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HOWARD WEIL ANNUAL ENERGY CONFERENCE – Transocean Ltd.

Transocean Ltd. · Mar 18, 2013 · 27 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. HOWARD WEIL ANNUAL ENERGY CONFERENCE – Transocean Ltd. – slide 1
    Howard Weil Annual Energy Conference March 18, 2013 www.deepwater.com
  2. HOWARD WEIL ANNUAL ENERGY CONFERENCE – Transocean Ltd. – slide 2
    Significant progress made in 2012 Operating Improvement Revenue efficiency improved to 93% from 91% Full fleet: 95% in 3Q and 4Q Utilization improved by 9% to 78% Adjusted earnings from operations increased 161% Cash flow from…
  3. HOWARD WEIL ANNUAL ENERGY CONFERENCE – Transocean Ltd. – slide 3
    Industry leader committed to customers, employees, and shareholders Clearly defined strategies to create value Operations Capital deployment Assets Well positioned to capture global opportunities in an improving market…
  4. HOWARD WEIL ANNUAL ENERGY CONFERENCE – Transocean Ltd. – slide 4
    Worlds largest offshore contract driller Largest fleet of high spec and midwater floaters Operates in most major markets worldwide Significant relationships across the customer spectrum Positioned to lead Premier position in…
  5. HOWARD WEIL ANNUAL ENERGY CONFERENCE – Transocean Ltd. – slide 5
    Continue to improve operational performance Maintain financial flexibility and strong balance sheet Execute asset strategy Resolution of remaining uncertainties Macondo Brazil Norway 6
  6. HOWARD WEIL ANNUAL ENERGY CONFERENCE – Transocean Ltd. – slide 6
    We are focused on delivering superior operating performance: Revenue efficiency Technical improvements Improved contract terms Historic levels believed achievable; progress will be gradual, non-linear Rig out-of-service time…
  7. HOWARD WEIL ANNUAL ENERGY CONFERENCE – Transocean Ltd. – slide 7
    Financial Flexibility Debt reduction Investment grade issuer Return of Capital Capital Investment Dividend favored Competitive yield, Reinvest in sustainable the business Potential future increases 8
  8. HOWARD WEIL ANNUAL ENERGY CONFERENCE – Transocean Ltd. – slide 8
    Maintain financial flexibility to meet future requirements in context of uncertainties Manage financial exposure Contract-backed Shell newbuilds DOJ settlement Sustain investment grade rating Accelerate retirement of debt Continue…
  9. HOWARD WEIL ANNUAL ENERGY CONFERENCE – Transocean Ltd. – slide 9
    Macondo Civil and criminal settlement agreements reached with DOJ comprising 1.4B over five years Phase 1 of trial began February 25, 2013 Brazil Frade Preliminary injunction served on Transocean 9/27/12; lifted by Court of Appeals…
  10. HOWARD WEIL ANNUAL ENERGY CONFERENCE – Transocean Ltd. – slide 10
    Prefer to not add incremental capacity to market Will buy existing capacity Prefer to build to contract Disciplined economic criteria (buy or build) Must fit high spec strategy Economic returns exceed cost of capital Prefer…
  11. HOWARD WEIL ANNUAL ENERGY CONFERENCE – Transocean Ltd. – slide 11
    Average Distributions as % of Net Income (2010A 2012A) (7) (%) 47.5 Recommended 2.24/share distribution as a % of 2013 50.0 street consensus estimates 40.0 25.3 30.0 23.8 15.3 14.8 20.0 10.0 4.3 3.1 0.0 RIG…
  12. HOWARD WEIL ANNUAL ENERGY CONFERENCE – Transocean Ltd. – slide 12
    Indicated Distribution Yield (Average of Peer Groups) (8) (%) 6.0 5.0 4.2 4.0 2.7 2.7 3.0 2.3 2.0 1.0 1.0 0.5 0.3 0.0 RIG Offshore Drillers Floating Production, Offshore Large Cap Services Land Drillers Equipment Storage…
  13. HOWARD WEIL ANNUAL ENERGY CONFERENCE – Transocean Ltd. – slide 13
    Grow our leadership position in high- spec assets Build, acquire, divest and / or spin-off Core, strategic asset portfolio Ultra-deepwater Harsh Environment High-spec Jackups High-quality floaters and jackups 14
  14. HOWARD WEIL ANNUAL ENERGY CONFERENCE – Transocean Ltd. – slide 14
