DOF ASA Q Presentation. DOF ASA Q Presentation - 1

Transcription

1 DOF ASA Q Presentation DOF ASA Q Presentation - 1 CEO Mons Aase CFO Hilde Drønen

2 Agenda Highlights Overview Q4 financial Outlook DOF ASA Q Presentation - 2

3 Highlights Closed agreement with FRC - DOFSUB delisted Skandi Chieftain 3 yrs firm contract with Petrobras, rebuild to RSV in Q1, on-hire in Q2 Skandi TBN (Hull 25) 3 yrs firm contract with OGX (Skandi Møgster forerunner) USD 670 mill financing approved from Merchant Marine Fund in Brazil NOK 1 billion financing approved for Skandi Arctic Skandi Waveney acquired and long term contract with StatoilHydro First long term contract for Aker DOF Supply Geofjord sold Skandi Flora delivered mid Feb 2009 Further delay at the Tebma yard Delivery of Skandi Salvador, on-hire Chevron expected end Feb 09 DOF ASA Q Presentation - 3

4 Company overview DOF ASA Norskan 84,1% Modern fleet 8 AHTS s 4 PSV s DOF Subsea Holding 51% Ship owning company % Modern fleet 10 AHTS s 19 PSV s 1 CSV DOF Installer 50.5% DOF Subsea 100% Ship owning company 100% 3 state of the art installation AHTS vessels Modern fleet & Equipment 22 CSV/ROV vessels 35 ROV s + 1 AUV Leading Subsea Contractor Modern fleet 3 ROV/CSV vessels DOF ASA Q Presentation - 4

5 The fleet market segments PSV AHTS ROV/OCSV/DSV/ Total fleet No. of vessels SEISMIC VESSELS DOF ASA NORSKAN OFFSHORE DOF SUBSEA ASA DOF INSTALLER ASA AKER DOF SUPPLY Total fleet Contract coverage 09* 94% 94% 72% 87% Contract coverage 10* 84% 79% 72% 78% * no options included DOF ASA Q Presentation - 5

6 GLOBAL PLAYER Bergen Austevoll Aberdeen St. Petersburg St. Johns Houston Cairo Manila Singapore Jakarta Brunei Macae Rio de Janeiro Buenos Aires Angola Perth GEOGRAPHICAL FOCUS AREAS DOF ASA Q Presentation - 6

7 DOF contract coverage PSV Area of Operation Charterer 1 Skandi Falcon India Reliance FMAMJ JASONDJFMAMJ JASONDJFMAMJ JASOND 2 Skandi Marstein North Sea Shell UK 3 Skandi Stolmen Norw ay StatoilHydro 4 Skandi Foula North Sea Shell UK 5 Skandi Rona North Sea Shell UK 6 Skandi Waveney North Sea Marathon/spot/ StatoilHydro 7 Skandi Buchan North Sea Total 8 Skandi Sotra North Sea StatoilHydro 9 Skandi Caledonia North Sea Total/MOG 10 Skandi Captain North Sea Shell 11 Skandi Barra North Sea Shell/Total 12 Skandi Chieftain Brazil Petrobras 13 Skandi Texel North Sea Peterson Sup/link 14 Skandi Commander North Sea Shell 15 Skandi Mongstad North Sea StatoilHydro 16 Skandi Flora (AYP 06CD) North Sea StatoilHydro 17 Skandi TBN (Aker PSV 06 LNG) North Sea StatoilHydro 18 Skandi TBN Cochin Total UK Contrage coverage 92 % 81 % FIRM CONTRACTS OPTIONAL PERIOD UNDER CONSTRUCTION DOF ASA Q Presentation - 7

