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Conference Call 1Q Results – Seadrill Partners LLC

Seadrill Partners LLC · May 28, 2014 · 25 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 1Q Results – Seadrill Partners LLC – slide 1
    Conference Call 1Q 2014 Results May 28, 2014
  2. Conference Call 1Q Results – Seadrill Partners LLC – slide 2
    Seadrill First Quarter Call Agenda Highlights 1Q 2014 Subsequent events during 2Q 2014 Seadrill Strategy & Market Outlook Financial Performance Highlights Appendix: Seadrill Limited Financials 3
  3. Conference Call 1Q Results – Seadrill Partners LLC – slide 3
    Financial Performance Highlights Quarterly EBITDA (proforma consolidated) 788 768 800 Seadrill generates consolidated EBITDA of 713 665 663 US788 million for the first quarter 2014 700 618 612 595 634 604 573 579 575 574…
  4. Conference Call 1Q Results – Seadrill Partners LLC – slide 4
    Highlights 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 and…
  5. Conference Call 1Q Results – Seadrill Partners LLC – slide 5
    Subsequent Events Second Quarter 2014 Seadrill secures contracts for the jack-up units West Tucana, West Telesto, West Ariel, and West Prospero. Additionally, the contract for the West Mischief has been extended by four months. The…
  6. Conference Call 1Q Results – Seadrill Partners LLC – slide 6
    Seadrill Strategy & Market Outlook 7
  7. Conference Call 1Q Results – Seadrill Partners LLC – slide 7
    Dividend Distribution Continues to be a Priority while maintaining a Growth Profile Key objective to grow quarterly dividends in a normalized market Quarterly cash dividend increased to 1.00 dollars per share in the first…
  8. Conference Call 1Q Results – Seadrill Partners LLC – slide 8
    Floaters US14.1 Billion Contract Backlog 2014 2015 2016 2017 Unit Customer 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 Dorado -…
  9. Conference Call 1Q Results – Seadrill Partners LLC – slide 9
    Bifurcation is a Reality Fearnley Offshore 10
  10. Conference Call 1Q Results – Seadrill Partners LLC – slide 10
    Jack-ups - US4.3 Billion Contract Backlog 2014 2015 2016 Unit Customer 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q HE Jack-ups Contracted West Epsilon Statoil US286,000 West Elara Statoil US360,000 03.2017 Uncontracted West Linus…
  11. Conference Call 1Q Results – Seadrill Partners LLC – slide 11
    Offshore is Key to Deliver Required Volumes Global change of liquids supply from 2012 to 2020 NAm shale and Canadian oil sands represent marginal incremental production Million bbl/d Shale / tight oil /non-conventionals alone…
  12. Conference Call 1Q Results – Seadrill Partners LLC – slide 12
    Financial performance highlights Financial Performance Highlights 13
  13. Conference Call 1Q Results – Seadrill Partners LLC – slide 13
    Deconsolidation of Seadrill Partners The financial results of Seadrill Partners LLC will be deconsolidated from the financial results of Seadrill effective from January 2, 2014 and accounted for as an investment in an affiliate First…
  14. Conference Call 1Q Results – Seadrill Partners LLC – slide 14
    Financial Performance Highlights Q1 2014 Q1 2014 Q4 2013 Proforma Stand alone Consolidated Consolidated Total Operating Revenue US1,221 m US1,436 m US1,469 m Total Operating Expenses US771 m US863 US901 m Net Operating…
  15. Conference Call 1Q Results – Seadrill Partners LLC – slide 15
    Balance Sheet Summary March December 31, 2014 31, 2013 Total Current Assets 4,031 2,833 Non-current assets Newbuildings 3,917 3,419 Drilling units 13,163 17,193 Other 6,380 2,855 Total non-current assets 23,460 23,467 TOTAL…
  16. Conference Call 1Q Results – Seadrill Partners LLC – slide 16
    EBITDA Contribution 800 788 768 -6 -2 28 713 700 665 663 634 618 612 604 595 600 573 579 575 574 560 493 500 434 US Millions 400 300 200 100 0 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12…
  17. Conference Call 1Q Results – Seadrill Partners LLC – slide 17
    Financial Flexibility Q1 2014 Actual 2015 Illustrative MLP MLP Term Loan B 3% 12% 11% Term Loan B 11% Unsecured 22% Secured 55% Secured 64% Unsecured 22% Debt Maturities 3,500 3,000 2,500 US Millions…
  18. Conference Call 1Q Results – Seadrill Partners LLC – slide 18
    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…
  19. Conference Call 1Q Results – Seadrill Partners LLC – slide 19
    Financial performance highlights Appendix: Seadrill Limited Financials 20
  20. Conference Call 1Q Results – Seadrill Partners LLC – slide 20
    Operating Income - Floaters Unaudited accounts in USD millions 1Q14 4Q13 3Q13 2Q13 Total operating revenues 859 1,030 939 913 Gain on Sale 440 - - - Vessel and rig operating expenses 318 370 357 301 Reimbursable expenses 23 17 29…
  21. Conference Call 1Q Results – Seadrill Partners LLC – slide 21
    Operating Income Jack-up Rigs Unaudited accounts in USD millions 1Q14 4Q13 3Q13 2Q13 Total operating revenues 319 339 292 274 Vessel and rig operating expenses 135 148 122 111 Reimbursable expenses 9 11 6 9 Depreciation and…
  22. Conference Call 1Q Results – Seadrill Partners LLC – slide 22
    Operating Income Total Seadrill Limited Unaudited accounts in USD millions 1Q14 4Q13 3Q13 2Q13 Total operating revenues 1,221 1,469 1,280 1,268 Gain on sale of assets 440 - - - Vessel and rig operating expenses 492 565 491 439…
  23. Conference Call 1Q Results – Seadrill Partners LLC – slide 23
    Net Income Total Seadrill Limited Unaudited accounts in USD millions 1Q14 4Q13 3Q13 2Q13 Net operating income 890 568 471 507 Financial items and other income Interest income 11 8 - 6 Interest expense (118) (134) (107) (96) Share…
  24. Conference Call 1Q Results – Seadrill Partners LLC – slide 24
    Balance Sheet - Assets March December September Unaudited accounts in USD millions 31, 2014 31, 2013 30, 2013 Current assets Cash and cash equivalents 912 744 551 Restricted cash 206 168 244 Marketable securities 1,072 416 316…
  25. Conference Call 1Q Results – Seadrill Partners LLC – slide 25
    Balance Sheet Liabilities & Shareholders Equity March December September 31, 2014 31, 2013 30, 2013 Current liabilities Current portion of long-term debt 1,662 1,566 2,645 Trade accounts payable 111 90 131 Other current…

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