Q Presentation. DOF Subsea Group

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1 Q Presentation DOF Subsea Group

2 DOF Subsea Group

3 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 3 chartered-in vessels The market value of owned vessels in operation is about NOK 16 billion, with a value adjusted age of approx. 6.2 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 employees Subsea employees: Of which offshore engineers and project staff: Norway Brazil Canada US UK Asia Pacific Angola

4 DOF Subsea Group In brief Condensed figures 5 last quarters Q4 last five years % % 25% NOK million % 15% % 5% Key figures Back-log incl. options Market value of fleet * According to internal Management reporting Approx. NOK 39 billion Approx. NOK 16 billion - Q Q Q Q Q % Operating revenue EBITDA EBITDA margin 4

5 Recent events Fleet Skandi Africa commenced long-term charter with Technip Delivery of first of 4 PLSVs, installation of topside equipment in progress Sale of Skandi Inspector Sale of Skandi Protector with delivery to new owners in January 2016 Contracts Several subsea projects awarded in Asia Pacific and Atlantic region during Q Finance Financing Skandi Acu in JV with Technip Refinancing of Skandi Achiever, Skandi Neptune, Skandi Patagonia, Geoholm, Geograph and Skandi Hercules Bond repurchase in Q of NOK 62 million 5

6 Ownership structure DOF ASA (51%) First Reserve Corporation (49%) DOF Subsea Holding (100%) DOF Subsea 2005 Established NOK million total assets Modern high-end fleet and equipment highly-skilled employees 21 owned subsea vessels 4 vessels on order 3 vessels on charter 62 ROVs, 5 ROVs on order 6

7 Our global footprint Bergen Aberdeen St John s NORTH AMERICA Houston Macaé Rio de Janeiro ATLANTIC 1 Luanda Kuala Lumpur Singapore Jakarta Manila Brunei Darwin Buenos Aires BRAZIL ASIA PACIFIC Perth Melbourne

8 DOF Subsea timeline DOF Subsea fleet evolution DOF Subsea employees Number of operated vessels MV of fleet NOK million Number of employees Owned vessels Chartered vessels MV of owned fleet (r.a.) * As per 31 st March 2015 Employees Fleet: From 11 to 21 vessels Fleet: 24 vessels Fleet: 25 vessels Fleet: 26 vessels Fleet: 28 vessels Fleet: 24 vessels Fleet: 23 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 June: Sale of Skandi Arctic Nov: Sale of Skandi Inspector Jan: Delivered Skandi Protector to new owners Jan: Delivery of first PLSV 8

9 Modern high-end fleet Majority of the fleet delivered after 2007 Modern fleet with a value adjusted average fleet age of approx. 6.2 High-end vessels capable of a wide scope of worldwide operations 9

10 Business management Global business management system accredited by DNV to: Business Management System ISO 9001: 2008 Health and Safety System OHSAS 18001:2007 Environmental Management System ISO 14001:2004 Sustainability reporting according to Global Reporting Initiative G4 implemented Achieved Carbon Disclosure Project reporting result of 99B (2014 report) IMCA International Contractor membership

11 HSEQ key statistcs Substantial HSE-improvement since 2005 Substantial increase in activity level measured by total man-hours DOF Subsea HSEQ-statistics 12, Frequence: Incident / man-hour 10,0 8,0 6,0 4,0 2, Man-hours LTI TR Man-hours 0 11

12 DOF Subsea Projects DOF Subsea has built a global presence over the last 10 years Operating income by segment DOF Subsea has developed the project business gradually Increased project activity and complexity driving growth Project business going forward Gradually increase the complexity of work done (Step by Step) Build a larger project back-log Mix between owned and chartered in vessels Subsea projects Chartering of vessels Total Chartering of vessels Subsea projects * According to internal Management reporting Q Q Q Subsea projects Chartering of vessels Total revenue Chartering of vessels Subsea projects 12

