DOF ASA Q3 2010 CEO – Mons S. Aase CFO – Hilde Drønen The New Horizon DOF ASA PRESENTATION Q4 2009
Agenda Highlights Q3 Overview Group Status DOF Subsea Status Supply Q3 Financials Outlook The New Horizon DOF ASA PRESENTATION Q3 2010 - 2
Highlights Q3 Contracts: 15 years contract with Total Argentina for Skandi Patagonia 4 AHTS newbuilds, 4 x 8 years with Petrobras 3 x RSV‟s, 3 x 5 years with Petrobras Skandi Admiral onhire to Petrobras end September Several contracts for DOF Subsea resulting in good asset utilisation in Q4 Fleet: Sale of hull 81 under construction at Cochin yard Norskan ordered 3 AHTS at STX Promar, Brazil Skandi Skolten delivered in July Skandi Vitoria delivered and onhire to Petrobras early October Skandi Peregrino delivered mid November, enroute to Brazil to commence a long term contract with Statoil Skandi Stord extended 2 more years with Statoil Skandi Aker ”Ship of the Year 2010” The New Horizon DOF ASA PRESENTATION Q3 2010 - 3
Highlights Q3 Financial: Refinancing bonds in DOF ASA and DOF Subsea AS Share issue DOF Installer ASA Listing of Norskan postponed The New Horizon DOF ASA PRESENTATION Q3 2010 - 4
Company overview DOF ASA DOF Subsea Ship owning Norskan Holding Company Modern fleet Modern fleet 3 AHTS’s 17 AHTS’s 13 PSV’s 7 PSV’s 2 CSV 2 CSV’s DOF Subsea Modern fleet & Equipment 21 CSV/ROV vessels 40 ROV’s + 1 AUV Leading Subsea Contractor DOF Installer 3 state of the art installation AHTS vessels The New Horizon DOF ASA PRESENTATION Q3 2010 - 5
The fleet market segments PSV AHTS ROV/OCSV/DSV/ Total fleet No. of vessels SEISMIC VESSELS DOF ASA 13 3 2 18 NORSKAN OFFSHORE 7 12 2 21 DOF SUBSEA AS 0 0 21 21 0 3 0 3 DOF INSTALLER ASA 0 5 0 5 AKER DOF DEEPWATER AS 20 23 25 68 Total fleet Contract coverage 11* 68% 74% 66% 68% Contract coverage 12* 35% 58% 51% 49% * no options included The New Horizon DOF ASA PRESENTATION Q3 2010 - 6
GLOBAL PLAYER 23 Bergen Austevoll Aberdeen St. Petersburg St. Johns 1 Cairo Houston 1 Manila Brunei Singapore 2 Jakarta Macae Angola 4 Rio de Janeiro Perth Buenos Aires 21 GEOGRAPHICAL FOCUS AREAS The New Horizon DOF ASA PRESENTATION Q3 2010 - 7
Long Term Contracted Cash Flows… DOF group has solid cash flow visibility over the next 3-5 years By Nov 2010 the total back-log (incl. options) was approx NOK 34 bn Firm contract counts for NOK 19 bn Options count for NOK 15 bn The vessel Backlog amount to approximately 4 times the current yearly revenue Backlog Development (Year-End) 35 Note: Includes extension options on long-term contracts. 30 25 20 15 10 5 - The New Horizon 2010 2011 2012 2013 2014 2015 2016 2017 DOF ASA PRESENTATION 8 Q3 2010 - 8
DOF SUBSEA The New Horizon DOF ASA PRESENTATION Photographer: Harald M. Valderhaug Q3 2010 - 9
DOF Subsea Contract Coverage (Vessels) 2013 2014 2015 2010 2011 2012 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 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 J F M A M J J A S O N D Geobay Geograph Petrobras - Jun 2016 Ocean Protector (Bergen) Seaforce - Sept 2014 + 2y opt Geosund Geosea Geoholm Skandi Seven Subsea 7 -Mar 2013 +4y opt Skandi Salvadore Chevron -Sept 2011 +2y opt Skandi Singapore (H621) Skandi Vitoria Petrobras - July 2014 + 4y opt Skandi Niteroi (H24) Skandi Skolten Skandi Hercules (H722) Skandi Bergen (H723) Skandi Aker (H705) AKOFS 2 - Jan 2015 + 5y opt Skandi Santos (H716) AKOFS 1 - Jan 2015 + 5y opt Skandi Patagonia Total - Dec 2025 Skandi Inspector Fugro - Q4 2010 Skandi Carla Fugro - July 2012 + 14y opt Skandi Neptune Subsea 7 - Dec 2013 + 3y opt Skandi Achiever Technip - Aug 2015 + 4y opt Skandi Acergy Acergy - Aug 2016 + 6y opt Skandi Arctic Technip - mar 2017 + 8y opt FIRM CONTRACTS OPTIONAL PERIOD UNDER CONSTRUCTION The New Horizon DOF ASA PRESENTATION Q3 2010 - 10
