DOF ASA Q2 2011 CEO - Mons S. Aase CFO - Hilde Drnen Agenda - - PowerPoint PPT Presentation

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DOF ASA Q2 2011 CEO - Mons S. Aase CFO - Hilde Drnen Agenda - - PowerPoint PPT Presentation

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DOF ASA Q2 2011 CEO - Mons S. Aase CFO - Hilde Drnen Agenda Highlights Q2 Overview Group Status DOF Subsea Status Supply Q2 Financials Outlook Skandi Skansen www.dof.no DOF ASA Presentation 2011 - 2

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SLIDE 1

DOF ASA

Q2 2011 CEO - Mons S. Aase CFO - Hilde Drønen

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SLIDE 2

DOF ASA

Presentation 2011 - 2 www.dof.no

Agenda

  • Highlights Q2
  • Overview Group
  • Status DOF Subsea
  • Status Supply
  • Q2 Financials
  • Outlook

Skandi Skansen

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DOF ASA

Presentation 2011 - 3 www.dof.no

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

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SLIDE 4

DOF ASA

Presentation 2011 - 4 www.dof.no

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
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SLIDE 5

DOF ASA

Presentation 2011 - 5 www.dof.no

DOF ASA

Norskan Ltda DOF Subsea Holding Ship owning company DOF Subsea DOF Installer

Company overview

Modern fleet & Equipment 21 CSV/ROV vessels 44 ROV’s + 1 AUV Leading Subsea Contractor 3 state of the art installation CSV vessels Modern fleet 3 AHTS’s 17 PSV’s 3 CSV Modern fleet 17 AHTS’s 7 PSV’s 2 CSV’s

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SLIDE 6

DOF ASA

Presentation 2011 - 6 www.dof.no

The fleet market segments

PSV AHTS ROV/OCSV/DSV/ Total fleet

  • No. of vessels

SEISMIC VESSELS

DOF ASA

17 3 3 23

NORSKAN OFFSHORE

7 12 2 21

DOF SUBSEA AS

21 21

DOF INSTALLER ASA

3 3

AKER DOF DEEPWATER AS

5 5

Total fleet

24 20 29 73

Contract coverage 11* 85 % 93 % 85 % 87 % Contract coverage 12* 63 % 71 % 70 % 69 %

* no options included

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SLIDE 7

DOF ASA

Presentation 2011 - 7 www.dof.no

GEOGRAPHICAL FOCUS AREAS

Perth Rio de Janeiro Buenos Aires Singapore Houston

  • St. Johns

Aberdeen Austevoll Cairo Brunei Macae Jakarta Manila Angola Moscow Bergen

Global Player

27

1

25

5 1

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SLIDE 8

DOF ASA

Presentation 2011 - 8 www.dof.no

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.

  • 5 000

10 000 15 000 20 000 25 000 30 000 35 000 40 000 2011 2012 2013 2014 2015 2016 2017 2018 37 904 35 187 30 579 26 217 22 561 19 493 16 665 14 212 Million NOK

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SLIDE 9

DOF ASA

Presentation 2011 - 9 www.dof.no

DOF SUBSEA

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SLIDE 10

DOF ASA

Presentation 2011 - 10 www.dof.no

DOF Subsea Contract Coverage (Vessels)

FIRM CONTRACTS UNDER CONSTRUCTION OPTIONAL PERIOD

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 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) Skandi Singapore (H621) Skandi Inspector Skandi Hercules (H722) Skandi Skolten Geobay Geosund Transit to Asia Geoholm Skandi Constructor 2013 2014 2015 2011 2012

Project Vessels Long Term Charters

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SLIDE 11

DOF ASA

Presentation 2011 - 11 www.dof.no

Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Norskan Botafogo

Petrobras

Skandi Fluminence

Petrobras

Skandi Chieftain

Petrobras

Sk Commander

Petrobras

Skandi Aker

AKOFS

Skandi Seven

Subsea 7

DOF

Skandi Vega

Statoil

Subsea IRM contract

Shell Philippines M alampaya

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

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

2013

Region Atlantic

2011 2012

DOFCON Norskan Region Asia FIRM CONTRACTS OPTIONAL PERIOD

DOF Subsea Contract Coverage (ROV & Others)

