Presentati tion 4Q results February 2012

Transcription

1 Fred. Olsen Energy ASA Presentation ti 4Q results February

2 AGENDA FINANCIAL RESULT 4Q 2011 MARKETS OPERATIONS SUMMARY AND OUTLOOK 2

3 Income Statement Key Figures Operating revenues Recharged income Total revenues Operating costs (743) (659) Recharged expenses (50) (63) Total operating expenses (793) (722) Oper. result before depr. (EBITDA) Depreciation (332) (318) Impairment (15) - Operating result (EBIT) Net financial i items (26) (13) Result before tax Estimated tax 14 (14) Net result

4 EBITDA Comparison 4Q 2011 vs. 3Q MNOK Q EBITDA Borgsten Bredford Belford Fee-option Provision Other Blackford 4Q EBITDA 4

5 Financial Items Breakdown (NOK mill) 4Q Q 2011 Interest income 3 5 Gains on financial instruments 18 - Financial income 21 5 Interest expenses (33) (32) Losses on financial instruments (16) (35) Other financial expenses (5) (8) Financial expenses (54) (75) Net foreign currency gain/(loss) 7 57 Net financial items (26) (13)

6 Offshore Drilling Segment (NOK mill) 4Q Q 2011 Operating revenues Recharged income Total revenues en es Operating costs (701) (599) Recharged expenses (50) (63) Total operating expenses (751) (662) Oper. result before depr. (EBITDA) Depreciation (331) (316) Impairment (15) Operating result (EBIT)

7 Engineering & Fabrication Segment (NOK mill) 4Q Q 2011 Operating revenues Operating costs (42) (61) Oper. result before depr. (EBITDA) 2 5 Depreciation (1) (1) Operating result (EBIT) 1 4

8 Consolidated Balance Sheet (NOK mill) 4Q Q 2011 Intangible assets Property, plant & equipment Other non-current assets Total non-current assets Other current assets Cash and cash equivalents Total current assets Total assets Equity Non-current interest bearing debt Other non-current liabilities Total non-current liabilities Current interest bearing debt Current liabilities Total current liabilities Total equity and liabilities

9 Consolidated Cash Flow (NOK mill) 4Q Q 2011 Profit before income taxes Depreciation and impairment Interest expense Changes in working capital Unrealized loss/(gain) financial instruments (18) 20 Cash generated from operations Interest paid (41) (38) Taxes paid (14) (13) Net cash flow from operating activities Net investment in fixed assets (117) (66) Cash flow used in investment activities (117) (66) Repayment of loans - (643) Dividend paid - (1 325) Cash flow from financing activities - (1 968) Foreign currency (26) 172 Net change in cash and cash equivalents 759 (989) Cash at beginning of period Cash at end of period

10 Offshore drilling EBITDA and margin NOK m illion 1600,0 1500,0 1400,0 1300,0 1200,0 1100,0 1000,0 900,00 800,0 700,0 600,0 500,0 400,0 300,0 200,0 100,0 00 0,0-100,0-200,0 80 % 70 % 60 % 50 % 40 % 30 % 20 % 10 % 0 % -10 % 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q EBITDA Offshore Drilling EBITDA % Offshore Drilling 10

