DOF ASA 4Q and preliminary results 2007 CEO - Mons S. Aase CFO - - - PowerPoint PPT Presentation

DOF ASA

4Q and preliminary results 2007

CEO - Mons S. Aase CFO - Hilde Drønen

DOF ASA Presentation 2

Agenda

• Overview
• 4Q Financial
• Asia

DOF ASA Presentation 3

Modern fleet

• 15 AHTS’s
• 23 PSV’s
• 2 CSV
• Order backlog

NOK 4 bn 4 state of the art installation AHTS vessels

DOF Overview

DOF Supply 100% DOF Supply DOF Supply 100% 100%

Modern fleet & Equipment

• 23 CSV/ROV vessels
• 25 ROV’s + 1 AUV
• Leading Subsea

Contractor

• Order backlog

NOK 8,5 bn

DeepOcean 39,9% DeepOcean DeepOcean 39,9% 39,9%

Modern fleet & Equipment

• 13 MPSV vessels
• 15 ROV’s
• 2 module handling

system

• Leading Subsea

Contractor

• Order backlog NOK 4 bn

DOF ASA DOF ASA DOF ASA DOF Subsea ASA 54% DOF Subsea ASA DOF Subsea ASA 54% 54% DOF Installer 45% DOF Installer DOF Installer 45% 45%

DOF ASA Presentation 4

The fleet market segments

PSV AHTS ROV/OCSV/DSV Total fleet

• No. of vessels

DOF ASA

20 5 2 27

NORSKAN OFFSHORE

2 4 6

DOF SUBSEA ASA

23 23

DOF INSTALLER ASA

4 4

AKER DOF SUPPLY

1 6 7

Total fleet

23 19 25 67

DOF ASA Presentation 5 PSV AREA OF OPER. CHARTERER 2008 2009 2010 Skandi Hav North Sea Maersk Oil UK/spot Skandi Falcon North Sea Shell UK/spot spot spot spot Skandi Marstein North Sea Shell UK Skandi Stolmen Norw ay StatoilHydro Skandi Foula North Sea Shell UK Skandi Rona North Sea Shell UK Skandi Waveney North Sea Marathon BB in Skandi Buchan North Sea ASCO/Total Skandi Sotra North Sea StatoilHydro Skandi Caledonia North Sea Total Skandi Captain North Sea Shell Skandi Barra North Sea Shell Skandi Chieftain North Sea Shell Skandi Texel North Sea Peterson Supplylink Skandi Commander North Sea Shell Skandi TBN (AYP 06CD) North Sea StatoilHydro Skandi Mongstad (VS 495 DEM-2) North Sea StatoilHydro

DOF contract coverage

FIRM CONTRACTS

UNDER CONSTRUCTION

OPTIONAL PERIOD

DOF ASA Presentation 6

AHTS AREA OF OPER. CHARTERER 2008 2009 2010 Skandi Møgster Workd w ide spot spot spot spot Skandi Stord North Sea StatoilHydro Skandi Admiral North Sea StatoilHydro spot spot spot Skandi Giant spot spot spot spot Skandi Hercules spot CSV Skandi Fjord North Sea Halliburton Skandi Navica World Wide SubSea 7

DOF contract coverage

FIRM CONTRACTS OPTIONAL PERIOD

Skandi Hercules Skandi Hercules Sold for USD 100 million Sold for USD 100 million Delivery Delivery end end March March 2008 2008

DOF ASA Presentation 7

PSV CHARTERER 2008 2009 2010 Norskan Flamengo Petrobras Norskan Leblon Petrobras/Shell Skandi Yare Petrobras AHTS Norskan Copacabana Petrobras Norskan Botafogo Petrobras Skandi Rio Petrobras Skandi Fluminence Petrobras

NORSKAN: The fleet

FIRM CONTRACTS

DOF ASA Presentation 8

Awards from Petrobras

Third consecutive time on the PEOTRAM program, we won the general Safety Award for 2007.

