Ocean Rig UDW Inc. 3rd Quarter Ended September 30, 2014 Earnings Presentation NASDAQ: OCEAN RIG UDW INC. ORIG November 6, 2014
Q3 2014 financial results Net Revenue from drilling contracts: 515.5 million Adjusted EBITDA: 281.8 million Reported Net Income: 104.2 million or 0.79 per share Plus: Non-cash write offs and breakage costs from debt refinancing:…
Key highlights Achieved 98.6% average fleet wide operating performance for the third quarter Awarded 3-year contract extension by Petrobras for Ocean Rig Corcovado (Q2 2015 through Q2 2018) Awarded 3-year contract extension by…
Solid backlog insulates ORIG from market softness Ocean Rigs fleet is fully contracted in 2014 and 87% contracted in 2015 For 2015 and 2016, our uncontracted units would only need to earn a dayrate of 112,000 and 341,000…
Operational & Financial Highlights OCEAN RIG UDW INC.
Pure-play ultra-deepwater driller with premium assets Harsh environment UDW semis Sister drillships provide benefits from standardization Optimized for development drilling 5th generation semisubmersibles Four 6th and five 7th generation…
Solid multi-year fleet employment profile Average contract remaining fixed period of 2.7 years, 4.2 years with options 100%, 87%, 64% calendar days under contract in 2014, 2015, and 2016 respectively 5.5 billion revenue backlog 2014…
Q3 2014- Revenue analysis During the quarter, we had 828 calendar days and zero days spent on mobilization Resulting in 828 available drilling days, of which 817 were revenue earning days i.e. 99% operating efficiency(1) Available…
Q3 2014- OPEX analysis Q3 2014 Q3 2014 Direct & Onshore Amortization of Drilling Unit Rig Opex Deferred Opex (in USD million) ( per day) (in USD million) Leiv Eiriksson 20.1 218,902 4.9 Eirik Raude 15.6 169,162 0.0 OCR Corcovado…
Income Statement (Expressed in Millions of U.S. Dollars except for share and per share data) Q3 2014 REVENUES: Drilling revenues, net 460.0 Amortization of deferred revenue 55.5 Total Revenues from drilling contracts 515.5…
Improved debt maturity profile Weighted average maturity of 5.5 years No near-term maturities; next significant maturity in Q4 2017 DFHI Term Loan 7.25% Unsecured 6.50% Secured DOV Term B-1 Notes Notes Loan B (1) Amount…
Growth capital expenditure program 516 million equity invested for our newbuildings Funded From Equity Total Delivered Remaining Cost (1) (as of September 30, Delivery Cost ( million) 2014) 2015 2016 2017 OCR Apollo 683 236 447…
Industry Overview OCEAN RIG UDW INC.
Modern and advanced UDW rigs outperform older units Modern units have more deck space Modern units have space for more people Variable deck load (000s short tons) Accommodation Capacity 20.0 200 186 17.9 18.0 180 16.0 160 14.0 140…
Older units projected to be stacked or scrapped Floaters Utilization by generation Forward contract coverage 100% 90% 88% 80% 70% 68% 60% 58% 50% 52% 40% 38% 30% 21% 30% 20% 11% 9% 10% 5% 0% Next 12m 2yrs 3yrs 4yrs…
Closing Remarks OCEAN RIG UDW INC.
Closing remarks Attractive portfolio of modern drilling units Fleet of 11 modern (6th and 7th generation) UDW drillships and 2 UDW harsh environment semi-submersible rigs Premium high specification standardized assets Value…
Appendix OCEAN RIG UDW INC.
Pure-play 1 ultra-deepwater driller with premium assets Owned & operated ultra-deepwater fleet(1) Owned & operated drillships 40 35 35 30 30 5th largest fleet 4th largest 25 of floaters of units 25 20 20 15 15 10 10 5…
Healthy liquidity & capital structure September 30, Ownership on November 1st, 2014 (in million) 2014 Shares Outstanding 132.0 million Total cash 497.2 Free float shares 53.7 million Senior Secured Term Loan B Facility 1,269.2 % of…
Strong contract backlog provides cash flow visibility Unit Year built Redelivery Counterparties Operating area Backlog(2) (mm) Leiv Eiriksson 2001 Q3 16 Rig Management Norway (1) Norway 401 Q1 15 Lukoil Ivory Coast 36 Eirik Raude…
Fleet status report Date: 1-Nov-14 Scheduled Off-Hire Estimated Mobilization Days Estimated Available Drilling Days Year Built / Estimated Estimated Days Expected Commencement Completion 2014 2015 2014 Footnote 2014 2015 UDW Unit…
2015 indicative revenue calculator To calculate FY2015 Revenues from drilling contracts add to the FY drilling revenue calculated below: approximately 145.1 million in projected amortization of deferred revenues Available Earnings…
Balance Sheet (Expressed in Thousands of U.S. Dollars) December 31, 2013 September 30, 2014 ASSETS Cash, cash equivalents and restricted cash (current and non-current) 659,028 497,161 Other current assets 400,689 533,819 Advances…
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