Agenda In brief Recent events Group overview Contract status Financials Outlook Appendix DOF Subsea
DOF Subsea Group In brief Fleet One of the largest subsea vessel owners in the world Owns and operates a fleet of 24 vessels, plus 5 newbuilds on order In addition 2 vessels on long-term charter The market value of owned vessels in…
DOF Subsea Group In brief 2 000 37% Quarterly figures 1 800 36% 1 600 1 400 35% 28.5 % CAGR NOK million 1 200 34% 1 000 33% 800 600 32% Key figures 400 28.2 % CAGR 31% Back-log incl. options NOK 34 billion 200…
Recent events Operational Utilization of the subsea project vessels has been 86 % in July, 97 % in August and 96 % in September Utilization of the time charter vessels has been 94 % in July, 98 % in August and 98 % in September Three…
Recent events Contracts Several subsea contracts in the Atlantic region, including increased work scope on the Banff project, increasing the utilization of the vessels Geosund, Geoholm, Skandi Skolten, Skandi Bergen and Normand Reach…
State-of-the-art PLSVs Contract 8+8 years Norskan will provide Marine Services Approx. USD 110 million in annual EBITDA contribution for DOF Subsea when all vessels are in operations DOF Subsea part of CAPEX approx. USD 625…
Group overview DOF Subsea
Ownership structure FIRST RESERVE DOF ASA CORPORATION 51% 49% DOF SUBSEA HOLDING AS 100% Modern high-end fleet and equipment A workforce of 2 480 highly skilled employees DOF SUBSEA AS 24 owned subsea vessels in…
DOF Subsea Group structure DOF Subsea AS Ship/asset Management DOF Subsea DOF Subsea DOF Subsea DOF Subsea Survey & Engineering owning companies Asia Pacific Atlantic North America Brazil Positioning companies companies DOF…
DOF Subsea - A global subsea player Bergen (299) Aberdeen Moscow (366) St. Johns (48) Houston (94) Cairo Manila Malaysia (5) Singapore Brunei (99) Angola Jakarta Maca (17) Perth Rio de Janeiro (220) (332) Buenos…
DOF Subsea Company history DOF Subsea fleet evolution Incorporated on 24th of May 2005 after DOF ASA acquired 28 18 000 GEO Group AS and its subsidiary Geoconsult AS Number of operated vessels 24 MV of fleet 16 000 DOF…
Level of industry barriers to entry Increased engineering requirement Complexity and size of operations Increased system requirement Level of barriers to entry Complex subsea operations Marine transport/ services…
New high-end fleet 8,00 Building year DOF Subsea fleet 7,00 Before 2000 3% Newbuild 6,00 17 % 2000 - 2006 5,00 21 % 4,00 3,00 2,00 2007 - 2013 59 % 1,00 - Average fleet age Value adjusted Majority of the fleet…
Business management Global business management system accredited by DNV to: Business Management System ISO 9001: 2008 Health and Safety System OHSAS 18001:2007 Environmental Management System ISO 14001:2004 2009 DOF Subsea 15
HSEQ key statistcs LTI frequencies for 2011 was 0.9 and for 2012 it has been 0.3 12,00 10,00 DOF Subsea LTI frequency 8,00 IMCA - LTI frequency 6,00 DOF Subsea - recordable incident 4,00 frequency 2,00 IMCA - recordable…
Projects DOF Subsea
DOF Subsea Life-of-field services DOF Subsea offers integrated subsea solutions across life-of-field Field development Production phase Field abandonment / decommissioning DOF Subsea 18
DOF Subsea Projects DOF Subsea has built a global organization over the last 8 years Presence in all major Oil Hubs Standardization of routines and systems Training of personnel DOF Subsea are growing the project business gradually…
Contract status DOF Subsea
Contract coverage vessels FIRM CONTRACTS OPTIONAL PERIOD CONSTRUCTION PERIOD DOF Subsea 21
Contract coverage vessels 40 Note: includes options on long-term contracts 35 34 32 30 29 26 25 24 NOK billion 21 20 19 16 15 10 5 - 2013 2014 2015 2016 2017 2018 2019 2020 DOF Subsea Group has solid cash…
Financials DOF Subsea
Condensed profit & loss Operating income increased from NOK 1 354 million in Q3 2012 to NOK 1 804 million in Q3 2013. EBITDA (excl. gain on sale of assets) increased from NOK 489 million in Q3 2012 to NOK 596 million in Q3 2013.…
Condensed balance sheet From year end 2012 total fixed assets has increased from NOK 16 012 million to NOK 16 330 million From year end 2012 cash and cash equivalents has decreased from NOK 1 478 million to NOK 1 397 million…
Debt maturity profile Debt maturity profile DOF Subsea AS level, 2013E 2017E 3 500 DOFSUB04 - NOK 750 million - Maturity April 2014 3 000 - Net NOK 517.5 million 2 500 DOFSUB05 - NOK 750 million - Maturity April 2016 NOK…
Stable asset values over the last years Market value development 900 800 700 NOK million 600 500 400 300 200 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Skandi Seven Ocean Protector Geoholm…
Asset coverage Combined market value of DOF Subseas fleet is NOK 17 billion Vessel level gearing on the existing fleet is estimated to 52 % at year end 2013, decreasing to 45 % at year end 2014 Provides a significant equity cushion…
Mixed fundamentals for subsea activity Demand Stable oil price Expected 8 % growth in E&P spending in 2014 Increased deep water spending Increased infrastructure spending Strong growth expected in Brazil, North Sea and Gulf of…
Mixed fundamentals for subsea activity Supply Fleet of high-end subsea vessels to increase by 12 % in 2014 Limited growth in supply of engineering capabilities Increasing Increasing demand supply Mixed market conditions…
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