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Q2 2014 Presentation – Dof Subsea

Dof Subsea · Aug 1, 2014 · 34 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. Q2 2014 Presentation – Dof Subsea – slide 1
    Q2 2014 Presentation DOF Subsea Group
  2. Q2 2014 Presentation – Dof Subsea – slide 2
    Agenda In brief Recent events Group overview Projects Contract status Financials Outlook
  3. Q2 2014 Presentation – Dof Subsea – slide 3
    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 5 vessels on long-term charter The market value of owned vessels in…
  4. Q2 2014 Presentation – Dof Subsea – slide 4
    DOF Subsea Group In brief 2 500 40% Quarterly figures 35% 2 000 30% 25% 24.0 % NOK million 1 500 CAGR 20% 1 000 15% 10% Key figures 500 18.7 % 5% CAGR Back-log incl. options NOK 32 billion - 0% Market value of…
  5. Q2 2014 Presentation – Dof Subsea – slide 5
    Key credit metrics Interest Coverage (EBIT / Interest cost) NIBD/EBITDA 2,50 12,00 10,00 2,00 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…
  6. Q2 2014 Presentation – Dof Subsea – slide 6
    Recent events Fleet Delivery and mobilization of the chartered in vessel Ross Candies Delivery and mobilization of the chartered in vessel Normand Reach Contracts Several subsea contracts in the Atlantic region, including a contract…
  7. Q2 2014 Presentation – Dof Subsea – slide 7
    Group overview DOF Subsea
  8. Q2 2014 Presentation – Dof Subsea – slide 8
    Ownership structure FIRST RESERVE DOF ASA CORPORATION 51% 49% DOF SUBSEA HOLDING AS 100% Modern high-end fleet and equipment A workforce of 2 627 highly skilled employees DOF SUBSEA AS 23 owned subsea vessels in…
  9. Q2 2014 Presentation – Dof Subsea – slide 9
    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…
  10. Q2 2014 Presentation – Dof Subsea – slide 10
    DOF Subsea - A global subsea player 10 (697) Bergen Aberdeen Moscow (189) St. Johns Houston 6 Cairo Manila Malaysia Singapore Brunei 7 Angola Jakarta Maca (20) Perth Rio de Janeiro 1 (415) 4 (306) Buenos Aires…
  11. Q2 2014 Presentation – Dof Subsea – slide 11
    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…
  12. Q2 2014 Presentation – Dof Subsea – slide 12
    New high-end fleet 9,00 Building year DOF Subsea fleet 8,00 Before 2000 4% 7,00 Newbuild 18 % 6,00 2000 - 2006 21 % 5,00 4,00 3,00 2007 - 2013 2,00 57 % 1,00 - Average fleet age Value adjusted Majority of the fleet…
  13. Q2 2014 Presentation – Dof Subsea – slide 13
    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…
  14. Q2 2014 Presentation – Dof Subsea – slide 14
    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…
  15. Q2 2014 Presentation – Dof Subsea – slide 15
    Projects DOF Subsea
  16. Q2 2014 Presentation – Dof Subsea – slide 16
    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 16
  17. Q2 2014 Presentation – Dof Subsea – slide 17
    DOF Subsea - A global subsea player Region Main offices People Project vessels Skandi Singapore, Skandi Asia Pacific Perth, Singapore 306 Hercules, Skandi Hawk Skandi Skansen, Skandi Bergen, Aberdeen, Atlantic Angola 470…
  18. Q2 2014 Presentation – Dof Subsea – slide 18
    DOF Subsea Projects Operating income by segment DOF Subsea has built a global project 7 000 organization over the last 9 years 6 000 DOF Subsea has developed the project business gradually 5 000 4 000 Increased project…
  19. Q2 2014 Presentation – Dof Subsea – slide 19
    Contract status DOF Subsea
  20. Q2 2014 Presentation – Dof Subsea – slide 20
    Contract coverage vessels FIRM CONTRACTS OPTIONAL PERIOD CONSTRUCTION PERIOD Chartered in vessels DOF Subsea 20
  21. Q2 2014 Presentation – Dof Subsea – slide 21
    Contract coverage vessels 35 30 25 NOK billion 20 15 10 5 - 2014 2015 2016 2017 2018 2019 2020 2021 Firm 15 13 11 10 8 7 5 4 Option 16 16 16 15 14 12 11 10 DOF Subsea Group has solid cash flow visibility over…
  22. Q2 2014 Presentation – Dof Subsea – slide 22
    PLSV update 4 x PLSV newbuilds according to schedule Annual uplift in EBITDA: USD 110 million Skandi Vitria and Skandi Niteri new tender for Petrobras ongoing DOF Subsea 22
  23. Q2 2014 Presentation – Dof Subsea – slide 23
    Financials DOF Subsea
  24. Q2 2014 Presentation – Dof Subsea – slide 24
    Condensed profit & loss (IFRS 11) Operating income increased from NOK 1 606 million in Q2 2013 to NOK 1 877 million in Q2 2014. EBITDA (excl. gain on sale of assets) increased from NOK 382 million in Q2 2013 to NOK 511 million in…
  25. Q2 2014 Presentation – Dof Subsea – slide 25
    Condensed balance sheet (IFRS 11) From year end 2013 non-current assets has decreased from NOK 15 076 million to NOK 14 877 million From year end 2013 cash and cash equivalents has decreased from NOK 1 752 million to NOK 1 326…
  26. Q2 2014 Presentation – Dof Subsea – slide 26
    Quarterly performance (excl. asset sales) 2 500 40% Operating income EBITDA EBITDA margin 35% 2 000 30% 25% 1 500 NOK million 20.1 % CAGR 20% 1 000 15% 10% 500 15.4 % 5% CAGR - 0% Q2 2010 Q3 2010 Q4 2010 Q1…
  27. Q2 2014 Presentation – Dof Subsea – slide 27
    Debt maturity profile Debt maturity profile DOF Subsea AS level, 2014E 2018E 2 500 DOFSUB06 - NOK 700 million 2 000 - Maturity Oct 2015 - Net NOK 700 million 1 500 DOFSUB05 - NOK 750 million - Maturity April 2016 - Net NOK…
  28. Q2 2014 Presentation – Dof Subsea – slide 28
    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…
  29. Q2 2014 Presentation – Dof Subsea – slide 29
    Asset coverage Combined market value of DOF Subseas fleet is NOK 16 billion Vessel level gearing on the existing fleet is estimated to 45 % at year end 2014, decreasing to 39 % at year end 2015 Provides a significant equity cushion…
  30. Q2 2014 Presentation – Dof Subsea – slide 30
    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…
  31. Q2 2014 Presentation – Dof Subsea – slide 31
    Outlook DOF Subsea
  32. Q2 2014 Presentation – Dof Subsea – slide 32
    Mixed fundamentals for subsea activity Demand Stable oil price Flat offshore E&P spending next 2- 3 years Increased deep water spending Increased infrastructure spending Growth expected in Brazil and Gulf of Mexico Increased…
  33. Q2 2014 Presentation – Dof Subsea – slide 33
    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 Mixed Increasing demand supply Mixed market conditions DOF…
  34. Q2 2014 Presentation – Dof Subsea – slide 34
    Thank you

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