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Q2 2014 results – Prosafe Se

Prosafe Se · Aug 21, 2014 · 33 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. Q2 2014 results – Prosafe Se – slide 1
    21 August 2014 Q2 2014 results
  2. Q2 2014 results – Prosafe Se – slide 2
    Agenda Recent developments Financial results Projects Outlook Appendix 3
  3. Q2 2014 results – Prosafe Se – slide 3
    Recent developments Q2 utilisation of 84 per cent Contract signed for provision of Safe Scandinavia as tender support vessel (TSV) for Statoil New build projects progressing well First vessel Safe Boreas to start mobilisation…
  4. Q2 2014 results – Prosafe Se – slide 4
    Agenda Recent developments Financial results Projects Outlook Appendix 5
  5. Q2 2014 results – Prosafe Se – slide 5
    Income statement (Unaudited figures in USD million) Q2 14 Q1 14 Q2 13 6M 14 6M 13 2013 Operating revenues 133.4 91.7 143.5 225.1 229.3 523.5 Operating expenses (62.4) (53.6) (60.3) (116.0) (112.7) (216.9) EBITDA 71.0 38.1 83.2 109.1…
  6. Q2 2014 results – Prosafe Se – slide 6
    Operating revenues (USD million) Q2 14 Q1 14 Q2 13 6M 14 6M 13 2013 Charter income 114.7 80.5 127.5 195.2 202.8 469.2 Mob/demob income 3.7 1.1 3.7 4.8 5.4 9.1 Other income 15.0 10.1 12.3 25.1 21.1 45.2 Total 133.4 91.7 143.5…
  7. Q2 2014 results – Prosafe Se – slide 7
    Balance sheet (Unaudited figures in USD million) 30.06.14 31.03.14 31.12.13 30.06.13 Goodwill 226.7 226.7 226.7 226.7 Vessels 995.8 981.3 946.9 926.6 New builds 275.6 260.3 248.9 148.6 Other non-current assets 5.1 5.1 4.9 18.3…
  8. Q2 2014 results – Prosafe Se – slide 8
    Key figures KEY FIGURES Q2 14 Q1 14 Q2 13 6M 14 6M 13 2013 Operating margin 41.2 % 25.0 % 47.9 % 34.6 % 38.2 % 46.8 % Equity ratio 40.9 % 43.9 % 44.0 % 40.9 % 44.0 % 45.7 % Return on equity 24.2 % 10.2 % 34.5 % 16.9 % 18.4 % 31.7 % Net…
  9. Q2 2014 results – Prosafe Se – slide 9
    Dividend Declared an interim dividend equivalent to USD 0.16 per share The shares will trade ex- dividend on 27 August The dividend will be paid in the form of NOK 0.98 per share on 10 September Based on a more uncertain…
  10. Q2 2014 results – Prosafe Se – slide 10
    Agenda Recent developments Financial results Projects Outlook Appendix 11
  11. Q2 2014 results – Prosafe Se – slide 11
    Safe Boreas Mechanical completion and commissioning ongoing Mobilisation to Norway to commence in Q4 14 First contract for Lundin at the Edvard Grieg field in Norway Contract commencement scheduled for late April/early May…
  12. Q2 2014 results – Prosafe Se – slide 12
    Safe Zephyrus Launch and docking took place Financial status Q2 14 USDm Book value o.b. 72 in June Book value c.b. 79 Accommodation blocks lifted in Capitalised in quarter 7 place in August Estimated total cost 350 Ready for…
  13. Q2 2014 results – Prosafe Se – slide 13
    Safe Notos and Safe Eurus Strong capabilities The most advanced and flexible vessels for worldwide operations excluding Norway Number 3 and 4 in a series of Gusto MSC Ocean 500 units built by Cosco Source: Gusto MSC Ready for…
  14. Q2 2014 results – Prosafe Se – slide 14
    State of the art North Sea fleet Safe Boreas new build Safe Zephyrus new build Safe Notos new build Safe Eurus new build Safe Scandinavia life extension in 2014 (20 years) Safe Caledonia life extension in 2013 (20 years) Regalia…
  15. Q2 2014 results – Prosafe Se – slide 15
    Agenda Recent developments Financial results Projects Outlook Appendix 16
  16. Q2 2014 results – Prosafe Se – slide 16
    Clear market leader in the high-end segment 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 12…