DOF ASA Presentation 9

Newbuilding program in Brazil

Hull no 23 & 24 Design: Aker OSCV 06 Length: 140 m Accommodation: 120 persons Crane: 250 tonnes ROV: 2 systems Hull no 22 Design: Aker ROV 06 Length: 108 m Crane: 140 tonnes Accommodation: 100 persons ROV: 2 systems

DOF ASA Presentation 10 NAME TYPE CHARTER PERIOD OWNER DELIVERY 2008 2009 2010

SKANDI TBN 1 PSV Statoil 5 years DOF AUG 08 SKANDI TBN 2 PSV/ROV DOFSubsea 5 years DOF APR 09 SKANDI TBN 3 PSV/ROV Spot

• DOF

AUG 09 SKANDI TBN (COCHIN) PSV/RSV Spot

• DOF

MAY 10

NAME TYPE CHARTER PERIOD OWNER DELIVERY 2008 2009 2010

SKANDI SALVADORE ROV/SURVEY Chevron Brazil 3 years GEO Brazil OKT 08 SKANDI ACERGY CONST Acergy 8 years DOFCON MAY 08 SKANDI SEVEN CONST Subsea7 5 years DOFCON JUN 08 SKANDI TBN 4 CONST Technip 5 years DOFCON Brazil JUN 09 SKANDI TBN 6 CONST Spot

• DOFCON Brazil

DES 09 SKANDI TBN 7 CONST Aker Oilfield 5 years DOFCON MAY 09 SKANDI TBN 8 CONST Aker Oilfield 5 years DOFCON MAY 09 SKANDI TBN 5 DSV Technip 8 years DOFCON/TECH DEC 08 SKANDI SINGAPORE DSV Spot

• DOF SUBSEA

AUG 09

Vessels under construction

DOF Subsea DOF Supply

FIRM CONTRACTS

UNDER CONSTRUCTION

OPTIONAL PERIOD

New fixture rate USD 15,000 on B/B

DOF ASA Presentation 11

Tebma 123 & 124, VS 470 MPOV MkIII

Upgraded design:

New Beam: 19,2m New accomodation: 78 persons Mezzanine deck: 2 ROVs DOF Subsea to install 12 men SAT dive System

DOF ASA Presentation 12

Vessels under construction

NAME TYPE CHARTER PERIOD OWNER DELIVERY 2008 2009 2010 2011 2012

SKANDI TBN VIETNAM

AHTS

Aker DOF Supply

2010

SKANDI TBN VIETNAM

AHTS

Aker DOF Supply

2010

SKANDI TBN VIETNAM

AHTS

Aker DOF Supply

2011

SKANDI TBN VIETNAM

AHTS

Aker DOF Supply

2011

SKANDI TBN VIETNAM

AHTS

Aker DOF Supply

2012

SKANDI TBN VIETNAM

AHTS

Aker DOF Supply

2012

SKANDI TBN (COCHIN)

PSV/RSV

Aker DOF Supply

2010

Aker DOF Supply

NAME TYPE CHARTER PERIOD OWNER DELIVERY 2008 2009 2010 2011 2012 SKANDI TBN

AHTS DOF Installer 2009

SKANDI TBN

AHTS DOF Installer 2010

SKANDI TBN

AHTS DOF Installer 2010

SKANDI TBN

AHTS DOF Installer 2011

DOF Installer

FIRM CONTRACTS

UNDER CONSTRUCTION

OPTIONAL PERIOD

DOF ASA Presentation 13

• Type: Aker AH 04 CD
• Overall length / breadth: Approx 108m x 24m
• Deck-area: 1,000 m2 + moonpool + ROV hangar
• Winch: 500 tons (main winch) + 170 tons
• Offshore crane: 250 tons*
• Installed power: 36,000 BHP (hybrid)
• Bollard pull: >350 tons
• Accommodation: 90 people
• Yard: Aker Aukra
• Delivery date 1st vessel: December 2009
• Delivery date 2nd vessel: May 2010
• Delivery date 3rd vessel: Oct 2010
• Delivery date 4th vessel: May 2011
• Favourable prices compared to market
• Increasing demand

