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Conference Call 3Q 2013 Results – Seadrill Limited

Seadrill Limited · Nov 25, 2013 · 41 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. Conference Call 3Q 2013 Results – Seadrill Limited – slide 1
    Conference Call 3Q 2013 results November 25, 2013
  2. Conference Call 3Q 2013 Results – Seadrill Limited – slide 2
    Seadrill Third Quarter Call Agenda Highlights 3Q 2013 Market outlook Financial Performance Highlights North Atlantic Drilling Summaryg Appendices: Seadrill Limited and North Atlantic Drilling Financials 3
  3. Conference Call 3Q 2013 Results – Seadrill Limited – slide 3
    Financial Performance Highlights Seadrill generates EBITDA of US663 million Quarterly EBITDA for the third quarter 2013 Economic utilization for our floaters was 94 percent and 97 percent for jack-ups Seadrill reports third…
  4. Conference Call 3Q 2013 Results – Seadrill Limited – slide 4
    Highlights Third Quarter 2013 Ordered four ultra-deepwater drillships for a total estimated project price below US600 million per rig, with deliveries in the second half of 2015 and the first half of 2016 Ordered two jack-ups for a…
  5. Conference Call 3Q 2013 Results – Seadrill Limited – slide 5
    Subsequent Events Subsequent Events Announced settlement agreement and 18 month contract extension for the West Aquarius with a total estimated revenue potential of US337 million North Atlantic Drilling suspends partnership…
  6. Conference Call 3Q 2013 Results – Seadrill Limited – slide 6
    Dividend Growth Continues to be a Priority Key objective to grow quarterly dividends Quarterly cash dividend raised from 91 cents to 95 cents per share Increase reflects improved free cash flow and newbuilds commencing operation…
  7. Conference Call 3Q 2013 Results – Seadrill Limited – slide 7
    while Maintaining Growth Profile 4.5 Billion in 2016 Annualized EBITDA 8
  8. Conference Call 3Q 2013 Results – Seadrill Limited – slide 8
    Maintain an Orderbacklog of around 20bn Current backlog US Millions 5.6 BP 24% A 5.8 4.7 Petrobras 12% BBB 4.1 4.7 4.7 3.7 Total 11% AA- 3.2 2.9 2.9 Exxon 10% AAA 1.4 Statoil 8% AA- 0,6 Others 35% - 9
  9. Conference Call 3Q 2013 Results – Seadrill Limited – slide 9
    Floaters US16 Billion Contract Backlog Contract coverage 6% 34% 53% 2013 2014 2015 2016 Contracted Uncontracted 100% 94% 66% 47% 10
  10. Conference Call 3Q 2013 Results – Seadrill Limited – slide 10
    Jack-ups - US3 Billion Contract Backlog Contracted Uncontracted 1% 2013 99% 31% 2014 69% 57% 2015 43% 82% 2016 18% Note: Backlog generated by the tender rigs (T15, T16 and West Vencedor) is US0.5…
  11. Conference Call 3Q 2013 Results – Seadrill Limited – slide 11
    Culture of Safe & Efficient Operations Recognized for providing highest quality operations, in the most challenging sectors of offshore drilling Quality of Key focus on procedures to control, measure and improve performance and risk…
  12. Conference Call 3Q 2013 Results – Seadrill Limited – slide 12
    Market Outlook Market Outlook 13
  13. Conference Call 3Q 2013 Results – Seadrill Limited – slide 13
    Global Operational Footprint Americas North Atlantic 13 units North Atlantic 7 units Canada London - 1 Semi - 4 HE Semis - 2 HE Jack-ups Gulf of Mexico - 1 Drillship - 3 Semis - 2 Drillships - 1 Jack-up Gulf of Mexico Middle East…
  14. Conference Call 3Q 2013 Results – Seadrill Limited – slide 14
