Quarterly presentation Q1 2016 DOF Subsea Group
DOF Subsea Group
DOF Subsea Group – in brief • Fleet • One of the largest subsea vessel owners in the world • Owns and operates a fleet of 21 vessels, plus 4 newbuilds on order • In addition 2 chartered-in vessels • The market value of owned vessels in operation is about NOK 16 billion, with a value adjusted age of approx. 5.9 years • Operates 62 ROVs and 4 ROVs and 1 AUV on order • Global organization • Head office in Bergen • Regional offices in Australia, Singapore, Norway, UK, Angola, US, Canada and Brazil • Total of 1 468 employees • Subsea employees: 1 468 • Of which offshore engineers and project staff: 898 Norway Brazil Canada US UK Asia Pacific Angola 290 360 54 202 195 352 15 3
DOF Subsea Group – in brief Condensed figures 5 last quarters Key figures Back-log incl. options Approx. NOK 38 billion Market value of fleet Approx. NOK 16 billion * According to internal Management reporting 4
Recent events • Fleet • Delivery of first of 4 PLSVs, Skandi Açu • Delivered Skandi Protector to the new owners • Contracts • Several subsea projects awarded in Asia Pacific and Atlantic region during Q4 2015 • Several IMR and subsea projects awarded with a total value in excess of NOK 500 million • The awards increase the Group’s presence in the Canadian and West-African markets • Extension of RSV contract with Petrobras on Geograph by 18 months • Finance • Refinancing Skandi Achiever, Skandi Neptune, Skandi Patagonia, Geoholm, Geograph and Skandi Hercules • Bond repurchase in Q1 2016 of NOK 62 million • Repaid outstanding amount of DOFSUB05 at maturity in April 5
Skandi Açu • Delivery of first of 4 PLSVs in joint venture with Technip • Sea trials on going Skandi Açu Build 2016 Design VARD 3 05 Type Subsea / PLSV LOA 146.0 m Breadth 30.0 m Draught 8.5 m DWT 10 800t Accommodation 120 persons TLS tower 650t 6
DOF Subsea Group overview DOF ASA First Reserve (51%) Corporation (49%) DOF Subsea Holding (100%) DOF Subsea 2005 20 552 Modern 1 468 Established NOK million high-end fleet highly-skilled total assets and equipment employees 62 ROVs, 4 2 21 5 ROVs vessels vessels owned subsea on order on charter vessels on order 7
Our global footprint Bergen Aberdeen St John’s 8 500 ATLANTIC 2 256 Houston Manila NORTH AMERICA Brunei Kuala Lumpur Singapore 1 Luanda Jakarta Darwin Macaé Rio de Janeiro 3 352 BRAZIL Perth ASIA PACIFIC Buenos Aires Melbourne 9 360 8
DOF Subsea timeline DOF Subsea fleet evolution DOF Subsea employees 28 18 000 2 000 Number of operated vessels MV of fleet 1 800 16 000 24 Number of employees 1 600 14 000 20 1 400 12 000 NOK million 1 200 16 10 000 1 000 8 000 12 800 6 000 600 8 4 000 400 4 2 000 200 0 - 0 200520062007200820092010201120122013201420152016 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Owned vessels Chartered vessels MV of owned fleet (r.a.) Employees * As per 31 st March 2016 2005 - 2010 2011 2012 2013 2014 2015 2016 Fleet: From 11 to 21 vessels Fleet: 26 vessels Fleet: 24 vessels Fleet: 25 vessels Fleet: 28 vessels Fleet: 24 vessels Fleet: 23 vessels • DOF Subsea was established in 2005 • Feb: Delivery of • Mar: Sale of OSCV • Feb: Signed OSCV • Jan: Delivered • Feb: Delivered • Jan: Delivered newbuild contract Skandi Niteroi newbuild Skandi Bergen to Skandi Aker to new Skandi Protector to • DOF Subsea was listed on the Oslo new owners owners new owners Stock Exchange in 2005, and taken • Feb: Chartered • May : Sale of • Mar: Signed OSCV private by DOF and FRC in 2008 Geosounder newbuild contract Harvey Deep-Sea • Mar: Chartered • Mar: Delivery of • Apr: Delivery of Ross Candies Skandi Africa Skandi Açu • Established a global footprint, present • Mar: Sale of • Jun : Acquisition • Mar: Chartered in all major offshore oil & gas regions Geobay • Mar: Chartered Skandi Constructor Skandi Hawk • May: Acquired Chloe Candies Skandi Hawk • Built a global organization through • Jul : Delivery of • Jun: Delivery of organic growth and acquisitions Skandi Bergen Skandi Skansen • Nov: Delivered • June: Sale of Skandi Skolten to Skandi Arctic • Developed global Business • Sep : Delivery of • Aug: Signed new owners Management System, and achieved newbuild contracts Skandi Singapore • Nov: Sale of global ISO certification for 4 x PLSVs Skandi Inspector • JV with Technip • Nov: Chartered Normand Reach • Expanded the fleet by taking delivery of 10 newbuilds • Global ISO recertification 9
