8th Annual European Oils Conference, April Prosafe SE

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Transcription:

8th Annual European Oils Conference, 20-22 April 2009 Prosafe SE

2 Disclaimer All statements in this presentation other than statements of historical fact are forward-looking statements, which are subject to a number of risks, uncertainties, and assumptions that are difficult to predict and are based upon assumptions as to future events that may not prove accurate. Certain such forward-looking statements can be identified by the use of forward-looking terminology such as believe, may, will, should, would be, expect or anticipate or similar expressions, or the negative thereof, or other variations thereof, or comparable terminology, or by discussions of strategy, plans or intentions. Should one or more of these risks or uncertainties materialise, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this presentation as anticipated, believed or expected. Prosafe does not intend, and does not assume any obligation to update any industry information or forward-looking statements set forth in this presentation to reflect subsequent events or circumstances.

3 Prosafe - the market leader World s largest owner and operator of semi-submersible accommodation/ service rigs Flexible fleet that can be deployed in a large number of geographical areas Strong position in a stable accommodation market Safe Scandinavia

4 Robust to oil price fluctuations Seismic E&D drilling Pre-eng./ concept studies Hook-up/ commissioning Operations & maintenance Decommissioning Hook-up and commissioning of new installations Tie-in of satellite fields to existing installations Maintenance, upgrade and repair of existing installations (typically 70-80% of our activities) Decommissioning Disaster recovery

5 Prosafe - dominant in harsh environments Harsh / semi-harsh environment Semis and jack-ups Mostly semis Mostly semis Mostly barges Deepwater regions Semis and barges Mostly semis Prosafe rigs as per April 2009 Mostly semis Prosafe core areas Possible areas for semis Deepwater regions Mostly barges

6 Competitive situation Dynamically positioned semi rigs Advanced units with high operational versatility: All water depths Any seabed infrastructure Against fixed installations and most floaters like FPSOs, Semis and Spars Anchored semi rigs Primary strengths: Shallow to medium waterdepths Fixed installations Some floaters, e.g. TLPs 2 1 Prosafe Cotemar 6 Pemex 1 1 1 5 Prosafe Fred Olsen COSL* Etesco Dominant position in niche market * China Oilfield Services Ltd (former Awilco)

7 Potential newcomers mainly for benign waters Semi-submersibles Purpose built mono-hulls Converted ferries Uncertain funding situation and construction cost Deliveries 2009 2011, delays and potential cancellations

8 Contract status Safe Astoria Asia Safe Esbjerg Safe Caledonia Safe Scandinavia North Sea / Africa MSV Regalia Safe Bristolia Safe Concordia Safe Britannia Safe Lancia 2001 1998 Gulf of Mexico Safe Regency 1997 Jasminia 1998 Safe Hibernia 2002 2006 2007 2008 2009 2010 2011 2012 2013 Contract Option Mobilisation Yard Standby Termination dayrate

9 Rig utilisation rate 95 % 90 % 85 % 80 % 75 % 70 % 65 % 60 % 55 % 50 % 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 1) 1) Contracted as per January 2009

50 40 30 20 10 0 10 Market outlook majors and NOCs continue to spend 50 2009E capex budget 2008 capex spe nding ($mm) 40 30 20 10 Suncor Canadian Nat. Res. EOG Resources Apache Lukoil NOCs Majors Russian Other E&P StatoilHydro ConocoPhillips BG ExxonMobil BP PDVSA Devon Energy CNPC Shell ENI Total Petro Canada TNK-BP Marathon Encana XTO Energy GazpromNeft Hess Gazprom Petro-China Chevron Pemex Rosneft Addax Petrobras CNOOC (80%) (60%) (40%) (20%) 20% 2009 capex vs 2008 capex % change Source: Credit Suisse

11 Market outlook North Sea Extended lifetime for fields on the Norwegian Continental Shelf Increased recovery New technology Tie-ins Positive outlook for maintenance and modification market Lifetime of selected fields Source: Norwegian Petroleum Directorate

12 Market outlook - Mexico Declining production Pemex maintain E&P spending in order to keep up production Activities mainly related to upgrade and maintenance of existing installations Safe Britannia at Cantarell

13 Market outlook - Brazil An emerging market for accommodation services Fields far from shore Upgrade and maintenance Logistics hub Hook-up and commissioning Tie-in of satellite fields to existing installations

