Agenda 1. Highlights 2. Q4 2014 and Preliminary Full Year 2014 Financial Results 3. Operational Update 4. Market Outlook 5. Summary 6. Q&A 3
1. Highlights
Highlights Announcement of USD 1.00 dividend Total Q4 Revenue USD 70.9 million; EBITDA USD 54.9 million Q4 Opex per rig approx. USD 85,300 per day Total contract backlog at end of Q4 was USD 511 million Revenue efficiency…
2. Q4 2014 and Preliminary Full Year Financial Results
Q4 2014 Income Statement Condensed statement of comprehensive income in USD thousands, except earnings per share Full Year Full Year Q4 2014 2014 Q4 2013 2013 (unaudited) (unaudited) (unaudited) (audited) Contract revenue 70,116…
Q4 2014 Balance Sheet Condensed statement of financial position in USD thousands 31.12.2014 31.12.2013 (unaudited) (audited) Rigs, machinery and equipment 251,165 245,279 Deferred tax asset 2,486 2,763 253,651 248,042 Trade…
3. Operational Update
Contract Status Current Backlog USD 478 million* AWILCO DRILLING PLC CONTRACT STATUS 2015 2016 Feb March April May June July Aug Sept Oct Nov Dec Jan Feb March April May June July Aug Sept Oct Nov Dec WILHUNTER : Hess 385,000…
Operational Performance Very good operational performance in Q4 with 99.0 % operational uptime Continued positive customer feedback Opex in Q4 lower than guidance Favourable exchange rates Increased focus on cost discipline…
Dividend Distribution Announcement of dividend payable in Q4 of USD 1.00 per share Dividend payable on or around the 20th March 2015 Share will trade ex-dividend on 17th February 2015, the record date will be 18th February…
4. Market Outlook
Falling Dayrates and Low Contracting Activity in the UK market Source: Fearnley Fonds and IHS Petrodata 14
Up to 6 Rigs Available for New Contracts during 2015 UK FLOATER MARKET CONTRACT STATUS 2015 2016 Company Rig name Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec GSF Arctic III Sedco 704…
Timing of Return to Higher Activity Levels is Uncertain Significant market change during the quarter due to sharply falling oil price Prompt reaction from Operators with reductions in current and planned expenditure Continued low…
5. Summary
Summary Announcement of dividend payable in Q1 of USD 1.00 Revenue efficiency during Q4 was 98.7 %, continued focus on operational efficiency Solid contract backlog of USD 478 million, with close to 100 % contract coverage…
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