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DEUTSCH BANK LEVERAGED FINANCED CONFERENCE – Seadrill Limited

Seadrill Limited · Sep 1, 2014 · 24 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. DEUTSCH BANK LEVERAGED FINANCED CONFERENCE – Seadrill Limited – slide 1
    Deutsch Bank Leveraged Finance Conference John Roche Corporate Finance & Investor Relations Director September 2014
  2. DEUTSCH BANK LEVERAGED FINANCED CONFERENCE – Seadrill Limited – slide 2
    What Makes Seadrill Unique 1 Strategic Focus on Premium Asset Classes 2 Robust Backlog and High Quality Customers 3 Limited Exposure to Current Dayrate Environment 4 High Degree of Equity Funding 5 Balanced Capital…
  3. DEUTSCH BANK LEVERAGED FINANCED CONFERENCE – Seadrill Limited – slide 3
    Scale & Strategic Focus on Premium Asset Classes One of the largest Offshore Drillers with a Modern Fleet and Exposure to Premium Segments Ultra-Deepwater Units Average UDW Floater Age % Ultra-Deepwater of Total Floaters 40 100%…
  4. DEUTSCH BANK LEVERAGED FINANCED CONFERENCE – Seadrill Limited – slide 4
    Robust Backlog & High Quality Customers Seadrill Group Current Backlog Seabras Sapura Participacoes US23.3 billion 7,000 6,000 5.6 4.7 5,000 4.1 US Millions 4,000 3.2 2.9 3,000 50% of US3.8 billion 2,000 1.4…
  5. DEUTSCH BANK LEVERAGED FINANCED CONFERENCE – Seadrill Limited – slide 5
    Limited Exposure to Current Dayrate Environment 2014 2015 2016 4% 20% 38% Floater Contract Coverage 62% 96% 80% 156,000 / day Cash Cushion 120 515 41 23 359 239 175 198 (1) (1) (2) (3) (4) Opex G&A EBITDA Interest…
  6. DEUTSCH BANK LEVERAGED FINANCED CONFERENCE – Seadrill Limited – slide 6
    Consistent Access to Equity Funding West Sirius / 11.2 million shares of SDLP raising approximately West Leo Dropdown 330 million in equity proceeds West Auriga 10.4 million shares of SDLP raising approximately Dropdown 318…
  7. DEUTSCH BANK LEVERAGED FINANCED CONFERENCE – Seadrill Limited – slide 7
    Balanced Capital Structure with Staggered Debt Maturities 2009 Capital Structure Current Capital Structure 5% 16% 17% 18% 60% 84% Secured Unsecured Secured Unsecured TLB MLP Debt Maturity Profile 4,000 3,000…
  8. DEUTSCH BANK LEVERAGED FINANCED CONFERENCE – Seadrill Limited – slide 8
    Illustrative Funding Profile Remaining Yard Instalments 2015 Funding Required 2,500 Floaters Jack-ups West Rigel West Titan 2,000 West Mira West Proteus West Carina West Rhea 1,500 West Tethys 2014 is fully US Millions…
  9. DEUTSCH BANK LEVERAGED FINANCED CONFERENCE – Seadrill Limited – slide 9
    The Fredriksen Group Market Cap: 2.9 billion Market Cap: 1.6bn Market Cap: Market Cap: 0.8bn Market Cap: 0.5bn 13.4bn Market Cap: 0.1bn Market Cap: 5.7bn Note: Market Capitalization as of September 26, 2014 10
  10. DEUTSCH BANK LEVERAGED FINANCED CONFERENCE – Seadrill Limited – slide 10
    Financial performance highlights Seadrill Strategy Appendix: Seadrill Limited Financials 11
  11. DEUTSCH BANK LEVERAGED FINANCED CONFERENCE – Seadrill Limited – slide 11
    Remember What They Said. Where did we go from here 12
  12. DEUTSCH BANK LEVERAGED FINANCED CONFERENCE – Seadrill Limited – slide 12
    The Worlds Leading Drilling Company 80 69 70 60 Seadrill Group 50 Number of Rigs 40 30 SDLP NADL Sevan AOD SeaMex 46.6% 70.4% 50.1% 66.2% 50.0% 20 10 5 0 2005 2006 2007 2008 2009 2010 2011 2012 2013…