8 DOF contract coverage AHTS Area of Operation Period Charterer FMAM J JASOND JFMAM J JASOND JFMAM J JASOND Skandi Møgster Worldw ide Spot/OGX Skandi Stord North Sea StatoilHydro Skandi Vega (AH04 CD) North Sea Delivery Dec 09 StatoilHydro Skandi Admiral North Sea StatoilHydro Contract Coverage 86 % 78 % CSV Area of Operation Period Charterer FMAMJ JASONDJFMAMJ JASONDJFMAMJ JASOND Skandi Fjord World w ide Halliburton Contract Coverage 100 % 100 % FIRM CONTRACTS OPTIONAL PERIOD UNDER CONSTRUCTION DOF ASA Q Presentation - 8

9 DOF contract coverage, vessels under construction DOF Installer 50.5% DOF Subsea AS Vessel Name Type Ow ner Charterer Delivery JFMAMJ JASONDJFMAMJ JASONDJFMAMJ JASOND 2 Skandi TBN (AH 04 CD) AHTS DOF Installer Skandi TBN (AH 04 CD) AHTS DOF Installer Skandi TBN (AH 04 CD) AHTS DOF Installer Contract coverage N/A 0 % Aker DOF Supply 50% DOF Vessel Name Type Ow ner Charterer Delivery JFMAMJJASONDJFMAMJJASONDJFMAMJJASOND 1 Skandi TBN Vietnam AHTS Aker DOF Supply Skandi TBN Vietnam AHTS Aker DOF Supply StatoilHydro Skandi TBN Vietnam AHTS Aker DOF Supply Skandi TBN Vietnam AHTS Aker DOF Supply Skandi TBN Vietnam AHTS Aker DOF Supply Skandi TBN Vietnam AHTS Aker DOF Supply Skandi TBN Cochin India PSV/RSV Aker DOF Supply 2010 Contract coverage N/A 30 % FIRM CONTRACTS OPTIONAL PERIOD UNDER CONSTRUCTION DOF ASA Q Presentation - 9

10 DOF Subsea contract coverage vessels DOF Subsea Operated Q109 Q209 Q309 Q409 Q110 Q210 Q310 Q410 Geobay Geosounder Geograph Skandi Bergen StatoilHydro Geosund StatoilHydro Geosea Geoholm Technip Skandi Seven Subsea 7 Skandi Salvadore Chevron Skandi Singapore Skandi Vitoria Technip Skandi Brasilia Skandi Navica AKOFS Skandi Santos AKOFS 2011 TC Contracts Skandi Patagonia Total Geo Challenger CGG Skandi Inspector Fugro Skandi Carla Fugro Skandi Neptune Subsea 7 Skandi Achiever Technip Skandi Acergy Acergy Skandi Arctic Technip Contract coverage 71 % 71 % 56 % FIRM CONTRACTS OPTIONAL PERIOD UNDER CONSTRUCTION DOF ASA Q Presentation - 10

11 DOF Subsea : ROV - and other major contracts DOF JV- Australasia Norskan ASA Norskan Botafogo Petrobas Skandi Fluminence Petrobras Skandi Chieftain Petrobas Shell Philipines Brunei Shell Petroleum Chevron Australia BHPB Petroleum Australia DOF Subsea UK Global survey support Survey support Heerema Allseas AKOFS FIRM CONTRACTS 718 AKOFS 718 AKOFS OPTIONAL PERIOD DOF ASA Q Presentation - 11

12 NORSKAN: The fleet PSV Area of Ops. Built Charterer JFMAMJ JASONDJFMAMJ JASONDJFMAMJ JASOND 1 Norskan Flamengo Brazil 2003 Petrobras 2 Norskan Leblon Brazil 2005 Shell 3 Skandi Yare Brazil 2001 Petrobras 4 Skandi Hav Brazil 1983 MOG/Petrobras AHTS 5 Norskan Copacabana Brazil 2005 Petrobras 6 Norskan Botafogo Brazil 2006 Petrobras 7 Skandi Rio Brazil 2007 Petrobras 8 Skandi Fluminence Brazil 2007 Petrobras 9 Skandi Giant Brazil 2003 BG Brazil 10 Skandi Ipanema (AH05) Brazil 2010 OGX 11 Skandi Amazonas (AH12) Brazil Skandi Iginazu (AH12) Brazil 2011 Contract Coverage 98 % 89 % FIRM CONTRACTS OPTIONAL PERIOD UNDER CONSTRUCTION DOF ASA Q Presentation - 12