14 Day rates for rigs with North Sea capabilities 400 000 350 000 Prosafe Others 300 000 250 000 USD/day 200 000 150 000 100 000 50 000 0 okt.02 des.02 mar.03 jun.03 sep.03 des.03 mar.04 jun.04 sep.04 des.04 mar.05 jun.05 sep.05 des.05 mar.06 jun.06 sep.06 des.06 mar.07 jun.07 sep.07 des.07 mar.08 jun.08 aug.08 nov.08 Contract announcement date Expect day rates to remain on a stable high level

15 Refurbishment and life extension projects Refurbishment of MSV Regalia is progressing according to schedule Will be completed in May 2009 MSV Regalia

16 Robust financial position Credit facility with undrawn facilities of MUSD 150 Pricing: credit margin 0,65-0,95% depending on leverage ratio -currently 0,85% Solid order backlog Good market outlook

17 Tri-annual dividend The board of directors will propose to the AGM on 14 May 2009 to amend the company s articles of association to allow for a tri-annual distribution of dividends œ Better correlation between operating cash flow and dividend payments Target 40-50% of net profit paid tri-annually the following year Ensure competitive returns to shareholders

18 Summary Good market outlook Leading market position Unique, versatile rig fleet Sound track record Robust financial position Solid order backlog Strong position in a stable accommodation market

19 Attachments

20 Income statement (Unaudited figures in USD million) Q4 08 Q3 08 Q4 07 YTD 2008 2007 Operating revenues 134.2 126.0 106.4 491.1 376.7 Operating expenses (55.7) (52.8) (47.8) (210.1) (167.3) EBITDA 78.5 73.2 58.6 281.0 209.4 Depreciation (12.9) (12.0) (11.9) (48.8) (46.4) EBIT 65.6 61.2 46.7 232.2 163.0 Interest income 0.8 0.8 1.5 4.0 5.6 Interest expenses (13.6) (11.8) (17.3) (57.1) (58.8) Other financial items (26.6) 3.1 (15.1) (23.7) (13.9) Net financial items (39.4) (7.9) (30.9) (76.8) (67.1) Profit before taxes 26.2 53.3 15.8 155.4 95.9 Taxes 6.6 6.1 0.2 9.4 (5.1) Net profit from continuing operations 32.8 59.4 16.0 164.8 90.8 Net profit from discont'd operations 0.0 0.0 19.4 38.0 52.9 Net profit 32.8 59.4 35.4 202.8 143.7 Earnings per share 0.15 0.26 0.15 0.88 0.63 EPS from continuing operations 0.15 0.26 0.07 0.72 0.40

21 Operating revenues Offshore Support Services (USD million) 2008 Q4 08 Q3 08 Q2 08 Q1 08 Charter income 388.0 113.2 102.4 98.6 73.8 Mob/demob income 17.2 1.3 2.5 0.7 12.7 Other income 79.5 19.8 21.1 27.2 11.4 Total 484.7 134.3 126.0 126.5 97.9

22 Balance sheet (Unaudited figures in USD million) 31.12.08 30.09.08 31.12.07 Goodwill 226.7 226.7 355.0 Rigs 828.4 800.0 749.6 Ships 0.0 0.0 926.5 Other non-current assets 3.8 3.4 304.6 Total non-current assets 1 058.9 1 030.1 2 335.7 Cash and deposits 115.6 116.3 162.0 Other current assets 139.4 157.9 126.3 Total current assets 255.0 274.2 288.3 Total assets 1 313.9 1 304.3 2 624.0 Share capital 63.9 63.9 63.9 Other equity 60.7 70.3 974.7 Total equity 124.6 134.2 1 038.6 Interest-free long-term liabilities 107.9 103.4 97.0 Interest-bearing long-term debt 958.7 970.6 1 184.1 Total long-term liabilities 1 066.6 1 074.0 1 281.1 Other interest-free current liabilities 122.7 96.1 137.3 Current portion of long-term debt 0.0 0.0 167.0 Total current liabilities 122.7 96.1 304.3 Total equity and liabilities 1 313.9 1 304.3 2 624.0

