Quarterly Presentation Q DOF Subsea Group

Transcription

1 Quarterly Presentation Q Group

2 Group at a glance 2005 established NOK 1.2bn 1) Revenues Q3 18 NOK 15.1bn Firm backlog Q ) Subsea employees worldwide Q3 18 Integrated Supplier of subsea offshore services Modern State-of-the-art asset base 28 3) Subsea vessels 71 4) ROVs 1) Note: According to management reporting 2) Note: Excluding marine crew 3) Note: Including newbuild Skandi Olinda and chartered-in vessels Harvey Deep-Sea, Harvey Subsea, Skandi Chieftain and Skandi Darwin 4) Note: Including 2 AUVs 2

3 Global footprint Bergen Aberdeen St John s Houston NORTH AMERICA ATLANTIC Kuala Lumpur Singapore Brunei Manila Macaé Rio de Janeiro Luanda Jakarta Darwin Buenos Aires BRAZIL ASIA PACIFIC Perth Melbourne Local operating model ensuring on-the-ground responsiveness towards clients needs 1) Note: Number of employees as at end of Q3 18, excluding marine crew 2) Note: Vessels in operation as at end of Q3 18, including 4 chartered-in vessels (excluding newbuild under construction) 3

4 More than a decade of structural growth and consolidation established following the acquisition of Geoconsult. The Company was listed second half First Reserve acquires 49% of, which in the following is delisted from the Oslo Stock Exchange Large and global organisation following multiple acquisitions from Covus Subsea Century Subsea SWG Offshore CSL SEMAR Development in number of Subsea Employees 1) Awarded four PLSV long-term contracts in joint venture with TechnipFMC Expanding organisation on the back of several large contract awards. Number of employees and vessels peaking at and 27, respectively Focus on consolidation and streamlining of business operations to improve efficiency and competitiveness in weak market Delivery of two newbuilds entering into long-term contracts and commencement of two long-term IMR contracts Delivery of one JV newbuild entering into longterm contract and award of several long-term contracts within both business segments Q Development in number of vessels in operation 2) Q Owned vessels Chartered-in vessels Total 1) Note: Marine crew not included 2) Note: Newbuild not included 4 3) Note: Period-end numbers

5 Key financials 1) Revenue EBITDA 2) Firm backlog NOK million NOK million EBITDA margin NOK billion % % % % % % % % LTM LTM 0% Q ) Note: Figures according to management reporting (LTM = Last Twelve Months) 2) Note: EBITDA excl. profit from sale of non-current assets 5

6 Maintained strong backlog in challenging market Firm backlog Q equals firm backlog NOK billion Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q Sum of Firm Sum of Options Majority of firm contract backlog with investment grade companies Firm contract backlog in NOK has been relatively steady over time Current firm contract backlog equals ~3x actual 2016 revenue Majority of firm backlog has high EBITDAmargin 6

7 Segment highlights

8 Two business segments Group Subsea / IMR Projects Long-term Chartering 1) Framework agreements Engineering capabilities Opex spending Long-term charters Vessel capabilities Capex spending Revenues Q3 18 2) NOK 787 million EBITDA Q3 18 3) NOK 61 million ~8% margin Firm backlog 4) NOK 3.8bn Revenues Q3 18 2) NOK 397 million EBITDA Q3 18 3) NOK 315 million ~79% margin Firm backlog 4) NOK 11.4bn Employees Q vessels in operation 5) Q vessels in operation Q newbuild Q3 18 1) Note: Long-term Chartering comprises 6 PLSVs in operation and 1 PLSV under construction, plus Skandi Acergy and Skandi Patagonia 4) Note: Firm backlog as at end of Q ) Note: According to management reporting 3) Note: According to management reporting 5) Note: Including 4 chartered-in vessels

9 Subsea/IMR Projects Numerous projects completed and ongoing worldwide Built a leading subsea projects division for over a decade Subsea project activity established with a global footprint in all key offshore regions High quality asset base leveraging unrivalled subsea and vessel operating competence A clear action plan to pursue further opportunities Continue to increase the scope and complexity of operations Strengthen presence in selected geographies Further build project backlog with core focus on IMR projects Selected IMR projects Last 5 years Petrobras DSV Contract ( ) Petrobras RSV Contract ( ) ENI Angola IMR Contract ( ) Husky Energy IMR Contract ( ) Shell Prelude IMR Contract ( ) Goliat Field Support ENI (2016) Chevron Gorgon IMR Contract ( ) Shell Malampaya IMR Contract ( ) ConocoPhillips ROV Services (2012 and onwards) ROV Support Vessel Petrobras (2011 and onwards) Selected Mooring projects Last 5 years Egina FPSO Hook-up (2018) Lam Son Mooring Replacement (2017) Bergading FPSO Pre-Tensioning (2017) Yinson OCTP FPSO Field Dev. ( ) Bongkot Mooring Replacement PTTEP (2017) Raroa Mooring OMV ( ) Gina Krog TMRS Teekay (2016) Catcher Mooring Installation BWO (2016) Goliat FPSO Marine Installation ENI ( ) Lam Son Mooring Installation PTSC (2014) 9

10 Long-term Chartering provides state-of-the-art vessels to leading players Skandi Acergy Skandi Acu Skandi Africa 8 vessels in operation 1 contracted newbuild NOK 11.4bn firm backlog per Q3 18 Construction support vessel Construction & pipe laying vessel Construction & pipe laying vessel Operations High-end vessels operating advanced subsea projects for third party EPCI contractors Skandi Niteroi Skandi Patagonia Skandi Vitoria Contracts Strong long-term contract coverage Construction & pipe laying vessel Dive support vessel Construction & pipe laying vessel Remuneration Day-rate based Skandi Buzios Skandi Recife Skandi Olinda Selected clients Construction & pipe laying vessel Construction & pipe laying vessel Construction & pipe laying vessel 10

