Quarterly Presentation Q DOF Subsea Group
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1 Quarterly Presentation Q DOF Subsea Group
2 DOF Subsea Group
3 DOF Subsea Group in Brief DOF ASA (51%) First Reserve Corporation (49%) DOF Subsea Holding (100%) DOF Subsea 2005 Established NOK million total assets (according to management reporting) Modern high-end fleet and equipment employees 20 owned subsea vessels 4 vessels on order 1 vessel on charter 65 ROVs, 4 ROVs on order 3
4 DOF Subsea Group in Brief Fleet One of the largest subsea vessel owners in the world Owns and operates a fleet of 20 vessels, plus 4 newbuilds on order In addition, 1 chartered-in vessel as at 31 December 2016 The market value of owned vessels in operation is about NOK 14.7 billion, with a value adjusted average age of 6.3 years Operates 65 ROVs, and 4 ROVs on order Global organization Head office in Bergen Regional offices in Australia, Singapore, Norway, UK, Angola, US, Canada and Brazil Total of employees and contractors Onshore: 605 Offshore: 673 Asia Pacific Atlantic Brazil North America
5 DOF Subsea Group in Brief Condensed figures last five quarters (According to internal management reporting) Q key figures (According to internal management reporting) Financials: Operating income: NOK million EBITDA: NOK 415 million EBITDA margin: 37% EBITDA excl. gain on sales: NOK 320 million Impairment: NOK 205 million Backlog: Firm contract backlog: NOK 19 billion Backlog incl. options: NOK 37 billion Utilisation: TC vessel utilisation: 82% Project vessel utilisation: 74% Total fleet utilisation: 78% 5
6 Recent Events Fleet Skandi Santos delivered to new owner in November 2016 Skandi Constructor moved from the Atlantic region to the Philippines in the Asia Pacific region Final delivery of second PLSV, Skandi Buzios, from yard in January 2017 Contracts The vessel has been imported to Brazil, and has started with pipelay testing and sea trials Planned commencement of her long-term charter with Petrobras in mid-april 2017 Petrobras awarded the Brazilian built PLSV Skandi Vitoria an 18-month contract. The vessel commenced as per contract on 16 January In Asia Pacific, DOF Subsea was awarded a 3-year IMR frame agreement with one of the major oil and gas companies in the region. In addition, a Safety Case has been secured for Geoholm, and the vessel will be available in the Asia Pacific region from the beginning of Q In February 2017, Geoholm was awarded a contract by Technip Oceania Pty Ltd, part of TechnipFMC in Australia, for the provision of ROV and light construction support services for the Prelude FLNG project, operated by Shell Australia. In Atlantic, DOF Subsea has received a letter of award (LOA) for one subsea vessel from an oil major. The duration of the contract is over a year and has commencement in Q Finance Refinancing of Geosund and Geosea in December 2016 Drawdown of 2nd tranche on Skandi Buzios at final delivery from yard in January
7 Our Global Footprint Bergen Aberdeen St John s NORTH AMERICA Houston ATLANTIC Kuala Lumpur Singapore Manila Brunei Macaé Rio de Janeiro Luanda Jakarta Darwin Buenos Aires BRAZIL ASIA PACIFIC Perth Melbourne
8 Number of operated vessels NOK million Number of employees DOF Subsea Timeline DOF Subsea fleet evolution DOF Subsea employees MV of fleet Owned vessels Chartered vessels MV of owned fleet (r.a.) * As at 31 December 2016 Employees Fleet: From 11 to 21 vessels Fleet: 24 vessels Fleet: 25 vessels Fleet: 26 vessels Fleet: 28 vessels Fleet: 24 vessels Fleet: 21 vessels Fleet: 22 vessels DOF Subsea was established in 2005 DOF Subsea was listed on the Oslo Stock Exchange in 2005, and taken private by DOF and FRC in 2008 Established a global footprint, present in all major offshore oil & gas regions Built a global organization through organic growth and acquisitions Developed global Business Management System, and achieved global ISO certification JV with Technip Expanded the fleet by taking delivery of 10 newbuilds Feb: Delivery of Skandi Niteroi May: Sale of Geosounder Jun: Acquisition Skandi Constructor Jul: Delivery of Skandi Skansen Sep: Delivery of Skandi Singapore Mar: Sale of OSCV newbuild Mar: Signed OSCV newbuild contract Mar: Chartered Skandi Hawk Feb: Signed OSCV newbuild contract Feb: Chartered Harvey Deep- Sea Mar: Sale of Geobay Jun: Delivery of Skandi Bergen Aug: Signed newbuild contracts for 4 x PLSVs Nov: Chartered Normand Reach Global ISO recertification Jan: Delivered Skandi Bergen to new owners Mar: Chartered Ross Candies Mar: Chartered Chloe Candies Nov: Delivered Skandi Skolten to new owners Feb: Delivered Skandi Aker to new owners Mar: Delivery of Skandi Africa May: Acquired Skandi Hawk (previously chartered-in) June: Sale of Skandi Arctic Oct: Chloe Candies redelivered Nov: Sale of Skandi Inspector Dec: Ross Candies redlivered Jan: Delivered Skandi Protector to new owners Apr: Delivery of Skandi Açu July: Third party vessel Normand Reach redelivered Sep: Agreement regarding sale of Skandi Santos Nov: Skandi Santos delivered to new owners Jan: Final delivery of Skandi Buzios 8