13 DOF Subsea 2008 vs 2009 REVENUE Actual 2008 Budget % 19 % 73 % DOF ASA Q Presentation - 13

14 DOF Subsea 2008 vs 2009 EBITDA Actual 2008 Budget % 2 % 40 % 57 % 55 % 63 % Subsea Projects TC Chartering Engineering DOF ASA Q Presentation - 14

15 Financial Highlights Q Closing FRC deal impact on balance Off-hire due to planned docking and rebuilding Lower utilization subsea vessels compared to Q3 One vessel sold One vessel delivered in dec 08 Changes in depreciation High financial costs due to unrealized loss on currency Reduced tax due to re-allocation environmental fund tonnage tax DOF ASA Q Presentation - 15

16 Result Q ALL FIGURES IN NOK MILLION Q Q Operating income Gain on sale of assets Total operating income Operating expenses vessels Total operating expenses Operating profit before depreciation Depreciation Operating profit Net profit from associated companies Financial items Unrealized profit/loss on currencies Net financial costs Pre-tax profit Taxes Result Minority Interest DOF ASA Q Presentation - 16

17 P&L Q ALL FIGURES IN NOK THOUSANDS DOF ASA DOF SUBSEA AS TOTAL Q4 Q4 Q4 Revenue Total Revenue Operational costs Total operational costs EBITDA Depreciations EBIT Result from ass. comp Net financial income Net financial costs Unrealized loss/profit from currency Net financial items Profit before taxes Taxes Net profit DOF ASA Q Presentation - 17

18 FINANCIAL RESULTS Q4 ALL FIGURES IN NOK THOUSANDS Currency effects on Q4 results Q Financial items Interest revenues Interest costs Realized currency gain/loss long debt Realized currencey loss on forex instruments (82 549) (92 624) Realized operational currency gain/loss(-) (9 774) Other financial income ( ) ( ) Total financial items ( ) ( ) Unrealized profit/loss on currencies Unrealized currency loss on long debt ( ) ( ) Unrealized currency gain/loss on forex instruments (64 116) Unrealized operational currency gain (21 458) (39 824) Total unrealized profit/loss on currencies ( ) ( ) DOF ASA Q Presentation - 18

19 Balance Q ALL FIGURES IN NOK MILLION Intangible assets Fixed assets Financial assets Receivables Bank balance Total assets Subscribed equity Retained earnings Minority Interest Provisions for commitment Other long-term liabilities Debt to credit institutions Current liabilities Total liabilities and equity DOF ASA Q Presentation - 19

20 Key figures Q Q Q Profit per share -0,45-3,68 Profit per share ex. minority interest -0,54-2,63 Proft per share ex. Unrealized loss/gain 3,71-4,22 Cash flow per share 2,81 2,23 Ebitda margin 38 % 36 % Ebit margin 21 % 19 % Return on net capital -1 % -7 % Equity ratio 28 % 27 % Booked value per share NAV value per share Net interest-bearing debt Net debt (ex capital unemployed) DOF ASA Q Presentation - 20

21 Financing New-buildings DOF INSTALLER Delivery Vessel Remaning Undrawn % Funding Bank Capex funding Q Hull % Eksportfinans Q Hull % Eksportfinans Q Hull % Eksportfinans TOTAL % SUPPLY DOF L/C required Delivery Vessel Remaning Undrawn % Funding Bank Capex funding Q Hull % Q Hull % Eksportfinans Q Skandi Vega % Eksport finans TOTAL % L/C required DOF ASA Q Presentation - 21

