DOF ASA Q2 2011 CEO - Mons S. Aase CFO - Hilde Drønen
Agenda Highlights Q2 Overview Group Status DOF Subsea Status Supply Q2 Financials Outlook Skandi Skansen www.dof.no DOF ASA Presentation 2011 - 2
Highlights Q2 Contracts: 3 x 7 years contract with ConocoPhillips Norway 2 years extension of Skandi Olympia with Fugro until March 2014 DOF Subsea has in July agreed a contract with ENI for Goliat FPSO Marine Skandi Niteroi is secured a 4 + 4 yrs contract with Petrobras in August Several contracts for DOF Subsea project fleet 6 months extension with OGX for Skandi Møgster Fleet: Purchase of Skandi Constructor (ex “Sarah”) in operation mid June Sale of Geosounder Skandi Emerald onhire to OGX in May Skandi Niteroi arrived Brazil mid August for final completion as PLSV. Expected to be completed mid September www.dof.no DOF ASA Presentation 2011 - 3
Highlights Q2 Skandi Commander rebuilt and onhire to Petrobras in May Skandi Hercules commenced its first job in Vietnam early May DOF has ordered 2 MRV/1 ROV vessel for three ConocoPhillips contracts Skandi Skansen delivered 1 July Hull no 081 delivered to new owner in July Skandi Saigon delivered 10 August Finance: NOK 200 million private placement in DOF Installer ASA. DOF Subsea AS owns approx. 84% after completed placement. Bond loan in DOFSUB MNOK 750 completed in April www.dof.no DOF ASA Presentation 2011 - 4
Company overview DOF ASA Norskan Ltda DOF Subsea Holding Ship owning company Modern fleet Modern fleet 3 AHTS’s 17 AHTS’s DOF Subsea 17 PSV’s 7 PSV’s 3 CSV 2 CSV’s Modern fleet & Equipment 21 CSV/ROV vessels 44 ROV’s + 1 AUV Leading Subsea Contractor DOF Installer 3 state of the art installation CSV vessels www.dof.no DOF ASA Presentation 2011 - 5
The fleet market segments PSV AHTS ROV/OCSV/DSV/ Total fleet SEISMIC VESSELS No. of vessels DOF ASA 17 3 3 23 7 12 2 21 NORSKAN OFFSHORE DOF SUBSEA AS 0 0 21 21 0 0 3 3 DOF INSTALLER ASA 0 5 0 5 AKER DOF DEEPWATER AS 24 20 29 73 Total fleet Contract coverage 11* 85 % 93 % 85 % 87 % Contract coverage 12* 63 % 71 % 70 % 69 % * no options included www.dof.no DOF ASA Presentation 2011 - 6
Global Player 27 Austevoll Bergen Moscow Aberdeen St. Johns Houston Cairo 1 Manila Brunei Singapore Angola Jakarta Macae 1 Perth Rio de Janeiro 5 25 Buenos Aires GEOGRAPHICAL FOCUS AREAS www.dof.no DOF ASA Presentation 2011 - 7
Long Term Contracted Cash Flows… DOF group has solid cash flow visibility over the next 3-5 years By 30 June 2011 the total back-log (incl. options) was approx NOK 37.9 bn Firm contract counts for NOK 20.5 bn Options count for NOK 17.4 bn Backlog Development DOF Group Note: Includes extension options on long-term contracts. 40 000 37 904 35 187 35 000 30 579 30 000 26 217 25 000 Million NOK 22 561 19 493 20 000 16 665 14 212 15 000 10 000 5 000 - 2011 2012 2013 2014 2015 2016 2017 2018 www.dof.no DOF ASA Presentation 2011 - 8
DOF SUBSEA www.dof.no DOF ASA Presentation 2011 - 9
DOF Subsea Contract Coverage (Vessels) 2011 2012 2013 2014 2015 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 Geograph Ocean Protector Skandi Seven Long Term Charters Skandi Salvadore Skandi Vitoria Skandi Aker Skandi Santos Skandi Patagonia Skandi Carla Skandi Neptune Skandi Achiever Skandi Acergy Skandi Arctic Skandi Niteroi Upgrade in Norway Geosea Skandi Skansen (H723) Project Vessels Skandi Singapore (H621) FIRM CONTRACTS Skandi Inspector Skandi Hercules (H722) OPTIONAL PERIOD Skandi Skolten Geobay UNDER CONSTRUCTION Geosund Transit to Asia Geoholm Skandi Constructor www.dof.no DOF ASA Presentation 2011 - 10
DOF Subsea Contract Coverage (ROV & Others) 2011 2012 2013 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Norskan Botafogo Petrobras Skandi Fluminence Petrobras Norskan Skandi Chieftain Petrobras Sk Commander Petrobras Skandi Aker AKOFS DOFCON Skandi Seven Subsea 7 DOF Skandi Vega Statoil Subsea IRM contract Shell Philippines M alampaya Region Asia Gorgon Upstream HDD Marine Monitoring Chevron Australia Darwin operations M ultiple Supply of Buckle Initiator Chevron Australia Smartwire Metrology Husky Energy Constructor & WS Technip Canada Ross Survey Support Subsea 7 USA Block 31 FPSO EZRA/AM C Region Atlantic Field Survey Support Services Deep Panuke GIS Development BP America TH/Galapados/Atlantis BP America Survey support BP Angola Vessel support SHL Frame Agreement Conoco Phillips Survey support HM C www.dof.no FIRM CONTRACTS OPTIONAL PERIOD DOF ASA Presentation 2011 - 11
