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1 Q Presentation
2 Contents Highlights and material events Segment reporting Financial information Summary Page 2
3 Q key summary - Purchase of Deepsea Nordkapp - Strong operational performance across the fleet - Drilling & Technology continues its positive trend - Well Services increases turnover, but still pressured on margins - Clear signs of market improvement Page 3
4 Highlights and material events in/after Q USD 175 million Private Placement successfully completed On 19 April 2018, Odfjell Drilling Ltd., successfully completed a private placement of NOK billion, equivalent to approximately USD 175 million, through issuance of 38,000,000 new common shares at a subscription price of NOK per share. The proceeds will be used to finance growth and for general corporate purposes. A subsequent offering directed towards shareholders not participating, and who were not wall crossed, will follow at a later stage. Purchase of Deepsea Nordkapp and award of drilling contract by Aker BP On 27 April 2018, the Company announced the purchase of Deepsea Nordkapp, an enhanced Moss Maritime CS-60 unit winterized and purposely built for harsh environment areas. The Company further entered into a new 2 year drilling contract plus 1+1 year options with Aker BP. Odfjell Drilling estimates delivery of Deepsea Nordkapp to be in Q and commencement of operations for Aker BP in Q2/Q In addition, Odfjell Drilling signed a preference share investment agreement and a warrant investment agreement with an affiliate of Akastor ASA ( Akastor ) to carry out a USD 75 million preference share issue and an issuance of warrants for 5,925,000 common shares in Odfjell Drilling to such affiliate. The proceeds from Akastor shall be used to partly finance Deepsea Nordkapp. Page 4
5 Highlights and material events in/after Q cont. Drilling & Technology Equinor awarded contract for Platform Drilling services On 3 April 2018, Equinor awarded Odfjell Drilling a Fixed Platform Drilling Services contract for Heidrun, located on the Norwegian Continental Shelf. Odfjell Drilling will operate both Grane and Heidrun until October this year and will thereafter continue only on Heidrun. The firm contract is for 4 years with 3 x 2 years optional periods. MODU Equinor awarded a letter of intent to Deepsea Atlantic On 16 April 2018, Equinor awarded a conditional Letter of Intent ( LOI ) to Deepsea Atlantic for 6 firm wells with an estimated total duration of 18 months, scheduled to commence in early first quarter The LOI contains the option to continue operations for Equinor after the firm period and such options shall be based on market pricing. Page 5
6 Mobile Offshore drilling Units (MODU) - Strong operations with high utilization Q Financial Utilization Financial Utilization 1 Q1 18 Q1 17 FY 17 Deepsea Stavanger 98,6 % 96,7 % 98,4 % Deepsea Atlantic 98,9 % 96,3 % 97,6 % Deepsea Bergen 99,7 % 98,5 % 97,6 % Deepsea Aberdeen 97,0 % 95,2 % 95,5 % 1) Financial Utilisation is measured on a monthly basis and comprises the actual recognised revenue for all hours in a month, expressed as a percentage of the full day rate for all hours in a month. Financial Utilization, by definition, does not take into account periods of non-utilisation when the units are not under contract. Page 6
7 Mobile Offshore drilling Units (MODU) - Contract status and day rates Drilling unit Location /operator day rate (USDk/day)* Contract status Deepsea Stavanger Norway Wintershall/ Aker BP/Total/Aker BP 305/250/305/279 Deepsea Atlantic Norway Equinor 295/296 Deepsea Aberdeen UK BP Exploration 431 Deepsea Bergen Norway OMV/Equinor 120/ Deepsea Nordkapp Norway Aker BP TBD Contract Option Firm MODU contract backlog at 31 March 2018 of USD 1.3 billion with additional priced options valued at USD 0.2 billion * Rates may include mix of currencies and fluctuate based on exchange rates. Page 7
8 Platform Drilling and Technology - Customer Portfolio Platforms secured Contract by status medium to long-term contracts Heidrun (NO) Grane (NO) Johan Sverdrup (NO) Mariner (UK) Bressay (UK) Brage (NO) 4 UK platforms 1 5 UK platforms 2 Magnus (UK) Contract Option Firm contract backlog of USD 0.4 billion at 31 March 2018 Value of priced optional periods of USD 0.8 billion 1) Clair, Andrew, Bruce, Clair Ridge 2) Harding, Eider, Tern Alpha, Cormorant A, North Cormorant Page 8
9 Well Services - Pricing pressure offset by cost efficiency measures Key service offerings Tubular Running Services Drill Tool Rental Services Well Intervention Services Conventional and remote-operated casing running tools Remote-operated and conventional power tongs Casing / tubing running and recovery Drill tools (drill pipe, drill collars and tubing) Tubular handling equipment Stablisers, subs and valves Downhole tools Wellbore clean-up tools and services Casing exits Fishing services Well abandonment Slot recoveries Odfjell Well Services in numbers Services from 10+ bases 400+ Employees Operation in 20+ countries Page 9
10 Earnings visibility through USD 2.7 billion order backlog Total revenue backlog per year 1 USD million Firm Options Firm contracts USD 1.7 billion Priced options USD 1.0 billion Total backlog USD 2.7 billion After 1) Estimates at 31 March Revenue from frame agreements and call-off contracts in Well Services and revenue from Technology and MODU Management is not included in the backlog. Page 10
