DOF ASA Q2 2009 The New Horizon Agenda Highlights Overview - - PDF document

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DOF ASA Q2 2009 The New Horizon Agenda Highlights Overview - - PDF document

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DOF ASA PRESENTATION Q1 2009 CEO Mons S. Aase CFO Hilde Drnen DOF ASA Q2 2009 The New Horizon Agenda Highlights Overview Q2 Financial Outlook The New Horizon DOF ASA PRESENTATION Q2 2009 - 2 Highlights Q2

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SLIDE 1

DOF ASA PRESENTATION Q1 2009

The New Horizon

DOF ASA

Q2 2009

CEO – Mons S. Aase CFO – Hilde Drønen

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SLIDE 2

DOF ASA PRESENTATION Q2 2009 - 2

The New Horizon

Agenda

  • Highlights
  • Overview
  • Q2 Financial
  • Outlook
slide-3
SLIDE 3

DOF ASA PRESENTATION Q2 2009 - 3

The New Horizon

Highlights Q2

  • Purchase of Hull 082 at Cochin from Aker DOF Deepwater
  • Skandi Salvador, Skandi Arctic & Skandi Chieftain on contracts
  • Better utilization DOF Subsea fleet
  • Weak North Sea Market
  • Sales of 21,3% stake in AKOFS
  • Cancellation of three contracts at TEBMA yard
  • Share issue DOF ASA
  • Placement of bond in DOF ASA NOK 975 mill, 2 yrs
  • Placement of bond in DOF Subsea NOK 500 mill, 3 yrs
  • FRC share issue in Norskan cancelled
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SLIDE 4

DOF ASA PRESENTATION Q2 2009 - 4

The New Horizon

Modern fleet 9 AHTS’s 19 PSV’s 1 CSV 4 state of the art installation AHTS vessels

Company overview

DOF Installer 50.5% Modern fleet & Equipment 22 CSV/ROV vessels 35 ROV’s + 1 AUV Leading Subsea Contractor DOF Subsea 100% Modern fleet 8 AHTS’s 4 PSV’s

Norskan 100% DOF Subsea Holding 51% Ship owning company 50-100%

DOF ASA

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SLIDE 5

DOF ASA PRESENTATION Q2 2009 - 5

The New Horizon

The fleet market segments

PSV AHTS ROV/OCSV/DSV/ Total fleet

  • No. of vessels

SEISMIC VESSELS

DOF ASA

19 3 1 23

NORSKAN OFFSHORE

4 8 12

DOF SUBSEA AS

22 22

DOF INSTALLER ASA

4 4

AKER DOF DEEPWATER AS

6 6

Total fleet

23 21 23 67

Contract coverage 09* 92 % 94 % 77 % 88 % Contract coverage 10* 81 % 79 % 64 % 75 %

* no options included

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SLIDE 6

DOF ASA PRESENTATION Q2 2009 - 6

The New Horizon

GLOBAL PLAYER

GEOGRAPHICAL FOCUS AREAS

Perth Rio de Janeiro Buenos Aires Singapore Houston

  • St. Johns

Aberdeen Austevoll Cairo Brunei Macae Jakarta Manila Angola

  • St. Petersburg

Bergen

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SLIDE 7

DOF ASA PRESENTATION Q2 2009 - 7

The New Horizon

DOF Supply contract coverage

FIRM CONTRACTS UNDER CONSTRUCTION OPTIONAL PERIOD PSV Area of Operation Charterer

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

1 Skandi Falcon India Reliance 2 Skandi Marstein North Sea Shell UK 3 Skandi Stolmen Norw ay StatoilHydro 4 Skandi Foula North Sea Shell UK 5 Skandi Rona North Sea Shell UK 6 Skandi Waveney North Sea Spot/ StatoilHydro 7 Skandi Buchan North Sea Total 8 Skandi Sotra North Sea StatoilHydro 9 Skandi Caledonia North Sea Total/MOG 10 Skandi Captain North Sea Shell 11 Skandi Barra North Sea Total 12 Skandi Chieftain Brazil Petrobras 13 Skandi Texel North Sea Peterson Sup/link 14 Skandi Commander North Sea Shell 15 Skandi Mongstad North Sea StatoilHydro 16 Skandi Flora (AYP 06CD) North Sea StatoilHydro 17 Skandi TBN (Aker PSV 06 LNG) North Sea StatoilHydro 18 Skandi TBN Cochin Total UK 19 Skandi TBN Cochin