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SLIDE 12

DOF ASA

Presentation 2011 - 12 www.dof.no

Status Supply

Photo: Tom Gulbransen

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DOF ASA

Presentation 2011 - 13 www.dof.no

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

2011 2012 2013 2014 2015

DOF Contract Coverage

FIRM CONTRACTS UNDER CONSTRUCTION OPTIONAL PERIOD

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SLIDE 14

DOF ASA

Presentation 2011 - 14 www.dof.no

Aker DOF Deepwater AS - 50% DOF

Vessel Name

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

3 Skandi Saigon

SPOT

4 Skandi Pacific 5 Skandi TBN Vietnam #6 201 1 201 2 201 3 201 5 201 4

Aker DOF Deepwater - Contract Coverage

FIRM CONTRACTS UNDER CONSTRUCTION OPTIONAL PERIOD

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SLIDE 15

DOF ASA

Presentation 2011 - 15 www.dof.no

DOF / Norskan /DOF Subsea Contracts in Brazil

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 Leblon

SHELL PET ROBRAS Opt M ai 2019 2

Skandi Flamengo

PET ROBRAS 3

Skandi Waveney

ST AT OIL 4

Skandi Stolmen

PET ROBRAS 5

Skandi Captain

PET ROBRAS 6

Skandi Yare

PET ROBRAS Opt Jan 2016 7

Skandi Hav

PET ROBRAS Opt Sep 2019 8

Skandi Copacabana

PET ROBRAS 9

Skandi Botafogo

PET ROBRAS 10

Skandi Rio

PET ROBRAS 11

Skandi Fluminense

PET ROBRAS 12

Skandi Giant

PET ROBRAS 13

Skandi Admiral *

PET ROBRAS 14

Skandi M øgster

OGX 18 15

Skandi Ipanema

OGX 16

Skandi Peregrino

ST AT OIL 17

Skandi Amazonas

PET ROBRAS 8 yr s f i r m contr act Fi r m Jan 2020 / Opt Jan 2028 18

Skandi Iguaçu

PET ROBRAS 8 yr s f i r m contr act Fi r m Jun 2020 / Opt Jun 2028 19

Skandi Angra STX AH 1 1

PET ROBRAS 8 yr s f i r m contr act Fi r m Nov 2020 / Opt Nov 2028 20

Skandi Urca STX AH 1 1

PET ROBRAS 8 yr s f i r m contr act Fi r m M ay 2021 / Opt M ay 2029 19 21

Skandi Parati STX AH 1 1

19 22

Skandi Chieftain

PET ROBRAS 23

Skandi Emerald

OGX 24

Skandi Hawk (PSV 09 CD)

25

Skandi Salvador**

CHEVRON ### 26

Skandi Santos**

PET ROBRAS Opt Nov 2020 ### 27

Skandi Vitória**

PET ROBRAS Opt Dec 2017 28

Skandi Niterói**

PET ROBRAS Opt Sep 2019 29

Geograph**

PET ROBRAS 5 yr s f r i m contr act 30

Skandi Commander*

PET ROBRAS 5 yr s f r i m contr act 31

Geosea **

PET ROBRAS 5 yr s f r i m contr act

2 0 12

Q 1 Q 2 Q 3 Q 4

2 0 11

Q 1 Q 2 Q 3 Q 4

Vessel

2 0 15

Q 1 Q 2 Q 3 Q 4

2 0 14

Q 1 Q 2 Q 3 Q 4

2 0 13

Q 1 Q 2 Q 3 Q 4

FIRM CONTRACTS UNDER CONSTRUCTION OPTIONAL PERIOD * DOF SUPPLY ** DOF SUBSEA

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SLIDE 16

DOF ASA

Presentation 2011 - 16 www.dof.no

Newbuilds Supply 2nd half 2011

2 x AH08 Skandi Amazonas Skandi Hawk Skandi Feistein

(STX PSV09 CD)

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SLIDE 17

DOF ASA

Presentation 2011 - 17 www.dof.no

Financials

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SLIDE 18

DOF ASA

Presentation 2011 - 18 www.dof.no

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
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DOF ASA

Presentation 2011 - 19 www.dof.no

(MNOK) Q2 2011 Q2 2010 Acc Q2 2011 Acc Q2 2010 2010 Operating income 1 581 1 521 2 967 2 650 5 462