    Recent Discoveries to Become Produced Volumes Discovered resources 1980 to 2013 (Billion boe) Resources discovered and produced 2000-2012 (Billion boe) 15 Source: Rystad Energy research and analysis; UCube 15
  15. Conference Call 3Q 2013 Results – Seadrill Limited – slide 15
    UDW Replacing Aging Deepwater Fleet Total Floater Utilization Seadrill Noble Ensco Diamond Transocean Source: ODS Petrodata 16
  16. Conference Call 3Q 2013 Results – Seadrill Limited – slide 16
    Robust Jack-up Fundamentals Age Development of Contracted Jack-up Fleet Jack-ups Removed from the Market of rigs of rigs 16 250 232 15 215 220 220 208 14 200 12 12 12 11 10 150 10 9 8 8 8 7 100 90 90 6 6 67 6 51 4 4 4…
  17. Conference Call 3Q 2013 Results – Seadrill Limited – slide 17
    Financial performance highlights Financial Performance Highlights 18
  18. Conference Call 3Q 2013 Results – Seadrill Limited – slide 18
    Financial Performance Highlights Previous This quarter quarter EBITDA US663 m US665 m Earnings per share US0.61 US3.68 Operating profit US471 m US507 m Financial items and other income US(96) m US1,292 m Cash flow from…
  19. Conference Call 3Q 2013 Results – Seadrill Limited – slide 19
    Balance Sheet Summary September June 30, 2013 30, 2013 Total Current Assets 2,562 2,978 Non-current assets Newbuildings 4,900 3,524 Drilling units 14,778 12,891 Other 2,739 2,408 Total non-current assets 22,417 18,823 TOTAL…
  20. Conference Call 3Q 2013 Results – Seadrill Limited – slide 20
    EBITDA Contribution 21
  21. Conference Call 3Q 2013 Results – Seadrill Limited – slide 21
    Financial Flexibility Nov-2013 Actual 2015 Illustrative 22
  22. Conference Call 3Q 2013 Results – Seadrill Limited – slide 22
    In Excess of 15% EBITDA Growth in Q4 23
  23. Conference Call 3Q 2013 Results – Seadrill Limited – slide 23
    North Atlantic Drilling Ltd. Third quarter 2013 results summary and market update
  24. Conference Call 3Q 2013 Results – Seadrill Limited – slide 24
    Third Quarter 2013 Highlights North Atlantic Drilling achieves an average economical utilization of 96 percent and generates US143.7 million in EBITDA for the third quarter. North Atlantic Drilling issues NOK 1,500 million,…
  25. Conference Call 3Q 2013 Results – Seadrill Limited – slide 25
    Financial reporting highlights This quarter Previous quarter EBITDA US144 m US132 m Earnings per share US0.303 US0.281 Operating profit US93 m US87 m Financial items US(22) m US(15) m Cash flow from operating activities…
  26. Conference Call 3Q 2013 Results – Seadrill Limited – slide 26
    Arctic and harsh environments are key areas for future offshore oil and gas developments North Atlantic and Arctic region North Atlantic represents the most active harsh environment market 13% of worlds undiscovered oil and 30%…
  27. Conference Call 3Q 2013 Results – Seadrill Limited – slide 27
    Significant growth in investments expected in the arctic and harsh environment market Few assets suitable for harsh Arctic the next exploration frontier environment (bn BOE) rigs 17% 1,800 23% 250 239 1,500 387 77% 200 1,200…
  28. Conference Call 3Q 2013 Results – Seadrill Limited – slide 28
    Ageing fleet ready for renewal 18 years average age Age profile rigs in Norway rigs Years 9 9 9 38 40 38 8 8 36 34 7 7 32 7 31 30 6 28 6 25 26 5 24 5 22 20 4 18 14 16 14 14 3 12 91 2 10 2 6 8 1 6 1 3 4 2…
  29. Conference Call 3Q 2013 Results – Seadrill Limited – slide 29