Contrage coverage

2011 2009 2010

89 % 69 %

Back log: NOK 2,800 million

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SLIDE 8

DOF ASA PRESENTATION Q2 2009 - 8

The New Horizon

DOF contract coverage

AHTS Area of Operation Period Charterer

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 Møgster Worldw ide Spot/OGX Skandi Stord North Sea StatoilHydro Skandi Admiral North Sea StatoilHydro

Contract Coverage 86 % 78 %

2009 2010 2011 CSV Area of Operation Period Charterer

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 Fjord World w ide Halliburton

Contract Coverage

100 % 100 % 2009 2010 2011 FIRM CONTRACTS UNDER CONSTRUCTION OPTIONAL PERIOD

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SLIDE 9

DOF ASA PRESENTATION Q2 2009 - 9

The New Horizon

DOF contract coverage, vessels under construction

Vessel Name Type Ow ner Charterer Delivery

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

1 Skandi Vega (AH04 CD) AHTS DOF Installer

StatoilHydro Dec 09

2 Skandi TBN (AH 04 CD) AHTS DOF Installer

  • 2010

3 Skandi TBN (AH 04 CD) AHTS DOF Installer

  • 2010

4 Skandi TBN (AH 04 CD) AHTS DOF Installer

  • 2011

2009 2010 2011

DOF Installer ASA – 50.5% DOF Subsea AS Aker DOF Deepwater AS – 50% DOF

Vessel Name Type Ow ner Charterer Delivery

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

1 Skandi TBN Vietnam AHTS Aker DOF Deepwater 2010 2 Skandi TBN Vietnam AHTS Aker DOF Deepwater StatoilHydro 2010 3 Skandi TBN Vietnam AHTS Aker DOF Deepwater 2011 4 Skandi TBN Vietnam AHTS Aker DOF Deepwater 2011 5 Skandi TBN Vietnam AHTS Aker DOF Deepwater 2012 6 Skandi TBN Vietnam AHTS Aker DOF Deepwater 2012

2009 2010 2011

FIRM CONTRACTS UNDER CONSTRUCTION OPTIONAL PERIOD

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SLIDE 10

DOF ASA PRESENTATION Q2 2009 - 10

The New Horizon

DOF Subsea contract coverage vessels

2011

Geobay Geosounder Geograph Skandi Bergen StatoilHydro Geosund StatoilHydro Geosea Geoholm Technip Skandi Seven Subsea 7 Skandi Salvadore Chevron Skandi Singapore Skandi Vitoria Petrobras Skandi Brasilia Skandi Aker AKOFS Skandi Santos AKOFS Skandi Patagonia Total Geo Challenger CGG Skandi Inspector Fugro Skandi Carla Fugro Skandi Neptune Subsea 7 Skandi Achiever Technip Skandi Acergy Acergy Skandi Arctic Technip

Contract coverage 56 % Q410 Q309 Q409 77 % 64 % Q310 DOF Subsea Operated TC Contracts Q110 Q210 Q109 Q209

FIRM CONTRACTS UNDER CONSTRUCTION OPTIONAL PERIOD

Back log: NOK 10,000 million

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SLIDE 11

DOF ASA PRESENTATION Q2 2009 - 11

The New Horizon

DOF Subsea : ROV - and other major contracts

FIRM CONTRACTS OPTIONAL PERIOD

Norskan Botafogo Petrobras Skandi Fluminence Petrobras D O F A S A Skandi Chieftain Petrobras Subsea IRM contract Shell Philipines Subsea IRM contract Brunei Shell Petroleum Call off diving contract Chevron Australia Call off services contract Woodside Energy Limited Call off diving contract BHPB Petroleum Australia Global survey support Heerema Survey support Allseas Survey support BP Angola 718 AKOFS 718 AKOFS D O F S ubsea U K A K O FS 2009 2010 2011 N

