Gain / (loss) on derivatives 5 (16) (3) 9 Other financial items (30)…
Balance Sheet - Assets September March December June 30, 2013 31, 2014 31, 2013 30, 2013 Current assets Cash and cash equivalents 114 84 116 180 Restricted cash 9 25 19 23 Accounts receivables, net 198 222 256 255 Related party…
Balance Sheet Liabilities and Shareholders Equity March December September June 31, 2014 31, 2013 31, 2013 30, 2013 Current liabilities Current portion of long-term debt 206 167 167 167 Related party transaction 50 13 7 12 Tax payable…
Company profile Highlights first quarter 2014 Assets & contract backlog Market overview & outlook First quarter 2014 financials Summary Q&A The leading driller in the North Atlantic region 22
Summary High-End Assets with Strong Contract Backlog Existing growth trajectory Market situation for harsh environment rigs Partnership in Russia West Alpha is scheduled to drill the first wells in the Kara Sea for ExxonMobil /…
Company profile Highlights first quarter 2014 Assets & contract backlog Market overview & outlook First quarter 2014 financials Summary Q&A The leading driller in the North Atlantic region 24
North Atlantic Drilling Ltd. First quarter 2014 results May 28, 2014 The leading driller in the North Atlantic region
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