    Fleet expansion Four dynamically-positioned ultra-deepwater drillships 10 year contracts (7.6B of backlog) 3.0B investment with attractive terms Ships have advanced capabilities Dual activity, industry-leading hoisting capacity…
  15. HOWARD WEIL ANNUAL ENERGY CONFERENCE – Transocean Ltd. – slide 15
    Sold 38 rig package to Shelf Drilling Buyer group has deep industry experience Transocean will provide support to facilitate a successful transition A significant step forward in execution of asset strategy Divested 16 additional…
  16. HOWARD WEIL ANNUAL ENERGY CONFERENCE – Transocean Ltd. – slide 16
    Rigs Under Construction 100 91(1) Ultra-Deepwater Floaters 90 9 Deepwater Floaters 80 77(2) 77(2) Midwater Floaters 6 70 11 29 Jackups 12 60 9 11 9 51(3) 50 16 5 5 44 40 18 6 30 8 28 15 5 20 43 43 2 10 18 9 16 0…
  17. HOWARD WEIL ANNUAL ENERGY CONFERENCE – Transocean Ltd. – slide 17
    98% High-Specification Floaters 100% Midwater Floaters 90% High-Specification Jackups 79% 75% 75% 80% 67% 70% 60% 50% 49% 44% 45% 50% 40% 31% 30% 14% 20% 9% 10% 0% 2013 2014 2015 2016 Fleet Availability (6) 18
  18. HOWARD WEIL ANNUAL ENERGY CONFERENCE – Transocean Ltd. – slide 18
    Transocean Fleet (1) - 9 Key Market Drivers Demand and dayrates are increasing Continuing demand growth is: 9 Absorbing uncontracted newbuilds Stable/increasing dayrates 1 available through 1H13 Global Fleet (5) - 154 Current…
  19. HOWARD WEIL ANNUAL ENERGY CONFERENCE – Transocean Ltd. – slide 19
    Transocean Fleet (1) - 28 Key Market Drivers 1 No influx of newbuilds 1 Demand continues to increase in UK and Norway 6 Multiple opportunities for available units in 2013 Petrobras releases could impact market 20 3 available…
  20. HOWARD WEIL ANNUAL ENERGY CONFERENCE – Transocean Ltd. – slide 20
    Transocean Fleet (1) - 16 Key Market Drivers High UDW utilization has positive impact on DW 3 Tendering activity is steady Strong demand in West Africa and Australia Petrobras releases could impact market 13 2 available through…
  21. HOWARD WEIL ANNUAL ENERGY CONFERENCE – Transocean Ltd. – slide 21
    Transocean Fleet (1) - 29 Key Market Drivers 2013 availability is being absorbed 1 Demand and dayrates are steady Customers now looking for 2014 delivery Strong demand in USGOM, West Africa, East Africa and 2 available 28 other…
  22. HOWARD WEIL ANNUAL ENERGY CONFERENCE – Transocean Ltd. – slide 22
    Kara Sea Barents Sea Norway Black Sea / Turkey China Israel USGOM Mexico India Liberia Philippines Cote dIvoire Sierra Leone Ghana French Guiana Nigeria Indonesia Gabon Brazil Mozambique / Tanzania Angola Australia…
  23. HOWARD WEIL ANNUAL ENERGY CONFERENCE – Transocean Ltd. – slide 23
    (US billions) Ultra-Deepwater Floaters 12.0 Deepwater Floaters 10.7 Midwater Floaters High - Specification Jackups 10.0 7.9 8.0 6.7 6.0 4.4 10.2 3.5 3.5 4.0 1.2 0.8 1.8 2.0 1.9 1.9 0.4 1.0 0.1 0.1 0.4 0.5 0.3 0.3 0.0 2013…
  24. HOWARD WEIL ANNUAL ENERGY CONFERENCE – Transocean Ltd. – slide 24
    By Asset Class By Customer 14% 35% 22% 55% 23% 4% 42% 3% 2% Ultra-Deepwater Deepwater Integrated NOC Independent Midwater High-Specification Jackups ADTI Other FY 2012 Revenues - 9.2 billion 25
  25. HOWARD WEIL ANNUAL ENERGY CONFERENCE – Transocean Ltd. – slide 25
    Industry leader committed to customers, employees, and shareholders Clearly defined strategies to create value Operations Capital deployment Assets Well positioned to capture global opportunities in an improving market…
  26. HOWARD WEIL ANNUAL ENERGY CONFERENCE – Transocean Ltd. – slide 26
    Howard Weil Annual Energy Conference March 18, 2013 www.deepwater.com
  27. HOWARD WEIL ANNUAL ENERGY CONFERENCE – Transocean Ltd. – slide 27
    (1) Per Fleet Status Report issued January 17, 2013 and Fleet Update Summary issued February 14, 2013. Floater classifications are by water depth as described in the Fleet Status Report. Harsh Environment Floaters are included in the…

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