DOF ASA Swedbank 20 March 2014

Transcription

1 DOF ASA Swedbank 20 March 2014

2 Agenda Highlights Overview Group Financials DOF Subsea update Outlook DOF ASA - Presentation 2014

3 Highlights so far in 2014 Positive start in the North Sea spot market, especially for PSV. Record high tendering activity for PSV s Sale of Skandi Bergen completed in January Skandi Aker out of the fleet in 2015 Increasing our exposure in US GOM with charter of second Jones Act compliant subsea vessel Skandi Paraty 4 year contract with Petrobras Skandi Copacabana 4 year contract with Petrobra Statoil Call-off in 2014 and 2015 for Geosund DOF ASA Presentation

4 Overview Group DOF ASA - Presentation 2014

5 DOF ASA in brief Fleet 69 vessels in operation (PSV: 24, AHTS: 17, Subsea: 28) 8 Newbuildings (AHTS: 3 Subsea: 5) Operates 59 ROVs Market value total fleet in operation at NOK 34.5 bn Average age of 8 years Value adjusted fleet age of 5 years Back log Total NOK 62 bn Firm contract : NOK 29,4 bn Options: NOK 32,6 bn Global organization Head office in Norway Regional offices in Australia, Singapore, UK, USA, Canada, Angola, Argentina and Brazil Total of employees Share price Subsea employees: Marine personnel: NOK ( ) NAV per share NOK 77 DOF ASA Presentation

6 Company overview DOF ASA Presentation

7 The fleet market segment PSV AHTS Subsea Total fleet No. of vessels DOF ASA/DOF REDERI AS NORSKAN OFFSHORE DOF SUBSEA AS DOF INSTALLER ASA AKER DOF DEEPWATER AS Total fleet Contract coverage 2014* 78 % 85 % 76 % 79 % Contract coverage 2015* 55 % 57 % 45 % 52 % *Not including options DOF ASA Presentation

8 Global player Focus regions 25 Aberdeen Austevoll Bergen Moscow Houston St. Johns Angola Singapore Jakarta Manila Brunei Darwin 9 Macae Rio de Janeiro Buenos Aires Perth Melbourne Norway Brazil US/Canada UK Asia Pacific Angola Marine Crews Total DOF employees DOF ASA Presentation

9 Remaining newbuilding program Vessel Yard Delivery Type Contract Financing Skandi Urca Vard Brazil March 2014 AHTS 8 yrs Petrobras Funding secured Skandi Angra Vard Brazil Q3/Q AHTS 8 yrs Petrobras Funding secured Skandi Paraty Vard Brazil Q AHTS 4 yrs Petrobras Funding secured Skandi TBN 800 Vard Norway Summer 2015 CSV 5 yrs Technip Funding secured Skandi TBN Vard 823 Vard Norway Q PLSV 8 yrs Petrobras Skandi TBN Vard 824 Vard Norway Q PLSV 8 yrs Petrobras Skandi TBN PLSV1 Vard Brazil Q PLSV 8 yrs Petrobras Skandi TBN PLSV2 Vard Brazil Q PLSV 8 yrs Petrobras DOF ASA Presentation

10 Financials DOF ASA - Presentation 2014

11 Result Q All figures in NOK million Q Q ALL FIGURES IN NOK MILLION Operating income Operating expenses Net gain on sale of vessel Operating profit before depreciation- EBITDA Depreciation Impairment loss Operating profit- EBIT Net profit/loss from associated companies Financial income Financial costs Net realized currency gain/loss Net profit/loss before unrealised gain/loss long term debt Net unrealized currency gain/loss Net unrealized gain/loss on market instruments Profit/loss before tax Tax Net profit/loss Profit attributable to Non-controlling interest Controlling interest Comments PSV: 89% utilisation rate PSV fleet 3 vessels in the spot market One vessel reinstated from CSV to PSV AHTS: 93% utilisation rate AHTS fleet Two vessels idle between contracts in Brazil Loss on OGX (Skandi Møgster contract) None vessels in the North Sea spot market Subsea/CSV: 91% utilisation rate Subsea fleet 87% utilisation project fleet which is record high in forth quarter 96% utilisation TC vessels Vessels in transit on new contracts Finance: Hedge accounting implemented from Q4 DOF ASA Presentation