23 Name Updated 10 March 2009 Shareholders 10th March 2009 No of shares Per cent Account type Folketrygdfondet 28 555 535 12.42 Ordinary GMO 9 647 438 4.20 Ordinary Brown Brothers Harriman 8 178 098 3.56 Ordinary Pareto 7 821 650 3.40 Ordinary Prosafe SE 7 001 705 3.05 Ordinary ClearstreamBanking 6 205 161 2.70 Nominee State Street Bank and Trust 6 189 894 2.69 Nominee RBC Dexia Investor Services 5 863 944 2.55 Nominee Rasmussengruppen 5 116 000 2.22 Ordinary BGL SA 4 933 807 2.15 Ordinary Storebrand 4 853 185 2.11 Ordinary DNB NOR 4 062 022 1.77 Ordinary JPMorgan Chase Bank 3 454 598 1.50 Nominee JPMorgan Chase Bank 3 240 508 1.41 Nominee Citibank N.A. London 3 033 309 1.32 Nominee BGL SA 3 029 241 1.32 Nominee Ferd AS Invest 2 900 000 1.26 Ordinary Vital 2 599 507 1.13 Ordinary KAS Depositary Trust 2 520 795 1.10 Nominee SchrodersEsec 2 391 395 1.04 Ordinary Total 20 largest 121 597 792 52.88 Total no of shares 229 936 790

24 Rig name Location Client name Type of contract Firm contract Option Dayrate Current contract MSV Regalia USD 220 000-231 000, option Norwegian North Sea, Valhall BP Time charter Jun 09 - Dec 10 Jun 11 USD 242 000 Yard Dec 08 May 09 UK North Sea, MCP-01 Aker Kværner Time charter Feb 08 - Dec 08 USD 210 000 West Africa, Girassol Total Time charter Dec 05 - Oct 07 USD 128 000-180 000 Safe Astoria Kemaman yard, Malaysia until Nov 09 Convenience terminated 9 Feb 09, 85% of remaining contract value Sakhalin Island, Russia SEIC Time charter Dec 07 - Mar 09 USD 120 000, standby during winter months USD 60 000 Safe Bristolia UK North Sea, Buzzard Nexen Time charter Apr 10 - Sep 10 USD 325 000 GoM, Cantarell Interpetroleum Services (for Pemex) Bareboat Mar 09 - Mar 10 USD 80 000 UK North Sea ConocoPhillips Time charter Apr 08 - Sep 08 USD 150 000 (+ mob and demob fee) Safe Scandinavia LOI Norwegian North Sea, Snorre A StatoilHydro Time charter Apr 11 - Sep 11 USD 242 000 LOI Norwegian North Sea, Snorre A StatoilHydro Time charter May 10 - Oct 10 USD 242 000 UK North Sea Shell Time charter Jul 09 - Sep 09 (65 days) USD 350 000 Yard 5-6 weeks in June/July 09 Norwegian North Sea, Valhall BP Time charter Dec 08 - Jun 09 USD 220 000 Yard 2 weeks in Dec 08 Norwegian North Sea, Sleipner StatoilHydro Time charter Mar 08 - Nov 08 USD 160 000, from 1-26 Nov: USD 350 000 UK North Sea, Britannia ConocoPhillips Time charter Oct 07 - Feb 08 USD 185 000 Norwegian North Sea, Snorre A StatoilHydro Time charter Apr 07 - Sep 07 USD 180 000 Safe Caledonia UK North Sea, Dunbar Elgin Total Time charter May 07 - Sep 10 May 07 - Apr 09: USD 140 000 May 09 - Jun 10: USD 150 000 Jun 10 - Sep 10: USD 220 000 1.5 mth yard stay in Q1 09