  • perating expenses vessels

1 086 1 036 2 097 1 828 3 753

Operating profit before depreciation EBITDA 495 485 869 823 1 709

Depreciation 279 287 542 524 1 166 Write-down

  • 7
  • Operating profit - EBIT

215 198 321 299 543

  • Net profit from associated companies

1 1 2

  • 5

Financial income 143 53 208 131 178 Unralized profit/ loss on currencies 86

  • 252

196

  • 340

83 Financial costs

  • 453
  • 159
  • 816
  • 353
  • 1 000

Net financial costs

  • 224
  • 357
  • 410
  • 560
  • 743

Pre-tax profit

  • 9
  • 159
  • 90
  • 261
  • 200

Taxes 6 50

  • 24

20 15 Result

  • 15
  • 208
  • 66
  • 281
  • 215

Profit attributable to Non- controlling interest

  • 8
  • 58
  • 56
  • 85
  • 75

Controlling interest

  • 4
  • 150
  • 10
  • 196
  • 140

ALL FIGURES IN NOK MILLION

Result Q2 2011

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DOF ASA

Presentation 2011 - 20 www.dof.no

P&L Q2 2011 Supply and Subsea

ALL FIGURES IN NOK MILLION

DOF ASA DOF SUBSEA Total DOF ASA DOF SUBSEA Total Q2 2011 Q2 2011 Q2 2011 Acc Q2 2011 Acc Q2 2011 Acc Q2 2011 Operating income 561 1 020 1 581 1 056 1 911 2 967 Total operating income 561 1 020 1 581 1 056 1 911 2 967 Operating expenses 383 703 1 086 725 1 372 2 097 Total operating expenses 383 703 1 086 725 1 372 2 097 Operating profit before depreciation 178 317 495 330 539 869 Ebitda margin 32 % 31 % 31 % 31 % 28 % 29 %

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DOF ASA

Presentation 2011 - 21 www.dof.no

Results - Business Segments

ALL FIGURES IN NOK MILLION

EBITDA (MNOK) Q2 2011 Q2 2010 PSV 78 70 AHTS 97 114 CSV 320 301 Total 495 485

Stable allocation on business segments

16 % 19 % 65 %

EBITDA Q2 2011

14 % 24 % 62 %

EBITDA Q2 2010

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DOF ASA

Presentation 2011 - 22 www.dof.no

Results – Geographical Segments

ALL FIGURES IN NOK MILLION

EBITDA (MNOK) Q2 2011 Q2 2010 Europe/ West Africa 127 123 Australasia 42 18 Brazil 115 135 America/Worldwide 211 209 Total 495 485

26 % 8 % 23 % 43 %

EBITDA Q2 2011

25 % 4 % 28 % 43 %

EBITDA Q2 2010

 Brazil remains strong  Australia increasing

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SLIDE 23

DOF ASA

Presentation 2011 - 23 www.dof.no

Financial results Q2 2011

ALL FIGURES IN NOK MILLION

ALL FIGURES IN NOK MILLION

Financial items Q2 2011 Acc Q2 2011 Q2 2010 Acc Q2 2010 Share of loss profit from associated

  • 1

1 1 Interest reveneue 24 37 24 37 Interest costs

  • 257
  • 506
  • 192
  • 321

Realized currency gain/loss long debt 1

  • 6
  • 18

43 Realized currency gain/loss on forex instruments 2 24 23 1 Realized operational currency gain/loss (-)

  • 5
  • 66

19

  • 3

Other financial expenses

  • 74
  • 91

38 23 Total financial items

  • 311
  • 607
  • 106
  • 220

Unrealized profit/loss on currencies Unrealized currency gain/loss on long debt 84 192

  • 174
  • 262

Unrealized currency gain/loss on forex instruments 2 4

  • 78
  • 78

Total unrealized profit/loss on currencies 86 196

  • 252
  • 340

Total financial items

  • 225
  • 411
  • 358
  • 560
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SLIDE 24

DOF ASA

Presentation 2011 - 24 www.dof.no

Balance Q2 2011

ALL FIGURES IN NOK MILLION

30.06.2011 30.06.2010 31.12.2010 ASSETS Intangible assets 482 451 506 Vessel and other tangible assets 20 626 16 051 19 707 Newbuildings 2 334 3 354 1 925 Financial assets 390 213 285 Non-currents assets 23 832 20 069 22 423 Receivables 2 161 1 710 1 984 Cash and cash equivalents 1 831 1 835 2 645 Current assets 3 992 3 545 4 629 Total assets 27 825 23 614 27 053 EQUITY AND LIABILITIES Subscribted equyity 860 860 860 Retained equity 3 074 2 938 3 118 Non-controlling equity 2 684 2 726 2 750 Equity 6 618 6 525 6 728 Provisions for commitments 428 522 493 Other non-current liabilities 17 198 11 017 16 438 Non-current liabilities 17 626 11 539 16 931 Debt to credit institutions 1 466 4 257 1 876 Other current liabilities 2 114 1 293 1 517 Current-liabilities 3 580 5 550 3 393 Total equity and liabllities 27 825 23 614 27 053