  • rskan

JV

  • A

ustralasia

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SLIDE 12

DOF ASA PRESENTATION Q2 2009 - 12

The New Horizon

NORSKAN: The fleet

PSV Area of Ops. Built Charterer

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

1 Norskan Flamengo Brazil 2003 Petrobras 2 Norskan Leblon Brazil 2005 Shell 3 Skandi Yare Brazil 2001 Petrobras 4 Skandi Hav Brazil 1983 MOG/Petrobras AHTS 5 Norskan Copacabana Brazil 2005 Petrobras 6 Norskan Botafogo Brazil 2006 Petrobras 7 Skandi Rio Brazil 2007 Petrobras 8 Skandi Fluminence Brazil 2007 Petrobras 9 Skandi Giant Brazil 2003 BG Brazil 10 Skandi Ipanema (AH05) Brazil 2010 OGX 11 Skandi Amazonas (AH12) Brazil 2011 12 Skandi Iginazu (AH12) Brazil 2011 Contract Coverage 97 % 90 % 2009 2010 2011

FIRM CONTRACTS UNDER CONSTRUCTION OPTIONAL PERIOD

Back log: NOK 3,600 million

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SLIDE 13

DOF ASA PRESENTATION Q2 2009 - 13

The New Horizon

Financial Highlights Q2 2009

Three vessels started on new contracts Delivery of vessels, impact on balance Off-hire due to rebuilding to contracts Gain from sale of AKOFS shares, NOK 170 mill Unrealized currency gain on long term debt Share issue & Bond, impact on balance High docking costs

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SLIDE 14

DOF ASA PRESENTATION Q2 2009 - 14

The New Horizon

Result Q2 2009

Q 2 2009 Q 2 2008 H1 2009 H1 2008 2008 Operating income 1 083 1 078 2 046 1 992 4 340 Total operating income 1 083 1 078 2 046 1 992 4 340 Operating expenses vessels 750 685 1 483 1 286 2 784 Total operating expenses 750 685 1 483 1 286 2 784 Operating profit before depreciation 333 393 564 705 1 556 Depreciation 188 111 351 222 643 Operating profit 145 281 212 483 912 Net profit from associated companies 169 120 172 137 125 Financial items

  • 106
  • 13
  • 246
  • 183
  • 505

Unrealized profit/loss on currencies 197

  • 51

405 36

  • 655

Net financial costs 259 55 330

  • 9
  • 1 036

Pre-tax profit 405 336 543 474

  • 123

Taxes 143

  • 6

149 68

  • 223

Result 261 342 393 406 100 Minority Interest

  • 123
  • 33
  • 162
  • 44
  • 35

ALL FIGURES IN NOK MILLION

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SLIDE 15

DOF ASA PRESENTATION Q2 2009 - 15

The New Horizon

P&L Q2 2009

DOF ASA DOF Subsea H. Elim. TOTAL DOF ASA DOF Subsea H. Elim. TOTAL Q2 09 Q2 09 Q2 09 H1 09 H1 09 H1 09

Revenue 356 735

  • 9

1 083 735 1 328

  • 17

2 046 Total Revenue 356 735

  • 9

1 083 735 1 328

  • 17

2 046 Operational Costs 229 520 750 470 999 14 1 483

  • Total Operational Costs

229 520 750 470 999 14 1 483 EBITDA 126 215

  • 9

333 266 330

  • 32

564 Depriciations 82 105 188 153 198 351 EBIT 44 110

  • 9

145 113 131

  • 32

212 Results from TS

  • 2

171 169

  • 2

174 172 Net financial income 45 52 97 70 121 3 193 Net financial costs

  • 85
  • 118
  • 203
  • 215
  • 218
  • 7
  • 440

Unrealized P/L from currency 176 20 197 292 113 405 Net financial costs 134 125 259 144 190

  • 4

330 Profit before taxes 178 235

  • 9

405 257 321

  • 36

543 Taxes 138 6 143 135 15 149 Net Profit 40 229

  • 9

261 122 307

  • 36

393

ALL FIGURES IN NOK MILLION

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SLIDE 16

DOF ASA PRESENTATION Q2 2009 - 16

The New Horizon

Balance Q2 2009

ALL FIGURES IN NOK MILLION

30.06.2009 30.06.2008 31.12.2008 Intangible assets 690 521 628 Fixed assets 16 311 11 407 14 788 Financial assets 40 488 146 Receivables 1 600 1 232 1 436 Vessel held for sale 173 Bank balance 2 468 1 342 2 832 Total assets 21 109 15 164 19 831 Subscribed equity 860 620 620 Retained earnings 2 859 2 568 2 450 Minority Interest 2 691 1 477 2 429 Provisions for commitment 381 543 602 Other long-term liabilities 11 548 8 187 10 728 Debt to credit institutions 1 713 959 1 795 Current liabilities 1 056 810 1 206 Total liabilities and equity 21 109 15 164 19 831