EPC contract Specifications

DOF Installer ASA

DOF ASA Presentation 14

• Overview
• 4Q Financial
• Asia

Agenda

DOF ASA Presentation 15

Highlights 4Q 2007

• Week utilization subsea vessels
• High tax costs due to tonnage tax
• Provisions UK-tax lease
• Acquisition 50% in DOF BOA
• Acquisition 39,9% in Deep Ocean
• New-building contracts

DOF ASA Presentation 16

Share price last 12 months

kr 0 kr 10 kr 20 kr 30 kr 40 kr 50 kr 60 kr 70 kr 80

• jan. 07
• mar. 07
• mai. 07
• jul. 07
• sep. 07
• nov. 07

DOF ASA Presentation 17

Result 4Q 2007

ALL FIGURES IN NOK THOUSANDS

Q 4 2007 Q 4 2006 Operating income 953 127 839 821 Total operating income 953 127 839 821 Operating expenses vessels 606 400 456 316 Bare-boat hire vessel 3 575 3 920 Total operating expenses 609 975 460 236 Operating profit before depreciation 343 152 379 585 Depreciation 164 349 118 236 Operating profit 178 803 261 349 Net profit from associated companies 603

• 2 806

Financial items

• 159 241
• 58 386

Unrealized profit/loss on currencies 44 655

• 10 185

Net financial costs

• 113 983
• 71 377

Pre-tax profit 64 820 189 972 Taxes

• 369 666
• 1 563

Result

• 304 846

188 409 Minority Interest 86 813

• 90 952

DOF ASA Presentation 18

Result 31.12.2007

ALL FIGURES IN NOK THOUSANDS

31.12.2007 31.12.2006 31.12.2005 Operating income 3 454 381 3 010 878 1 583 567 Total operating income 3 454 381 3 010 878 1 583 567 Operating expenses vessels 2 210 190 1 703 832 807 146 Bare-boat hire vessel 14 965 14 915 14 482 Total operating expenses 2 225 155 1 718 747 821 628 Operating profit before depreciation 1 229 226 1 292 131 761 939 Depreciation 529 791 417 010 356 421 Operating profit 699 435 875 121 405 518 Net profit from associated companies 42 681 64 890 2 479 Financial items

• 394 039
• 190 718
• 138 655

Unrealized profit/loss on currencies 314 602

• 22 860
• 11 934

Net financial costs

• 36 756
• 148 688
• 148 110

Pre-tax profit 662 679 726 433 257 408 Taxes

• 440 786
• 69 252
• 16 530

Result 221 893 657 181 240 878 Minority Interest

• 47 953
• 207 712
• 20 935

DOF ASA Presentation 19

Profit share 4Q 2007

ALL FIGURES IN NOK THOUSANDS

DOF ASA DOF SUBSEA ASA TOTAL Revenue 438 476 514 651 953 127 Total Revenue 438 476 514 651 953 127 Operational costs 205 830 404 144 609 974

• Total Operational costs

205 830 404 144 609 974 EBITDA 232 646 110 507 343 153 Deprecations 92 335 72 014 164 349 EBIT 140 311 38 493 178 804 Profit from ass. companies 4 842

• 4 239

603 Financial income 36 344 50 439 86 783 Financal costs

• 136 766
• 109 258
• 246 024

Unrealized gain/loss on currenc 32 544 12 111 44 655 Net financial costs

• 63 036
• 50 947
• 113 983

Net profit before taxes 77 275

• 12 454

64 821 Taxes

• 212 600
• 157 066
• 369 666

Net Profit

• 135 325
• 169 520
• 304 845

DOF ASA Presentation 20

Profit share 2007

ALL FIGURES IN NOK THOUSANDS

DOF ASA DOF SUBSEA ASA TOTAL Revenue 1 380 776 2 073 605 3 454 381 Total Revenue 1 380 776 2 073 605 3 454 381 Operational costs 742 184 1 482 971 2 225 155

• Total Opertional costs

742 184 1 482 971 2 225 155 EBITDA 638 592 590 634 1 229 226 Deprecations 314 490 215 301 529 791 EBIT 324 102 375 333 699 435 Profit from ass. companies 46 920

• 4 239

42 681 Financial income

• 235 645
• 158 394
• 394 039

Unrealized gain/loss on currenc 242 615 71 987 314 602 Net financial costs 53 890

