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 Status DOFSUB Highlights Overview Q3 Financial DOF ASA Q Presentation - 2

3 The FRC deal DOFSUB NOK 36/share Offer period to DOF Installer NOK 125/share 3 vessels under construction at Tebma Yard in India, NOK 288 mill Pre-money valuation of Norskan NOK mill FRC contribute NOK 300 mill and will own 15,9% DOF ASA Q Presentation - 3

4 The FRC deal Financial projections with asset base according to the deal structure with FRC Current DOF Subsea fleet and organization, including newbuilding program TEBMA vessels included Installer fleet included (ex hull 706) Figures reflect operation after all newbuilds have been delivered, i.e. no investments contemplated in addition to the FRC deal structure NOK million Revenue 6,645 7,145 7,406 EBITDA 3,035 3,249 3,343 Margin 46% 45% 45% DOF ASA Q Presentation - 4

5 Highlights Q3 Final agreement reached with FRC Skandi Chieftain 3 year firm contract with Petrobras Skandi TBN Hull 25 3 year LOI with OGX Skandi Rio, Skandi Botafogo and Skandi Fluminence 6 years contract extension with Petrobras USD 670 million financing approved in Brazil DOF ASA Q Presentation - 5

6 Financing DOFSUB only the two JV vessels with Technip have not finalized loan agreements Hull 23 in Brazil; Financing approved by BNDES. Vessel has a year contract with Petrobras Hull 702 in Norway. Vessel has a 8 year contract with Technip UK. Eksportfinans funding in place DOF Secured financing of 3 PSV s and a NOK 660 million facility in Holdco during October Secured BNDES financing of Hull 25, 26 and 27 in Brazil Comment in more detail when we look at the fleet list DOF ASA Q Presentation - 6

7 DOF Overview DOF ASA DOF Supply 100% DOF Subsea ASA 57.5% DOF Installer 50.5% Modern fleet 17 AHTS s 25 PSV s 1 CSV Modern fleet & Equipment 23 CSV/ROV vessels 35 ROV s + 1 AUV Leading Subsea Contractor 4 state of the art installation AHTS vessels DOF ASA Q Presentation - 7

8 New Company Overview DOF ASA Norskan 75% Modern fleet 8 AHTS s 3 PSV s DOF Subsea Holding 51% Ship owning company 100% Modern fleet 10 AHTS s 19 PSV s 1 CSV DOF Installer % DOF Subsea 100% Ship owning company 100% 3 state of the art installation AHTS vessels Modern fleet & Equipment 23 CSV/ROV vessels 35 ROV s + 1 AUV Leading Subsea Contractor Modern fleet 3 ROV/CSV vessels DOF ASA Q Presentation - 8

9 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* 96% 91% 75% 87% Contract coverage 10* 75% 66% 61% 68% * no options included DOF ASA Q Presentation - 9

10 GLOBAL PLAYER Bergen Aberdeen St. Petersburg St. Johns Houston Cairo Manila Singapore Jakarta Brunei Angola Macae Rio de Janeiro Perth Buenos Aires GEOGRAPHICAL FOCUS AREAS DOF ASA Q Presentation - 10

11 DOF contract coverage PSV Area of Operation Charterer Skandi Falcon India Reliance JFMAMJJASONDJFMAMJJASONDJFMAMJJASOND Skandi Marstein North Sea Shell UK Skandi Stolmen Norw ay StatoilHydro Skandi Foula North Sea Shell UK Skandi Rona North Sea Shell UK Skandi Waveney North Sea B/B IN Marathon Skandi Buchan North Sea Total Skandi Sotra North Sea StatoilHydro Skandi Caledonia North Sea Total/MOG Skandi Captain North Sea Shell Skandi Barra North Sea Shell/Total Skandi Chieftain North Sea/ Brazil Shell/Petrobras Skandi Texel North Sea Peterson Sup/link Skandi Commander North Sea Shell Skandi Mongstad North Sea StatoilHydro Skandi Flora (AYP 06CD) North Sea StatoilHydro Skandi TBN (Aker PSV 06 LNG) North Sea StatoilHydro Skandi TBN Tebma 1 (VS 470 mk II) Asia DOF SUB Skandi TBN Tebma 2 (VS 470 mk II) Asia Skandi TBN Tebma 3 (VS 485 MPSV) Asia Skandi TBN Cochin Total UK Contract Coverage 95 % 70,5 % FIRM CONTRACTS OPTIONAL PERIOD UNDER CONSTRUCTION DOF ASA Q Presentation - 11

12 DOF contract coverage AHTS Area of Operation Period Charterer JFMAMJ JASONDJFMAMJ JASONDJFMAMJ JASOND Skandi Møgster Worldw ide Spot/OGX Skandi Stord North Sea StatoilHydro Skandi Admiral North Sea StatoilHydro Contract Coverage 81 % 67 % CSV Area of Operation Period Charterer JFMAMJJASONDJFMAMJJASONDJFMAMJJASOND Skandi Fjord World w ide Halliburton Contract Coverage 100 % 100 % FIRM CONTRACTS OPTIONAL PERIOD UNDER CONSTRUCTION DOF ASA Q Presentation - 12