12 P&L Q Segments Amounts ALL FIGURES in NOK IN NOK mill MILLION PSV AHTS Subsea Total Q Q Q Q Q Q Q Q Operating income Operating result befor depreciation (EBITDA) Operating result (EBIT) EBITDA margin 37 % 42 % 50 % 44 % 28 % 30 % 32 % 34 % EBIT margin 23 % 28 % 34 % 19 % 18 % 13 % 20 % 16 % EBITDA Q EBITDA Q % 12 % 20 % 63 % 15 % 22 % PSV AHTS Subsea PSV AHTS Subsea DOF ASA Presentation

13 MNOK Historical EBITDA excl asset sales Operating revenue EBITDA EBITDA margin 50% 45% 40% % 30% % % 15% % 5% - Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Operating revenue EBITDA EBITDA margin 29 % 31 % 33 % 32 % 0% Non-current assets Current assets Total Assets Equity Non-current debt Current debt Total Equity and Debts DOF ASA Presentation

14 Balance Q Amounts ALL FIGURES in NOK IN million NOK MILLION ASSETS Intangible assets Vessel and other tangible assets Newbuildings Financial assets Non-current assets Receivables Cash and cash equivalents Current assets Total assets Comments Three vessels delivered during 2013, one vessel, Skandi Iceman, delivered in Q4 (DOF 20% share) Newbuildings represent instalments paid on 8 vessels under construction for delivery from ( 50% share in 4 vessels) High receivables due to high subsea project activity in Q4 EQUITY AND LIABILITIES Subscribted equity Retained equity Non-controlling equity Equity Provisions for commitments Other non-current liabilities Non-current liabilities Current part of interest bearing debt Other current liabilities Current liabilities No new loans drawn in Q4 Sale of own bonds Current portion long term debt represent mainly MNOK 454 in bonds, MNOK which are one balloon and amortization long term debt Total equity and liabilities DOF ASA Presentation

15 DOF Subsea DOF Debt maturity profile Bank Debt Bond Balloons Counterparty exposure Q % After 58% 19% Bank Debt Bond Balloons Bond Eca Bank E 2015E 2016E 2017E 2018E After DOF ASA Presentation

16 DOF ASA Asset coverage Combined market value DOF Group fleet including newbuild is NOK 39.7 bn (total value 100% NOK 46.9 bn) New-building program to be completed in 2017 (including 50% in 4 PLSV s) Asset-level gearing on the existing fleet is 50%, decreasing to 29% in 2017 Significant gearing reduction forecasted upon completion of the current newbuild program Gearing forecast summary Total Fleet Market value Debt Equity Vessels & newbuilds MNOK % 90 % 80 % 70 % 60 % 50 % 40 % 30 % 20 % 10 % 0 % 50% 50% 58% 42% 64% 67% 71% 36% 33% 29% * The figures reflects amortization and balloon payments on secured debt drawn as per 31 December 2013 and onwards Equipment (subsea) MNOK Total Fleet MNOK Note: Vessel values as of 31 December 2013 DOF ASA Presentation

17 Contract Coverage DOF ASA - Presentation 2014

18 NSO SUPPY PSV Contract coverage PSV J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D Skandi Falcon Skandi Marstein Skandi Foula Skandi Rona Skandi Buchan Skandi Sotra Skandi Caledonia Skandi Barra Skandi Texel Skandi Mongstad Skandi Flora 1 1 Skandi Gamma Skandi Waveney Skandi Feistein Skandi Kvitsøy Skandi Nova Skandi Marøy Skandi Hugen Skandi Captain SPOT Skandi Fjord Skandi Leblon Skandi Flamengo Skandi Yare Skandi Stolmen FIRM CONTRACTS OPTIONAL PERIOD UNDER CONSTRUCTION DOF ASA Presentation

