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Q1 2014 Presentation – Dof Subsea

Dof Subsea · May 1, 2014 · 36 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. Q1 2014 Presentation – Dof Subsea – slide 1
    Q1 2014 Presentation DOF Subsea Group
  2. Q1 2014 Presentation – Dof Subsea – slide 2
    Agenda Accounting principles In brief Recent events Group overview Contract status Financials Outlook DOF Subsea Appendix
  3. Q1 2014 Presentation – Dof Subsea – slide 3
    Accounting principles IFRS 11 Effective from 1st January 2014 DOF Subsea has implemented IFRS 11, changing the consolidation method from proportional consolidation to applying the equity method. Internally DOF Subsea still applies…
  4. Q1 2014 Presentation – Dof Subsea – slide 4
    DOF Subsea Group In brief Fleet One of the largest subsea vessel owners in the world Owns and operates a fleet of 23 vessels, plus 5 newbuilds on order In addition 4 vessels on long-term charter The market value of owned vessels in…
  5. Q1 2014 Presentation – Dof Subsea – slide 5
    DOF Subsea Group In brief 1 800 40% Quarterly figures 1 600 35% 1 400 30% 19.4 % 1 200 25% CAGR NOK million 1 000 20% 800 15% 600 10% Key figures 400 27.7 % CAGR 200 5% Back-log incl. options NOK 33 billion - 0%…
  6. Q1 2014 Presentation – Dof Subsea – slide 6
    Key credit metrics Interest Coverage NIBD/EBITDA 2,50 12,00 2,00 10,00 8,00 1,50 6,00 1,00 4,00 0,50 2,00 - - 2009 2010 2011 2012 2013 Last 4 2009 2010 2011 2012 2013 Last 4 Qs Qs NIBD/Total assets Debt/Total assets 1,00…
  7. Q1 2014 Presentation – Dof Subsea – slide 7
    Recent events Fleet Chartered the JAC vessel Chloe Candies for a 1 + 1 year period Chartered the JAC vessel Ross Candies for a 1 + 1 year period Skandi Bergen was delivered to new owners in beginning of January Skandi Aker purchase…
  8. Q1 2014 Presentation – Dof Subsea – slide 8
    Group overview DOF Subsea
  9. Q1 2014 Presentation – Dof Subsea – slide 9
    Ownership structure FIRST RESERVE DOF ASA CORPORATION 51% 49% DOF SUBSEA HOLDING AS 100% Modern high-end fleet and equipment A workforce of 2 575 highly skilled employees DOF SUBSEA AS 23 owned subsea vessels in…
  10. Q1 2014 Presentation – Dof Subsea – slide 10
    DOF Subsea Group structure DOF Subsea AS Ship/asset Management DOF Subsea DOF Subsea DOF Subsea DOF Subsea Engineering owning companies Asia Pacific Atlantic North America Brazil companies companies DOF Singapore Norway US CSL…
  11. Q1 2014 Presentation – Dof Subsea – slide 11
    DOF Subsea - A global subsea player (668) Bergen Aberdeen Moscow (159) St. Johns Houston Cairo Manila Malaysia Singapore Brunei Angola Jakarta Maca (20) Perth Rio de Janeiro (393) (335) Buenos Aires GEOGRAPHICAL…
  12. Q1 2014 Presentation – Dof Subsea – slide 12
    DOF Subsea timeline DOF Subsea fleet evolution DOF Subsea employees 28 18 000 1 800 Number of operated vessels 24 MV of fleet 16 000 1 600 Number of employees 14 000 1 400 20 NOK million 12 000 1 200 16 10 000 1…
  13. Q1 2014 Presentation – Dof Subsea – slide 13
    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…
  14. Q1 2014 Presentation – Dof Subsea – slide 14
    New high-end fleet 8,00 Building year DOF Subsea fleet 7,00 Before 2000 4% Newbuild 6,00 18 % 2000 - 2006 5,00 21 % 4,00 3,00 2,00 2007 - 2013 57 % 1,00 - Average fleet age Value adjusted Majority of the fleet…
  15. Q1 2014 Presentation – Dof Subsea – slide 15
    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 Global recertification by…
  16. Q1 2014 Presentation – Dof Subsea – slide 16
    HSEQ key statistcs Substantial HSE-improvement over time DOF Subsea HSE-statistics 12 4 000 000 Frequence: Incident / 1 000 000 man- 3 500 000 10 3 000 000 8 Man-hours 2 500 000 hour 6 2 000 000 1 500 000 4 1…
  17. Q1 2014 Presentation – Dof Subsea – slide 17
    Projects DOF Subsea
  18. Q1 2014 Presentation – Dof Subsea – slide 18