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SLIDE 17

DOF ASA PRESENTATION Q2 2009 - 17

The New Horizon

Key figures Q2 2009

KEY FIGURES

Q 2 2009 Q 2 2008 H1 2009 H1 2008 31.12.2008 Profit per share 3,07 4,14 4,68 4,90 1,21 Profit per share ex. minority interest 1,62 3,74 2,76 4,37 0,79 Proft per share ex. unrealized loss/gain 0,76 4,76

  • 0,13

4,47 9,12 Cash flow per share 4,65 6,03 5,83 7,98 14,20 Ebitda ex gain from sale of assets 31 % 26 % 28 % 28 % Ebitda margin 31 % 36 % 28 % 35 % 36 % Ebit margin 13 % 26 % 10 % 24 % 21 % Return on net capital 4 % 7 % 6 % 9 % 2 % Equity ratio 30 % 31 % 30 % 31 % 28 % Net interest-bearing debt 10 615 7 806 10 615 7 806 9 518 NAV per share 86 88

Including gain from sale of assets (NOK 108 m Q2 08 & NOK 144 m in 1st half 2008)

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SLIDE 18

DOF ASA PRESENTATION Q2 2009 - 18

The New Horizon

Currency effects on Q2 results

ALL FIGURES IN NOK MILLION

Financial items Group Q1 Group Q2 Group H1 09 Share of profit from associated 172 172 Interest reveneue 31 18 49 Interest costs

  • 163
  • 163
  • 326

Realized currency gain/loss long debt 46 3 49 Realized currency gain/loss on forex instruments

  • 5

20 15 Realized operational currency gain/loss (-)

  • 32

5

  • 27

Other financial expenses

  • 14

8

  • 6

Total financial items

  • 137

63

  • 74

Unrealized profit/loss on currencies Unrealized currency gain/loss on long debt 99 212 311 Unrealized currency gain/loss on forex instruments 106

  • 12

94 Unrealized operational currency gain 3

  • 3

Total unrealized profit/loss on currencies 208 197 405 Total financial items 71 259 330 Currency effects 30.06.09

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SLIDE 19

DOF ASA PRESENTATION Q2 2009 - 19

The New Horizon

Markets

Supply

  • Weak North Sea spot market in Q2 and so far in Q3

Subsea

  • Better utilization of the North Sea subsea fleet in Q3, low

visibility for Q4

  • Continued high activity in Brazil and signs of

improvements in Asia

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SLIDE 20

DOF ASA PRESENTATION Q2 2009 - 20

The New Horizon

Near Term Outlook Supply

  • High contract coverage, only three vessels exposed in the spot

market in 2nd half 2009

  • Skandi Møgster, starts long term contract OGX in Q3

Skandi Waveney, long term StatoilHydro contract starts in Q4

  • Skandi Stolmen, present StatoilHydro contract ends in

Nov.

  • Skandi Hav - rebuilding to be completed early September,

Contract start with Petrobras early October

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SLIDE 21

DOF ASA PRESENTATION Q2 2009 - 21

The New Horizon

Near Term Outlook Subsea

North Sea Utilization expected to be high for 3Q

  • Geosund
  • Skandi Bergen
  • Geoholm

South East-Asia Weak utilization i July/August and high utilization thereafter

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SLIDE 22

DOF ASA PRESENTATION Q2 2009 - 22

The New Horizon

Concluding remarks

  • High contract coverage
  • Well positioned in Brazil
  • Global growth to continue
  • Financial markets are improving
  • DOF - Good track record,

preferred partner for oil companies and banks

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SLIDE 23

DOF ASA PRESENTATION Q2 2009 - 23

The New Horizon

Thank you

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SLIDE 24

DOF ASA PRESENTATION Q2 2009 - 24

The New Horizon

DISCLAIMER

This presentation by DOF ASA designed to provide a high level overview of aspects of the

  • perations of the DOF ASA Group.

The material set out in the presentation is current as at 26 Aug, 2009. 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

  • ther 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

  • r 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

  • therwise 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.