13 Operational highlights Q In Asia Pacific, DOF Subsea has delivered IMR services to Shell Philippines and Chevron Australia. In the North Sea, DOF Subsea has delivered survey and light construction services for Shell, Statoil, Total, OMV and Allseas. In North America, DOF Subsea has delivered IMR services for Freeport McMoran, Chevron and S&P services for Chevron and HMC. In Brazil, DOF Subsea has delivered ROV, survey and installation services for BW Offshore, Chevron and Petrobras. In Canada, DOF Subsea commenced ROV services for Husky under the longterm IMR contract. Ship of the Year 2015 Skandi Africa commenced the 5 year time charter contract with Technip. 13

14 Contract coverage NOK billion Firm Option * Figures based on remaining back-log from beginning of year DOF Subsea Group has solid cash flow visibility over the next 3-5 years By end-december 2015 the total back-log (incl. options) was approx. NOK 39 billion Firm contracts counts for approx. NOK 21 billion Options counts for approx. NOK 18 billion 14

15 Financials

16 Condensed profit & loss (IFRS 11) Operating income was NOK million in Q4 2015, down from NOK million in Q EBITDA (excl. gain on sale of assets) was NOK 553 million in Q4 2015, up from NOK 462 million in Q EBIT (excl. gain on sale of assets) was NOK 353 million in Q4 2015, up from NOK 302 million in Q * The financial numbers are presented according to IFRS 11. See DOF Subsea financial report Q note 1 for details. 16

17 Condensed balance sheet (IFRS 11) From year end 2014 non-current assets has increased to NOK million from NOK million From year end 2014 total receivables has decreased to NOK million from NOK million From year end 2014 cash and cash equivalents has decreased to NOK million from NOK million Total liabilities as per 31 st December 2015 was NOK million The net interest bearing debt as per 31 st December 2015 was NOK million The book equity was NOK million giving a book equity ratio of 30.1 % to total assets as per 31 st December

18 Quarterly performance (excl. asset sales) Operating income EBITDA EBITDA margin 40% 35% 30% NOK million % 20% 15% % 5% - Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q NOK million Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Operating income EBITDA EBITDA margin 33,6% 34,0% 36,1% 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% Current assets Non-current assets Total assets Current liabilities Non-current liabilities Equity * According to internal Management reporting 0% 18

19 Debt maturity profile Debt maturity profile DOF Subsea AS level, 2016E 2020E DOFSUB05 - NOK 750 million - Maturity April DOFSUB07 - NOK million - Maturity May E 2017E 2018E 2019E 2020E After Bond Loan Bank Debt Balloons Liabilities held for sale The figures reflects amortization and balloon payments on debt drawn. Debt maturity profile excludes approx. NOK 0.4 billion in payments to Eksportfinans which is serviced by a corresponding amount of restricted cash. 19

20 Risk mitigating factors Diversified bluechip customers reduce counterparty risk Value added services provide increased earnings potential Modern, highend fleet provides safe collateral Recent sale of vessels confirm values Strong back-log provides stable earnings Spare leveraging capacity on existing fleet Global presence provide access to more market opportunities Strengthened financial position Strong bank and investor relationships provide access to credit Weaker subsea market 20

21 Outlook

22 Challenging fundamentals for subsea activity Demand Weak and volatile oil price Continued cost focus by oil companies Reduced offshore E&P spending Uncertain project timing Increased focus on newer, technologically advanced and flexible vessels and engineering capabilities DOF Subsea owns the world s most sophisticated fleet and has a global organization 22

23 Challenging fundamentals for subsea activity Supply Fleet of subsea vessels increasing Several vessels in lay-up Increasing supply of engineering capabilities Reduced demand Increasing supply Weaker market conditions 23

24 Challenging fundamentals for subsea activity Reduced E&P spending Low and volatile oil price Increased supply of subsea vessels Lower rig activity and delayed field development Improved access to qualified personnel Lower IMR activity globally Weak subsea market and pressure on margins Number of niche subsea players DOF Subsea has mitigated the weaker fundamentals through a global footprint, a diversified portfolio of clients, strengthened balance sheet and a strong back-log of NOK 39 billion 24

25 Thank you!

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