  13. DEUTSCH BANK LEVERAGED FINANCED CONFERENCE – Seadrill Limited – slide 13
    Strongest Fleet Profile in the Industry % of Fleet Older than 15 Years Free and Clear Floater Availability Until End of 2016 80 70 81% 79% 74% 60 64% 63% 62% 50 63% 40 42 38% 30 28% 20 22 7 20 11 1 10 11 12 3% 6 6…
  14. DEUTSCH BANK LEVERAGED FINANCED CONFERENCE – Seadrill Limited – slide 14
    Financial performance highlights Upstream & Drilling Market Outlook Appendix: Seadrill Limited Financials 15
  15. DEUTSCH BANK LEVERAGED FINANCED CONFERENCE – Seadrill Limited – slide 15
    Recent Discoveries to Become Produced Volumes Discovered resources 1980 to 2013 160,000 120,000 (millions boe) 80,000 40,000 - 1980 1985 1990 1995 2000 2005 2013 Shelf Deep/Mid Water Ultra deepwater Resources…
  16. DEUTSCH BANK LEVERAGED FINANCED CONFERENCE – Seadrill Limited – slide 16
    Margin Drives Long Term Investments 100 Arctic 75 90 NAm Shale Onshore 80 Onshore RoW Deepwater Offshore Russia 70 Shelf 60 65 50 Onshore 50 51 52 40 Middle East 41 30 27 Oilsands 20 70 Heavy Oil Ultradeepwater 10…
  17. DEUTSCH BANK LEVERAGED FINANCED CONFERENCE – Seadrill Limited – slide 17
    Preferential Demand for Newer Rigs Contract Backlog UDW & DW Operating Water Depth 14,000 12% 12,000 10,000 Backlog months 41% 8,000 6,000 4,000 47% 2,000 10 Above 7,500 ft 4,500 - 7,499 ft Below 4,500 ft…
  18. DEUTSCH BANK LEVERAGED FINANCED CONFERENCE – Seadrill Limited – slide 18
    Jack-Up Market Fundamentals Jack-up Fleet Age Jack-up Delivery Schedule 250 70 60 200 50 Number of Rigs 150 40 100 30 20 50 10 0 0 30 years 20 and 30 10 and 20 5 and 10 < 5 years 2014 2015 2016 2017 years years…
  19. DEUTSCH BANK LEVERAGED FINANCED CONFERENCE – Seadrill Limited – slide 19
    Financial performance highlights Seadrill Partners Appendix: Seadrill Limited Financials 20
  20. DEUTSCH BANK LEVERAGED FINANCED CONFERENCE – Seadrill Limited – slide 20
    Long Term Contracts & High Quality Customers Key Characteristics Long-term contracted modern deepwater drilling assets Managed growth via dropdowns and third-party acquisitions (NYSE: SDLP) (1) Market Cap: 2.9 billion No…
  21. DEUTSCH BANK LEVERAGED FINANCED CONFERENCE – Seadrill Limited – slide 21
    Significant Progress Since IPO More Growth to Come Major Events to Date 7% increase for 40% increase West Auriga Tender rig T-15 acquired for US210 since IPO aquisition million 2.25 Tender rig T-16 acquired for US200 2.17…
  22. DEUTSCH BANK LEVERAGED FINANCED CONFERENCE – Seadrill Limited – slide 22
    Add-on Term Loan B Refinancing Seadrill Limited Refinances Existing Debt (NYSE: SDRL) Facilities Public Unit Holders 46.6% 53.4% Issued 1.1bn add-on to existing 1.8bn Term Loan B facility Seadrill Partners LLC (NYSE: SDLP)…
  23. DEUTSCH BANK LEVERAGED FINANCED CONFERENCE – Seadrill Limited – slide 23
    Growth - Additional UDW rigs from Seadrill 2014 2015 2016 2017 Unit Customer 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q West Alpha ExxonMobil US537,000 US552,000 Rosneft West Vela BP US565,000 11.2020 West Auriga BP US565,000…
  24. DEUTSCH BANK LEVERAGED FINANCED CONFERENCE – Seadrill Limited – slide 24
    Core Assets 32 6th generation ultra-deepwater units 2 Midwater harsh environment semi- submersible rigs 29 High-specification jack-ups 3 Harsh environment jack-ups 3 Tender rigs Financial Investments 8.18% of SapuraKencana…

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