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Q4 2014 Results – Prosafe Se

Prosafe Se · Feb 9, 2015 · 40 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. Q4 2014 Results – Prosafe Se – slide 1
    9 February 2015 Q4 2014 results
  2. Q4 2014 Results – Prosafe Se – slide 2
    Agenda Recent developments Financial results Operations/projects Outlook Appendix 3
  3. Q4 2014 Results – Prosafe Se – slide 3
    Recent developments Q4 utilisation of 92 per cent Safe Bristolia incident affects results negatively still the best 4th quarter operating result ever Safe Boreas delivered from yard in January currently in transit to Norway Oil…
  4. Q4 2014 Results – Prosafe Se – slide 4
    Agenda Recent developments Financial results Operations/projects Outlook Appendix 5
  5. Q4 2014 Results – Prosafe Se – slide 5
    Income statement (Unaudited figures in USD million) Q4 14 Q3 14 Q4 13 2014 2013 Operating revenues 154.1 169.5 134.8 548.7 523.5 Operating expenses (60.2) (59.9) (53.4) (236.1) (216.9) EBITDA 93.9 109.6 81.4 312.6 306.6…
  6. Q4 2014 Results – Prosafe Se – slide 6
    Operating revenues (USD million) Q4 14 Q3 14 Q4 13 2014 2013 Charter income 137.2 148.8 120.4 481.2 469.2 Mob/demob income 1.0 3.0 3.7 8.8 9.1 Other income 15.9 17.7 10.7 58.7 45.2 Total 154.1 169.5 134.8 548.7 523.5 7
  7. Q4 2014 Results – Prosafe Se – slide 7
    Balance sheet (Unaudited figures in USD million) 31.12.14 30.09.14 31.12.13 Goodwill 226.7 226.7 226.7 Vessels 1 027.3 1 004.1 946.9 New builds 311.8 293.7 248.9 Other non-current assets 5.7 5.2 4.9 Total non-current assets 1 571.5…
  8. Q4 2014 Results – Prosafe Se – slide 8
    Key figures KEY FIGURES Q4 14 Q3 14 Q4 13 2014 2013 Operating margin 50.2 % 54.9 % 49.7 % 45.3 % 46.8 % Equity ratio 41.2 % 41.1 % 45.7 % 41.2 % 45.7 % Return on equity 28.1 % 37.8 % 33.0 % 24.0 % 31.7 % Net interest bearing debt…
  9. Q4 2014 Results – Prosafe Se – slide 9
    Dividend Board of Directors has declared an interim dividend equivalent to USD 0.048 per share The shares will trade ex- dividend on 18 February The dividend will be paid in the form of NOK 0.36 per share on 3 March 10
  10. Q4 2014 Results – Prosafe Se – slide 10
    New debt facility key terms & conditions New USD 1,300 million bank facility to refinance existing USD 1,100 million and USD 420 million facilities Loan agreement signed, closing expected shortly Key terms & conditions: Interest…
  11. Q4 2014 Results – Prosafe Se – slide 11
    New debt facility financial covenants Minimum liquidity Cash1 USD 65 million Leverage ratio2 2015-2017: Net Debt2/EBITDA3 < 5.0 2018-2022: Net Debt2/EBITDA3 < 4.5 Equity ratio3 Value Adjusted Equity Ratio 35 per cent 1. Including…
  12. Q4 2014 Results – Prosafe Se – slide 12
    Debt instalment profile Note: As the new USD 1,300 million facility includes a revolving tranche the scheduled instalments do not necessarily imply a reduction of cash (or gross interest-bearing debt) 13
  13. Q4 2014 Results – Prosafe Se – slide 13
    Agenda Recent developments Financial results Operations/projects Outlook Appendix 14
  14. Q4 2014 Results – Prosafe Se – slide 14
    Operations Utilisation rate of 92 per cent in Q4 Operating performance as expected, except Safe Bristolia incident Safe Bristolia sustained damages to lifeboats after experiencing extreme weather conditions in early…
  15. Q4 2014 Results – Prosafe Se – slide 15
    Safe Boreas Vessel delivered from yard in mid-January Currently in transit to Norway On track for start-up of operations in Norway in late April/early May First contract for Lundin Norway at the Edvard Grieg field in Norway…
  16. Q4 2014 Results – Prosafe Se – slide 16
    Safe Zephyrus Engines have been started Mechanical completion in progress Ready for operations in 2015 Financial status Q4 14 USDm Book value o.b. 84 Book value c.b. 91 Capitalised in quarter 7 Estimated total cost 350 17
  17. Q4 2014 Results – Prosafe Se – slide 17
    Safe Notos and Safe Eurus Projects developing as planned Float-out of Safe Notos hull in mid-January Keel-laying Safe Eurus in end January Strong capabilities The most advanced and flexible vessels for worldwide operations…
  18. Q4 2014 Results – Prosafe Se – slide 18
    Safe Scandinavia and Safe Concordia Safe Scandinavia TSV project 3 years firm (+4 years of options) contract with Statoil for use of the vessel as a Tender Support Vessel (TSV) at Oseberg st in Norway Vessel to go to Westcon yard in…
  19. Q4 2014 Results – Prosafe Se – slide 19
    2015 capital expenditure Expected capital expenditure in 2015: USD 700-750 million Major items: Final yard instalment Safe Boreas Final yard instalment Safe Zephyrus Safe Scandinavia TSV conversion Safe Concordia SPS Safe…
  20. Q4 2014 Results – Prosafe Se – slide 20