Rig name Location Client name Type of contract Firm contract Option Dayrate Safe 25Concordia US, Tahiti spar ChevronTexaco Time charter Aug 08 - Jan 09 USD 225 000 GoM, Cantarell Interpetroleum Services (for Pemex) Bareboat May 06 - Jun 08 USD 75 000 Jasminia GoM, Cantarell Interpetroleum Services (for Pemex) Bareboat Feb 09 - Dec 10 Feb 13 USD 48 000 GoM, Cantarell Interpetroleum Services (for Pemex) Bareboat Feb 08 - Feb 09 USD 48 000 GoM, Cantarell Interpetroleum Services (for Pemex) Bareboat Oct 03 - Feb 08 USD 21 000 Safe Hibernia GoM, Cantarell Interpetroleum Services (for Pemex) Bareboat May 08 - May 11 USD 53 000 GoM, Cantarell Interpetroleum Services (for Pemex) Bareboat May 03 - May 08 USD 22 000 Safe Lancia GoM, Cantarell Interpetroleum Services (for Pemex) Bareboat Oct 08 - Jan 10 USD 75 000 GoM, Cantarell Interpetroleum Services (for Pemex) Bareboat Apr 03 - Oct 08 USD 42 000 Safe Regency GoM, Cantarell Interpetroleum Services (for Pemex) Bareboat Sep 08 - Aug 13 USD 75 000 GoM, Cantarell Interpetroleum Services (for Pemex) Bareboat Jul 03 - Aug 08 USD 36 000 Safe Britannia GoM, Cantarell Interpetroleum Services (for Pemex) Bareboat Oct 08 - Jan 13 USD 85 000 GoM, Cantarell Interpetroleum Services (for Pemex) Bareboat Oct 03 - Oct 08 USD 44 000 Safe Esbjerg Denmark Maersk Time charter Jun 09 - Jun 11 Jun 12 Euro 63 000 Denmark Maersk Time charter Jun 05 - Jun 09 Euro 45 000 Semi-submersible accommodation rigs - approximate operating costs per day for time charter contracts (All figures in USD) Dynamically positioned rigs Anchored rigs Norwegian North Sea UK North Sea Other regions 60 000-70 000 45 000-60 000 40 000-60 000 55 000-60 000 35 000-50 000 30 000-45 000

26 Fleet overview Name MSV Regalia Safe Scandinavia Safe Caledonia Geographical area Harsh environment, NCS Harsh environment, NCS Harsh environment Mooring system - 12 point chain winches 10 point wire winches Station keeping NMD3 Moored DP2 / TAMS No of beds 160/380 583 516 Deck area 3,250 m 2 400 m 2 900 m 2 Payload 1,000 2,000 t 1,000 t 700 t Current contract Client Yard stay BP Total Field Keppel Verolme Valhall, North Sea Dunbar Elgin/Franklin, NS Water depth 70m 93m Type of installation Steel platform Jack-up

27 Fleet overview Name Safe Astoria Safe Bristolia Safe Esbjerg Geographical area Moderately harsh env. Moderately harsh env. Harsh environment Mooring system 8 point wire winches 8 point wire winches 4 point wire winches Station keeping Moored Moored Jack-up No of beds 245 612 139 Deck area 620 m 2 400 m 2 750 m 2 Payload 1,800 t 1,800 t variable, max 725 t Current contract Client Available for work Interpetroleum Services Maersk Field Cantarell, GoM Gorm, Denmark Water depth 40-50m 40-50m Type of installation Jacket structure platform Jacket structure platform

28 Fleet overview Name Safe Britannia Safe Lancia Safe Hibernia Geographical area Harsh env. Moderately harsh env. Harsh environment Mooring system 9 point wire winches 8 point chain winches 12 point wire winches Station keeping DP2 / TAMS DP2 Moored No of beds 812 600 500 Deck area 1,300 m 2 1,100 m 2 750 m 2 Payload 1,245 t (620 DP mode) 626 t 1,000 t Current contract Client Interpetroleum Services Interpetroleum Services Interpetroleum Services Field Cantarell, GoM Cantarell, GoM Cantarell, GoM Water depth 40-50m 40-50m 40-50m Type of installation Jacket structure platform Jacket structure platform Jacket structure platform

29 Fleet overview Name Safe Regency Safe Concordia Jasminia Geographical area Harsh environment Benign environment Benign environment Mooring system 8 point wire winches 4 point wire winches 8 point wire winches Station keeping DP2 DP2 Moored No of beds 771 390 535 Deck area 800 m 2 1,300 m 2 690 m 2 Payload 550 t 1,400 t 640 t Current contract Client Interpetroleum Services Available for work Interpetroleum Services Field Cantarell, GoM Cantarell, GoM Water depth 40-50m 40-50m Type of installation Jacket structure platform Jacket structure platform

30 Financial calendar and IR contacts Financial calendar 14 May 2009 Annual general meeting 15 May 2009 Publication, presentation and web cast of Q1 2009 result 27 August 2009 Publication, presentation and web cast of Q2 2009 result 5 November 2009 Publication, presentation and web cast of Q3 2009 result IR contacts Karl Ronny Klungtvedt Exec. VP & CFO karl.ronny.klungtvedt@prosafe.com Phone: +357 2462 1982 Cell phone: +357 996 88 169 Cecilie Ouff Finance Manager cecilie.ouff@prosafe.com Phone: +47 51 64 25 20 Cell phone: +47 99 10 94 67 For more information, please visit www.prosafe.com