19 ADD NSO Supply AHTS Contract coverage AHTS J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D Skandi Stord 1 SPOT Skandi Admiral Skandi Vega Skandi Copacabana Skandi Botafogo Skandi Rio Skandi Fluminense Skandi Giant Skandi Møgster Skandi Ipanema Skandi Amazonas Skandi Iguacu Skandi Urca Skandi Angra Skandi Paraty Skandi Peregrino Skandi Emerald Skandi Saigon Skandi Pacific Skandi Atlantic FIRM CONTRACTS OPTIONAL PERIOD UNDER CONSTRUCTION DOF ASA Presentation

20 NSO Supply CSV Contract coverage CSV J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D Skandi Olympia Skandi Commander Skandi Chieftain Skandi Hav FIRM CONTRACTS OPTIONAL PERIOD UNDER CONSTRUCTION DOF ASA Presentation

21 DOF Subsea Subsea Contract coverage Subsea J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D Skandi Acergy Skandi Achiever Skandi Aker Skandi Arctic Skandi Carla Skandi Constructor Skandi Neptune Skandi Niteroi Skandi Patagonia Skandi Salvador Skandi Santos Skandi Seven Skandi Vitoria Ocean Geograph Geoholm Protector Geosea Skandi Hawk Skandi Hercules Skandi Inspector Skandi Singapore Skandi Skansen Skandi Skolten Geosund Harvey Deep-Sea* Chloe Candies* Norman Reach* Skandi TBN (NB800) Skandi PLSV Skandi PLSV Skandi PLSV Skandi PLSV FIRM CONTRACTS OPTIONAL PERIOD UNDER CONSTRUCTION * CHARTERED DOF ASA Presentation

22 DOF Subsea DOF ASA - Presentation 2014

23 DOF Subsea Group In brief Fleet One of the largest subsea vessel owners in the world Owns and operates a fleet of 24 vessels, plus 5 newbuilds on order In addition 3 vessels on long-term charter The market value of owned vessels in operation is NOK17 billion, with a value adjusted age of 5 years Operates 52 ROVs and 7 ROVs on order Global organization Head office in Bergen Regional offices in Australia, Singapore, Norway, UK, Angola, US, Canada and Brazil Total of employees Subsea employees: Of which offshore engineers and project staff: Marine crew: Norway Brazil Canada US UK Asia Pacific Angola DOF ASA Presentation

24 NOK million DOF Subsea Group In brief Quarterly figures % 32% % 20.1 % CAGR % 800 Key figures Back-log incl. options NOK 34 billion % 28% 19.7 % CAGR Market value of fleet NOK 17 billion Number of shares Q Q Q Q % Operating revenue EBITDA EBITDA margin Total Per share Book equity NOK 5.2 billion NOK Value adj. equity NOK 8.5 billion NOK Book equity ratio 26.8 % Value adj. equity ratio 37.4 % DOF ASA Presentation

25 Complexity and size of operations Increased system requirement Level of barriers to entry Increased engineering requirement Level of industry barriers to entry DSV Complex subsea operations OSCV ROV Marine transport/ services AHTS PSV DOF Subsea s main presence is in segments with medium to high barriers to entry and high complexity of operations Higher margins and earnings beyond the time charter rates DOF ASA Presentation

26 Outlook Brazil: We expect increased demand for our vessels and services. We expect a substantial increase in day rates compared to old contracts. North Sea: We expect a good, but volatile AHTS market in We are surprised over the strong start for PSV s in the spot market and expect this to continue in DOF Subsea has taken a step-change in customer base and complexity of work done, and we expect a growing market share in this sector going forward. Asia Pacific: We expect a steady demand for all our vessels and services. DOF Subsea has an excellent position with a new fleet and an established, strong project organization. DOF ASA Presentation

27 Thank you Presented by Mons S. Aase - CEO

28 DISCLAIMER This presentation by DOF ASA is 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 20 March 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 forwardlooking 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 Presentation