13 NORSKAN: The fleet PSV Area of Ops. Built Charterer JFMAMJJASONDJFMAMJJASONDJFMAMJ JASONDJFMAMJ JASOND Norskan Flamengo Brazil 2003 Petrobras Norskan Leblon Brazil 2005 Petrobras/Shell Skandi Yare Brazil 2001 Petrobras Skandi Hav Brazil 1983 Petrobras AHTS Norskan Copacabana Brazil 2005 Petrobras Norskan Botafogo Brazil 2006 Petrobras Skandi Rio Brazil 2007 Petrobras Skandi Fluminence Brazil 2007 Petrobras Skandi Giant Brazil 2003 BG Brazil Skandi Ipanema (AH05) Brazil 2010 OGX Skandi Amazonas (AH12) Brazil 2011 Skandi Iginazu (AH12) Brazil 2011 Contract Coverage 98 % 89 % FIRM CONTRACTS UNDER CONSTRUCTION DOF ASA Q Presentation - 13

14 DOF contract coverage vessels under construction DOF Installer Vessel Name Type Ow ner Charterer Delivery JFMAMJ JASONDJFMAMJ JASONDJFMAMJ JASONDJFMAMJ JASOND Skandi Vega AHTS DOF Installer StatoilHydro - DEC 2009 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 55 % Aker DOF Supply Vessel Name Type Ow ner Charterer Period Delivery JFMAMJ JASONDJFMA MJ JASONDJFMAMJ JA SONDJFMAMJ JASOND Skandi TBN Vietnam AHTS Aker DOF Supply 2010 Skandi TBN Vietnam AHTS Aker DOF Supply 2010 Skandi TBN Vietnam AHTS Aker DOF Supply 2011 Skandi TBN Vietnam AHTS Aker DOF Supply 2011 Skandi TBN Vietnam AHTS Aker DOF Supply 2012 Skandi TBN Vietnam AHTS Aker DOF Supply 2012 Skandi TBN Vietnam PSV/RSV Aker DOF Supply 2010 Contract Coverage N/A 0 % FIRM CONTRACTS OPTIONAL PERIOD UNDER CONSTRUCTION DOF ASA Q Presentation - 14

15 Financial Highlights Q High utilization subsea vessels Good spot market Two new vessels in operations High financial costs due to unrealized currency loss Exit UK - tax loans Renewal bond loan DOF ASA Q Presentation - 15

16 Result Q ALL FIGURES IN NOK THOUSANDS Q Q Operating income 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 Financial result Q Currency effects on Q3 results Financial items Interest revenues Interest costs Realized currency gain long debt Realized currencey gain on forex instruments Realized operational currency gain Other financial income Total financial items (53 269) Unrealized profit/loss on currencies Unrealaized currency loss on long debt Unrealized currency gain on forex instruments Unrealized operational currency gain Total unrealized profit/loss on currencies ( ) DOF ASA Q Presentation - 17

18 P&L Q ALL FIGURES IN NOK THOUSANDS DOF Supply TOTAL Q3 Q3 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 - 18

19 Balance Q ALL FIGURES IN NOK THOUSANDS Intangible assets Fixed assets Financial assets Receivables Vessel held for sale Bank balance Total assets Subscribed equity Retained earnings Minority Interest Provisions for commitment Other long-term liabilities Current liabilities Total liabilities and equity DOF ASA Q Presentation - 19

20 Key figures Q Q Q Profit per share -1,11 2,46 Profit per share ex. minority interest -0,90 1,94 Proft per share ex. Unrealized loss/gain 3,08 0,86 Cash flow per share 3,91 2,83 Ebitda margin 35 % 38 % Ebit margin 23 % 23 % Return on net capital -2 % 4 % Equity ratio 27 % 34 % Booked value per share NAV value per share Net interest-bearing debt Net debt (ex capital unemployed) DOF ASA Q Presentation - 20

21 Balance Sept mil NOK % % Debt Equity 0 Book value Fair market value As sets DOF ASA Q Presentation - 21

22 Markets Very strong Subsea market Very strong North Sea spot market, and strong long term supply market worldwide DOF ASA Q Presentation - 22

23 Concluding remarks Strong market outlook A lot of opportunities Well positioned in Brazil World s largest deepwater fleet Aggressive global growth DOF Subsea just started and fully financed DOF strong cash position, extremely good track record and high contract coverage PREFERRED PARTNER FOR OIL COMPANIES AND BANKS DOF ASA Q Presentation - 23

24 DISCLAIMER This presentation by DOF ASA designed to provide a high level overview of aspects of the operations of the DOF ASA Group. The material set out in the presentation is current as at 03 November, This presentation contains forward-looking statements relating to operations of the DOF ASA Group that are based on management s own current expectations, estimates and projections about matters relevant to DOF ASA s future financial performance. Words such as likely, aims, looking forward, potential, anticipates, expects, predicts, plans, targets, believes and estimates and similar expressions are intended to identify forward-looking statements. References in the presentation to assumptions, estimates and outcomes and forward-looking statements about assumptions, estimates and outcomes, which are based on internal business data and external sources, are uncertain given the nature of the industry, business risks, and other factors. Also, they may be affected by internal and external factors that may have a material effect on future business performance and results. No assurance or guarantee is, or should be taken to be, given in relation to the future business performance or results of the DOF ASA Group or the likelihood that the assumptions, estimates or outcomes will be achieved. While management has taken every effort to ensure the accuracy of the material in the presentation, the presentation is provided for information only. DOF ASA, its officers and management exclude and disclaim any liability in respect of anything done in reliance on the presentation. All forward-looking statements made in this presentation are based on information presently available to management and DOF ASA assumes no obligation to update any forward looking- statements. Nothing in this presentation constitutes investment advice and this presentation shall not constitute an offer to sell or the solicitation of any offer to buy any securities or otherwise engage in any investment activity. You should make your own enquiries and take your own advice (including financial and legal advice) before making an investment in the company's shares or in making a decision to hold or sell your shares. DOF ASA Q Presentation - 24