  17. Q2 2014 results – Prosafe Se – slide 17
    Vessel motion characteristics DP vessels See appendix and latest issue of the Prosafe Now magazine (can be found at www.prosafe.com) for more details Source: Prosafe estimates based on available technical specifications 18
  18. Q2 2014 results – Prosafe Se – slide 18
    Fragmented Brazilian market North Sea Brazil 12 12 11 11 10 Total no. of 10 vessels 9 9 8 8 Total no. of vessels Total no. of 7 7 Total no. of owners 6 6 vessels 5 5 4 4 3 Total no. of Total no. of 3 owners owners Total no.…
  19. Q2 2014 results – Prosafe Se – slide 19
    North Sea robust demand Short-to-medium term North Sea accommodation demand index More uncertain demand situation 120 due to reduced spending by oil 112 109 106 companies 110 101100 103 99 100 100 100 95 Fewer tenders and market…
  20. Q2 2014 results – Prosafe Se – slide 20
    North Sea day rates (time charter) 21
  21. Q2 2014 results – Prosafe Se – slide 21
    Mexico high activity level High activity level in shallow waters evidenced by an increasing number of drilling jack-ups under contract Interesting potential also in other shallow water areas besides Cantarell Energy reform has…
  22. Q2 2014 results – Prosafe Se – slide 22
    Mexico day rates (bareboat) 23
  23. Q2 2014 results – Prosafe Se – slide 23
    Brazil continued demand growth Positive demand outlook High activity in the Campos basin Primarily maintenance requirements Santos basin opportunities Operators other than Petrobras showing interest in accommodation vessels…
  24. Q2 2014 results – Prosafe Se – slide 24
    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…
  25. Q2 2014 results – Prosafe Se – slide 25
    Rest of the World day rates (time charter) 26
  26. Q2 2014 results – Prosafe Se – slide 26
    High contract visibility 27
  27. Q2 2014 results – Prosafe Se – slide 27
    Robust contract backlog Contract backlog Status end Q2 14 2 500 Firm contracts USD 1,541m + Options (1) USD 665m = Total USD 2,206m 2 000 Options Letter of Intent Firm contracts 2014 USD million 1 500 14 14 % %…
  28. Q2 2014 results – Prosafe Se – slide 28
    Summary Record high order backlog New build projects progressing well Increased uncertainty related to demand in the short term Long-term demand drivers remain intact Prosafe well placed to enhance the leading position…
  29. Q2 2014 results – Prosafe Se – slide 29
    Agenda Recent developments Financial results Projects Outlook Appendix 30
  30. Q2 2014 results – Prosafe Se – slide 30
    Interest-bearing debt portfolio Loan Commitment Maturity Margin USD 1100 million credit facility (2011-17) USD 723 million Q3 2017 187.5 bps USD 420 million credit facility (2012-17) USD 420 million Q4 2017 295 bps USD 288 million…
  31. Q2 2014 results – Prosafe Se – slide 31
    Vessel motion characteristics Six degrees of freedom refers to the freedom of movement of a rigid body in a three-dimensional space The body is free to move (translation) along three axes Surge (forward/backward or forward/astern)…
  32. Q2 2014 results – Prosafe Se – slide 32
    Vessel motion characteristics Gangway connecting to a fixed target Connect the gangway Maintain position Accommodation vessel should move as little as possible Gangway connecting to a moving target Connect the gangway Follow target…
  33. Q2 2014 results – Prosafe Se – slide 33
    Harsh environment capabilities DP vessels Airgap in operation (m) 14,0 12,0 11,0 11,5 9,5 9,5 10,0 10,0 9,5 7,6 8,0 meters 8,0 6,7 6,7 7,0 6,0 4,0 2,0 0,0 Floatel Reliance Safe Concordia Floatel CSS Olympia Regalia Posh…

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