22 Financing New-buildings NORSKAN Vessel Delivery Remaining Undrawn % Funding Bank Capex funding Hull 25 Dec % BNDES Hull 26 Jul % BNDES Hull 27 Dec % BNDES % DOF Subsea Delivery Vessel Remaining CAPEX Undrawn Funding % Funding Bank Q1-09 Skandi Arctic Hull % Eksportfinans Q1-10 Skandi Navica - Hull * % Syndicated Q1 10 Skandi Santos Hull * % Syndicated Q1 10 Skandi Vittoria Hull % BNDES Q2 10 Skandi Singapore 637** TBD - Club deal Q3 10 Skandi Brazilia Hull % BNDES TOTAL*** % DOF ASA Q Presentation - 22

23 GEARING VESSELS IN OPERATION NOK mill FMV value fleet Long term debt Leverage LEVERAGE DOF REDERI FLEET % LEVERAGE NORSKAN FLEET % LEVERAGE DOF SUBSEA FLEET % TOTAL % DOF ASA Q Presentation - 23

24 Markets Supply Weak North Sea spot market in Q Strong long term market world wide Subsea Weak North Sea winter market partly due to weather Continued high activity in Brazil and Asia DOF ASA Q Presentation - 24

25 Brazil Summary Increasing offshore activity in Brazil is expected to continue on the back of several recent announcements of significant new discoveries Petrobras has the greatest number of deepwater prospects in the world, as well as the largest number of deepwater drilling rigs on long term contract Local content requirements provide a distinct advantage to Brazilian built / flagged vessels Foreign flagged vessels may generally be utilized only in the event no adequate Brazilian flagged vessel is available For the foreseeable future, local vessels will not be able to meet the required demand, with sustained dependence on foreign flagged vessels Out of ~35 known vessels currently built in Brazil, only 3 are offshore construction vessels all 3 are being built by DOF Subsea Skandi Salvadore 1st Brazilian MSV Skandi Vittoria MSV, pipelay, ROV vessel Skandi Brasilia MSV, pipelay, ROV vessel Even assuming all available newbuild capacity in Brazil is used for offshore construction vessels, there will not be enough Brazilian vessels to meet demand, supporting high sustained levels of utilization for DOF Subsea s Brazilian fleet Production per Day ('000s bpd) 2,500 2,250 2,000 1,750 1,500 1,250 1, Niteroi Jabuti, Marlim 460K bpd Vessel Days 30,000 25,000 20,000 15,000 10,000 5,000 0 Brazil Offshore Production Summary Brazil flagged Supply / Demand Summary Brazil Demand Frade, Parque das Conchas 200K bpd Brazilian Flagged Fleet - Expected Levels of Newbuilds Brazilian Flagged Fleet - Max Newbuild Capacity Albacora, Barracuda 75K bpd Total CAGR: 5.7% Marlim 100K bpd Espadarte, Jubarte 280K bpd Total CAGR: 4.2% DOF ASA Q Presentation - 25

26 Near Term Outlook Supply High contract coverage, only 2 vessels exposed to spot market in 2009; Skandi Møgster (6 months) Skandi Waveney (7 months) Skandi Chieftain new contract with Petrobras as RSV (Rebuilding in Q1) Skandi Hav - new contract with Petrobras as Hose-handling vessel (to be rebuild summer 09 on hire Sep 09) Skandi Flora delivered Feb 09 Subsea Geosea, Geosund, Skandi Bergen partially off-hire in Q1, and full utilization in Q2 Skandi Salvador expected on hire for Chevron end Feb 09 Skandi Arctic expected on hire to Technip Mar/Apr 09 No term contract for Geograph and Geosunder DOF ASA Q Presentation - 26

27 Concluding remarks High contract coverage Well positioned in Brazil World s largest deepwater fleet Global growth Challenging financial markets DOF - Good track record, preferred partner for oil companies and banks DOF ASA Q Presentation - 27

28 DOF ASA Q Presentation - 28 Thank you