11 Fleet status as per 15 February 2012 Rig Type / design W depth ft Location Client Contract status Day rate Next CR survey (in USD) Ultra deepwater and deepwater units Bolette Dolphin - delivery 3Q'13 Drillship Mozambique Anadarko 4Q Q Belford Dolphin Drillship Mozambique Anadarko January '12 - December ' Q 2015 Blackford Dolphin SS / Aker H Brazil Sonangol December '11- March ' Q 2013 Andarko April '12 - August ' Karoon August '12 - January ' Midwater floaters Norway Bideford Dolphin SS / Aker H Norway Statoil January '11 - January '14 NOK 850' + USD 243' 2Q 2014 Borgland Dolphin SS / Aker H Norway Consortium* January '10 - January '14 NOK 883' + USD 376' 4Q 2014 Bredford Dolphin SS / Aker H Norway Lundin November '11 - June '13 NOK 890' + USD 204' 2Q 2012 Option July '13 - August '13 NOK 890' + USD 204' Midwater floaters UK - Brazil Borgsten Dolphin SS / Aker H UK Valiant March '12 - July ' Q 2015 Tender support services UK Total November '12 - Februar ' Option March '16 - February '17 Borgny Dolphin SS / Aker H Brazil Petrobras September '08-September ' Q 2014 Byford Dolphin SS / Aker H UK BP April '10 - April ' Q 2015 Accomodation floater Borgholm Dolphin Acc. / Aker H-3 UK BP December '11-September ' / Q 2012 Option October '12 - January ' / Participants in the consortium: * BP, Total, E.ON Ruhrgas, OMV, Rocksource, Wintershall, Statoil 11

12 Dividend The Board of Directors will propose to the AGM in May 2012 to distribute NOK 10 as ordinary dividend and NOK 10 as extraordinary dividend 30 Dividend payments in Fred. Olsen Energy ASA Ordinary dividend Extraordinary dividend N O K Proposed Dividend payments 12

13 AGENDA FINANCIAL RESULT MARKETS OPERATIONS SUMMARY AND OUTLOOK 13

14 Positive global market outlook floating units All markets improved during 2011 with high tendering and contracting activity Continued stable activity in the mid-water segment High number of fixtures and contracts with longer term perspective in the deepwater segment 14

15 Norwegian floater market Continued strong market development The market is tight with only a few units becoming available in 2013 Requests and tendering activities with longer term perspective p Name Bredford Dolphin Stena Don Borgland Dolphin Polar Pioneer Scarabeo 5 Bideford Dolphin West Alpha Ocean Vanguard West Navigator Transocean Winner Transocean Arctic Songa Delta Transocean Searcher Transocean Leader Transocean Barents Deepsea Bergen COSLPioneer West Hercules Deepsea Atlantic West Venture Songa Trym Songa Dee Scarabeo 8 COSLInnovator COSLPromoter Transocean Spitsbergen Songa Semi Tbn2 Songa Semi Tbn3 Q Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Contract Option Yard/under construction As per February 2012 Source: DNB 15

16 Average dayrates Norway 16

17 UK floater market The market has strengthened during the last months with a solid outlook for the summer season Signals beyond 2012 becoming more positive Continued positive outlook in the accommodation segment Name Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Sedco 712 J.W. McLean Sedco 704 GSF Arctic III Transocean John Shaw WilPhoenix Stena Spey Ocean Nomad Noble Ton van Langeveld WilHunter Sedco 714 Byford Dolphin Sedco 711 Transocean Prospect Paul B. Loyd, Jr. Ocean Princess Ocean Guardian West Phoenix Stena Carron Borgsten Dolphin Odfjell Semi Tbn1 As per February 2012 Source: DNB 17

18 Average dayrates UK 18

19 Dayrates deepwater drilling units worldwide 19

20 Global floater fleet and newbuilds 40 2.gen 3.gen 4.gen 5.gen 6.gen Nu umber of units Semi/Drillship NB Semi NB Drillship Source: Platou/ DNBNOR/ ODS-Petrodata/FOE 20

21 AGENDA FINANCIAL RESULT MARKETS OPERATIONS SUMMARY AND OUTLOOK 21

22 Fred. Olsen Energy operating worldwide Bideford Byford Borgland Borgsten Bredford Borgholm Borgny Blackford Belford 22

23 Contract schedule as per 15 February Belford Anadarko Anadarko Blackford Reliance 1) 2) 3) Bideford Borgland Consortium Statoil Bredford 4) Lundin Lundin Borgny Byford Petrobras BP Borgsten TAQA Valiant Total (tender suppert services) Borgholm BP BP Bolette* Anadarko 1) Sonangol Starfish 2) Anadarko 3) Karoon 4) Premier Oil *) UDW drillship from Hyundai Heavy Industries Co., Ltd. Yard/Class renewal survey Option Mobilization Average contract length of 25 months 23