11 Selected long-term contracts Feb 2019 Long-term FLNG IMR contract awarded in Australia with Shell 5 years + 4 years options IMR scope comprising project management, engineering, logistics, vessel and ROV services Utilising Skandi Darwin Long-term contract with Petrobras 8 years + 8 years options Vessel owned in joint venture with TechnipFMC Built in Brazil with 300t VLS Jun 2018 Aug 2018 Skandi Salvador Sep 2018 Skandi Achiever Skandi Olinda Long-term contract with Petrobras 8 years + 8 years options Vessel owned in joint venture with TechnipFMC Built in Brazil with 300t VLS Nov 2017 Prelude FLNG Skandi Recife Long-term contract with Petrobras in Brazil Vessel and ROV services Long-term DSV contract with Petrobras 3 years + 2 years options ROV and diving services Partnered up with diving partner in Brazil 11

12 3 rd quarter 2018

13 Q highlights The operating revenue for the quarter was NOK million 1), EBITDA was NOK 376 million 1) and overall vessel utilisation was 75%. The Atlantic region was awarded multiple IMR Frame Agreements during the quarter. One with Wintershall for operations on in the North Sea and one with CNR International for operations on UKCS and West Africa. was awarded a time charter contract for Skandi Constructor with MHI Vestas Offshore Wind with firm period until end of December was awarded several short-term contracts in the Asia Pacific region, the Atlantic region and North America region securing utilisation of personnel and assets in the Subsea/IMR Projects segment. Firm contract backlog as at 30 September 2018 was NOK 15.1 billion. established a drawing facility with one of its main banks in July. AS is contemplating the issuance of new unsecured bonds of NOK 800-1,000 million with maturity in November ) Note: Figures according to management reporting 13

14 Quarterly performance 1) NOK million % 35% 30% 25% 20% 15% 10% 5% EBITDA margin - Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q % Operating income EBITDA EBITDA margin NOK million Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Operating income EBITDA EBITDA margin 29,0% 24,8% 27,7% 26,2% 27,8% 31,4% 32,4% 30,7% 36,3% 28,4% 28,4% 33,4% 30,4% 31,5% 29,4% 30,9% 31,8% Current assets Non-current assets Total assets Current liabilities Non-current liabilities Equity Total equity and liablilites ) Note: Figures according to management reporting, and excluding profit from sale of non-current assets 14

15 Debt maturity profile 1) Debt maturity profile, 2018E 2023E E 2019E 2020E 2021E 2022E 2023E Thereafter Bond Loan Bank Debt Balloons 1) Note: Figures according to management reporting and based on exchange rates as at end of Q3 18 The figures reflect amortisation and balloon payments on outstanding debt as at end of Q

16 Backlog 1) As at 30 September 2018, the Group s firm contract backlog was NOK 15.1 billion 25,0 20,0 NOK billion 15,0 10,0 5,0 0, Thereafter Option Revenue 0,1 0,6 0,5 0,9 1,1 15,5 Firm Revenue 1,0 2,9 2,6 2,2 1,8 4,6 Firm Revenue Option Revenue 1) Note: Figures based on remaining backlog as at end of Q3 18 and exchange rates as at end of Q3 18 2) Note: Contract backlog excludes master service agreements (MSAs) within the Subsea/IMR Projects segment only confirmed POs are included in the backlog 16

17 Modern high-end fleet Year of delivery fleet 1) 10,0 Fleet age 9, Newbuild ,0 7,0 6,0 Skandi Vinland, CSV built 2017 Years 5,0 4,0 3, ,0 1,0 Skandi Buzios, PLSV built Average fleet age Value adjusted average fleet age Majority of the fleet is younger than 10 years Modern fleet with a value adjusted average fleet age of 6.5 1) years High-end vessels, capable of a wide scope of worldwide operations Skandi Recife, PLSV built ) Note: Excluding one newbuild under construction and chartered-in vessels, and figures as at end of Q

18 Appendix

19 Condensed profit & loss 1) Profit & loss (NOK million) 3Q Q 2017 YTD 2018 YTD Operating revenue Payroll expenses Other operating expenses Share of net income of associates and joint ventures Profit from sale of non-current assets Operating profit before depreciation (EBITDA) Depreciation and impairment Operating profit (EBIT) Financial income Financial expenses Realised net gain / loss on derivative instruments and currency position Unrealised net gain / loss on derivative instruments and currency position Net financial income / loss Profit / loss beforetax Income tax expense Profit / loss for the period ) Note: Financial statement according to IFRS. Condensed financial statement according to management reporting is included in the Quarterly Financial Report 19

20 Condensed balance sheet 1) Assets (NOK million) Equity and liabilities (NOK million) Tangible assets Goodwill Deferred tax asset Investment in associates and joint ventures Non-current receivables Non-current assets Trade receivables Other current receivables Total current receivables Paid-in equity Other equity Non-controlling interests Total equity Bond loans Debt to credit institutions Financial non-current derivatives Other non-current liabilities Non-current liabilities Restricted cash Unrestricted cash and cash equivalents Cash and cash equivalents Current portion of debt Trade payables Other current liabilities Current liabilities Current assets Total liabilities Total assets Total equity and liabilities ) Note: Financial statement according to IFRS. Condensed financial statement according to management reporting is included in the Quarterly Financial Report 20

21 Thank you!