    Agenda Recent developments Financial results Operations/projects Outlook Appendix 21
  21. Q4 2014 Results – Prosafe Se – slide 21
    Substantial growth in semi accommodation fleet No. of accommodation semis by owner Overview of incoming vessels 2012-2016 34 32 POSH 30 Jasper 28 26 OOS POSH; 2 24 Axis Off. 22 20 Jasper; 1 Prosafe; 4 ETESCO 18 16 FOE 14 OOS; 2 COSL…
  22. Q4 2014 Results – Prosafe Se – slide 22
    North Sea lower activity level Short-to-medium term weakness North Sea accommodation demand index De-scoping, postponement and 120 112 cancellation of projects 106 109 110 103 101100 99100 100 Longer decision processes 100 95 94…
  23. Q4 2014 Results – Prosafe Se – slide 23
    North Sea day rates (time charter) 24
  24. Q4 2014 Results – Prosafe Se – slide 24
    Mexico rising short-term uncertainty Promising long-term demand picture Interesting potential also in other shallow water areas besides Cantarell Energy reform should lead to more deepwater exploration Oil price drop has created…
  25. Q4 2014 Results – Prosafe Se – slide 25
    Mexico day rates (bareboat) 26
  26. Q4 2014 Results – Prosafe Se – slide 26
    Brazil potential for further contract awards Accommodation vessels used for safety and maintenance purposes at producing fields Outlook for further growth is still positive Potential for further contract awards over the coming…
  27. Q4 2014 Results – Prosafe Se – slide 27
    Rest of the world interesting opportunities Australia Some demand related to hook-up and commissioning As fields are getting older, there should be potential for more maintenance and modification related work South East Asia Some…
  28. Q4 2014 Results – Prosafe Se – slide 28
    Rest of the World day rates (time charter) 29
  29. Q4 2014 Results – Prosafe Se – slide 29
    High contract visibility 30
  30. Q4 2014 Results – Prosafe Se – slide 30
    Contract backlog still robust But no new contracts signed over the past nine months Gross value of charter contracts Status end Q4 14 2 500 Firm contracts USD 1,239m + Options (1) USD 604m = Total USD 1,843m 2 000 Options Letter…
  31. Q4 2014 Results – Prosafe Se – slide 31
    Cost efficiency measures Review of cost reduction potential has been initiated in light of the weaker market outlook The whole cost structure, both onshore and offshore, will be evaluated Some measures already implemented, others to…
  32. Q4 2014 Results – Prosafe Se – slide 32
    Summary Safe Boreas delivered from yard and in transit to Norway Other projects also progressing well Refinancing provides increased financial flexibility and reduces refinancing risk Increased market uncertainty following…
  33. Q4 2014 Results – Prosafe Se – slide 33
    Agenda Recent developments Financial results Operations/projects Outlook Appendix 34
  34. Q4 2014 Results – Prosafe Se – slide 34
    Debt facilities Loan Commitment Maturity Margin NOK 500 million bond (2011-16) NOK 500 million Q1 2016 350 bps NOK 500 million bond (2012-17) NOK 500 million Q1 2017 375 bps NOK 700 million bond (2013-18) NOK 700 million Q4 2018 295…
  35. Q4 2014 Results – Prosafe Se – slide 35
    Fleet overview North Sea Name Regalia Safe Scandinavia Safe Caledonia Geographical area Norway/North Sea Norway/North Sea North Sea Mooring system DP 12 point chain winches 10 point wire winches Station keeping NMD3 Moored DP2 / TAMS…
  36. Q4 2014 Results – Prosafe Se – slide 36
    Fleet overview North Sea Name Safe Boreas Safe Zephyrus Geographical area Norway/North Sea Norway/North Sea Mooring system 12 point wire winches 12 point wire winches Station keeping DP3 DP3 No of beds 450 450 Deck area 2,100 m2…
  37. Q4 2014 Results – Prosafe Se – slide 37
    Fleet overview North Sea Name Safe Notos Safe Eurus Safe Bristolia Geographical area North Sea North Sea North Sea Mooring system 10 point chain winches 10 point chain winches 8 point wire winches Station keeping DP3 DP3 Moored No of…
  38. Q4 2014 Results – Prosafe Se – slide 38
    Fleet overview non-North Sea Name Safe Astoria Safe Concordia Geographical area Non-North Sea Non-North Sea Mooring system 8 point wire winches 4 point wire winches Station keeping Moored DP2 No of beds 349 461 Deck area 620 m2 1,300…
  39. Q4 2014 Results – Prosafe Se – slide 39
    Fleet overview Mexico Name Safe Britannia Safe Lancia Safe Hibernia Geographical area Mexico(/North Sea) Mexico Mexico(/North Sea) Mooring system 9 point wire winches 8 point chain winches 12 point wire winches Station keeping DP2 /…
  40. Q4 2014 Results – Prosafe Se – slide 40
    Fleet overview Mexico Name Safe Regency Jasminia Geographical area Mexico(/North Sea) Mexico Mooring system 8 point wire winches 8 point wire winches Station keeping DP2 Moored No of beds 771 535 Deck area 800 m2 690 m2 Design F+G…

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