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DOF ASA

Presentation 2011 - 25 www.dof.no

Key figures Q2 2011

Q2 2011 Q2 2010 Acc Q2 2011 Acc Q2 2010 2010 EBITDA margin 31 % 32 % 29 % 31 % 31 % EBIT margin 14 % 13 % 11 % 11 % 10 % Cashflow per share 2,03 4,17 2,89 6,62 9,70 Profit per share ex. minority interest

  • 0,07
  • 1,65
  • 0,11
  • 2,15
  • 1,53

Profit per share ex. unrealized loss/gain

  • 1,11

0,48

  • 2,88

0,65

  • 3,27

Return on net capital 0 %

  • 5 %
  • 2 %
  • 7 %
  • 5 %

Equity ratio 24 % 28 % 24 % 28 % 25 % Net interest bearing debt 17.039 13.157 17.039 13.157 15.469 Net interest bearing debt ex. unemployed capital 14.705 9.803 8.635 9.803 13.544 No of shares 91.037.975 91.037.975 91.037.975 91.037.975 91.037.975 Face value per share (NOK) 2 2 2 2 2 NAV per share (NOK) 83 87 83 87

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DOF ASA

Presentation 2011 - 26 www.dof.no

DOF asset values

  • Fair market values, DOF fleet have been stable and slightly increased since 2007
  • Total fair market values fleet (incl newbuilds): PSV 7 bn, AHTS 10 bn*, CSV 20 bn
  • 100 000

200 000 300 000 400 000 500 000 600 000 700 000 800 000 Q4 - 2007 Q1 - 2008 Q2 - 2008 Q3 - 2008 Q4 - 2008 Q1 - 2009 Q2 - 2009 Q3 - 2009 Q4 - 2009 Q1 - 2010 Q2 - 2010 Q3 - 2010 Q4 - 2010 Q1 - 2011 Q2 - 2011 T H O U S A N D N O K QUARTER

Market value vessel - split on segment

Valuations PSV, MT 6000, AHTS, UT 722L, CSV, OSV 03 PSV AHTS CSV

* AHTS fleet is partly valued in USD.

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DOF ASA

Presentation 2011 - 27 www.dof.no

Significant Asset Coverage

The combined market value DOF vessels per June is NOK 24,5 bn

  • Supply FMV NOK 11,2 bn

NIBD NOK 6,2 bn

  • Subsea FMV NOK 13.3 bn

NIBD NOK 8,5 bn NOK 24,5 bn NOK 14,7 bn Asset-level gearing on the fleet including new-builds is 60%, decreasing to 48% in 2014

  • Provides a significant equity cushion on top of existing vessel-level financing
  • We forecast significant gearing reduction upon completion of the current newbuild

program

Total Fleet Market value

Vessels (a) 24 500 Other Equipment (b) 1 000

Total Fleet 25 500

Note: Vessel values as of 30 June. (a) Does not include market value of the remaining vessels to be delivered in 2011-2013 DOF Subsea are included 100% in the calculation and JV’s with 50%. (b) Includes ROVs, AUV, and other equipment.

Gearing forecast summary

0 % 20 % 40 % 60 % 80 % 100 % 120 %

2010E 2011E 2012E 2013E 2014E

60% 61% 60 % 52 % 48% 40% 39% 40 % 48 % 52% debt Equity

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DOF ASA

Presentation 2011 - 28 www.dof.no

OUTLOOK

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DOF ASA

Presentation 2011 - 29 www.dof.no

SHORT TERM OUTLOOK (Q3)

Supply:

  • Good rates for Skandi Falcon and Skandi Sotra in Q3
  • Skandi Commander onhire to Petrobras in May
  • Skandi Emerald onhire to OGX in May

Subsea/CSV:

  • Skandi Skansen onhire from mid July
  • Skandi Constructor onhire from end June
  • Skandi Niteroi expected onhire end September
  • Skandi Singapore expected onhire mid September
  • Expect better 3rd quarter compared to 2nd quarter
  • Expect better 2nd half than 1st half 2011
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SLIDE 30

Thank you

This presentation and webcast is available at: www.dof.no

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SLIDE 31

DOF ASA

Presentation 2011 - 31 www.dof.no

DISCLAIMER

This presentation by DOF ASA designed to provide a high level overview of aspects of the operations of the DOF ASA Group. The material set out in the presentation is current as at 18 August, 2011. This presentation contains forward-looking statements relating to operations of the DOF ASA Group that are based

  • n 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 other 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 or 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 otherwise 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.