    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
  19. Q1 2014 Presentation – Dof Subsea – slide 19
    DOF Subsea Projects Operating income by segment 7 000 7 000 DOF Subsea has built a global project organization over the last 9 years 6 000 6 000 DOF Subsea has developed the project business gradually 5 000 5 000 NOK million…
  20. Q1 2014 Presentation – Dof Subsea – slide 20
    DOF Subsea Projects OMV Emergency FPSO Mooring System Repair Skandi Singapore Q1 12 &13, Skandi Hercules, Skandi Skansen, Skandi Atlantic, Skandi Emerald Q3 & Q4 13 Initially routine IRM scope including saturation diving in NZ.…
  21. Q1 2014 Presentation – Dof Subsea – slide 21
    DOF Subsea Projects PTSC Lamson FPSO Mooring Installation Location 120km east of Vung Tau, Offshore Vietnam Skandi Hercules, Skandi Singapore, two third party AHTS and a third party Tug & Barge from Q3 2013 to Q2 2014 Project…
  22. Q1 2014 Presentation – Dof Subsea – slide 22
    Contract status DOF Subsea
  23. Q1 2014 Presentation – Dof Subsea – slide 23
    Contract coverage vessels FIRM CONTRACTS OPTIONAL PERIOD CONSTRUCTION PERIOD Chartered in vessels DOF Subsea 23
  24. Q1 2014 Presentation – Dof Subsea – slide 24
    Contract coverage vessels 35 30 25 NOK billion 20 15 10 5 - 2014 2015 2016 2017 2018 2019 2020 2021 Firm 16 13 11 10 8 7 5 4 Option 17 16 16 15 14 12 11 10 DOF Subsea Group has solid cash flow visibility over…
  25. Q1 2014 Presentation – Dof Subsea – slide 25
    Financials DOF Subsea
  26. Q1 2014 Presentation – Dof Subsea – slide 26
    Condensed profit & loss (IFRS 11) Operating income increased from NOK 1 156 million in Q1 2013 to NOK 1 451 million in Q1 2014. EBITDA (excl. gain on sale of assets) increased from NOK 308 million in Q1 2013 to NOK 459 million in…
  27. Q1 2014 Presentation – Dof Subsea – slide 27
    Condensed balance sheet (IFRS 11) From year end 2013 non-current assets has decreased from NOK 15 076 million to NOK 14 747 million From year end 2013 cash and cash equivalents has decreased from NOK 1 752 million to NOK 1 676…
  28. Q1 2014 Presentation – Dof Subsea – slide 28
    Quarterly performance (excl. asset sales) 2 000 40% Operating income EBITDA EBITDA margin 1 800 35% 1 600 30% 1 400 25% 1 200 NOK million 20.3 % CAGR 1 000 20% 800 15% 600 10% 400 28.2 % 5% CAGR 200 - 0% Q1…
  29. Q1 2014 Presentation – Dof Subsea – slide 29
    Debt maturity profile Debt maturity profile DOF Subsea AS level, 2014E 2018E 2 500 DOFSUB04 - NOK 750 million - Maturity April 2014 - Net NOK 453.5 million 2 000 DOFSUB05 - NOK 750 million 1 500 - Maturity April 2016 - Net NOK…
  30. Q1 2014 Presentation – Dof Subsea – slide 30
    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 2014 Skandi Seven Ocean Protector…
  31. Q1 2014 Presentation – Dof Subsea – slide 31
    Asset coverage Combined market value of DOF Subseas fleet is NOK 16 billion Vessel level gearing on the existing fleet is estimated to 44 % at year end 2014, decreasing to 38 % at year end 2015 Provides a significant equity cushion…
  32. Q1 2014 Presentation – Dof Subsea – slide 32
    Improved credit metrics going forward New, high-end fleet provides Value added safe collateral services provide Robust liquidity increased buffer earnings potential Diversified blue- Spare leveraging chip customers capacity…
  33. Q1 2014 Presentation – Dof Subsea – slide 33
    Outlook DOF Subsea
  34. Q1 2014 Presentation – Dof Subsea – slide 34
    Mixed fundamentals for subsea activity Demand Stable oil price Expected growth in E&P spending in 2014 Increased deep water spending Increased infrastructure spending Growth expected in Brazil, North Sea and Gulf of Mexico…
  35. Q1 2014 Presentation – Dof Subsea – slide 35
    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…
  36. Q1 2014 Presentation – Dof Subsea – slide 36
    Thank you

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