9 Years Modern High-end Fleet Year of delivery DOF Subsea fleet 9,0 8,0 7,0 Fleet age 6, % Newbuilds 17 % 5,0 Skandi Africa, Ship of the Year ,0 3, % 2,0 1,0 - Average fleet age Value adjusted average fleet age Skandi Acu, PLSV built 2016 * As at 31 December 2016 i.e. Skandi Buzios still considered as newbuild * Newbuilds not included in calculation of average fleet age Majority of the fleet delivered from 2007 and onwards Modern fleet with a value adjusted average fleet age of 6.3 years High-end vessels, capable of a wide scope of worldwide operations Skandi Buzios, PLSV built
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 B (report for 2015) IMCA International Contractor membership ISO recertification by DNV GL achieved during Q
11 Frequence: Incident / man-hour Man-hours HSEQ Key Statistics Substantial HSE improvement since 2005 Substantial increase in activity level measured by total man-hours 12, , , , , , LTIFC TRFC Man-hours 0 11
12 NOK million NOK million Segment Information Annual and Quarterly Operating Income by Segment (According to internal management reporting) Subsea projects Chartering of vessels Total Q Q Q Subsea projects Chartering of vessels Total Chartering of vessels Subsea projects Chartering of vessels Subsea projects The activity level and turnover have decreased in both segments during 2016 due to sale of vessels, redelivery of third party vessels and challenging market conditions (rates and utilisation) DOF Subsea has built a global presence over the last 10 years, and developed the subsea project business gradually Project business going forward: Continue to build project backlog focus on IMR projects Mix between owned and chartered-in vessels 12
13 NOK billion Backlog 20,0 15,0 10,0 5,0 0, Thereafter Options 0,4 0,6 0,6 0,5 0,8 15,1 Firm 2,8 2,4 2,6 2,4 2,0 6,6 Firm Options Figures based on remaining backlog at year-end 2016 At year-end 2016, the total backlog including options was approx. NOK 37 billion Firm contract backlog counts for approx. NOK 19 billion 13
14 Financials
15 Condensed Profit & Loss (IFRS 11) Operating income was NOK million in Q4 2016, and NOK million for the full year EBITDA was NOK 385 million in Q4 2016, and NOK million for the full year EBIT was NOK 10 million in Q4 2016, and NOK 446 million for the full year, after impairment of NOK 205 million for Q and NOK 632 million for the full year 15
16 Condensed Balance Sheet (IFRS 11) From year-end 2015, non-current assets have decreased to NOK million from NOK million From year-end 2015, total receivables have decreased to NOK million from NOK million From year-end 2015, cash and cash equivalents have decreased to NOK million from NOK million Total liabilities as at 31 December 2016 were NOK million The net interest bearing debt as at 31 December 2016 was NOK million The book equity was NOK million, giving a book equity ratio of 36.5 % to total assets as at 31 December
17 NOK million EBITDA margin Quarterly Performance (Excl. profit from sales of non-current assets, and according to management reporting) % % 30% % 20% 15% % 5% - Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Operating income EBITDA EBITDA margin 0% NOK million Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Operating income EBITDA EBITDA margin 32,4% 26,9% 28,1% 33,0% 29,4% 32,8% 27,7% 29,0% 24,8% 27,7% 26,2% 27,8% 31,4% 32,4% 30,7% 36,3% 28,4% Current assets Non-current assets Total assets Current liabilities Non-current liabilities Equity Total equity and liablilites
18 NOK million Debt Maturity Profile Debt maturity profile, 2017E 2021E Bond Loan DOFSUB07 - NOK million - Maturity May E 2018E 2019E 2020E 2021E Thereafter Bond Loan Bank Debt Balloons The figures reflect amortisation and balloon payments on outstanding debt 18
19 Risk Mitigating Factors Diversified bluechip customers reduce counterparty risk Value added services provide increased earnings potential Modern, highend fleet provides safe collateral Strong backlog provides earnings visibility Sales of vessels confirm values Global presence provides access to more market opportunities Risk mitigating factors Strong bankand investor relationships provide access to credit Weaker subsea market 19
20 Outlook
21 Challenging Fundamentals for Subsea Activity Demand Volatile oil price Continued cost focus by oil companies Reduced offshore E&P spending Uncertain project timing Counterparty risk Increased focus on price, technologically advanced and flexible vessels and engineering capabilities DOF Subsea owns the world s most sophisticated fleet, and has a global organisation 21
22 Challenging Fundamentals for Subsea Activity Supply Oversupply of vessels Several vessels in lay-up Number of subsea contractors to be reduced Reduced demand Oversupply Challenging market conditions 22
23 Challenging Fundamentals for Subsea Activity Reduced E&P spending Volatile oil price Oversupply of subsea vessels Lower rig activity, and delayed field developments Improved access to qualified personnel Lower IMR activity Weak subsea market and pressure on margins Number of niche subsea players reduced DOF Subsea has mitigated the weaker fundamentals through a global footprint, diversified portfolio of clients and strong project backlog 23
24 Thank you!
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