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Conference Call 4Q 2013 Results – Seadrill Limited

Seadrill Limited · Feb 25, 2014 · 26 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 4Q 2013 Results – Seadrill Limited – slide 1
    Conference Call 4Q 2013 Results February 25, 2014
  2. Conference Call 4Q 2013 Results – Seadrill Limited – slide 2
    Seadrill Fourth Quarter Call Agenda Highlights 4Q 2013 Subsequent events during 1Q 2014 Seadrill Strategy & Market Outlook Financial Performance Highlights Appendix: Seadrill Limited Financials 3
  3. Conference Call 4Q 2013 Results – Seadrill Limited – slide 3
    Financial Performance Highlights Quarterly EBITDA Seadrill generates EBITDA of US768 million 800 768 713 for the fourth quarter 2013 700 665 663 618 634 612 595 604 573 579 575 574 600 Economic utilization for our floaters was…
  4. Conference Call 4Q 2013 Results – Seadrill Limited – slide 4
    Highlights Fourth Quarter 2013 Seadrill Partners announces settlement agreement and 18 month contract extension for the West Aquarius with a total estimated revenue potential of US337 million Total S.A. exercised their option with…
  5. Conference Call 4Q 2013 Results – Seadrill Limited – slide 5
    Subsequent Events First Quarter 2014 North Atlantic Drilling completes private placement of US600 million unsecured bond issue maturing 2019 North Atlantic Drilling completes its initial public offering of 13,513,514 common shares…
  6. Conference Call 4Q 2013 Results – Seadrill Limited – slide 6
    Seadrill Strategy & Market Outlook 7
  7. Conference Call 4Q 2013 Results – Seadrill Limited – slide 7
    Dividend Growth Continues to be a Priority while maintaining a Growth Profile Key objective to grow quarterly dividends Quarterly cash dividend raised from 95 cents to 98 cents per share in Q4 Increase reflects improved free cash…
  8. Conference Call 4Q 2013 Results – Seadrill Limited – slide 8
    Establishing Vehicles to Offer Exposure to Key Themes 9
  9. Conference Call 4Q 2013 Results – Seadrill Limited – slide 9
    Near Term Outlook 1 2014 Projects Pushed to 2015 Block 32 Total Angola Mad Dog 2 BP Gulf of Mexico Stampede Hess Gulf of Mexico Chevron Indonesia Chevron Indonesia Bonga 2 rigs - Nigeria 1 X-axis: total liquids…
  10. Conference Call 4Q 2013 Results – Seadrill Limited – slide 10
    Floaters US15.5 Billion Contract Backlog 2013 2014 2015 2016 2017 Unit Customer 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q West Saturn - Newbuild West Jupiter - Newbuild West Carina - Newbuild West Draco - Newbuild West…
  11. Conference Call 4Q 2013 Results – Seadrill Limited – slide 11
    Jack-ups - US4.2 Billion Contract Backlog 2013 2014 2015 2016 Unit Customer 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Contracted HE Jack-ups West Epsilon Statoil US286,000 West Elara Statoil US360,000 03.2017 Uncontracted West…
  12. Conference Call 4Q 2013 Results – Seadrill Limited – slide 12
    Well Positioned to Weather the Storm.. World oil demand and oil price* by scenario Floater supply and demand Seadrill UDW Coverage 2014 Illustrative daily liquidity cushion West Tellus (1) (1) (2) (3) (4) (1) Based on LTM…
  13. Conference Call 4Q 2013 Results – Seadrill Limited – slide 13
    Financial performance highlights Financial Performance Highlights 14
  14. Conference Call 4Q 2013 Results – Seadrill Limited – slide 14
    Demonstrated Access to Capital Markets West Sirius and West Leo acquired by Seadrill Partners SDLP Dropdowns US465 million equity offering to finance dropdown Generated cash proceeds of US356 million to Seadrill Limited NADL…
  15. Conference Call 4Q 2013 Results – Seadrill Limited – slide 15
    Financial Performance Highlights Previous This quarter quarter EBITDA US768 m US663 m Earnings per share US0.49 US0.61 Operating profit US568 m US471 m Financial items and other income US(286) m US(96) m Cash flow from…
  16. Conference Call 4Q 2013 Results – Seadrill Limited – slide 16
    Balance Sheet Summary December September 31, 2013 30, 2013 Total Current Assets 2,833 2,562 Non-current assets Newbuildings 3,419 4,900 Drilling units 17,193 14,778 Other 2,855 2,739 Total non-current assets 23,467 22,417 TOTAL…
  17. Conference Call 4Q 2013 Results – Seadrill Limited – slide 17
    EBITDA Contribution 800 768 8 31 108 713 -16 700 665 663 634 618 612 604 595 -27 600 573 579 575 574 560 493 500 434 US Millions 400 300 200 100 0 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12…
  18. Conference Call 4Q 2013 Results – Seadrill Limited – slide 18
    Financial Flexibility Feb 2014 Actual 2015 Illustrative MLP MLP Term Loan B 3% 12% 11% Term Loan B 11% Unsecured 22% Secured 55% Secured 64% Unsecured 22% Capex Per Year 2013-2014 Financing Summary 4,500 4,000…
  19. Conference Call 4Q 2013 Results – Seadrill Limited – slide 19
    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 12% of SapuraKencana Market…
  20. Conference Call 4Q 2013 Results – Seadrill Limited – slide 20
    Financial performance highlights Appendix: Seadrill Limited Financials 21
  21. Conference Call 4Q 2013 Results – Seadrill Limited – slide 21
    Operating Income - Floaters Unaudited accounts in USD millions 4Q13 3Q13 2Q13 1Q13 Total operating revenues 1,069 939 913 807 Vessel and rig operating expenses 392 357 301 290 Reimbursable expenses 35 29 88 40 Depreciation and…
  22. Conference Call 4Q 2013 Results – Seadrill Limited – slide 22
    Operating Income Jack-up Rigs Unaudited accounts in USD millions 4Q13 3Q13 2Q13 1Q13 Total operating revenues 349 292 274 269 Gain on sale of assets - - - 61 Vessel and rig operating expenses 155 122 111 112 Reimbursable expenses 13…
  23. Conference Call 4Q 2013 Results – Seadrill Limited – slide 23
    Operating Income Total Seadrill Limited Unaudited accounts in USD millions 4Q13 3Q13 2Q13 1Q13 Total operating revenues 1,469 1,280 1,268 1,265 Gain on sale of assets - - - 61 Vessel and rig operating expenses 565 491 439 482…
  24. Conference Call 4Q 2013 Results – Seadrill Limited – slide 24
    Net Income Total Seadrill Limited Unaudited accounts in USD millions 4Q13 3Q13 2Q13 1Q13 Net operating income 568 471 507 552 Financial items and other income Interest income 8 - 6 4 Interest expense (134) (107) (96) (108) Share in…
  25. Conference Call 4Q 2013 Results – Seadrill Limited – slide 25
    Balance Sheet - Assets December September June Unaudited accounts in USD millions 31, 2013 30, 2013 30, 2013 Current assets Cash and cash equivalents 744 551 437 Restricted cash 168 244 224 Marketable securities 416 316 936 Accounts…
  26. Conference Call 4Q 2013 Results – Seadrill Limited – slide 26
    Balance Sheet Liabilities & Shareholders Equity December September June 31, 2013 30, 2013 30, 2013 Current liabilities Current portion of long-term debt 1,566 2,645 2,873 Trade accounts payable 90 131 66 Other current liabilities…

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