Photo: Tom Gulbransen Status Supply www.dof.no DOF ASA Presentation 2011 - 12
DOF Contract Coverage 2011 2012 2013 2014 2015 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 PSV 1 Skandi Falcon M OG 2 Skandi Marstein SHELL UK Opt Nov 2016 3 Skandi Foula SHELL UK 4 Skandi Rona SHELL UK 5 Skandi Buchan TOTAL 6 Skandi Sotra STATOIL 7 Skandi Caledonia M OG 8 Skandi Barra TOTAL 9 Skandi Texel Peterson Supplylink Opt Jan 2016 10 Skandi Mongstad STATOIL Firm Aug 2016 / Opt Aug 2021 11 Skandi Flora STATOIL Opt Feb 2017 12 Skandi Gamma (LNG) STATOIL Firm Mar 2016/ Opt Mar 2019 13 Skandi Feistein (PSV09 CD) ConocoPhillips Firm Nov 2017/ Opt Nov 2023 14 Skandi Kvitsøy (PSV09 CD) ConocoPhillips Firm Apr 2018/ Opt Nov 2024 15 Skandi Nova (MRV 05) ConocoPhillips Firm Oct 2019 16 Skandi Marøy (MRV 05) ConocoPhillips Firm Nov 2019 17 Skandi Hugen (MRV 05 ROV) ConocoPhillips Firm Dec 2019 AHTS 18 Skandi Stord STATOIL 19 Skandi Admiral (Brazil) PETROBRAS 20 Skandi Vega STATOIL Opt May 2018 CSV 21 Skandi Fjord Halliburton Opt Oct 2017 22 Skandi Olympia Fugro 23 Skandi Commander (Brazil) Petrobras FIRM CONTRACTS OPTIONAL PERIOD UNDER CONSTRUCTION www.dof.no DOF ASA Presentation 2011 - 13
Aker DOF Deepwater - Contract Coverage Aker DOF Deepwater AS - 50% DOF Vessel Name 201 1 201 2 201 3 201 4 201 5 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 1 Skandi Peregrino (VN) STATOIL 2 Skandi Emerald OGX SPOT 3 Skandi Saigon 4 Skandi Pacific 5 Skandi TBN Vietnam #6 FIRM CONTRACTS OPTIONAL PERIOD UNDER CONSTRUCTION www.dof.no DOF ASA Presentation 2011 - 14
DOF / Norskan /DOF Subsea Contracts in Brazil 2 0 11 2 0 12 2 0 13 2 0 14 2 0 15 Vessel Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 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 Leblon 1 SHELL PET ROBRAS Opt M ai 2019 Skandi Flamengo 2 PET ROBRAS Skandi Waveney 3 ST AT OIL Skandi Stolmen 4 PET ROBRAS Skandi Captain 5 PET ROBRAS Skandi Yare 6 PET ROBRAS Opt Jan 2016 Skandi Hav 7 PET ROBRAS Opt Sep 2019 Skandi Copacabana 8 PET ROBRAS Skandi Botafogo 9 PET ROBRAS Skandi Rio 10 PET ROBRAS Skandi Fluminense 11 PET ROBRAS Skandi Giant 12 PET ROBRAS Skandi Admiral * 13 PET ROBRAS Skandi M øgster 14 OGX 18 Skandi Ipanema 15 OGX Skandi Peregrino 16 ST AT OIL Skandi Amazonas 17 PET ROBRAS 8 yr s f i r m contr act Fi r m Jan 2020 / Opt Jan 2028 Skandi Iguaçu 18 PET ROBRAS 8 yr s f i r m contr act Fi r m Jun 2020 / Opt Jun 2028 Skandi Angra STX AH 1 1 19 PET ROBRAS 8 yr s f i r m contr act Fi r m Nov 2020 / Opt Nov 2028 Skandi Urca STX AH 1 1 20 PET ROBRAS 8 yr s f i r m contr act Fi r m M ay 2021 / Opt M ay 2029 19 Skandi Parati STX AH 1 1 21 19 Skandi Chieftain 22 PET ROBRAS Skandi Emerald 23 OGX Skandi Hawk (PSV 09 CD) 24 Skandi Salvador** 25 CHEVRON ### Skandi Santos** 26 PET ROBRAS Opt Nov 2020 ### Skandi Vitória** 27 PET ROBRAS Opt Dec 2017 Skandi Niterói** 28 PET ROBRAS Opt Sep 2019 Geograph** 29 PET ROBRAS 5 yr s f r i m contr act Skandi Commander* 30 PET ROBRAS 5 yr s f r i m contr act Geosea ** 31 PET ROBRAS 5 yr s f r i m contr act www.dof.no FIRM CONTRACTS OPTIONAL PERIOD UNDER CONSTRUCTION * DOF SUPPLY ** DOF SUBSEA DOF ASA Presentation 2011 - 15
Newbuilds Supply 2nd half 2011 Skandi Feistein 2 x AH08 (STX PSV09 CD) Skandi Amazonas Skandi Hawk www.dof.no DOF ASA Presentation 2011 - 16
Financials www.dof.no DOF ASA Presentation 2011 - 17
Financial/Operational Highlights Q2 2011 • Utilization Subsea fleet (91%) New contracts started this quarter More vessels in operation Higher utilization compared with Q1 • Utilization Supply fleet (92%) Stable operation in the North Sea, good rates PSV – spot vessels Three new vessels started operation Vessel dockings in Brazil • New vessels in 2nd quarter Skandi Constructor (ex. “Sarah”) purchased Geosounder was sold • Finance Bond DOF SUB New loan drawn on Skandi Constructor • Weak USD impact on Ebitda and finance costs www.dof.no DOF ASA Presentation 2011 - 18
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