24 Contract backlog and customer base Contract backlog Customer base USD % 6 % 6 % 8 % 11 % 49 % % feb Anadarko Statoil Total BP Lundin Petrobras Others Total backlog approx. USD 2.9 billion 24

25 Ultra deepwater Africa Bolette Dolphin Drillship from HHI with estimated delivery 3Q 2013 Total project cost is estimated t to USD 650 million including a second BOP In November 2011, a four-year contract with Anadarko was entered into for operations offshore Mozambique. Start of operation after delivery and mobilization Belford Dolphin Commenced a new four-year contract with Anadarko from January 2012 Operating offshore Mozambique Completed five-year class renewal survey in November 2009 Option for a second drillship not declared 25

26 Midwater - Norway Bideford Dolphin Continued operations under a three-year drilling contract with Statoil estimated to expire end of January 2014 Five-year class renewal survey completed July 2009 Borgland Dolphin Continued operation under a four-year drilling contract with a consortium of originally eight oil companies, managed by RMN (Rig Management Norway), expiring January 2014 Five-year class renewal survey completed in December

27 Midwater - Norway / United Kingdom Bredford Dolphin Completed the one-well contract with Premier Oil Norway AS mid November Commenced a drilling contract with Lundin Norway AS mid November, estimated to eighteen months duration. Option for one additional well exists Next class renewal survey to take place in 2Q 2012 Borgholm Dolphin Accommodation unit with 274 bed capacity Continued operations under the ten-months contract, plus four months of options with BP Exploration. Next class renewal survey to take place end of

28 Midwater - United Kingdom (cont.) Byford Dolphin Currently undergoing preparations for the three- well contract with Valiant Causeway Limited, with start-up mid March 2012 Continued operation under a three-year drilling contract with BP Exploration expiring April 2013 Five-year class renewal survey and upgrade completed in April 2010 Borgsten Dolphin New tender support services contract of 40 months duration with Total E&P UK, plus two six month options. Start up mid November 2012 The unit will undertake an early class renewal survey and upgrades prior to the Total contract 28

29 Deepwater/ midwater - Brazil Blackford Dolphin Borgny Dolphin Currently operating under a one-well contract with Operating under a five-year drilling contract with Sonangol offshore Brazil Petrobras in Brazil, expiring September 2013 Entered into a one-well contract with Anadarko for operation in Brazil in direct continuation with the current contract and subsequently a three-well contract with Karoon Petroleo & Gas S.A Next five-year class renewal survey in 3Q 2013 Completed five-year class renewal survey and upgrade in April

30 Harland & Wolff Focus on ship repair, ship building, steel fabrication and engineering services Holds a Waste Management License for ship demolition The yard area is serving as a logistics and assembly base for offshore windfarms Continued the construction of two substations for Siemens Awarded a contract for class renewal survey of the SeaRose FPSO, with estimated commencement in 2Q

31 Summary Financial Revenues were 1682 million EBITDA was 889 million Profit before tax was 516 million Contract backlog amounting to approximately USD 2.9 billion The Board of Directors proposes a dividend payment for 2011 of NOK 10 per share as ordinary dividend and NOK 10 per share as extraordinary dividend Operational Bredford Dolphin completed operations under the Premier Oil Norge AS contract in November Borgsten Dolphin completed the contract with TAQA during December Market Bolette Dolphin entered into a 4 year contract with Anadarko Belford Dolphin entered into a 4 year contract with Anadarko with effect from 2012 Borgsten Dolphin entered into a 40 months tender support services contract with Total Lundin exercised the option for 3 wells under the Bredford contract Option for a second drillship at Hyundai Heavy Industries Co., Ltd. was not exercised Average contract duration approximately 25 months 31

32 Q&A 32