    Core Assets 32 Ultra-deepwater units built after 2000 2 Midwater semi-submersible rigs 29 High-specification jack-up rigs built after 2005 3 Harsh environment Jack-ups 3 Tender Rigs Financial Investments 12% of SapuraKencana…
  30. Conference Call 3Q 2013 Results – Seadrill Limited – slide 30
    Financial performance highlights Appendix I: Seadrill Limited Financials 31
  31. Conference Call 3Q 2013 Results – Seadrill Limited – slide 31
    Operating Income - Floaters Unaudited accounts in USD millions 3Q13 2Q13 1Q13 4Q12 Total operating revenues 939 913 807 764 Gain on sale of assets - - - - Vessel and rig operating expenses 357 301 290 243 Reimbursable expenses 29 88…
  32. Conference Call 3Q 2013 Results – Seadrill Limited – slide 32
    Operating Income Jack-up Rigs Unaudited accounts in USD millions 3Q13 2Q13 1Q13 4Q12 Total operating revenues 292 274 269 247 Gain on sale of assets - - 61 - Vessel and rig operating expenses 122 111 112 121 Reimbursable expenses 6 9…
  33. Conference Call 3Q 2013 Results – Seadrill Limited – slide 33
    Operating Income Total Seadrill Limited Unaudited accounts in USD millions 3Q13 2Q13 1Q13 4Q12 Total operating revenues 1,280 1,268 1,265 1,215 Gain on sale of assets - - 61 - Vessel and rig operating expenses 491 439 482 448…
  34. Conference Call 3Q 2013 Results – Seadrill Limited – slide 34
    Net Income Total Seadrill Limited Unaudited accounts in USD millions 3Q13 2Q13 1Q13 4Q12 Net operating income 471 507 552 441 Financial items and other income Interest income - 6 4 11 Interest expense (107) (96) (108) (91) Share in…
  35. Conference Call 3Q 2013 Results – Seadrill Limited – slide 35
    Balance Sheet - Assets September June March Unaudited accounts in USD millions 30, 2013 30, 2013 31, 2013 Current assets Cash and cash equivalents 551 437 328 Restricted cash 244 224 174 Marketable securities 316 936 314 Accounts…
  36. Conference Call 3Q 2013 Results – Seadrill Limited – slide 36
    Balance Sheet Liabilities & Shareholders Equity September June March 30, 2013 30, 2013 31, 2013 Current liabilities Current portion of long-term debt 2,645 2,873 2,598 Trade accounts payable 131 66 58 Current liabilities…
  37. Conference Call 3Q 2013 Results – Seadrill Limited – slide 37
    Financial performance highlights Appendix II: North Atlantic Drilling Financials 38
  38. Conference Call 3Q 2013 Results – Seadrill Limited – slide 38
    Operating Income - Total Unaudited accounts in USD millions 3Q13 2Q13 1Q13 4Q12 Operating revenues 293 280 272 241 Reimbursables 28 95 46 42 Total operating revenues 321 375 318 283 Vessel and rig operating expenses 134 137 125 89…
  39. Conference Call 3Q 2013 Results – Seadrill Limited – slide 39
    Net Income - Total Unaudited accounts in USD millions 3Q13 2Q13 1Q13 4Q12 Net operating income 93 87 92 98 Financial items Interest expense (21) (21) (19) (22) Gain / (loss) on derivatives (3) 9 (6) 2 Other financial items 2 (3) (5)…
  40. Conference Call 3Q 2013 Results – Seadrill Limited – slide 40
    Balance Sheet - Assets September June March 30, 2013 30, 2013 31, 2013 Current assets Cash and cash equivalents 116 180 120 Restricted cash 19 23 19 Accounts receivables, net 256 255 225 Related party receivables 30 13 142 Deferred…
  41. Conference Call 3Q 2013 Results – Seadrill Limited – slide 41
    Balance Sheet Liabilities and Shareholders Equity September June March 30, 2013 30, 2013 31, 2013 Current liabilities Current portion of long-term debt 167 167 167 Related party liability 7 12 11 Tax payable 9 8 48 Deferred taxes 12…

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