11 Market outlook General Oil price development in a positive trend Successful efficiency programs carried out by E&P and service industry => Increasing E&P activity MODU Still significant oversupply in the global rig market Harsh environment markets are closer to supply/demand balance Preference by E&P companies for high-spec and efficient 6 gen units Substantial scrapping of mature units => Increasing demand for ODL fleet Well Services Still over-supply of available resources and equipment Observe an increased tender activity in the European and Middle East markets Well Services has maintained its low capital expenditures to enhance utilisation of the existing equipment base Turning point in activity level has passed => Time-lag effect on bottom line improvement Platform Drilling & Technology Low volatility in the platform drilling market North Sea modification market still at low level, but likely to increase in the medium to long term => Stable market conditions and scale effects to be materialized Page 11
12 Financial information Page 12
13 Group summary financials Condensed consolidated income statement P&L - (USD million) Q1 18 Q1 17 FY 17 Operating revenue Other gains/losses Personnel expenses Other operating expenses EBITDA Depreciation Operating profit (EBIT) Share of profit (loss) from other joint ventures Net financial items Profit/(loss) before tax Income taxes Profit/(loss) for the period Page 13
14 Segment reporting - MODU financials MODU Key Financials (USD million) Condensed P&L - (USD million) Q1 18 Q1 17 FY 17 Operating revenue EBITDA Depreciation and impairments EBIT Book value rigs Revenues EBITDA-margin 44,2 % 48,9 % 50,7 % EBIT-margin 16,4 % 19,4 % 23,2 % Share of group revenue 1 65,8 % 73,0 % 70,4 % Share of group EBITDA 1 88,1 % 91,5 % 83,9 % Share of group EBIT 1 95,8 % 114,4 % 86,3 % 1) Before group eliminations and corporate overheads EBITDA Q1 18 Q1 17 FY Q1 18 Q1 17 FY 17 Figures above do not include pro-rata 40% of Deep Sea Metro. Page 14
15 Segment reporting - Drilling & Technology financials Drilling & Technology Key Financials (USD million) Condensed P&L - (USD million) Q1 18 Q1 17 FY 17 Operating revenue EBITDA Depreciation and impairments EBIT Revenues EBITDA-margin 2 % -0,2 % 14,2 % EBIT-margin 2 % -1,3 % 13,4 % Share of group revenue 1 19 % 13,6 % 15,4 % Share of group EBITDA 1 1 % -0,1 % 5,2 % Share of group EBIT 1 4 % -1,4 % 10,9 % 1) Before group eliminations and corporate overheads Q1 18 Q1 17 FY 17 EBITDA Q1 18 Q1 17 FY 17 Page 15
16 Segment reporting - Well Services financials Well Services Key Financials (USD million) Condensed P&L - (USD million) Q1 18 Q1 17 FY 17 Operating revenue EBITDA Depreciation and impairments EBIT Revenues 97 Book value of equipment Cost price for equipment in use Q1 18 Q1 17 FY 17 EBITDA-margin 22,6 % 24,8 % 32,6 % EBIT-margin 0,3 % -12,0 % 3,8 % Share of group revenue 1 15,4 % 13,4 % 14,2 % Share of group EBITDA 1 10,5 % 8,5 % 10,9 % Share of group EBIT 1 0,4 % -13,0 % 2,8 % 1) Before group eliminations and corporate overheads EBITDA Q1 18 Q1 17 FY 17 Page 16
17 Group - Eliminations & Reconciliation Group Eliminations & Reconciliation (USD million) Q1 18 Q1 17 FY 17 Operating revenue EBITDA EBIT EBIT for reportable segments Corporate / eliminations Accounting differences Group EBIT Share of profit from other joint ventures Net financial items Group profit before tax Page 17
18 Summary statement of financial position Group statement of financial position Assets (USDm) Deferred tax asset Intangible assets Property, plant and equipment Financial fixed assets Total non-current assets Trade receivables Contract assets 1 - Other current assets Cash and cash equivalents Total current assets Total assets Group s gross interest bearing debt was USD 1,224 million (net of capitalized financing fees) at 31 March Equity and liabilities (USDm) Total paid-in capital Other equity Total equity Borrowings Post-employment benefits Non-current contract liabilities Other non-current liabilities Total non-current liabilities Borrowings Contract liabilities 23 - Trade payables Other current liabilities Total current liabilities Total liabilities Total equity and liabilities USD 194 million in cash and cash equivalents at 31 March Equity-ratio of 36% at 31 March Page 18
19 Summary statement of cash flow Group statement of cash flow Cash Flow - (USDm) Q1 18 Q1 17 FY 17 Profit before income tax Cash from operations Interest paid Income tax paid Net cash from operations Net cash used in investing activities Net cash from financing activities Net change in cash and cash equivalents Cash and cash equivalents at period start FX gains/(losses) on cash and cash equivalents Cash and cash equivalents at period end Page 19
20 Summary Q MODU: - Fleet secured by medium to long-term contracts - Purchase of Deepsea Nordkapp backed by a contract with AkerBP - The market is improving and we observe an increasing demand for the ODL fleet Drilling & Technology: - Continued positve financial performance - Platform portfolio secured with medium to long-term contracts - mobilisation of Johan Sverdrup and Mariner in 2nd half 2018 Well Services: - Increased tender activitiy in the European and Middle East markets - Over-supply of equipment keeping prices at low levels, however turning point has passed Key Financials: - Earnings visibility through USD 2.7 billion order backlog - Book equity ratio of 36% and cash position of USD 194 million at 31 March 2018 Page 20
21 CEO & President Simen Lieungh EVP & CFO Atle Sæbø Investor relations Eirik Knudsen, Next event: Q results scheduled to be published 29 August 2018 For more information see:
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