Modern high-end fleet • Majority of the fleet delivered after 2007 • Modern fleet with a value adjusted average fleet age of approx. 5.9 • High-end vessels capable of a wide scope of worldwide operations 10
Business management • Global business management system accredited by DNV to: Business Management System ISO 9001: 2015 • Health and Safety System OHSAS 18001:2007 • Environmental Management System ISO 14001:2015 • Sustainability reporting according to Global Reporting Initiative G4 implemented • Achieved Carbon Disclosure Project reporting result of 99B (report for 2014) • IMCA International Contractor membership • ISO recertification in 2016 • 2009 11
HSEQ key statistics • Substantial HSE-improvement since 2005 • Substantial increase in activity level measured by total man-hours DOF Subsea HSEQ-statistics 12,0 6 000 000 10,0 5 000 000 Frequence: Incident / 1 000 000 man-hour 8,0 4 000 000 Man-hours 6,0 3 000 000 4,0 2 000 000 2,0 1 000 000 - 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 LTI TR Man-hours 12
DOF Subsea – Projects Operating income by segment DOF Subsea has built a global • presence over the last 10 years 8 000 1 800 DOF Subsea has developed the • 1 600 7 000 project business gradually 1 400 6 000 Increased project activity and • complexity driving growth 1 200 5 000 IMR focused operations 1 000 • 4 000 Project business going forward 800 • 3 000 Gradually increase the • 600 complexity of work done 2 000 400 Build a larger project • back-log with focus on 200 1 000 IMR Mix between owned and 0 • 0 Q1 Q1 Q1 2013 2014 2015 chartered in vessels 2014 2015 2016 Subsea projects 4 971 5 187 4 810 Subsea projects 1 035 1 086 904 Chartering of vessels 1 609 2 236 2 442 Chartering of vessels 496 570 502 Total 6 580 7 422 7 252 Total revenue 1 531 1 656 1 406 Chartering of vessels Subsea projects Chartering of vessels Subsea projects * According to internal Management reporting 13
Contract coverage 40 35 30 25 NOK billion 20 15 10 5 - 2016 2017 2018 2019 2020 2021 2022 2023 Firm 20 17 15 12 9 7 5 4 Option 18 17 17 16 15 15 14 13 * Figures based on remaining back-log from beginning of April 2016 DOF Subsea Group has a good cash flow visibility over the next 3-5 years • By end-March 2016 the total back-log (incl. options) was approx. NOK 38 billion • Firm contracts counts for approx. NOK 20 billion • Options counts for approx. NOK 18 billion • 14
Financials
Condensed profit & loss (IFRS 11) • Operating income was NOK 1 343 million in Q1 2016, down from NOK 1 558 million in Q1 2015 • EBITDA (excl. gain on sale of assets) was NOK 425 million in Q1 2016, up from NOK 373 million in Q1 2015 • EBIT (excl. gain on sale of assets) was NOK 84 million in Q1 2016, down from NOK 237 million in Q1 2015 16
Condensed balance sheet (IFRS 11) • From year end 2015 non-current assets has increased to NOK 15 543 million from NOK 15 417 million • From year end 2015 total receivables has decreased to NOK 1 400 million from NOK 1 560 million • From year end 2015 cash and cash equivalents has decreased to NOK 1 300 million from NOK 1 464 million Total liabilities as per 31 st March 2016 was NOK 12 165 million • The net interest bearing debt as per 31 st March 2016 was NOK 9 474 million • The book equity was NOK 6 078 million giving a book equity ratio of 33.3 % to total assets as per 31 st March 2016 • 17
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