• 90 646
• 36 756

Net profit before taxes 377 992 284 687 662 679 Taxes

• 243 354
• 197 432
• 440 786

Net Profit 134 638 87 255 221 893 Minority interest

• 46 921
• 1 031
• 47 952

DOF ASA Presentation 21

31.12.2007 31.12.2006 31.12.2005 Intangible assets 538 305 375 422 365 590 Fixed assets 11 877 609 7 632 025 5 631 366 Financial assets 1 413 298 326 499 3 813 Receivables 1 052 546 753 921 678 845 Bank balance 1 859 974 1 552 896 1 345 433 Total assets 16 741 731 10 640 763 8 025 047 Subscribed equity 619 989 619 989 227 270 Retained earnings 3 057 921 1 848 703 1 360 379 Minority Interest 876 876 822 169 472 249 Provisions for commitment 635 838 231 315 83 647 Other long-term liabilities 10 057 457 5 646 239 5 003 358 Current liabilities 1 493 650 1 472 348 878 144 Total liabilities and equity 16 741 731 10 640 763 8 025 047

Balance 4Q 2007

ALL FIGURES IN NOK THOUSANDS

DOF ASA Presentation 22

Balance December 2007

’000 mil NOK

44 % 27 % 5 000 10 000 15 000 20 000 25 000 30 000 35 000 40 000 45 000 Book value Fair market value Assets Equity Debt

DOF ASA Presentation 23

Key figures 4Q 2007

ALL FIGURES IN NOK THOUSANDS

Q 4 2007 Q 4 2006 31.12.2007 31.12.2006 Profit per share

• 3,68

2,28 2,68 7,94 Profit per share ex. minority interest

• 4,73

1,18 2,10 5,43 Cash flow per share 2,23 3,85 10,61 14,09 Ebitda margin 36 % 45 % 36 % 43 % Return on net capital

• 7 %

6 % 5 % 20 % Equity ratio 27 % 31 % 27 % 31 % Book value per share 55 40 55 40 NAV value per share 93 77 93 77 Market value 62 68 62 68 Net interest-bearing debt 8 606 812 4 907 623 8 606 812 4 907 623 Net debt (ex capital uemployed ) 5 606 812 4 225 000 5 606 812 4 225 000

DOF ASA Presentation 24

Agenda

• Overview
• 4Q Financial
• Asia

DOF ASA Presentation 25

• Building up shipowning and shipmanagement company in Singapore
• Recruited Mr. David Jamieson as CEO
• 10 vessels under construction in the region
• 3 vessels in operation

DOF Management Singapore

Asia

DOF ASA Presentation 26

• Design: Aker PSV 09 CD
• Yard: Cochin Shipyard Ltd, India
• Overall length / breadth: 86,6m x 19m
• DWT: 4 800 ton
• Propulsion 2 x 2200 eKW
• Speed 15 knots
• Accommodation: up to 70 people
• Prepared for 90 ton crane

Sett inn bilde

New Contracts with Cochin Shipyard

Asia

DOF ASA Presentation 27

• Type: AHTS
• Overall length / breadth: Approx 75m x 17m
• Deadweight: 3, 000 tons
• Winch: 350 tons (main winch)
• Installed power: 16,000 BHP
• Bollard pull: >180 tons
• Speed: Max 14.5 knots
• Class: DnV +1A1, SF, E0, TUG, dk(+), HL (2.8),
• DYNPOS AUTR, T-MON, Clean Design

*

• Yard: Vong Tau Vietnam
• Delivery date 1st vessel: 2010
• Delivery date 2nd vessel: 2010
• Delivery date 3rd vessel: 2011
• Delivery date 4th vessel: 2011
• Delivery date 5th vessel: 2012
• Delivery date 6th vessel: 2012
• Option for six vessels to be declared end of 2008

Contract Specifications

Aker DOF Supply AS

Asia

DOF ASA Presentation 28

Concluding remarks

• Aggressive global growth
• DOF Subsea just started
• Discussion ongoing with DeepOcean
• Global presence
• Modern fleet and equipment
• Skilled employees

DOF ASA Presentation 29

Thank you!