DOF Subsea Contract Coverage (ROV & Others) 2010 2011 2012 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Petrobas Norskan Botafogo Norskan Petrobras Skandi Fluminence Petrobras Skandi Chieftain Statoil (May) DOF ASA Skandi Vega Subsea 7 Skandi Seven DOFCON AKOFS (May) Skandi Aker Asia Region Shell Philipines Subsea IRM contract TGT VSP Vietnam TGT White Rhino SapuraAcergy Devils Creek Development Thiess Pty Victorian Desalination Plant Heerema Survey and Positioning Technip Field Development Technip Pazflor SURF Oproject Atlantic region BP Angola Well positioning Technip Survey, FPSO Instal. Ghana Seabird Survey, Seismic Node Inst. Nigeria BP Survey support BP Angola Survey support Saipem Urugua FIRM CONTRACTS OPTIONAL PERIOD The New Horizon DOF ASA PRESENTATION Q3 2010 - 11
Strong Competitive Fleet Positioning DOF Subsea currently has one of the largest subsea vessel fleets in the world The large fleet provides us the flexibility to substitute vessels in case of newbuild delivery delays or breakdowns An established global footprint removes the need for costly trans-region mobilizations DOF Subsea’s fleet is far younger and better equipped than our competitors Our average vessel age is currently about 6.2 years. Adjusted for market value the fleet is 2,5 years and will only increase by 0,3 years within the next year New vessels are safer and more comfortable for the crew, an important competitive distinction for recruiting quality seafarers Segmented by function, DOF Subsea‟s fleet is generally in the top quartile in the relevant metrics of age, crane capacity, vessel length, deadweight capacity, positioning system, functional flexibility, etc. DOF Subsea’s newbuild program consists of a range of specialized vessel types (LAYSVs, MSVs, DSVs) enabling the Company to offer a range of services to customers Top 10 Subsea Vessel Owners by Fleet Size Top 10 Vessel Owners by Fleet Age 35 By 2009 30 Current Average: 18.8 years By 2009 By 2012 30 2012 Average: 19.6 years Average Age of Fleet (years) By 2012 25 # of Vessels in Fleet 25 20 20 36 33 33 33 15 32 31 15 27 27 25 25 25 24 23 22 10 19 10 18 19 18 16 17 17 14 15 13 12 12 12 5 10 10 10 10 5 10 9 8 7 7 7 7 5 4 0 0 Cal Dive DOF Global Saipem Trico Acergy Chet Subsea 7 BourbonCOOEC Trico Bourbon DOF Chet Subsea 7 COOEC Saipem Acergy Global Cal Dive Marine Subsea Morrison Ltd Ind. Subsea Ind. Marine Morrison Ltd The New Horizon DOF ASA PRESENTATION Note: Includes Geocat, Geochallenger and the DOF Installer vessels. Q3 2010 - 12
Skandi Singapore - DSV Delivery Q2 2011 DP II Dive Support Vessel 2 x Triton XLX W ROV 18 man saturation diving system 140 t Crane 900 m 2 Cargo deck area 100 men accommodation The New Horizon DOF ASA PRESENTATION Q3 2010 - 13
Skandi Skolten – The new generation vessels Construction & AHTS vessel Hybrid propulsion 361 t Bollard Pull 36 000 BHP 250 t Crane 2 x W ROV 1 070 m 2 Cargo deck area 90 men accommodation Design STX AH-04 | Built: 2010 The New Horizon DOF ASA PRESENTATION Q3 2010 - 14
Status Supply The New Horizon Photographer: Harald M. Valderhaug DOF ASA PRESENTATION Q3 2010 - 15
DOF Contract Coverage 2010 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 J F M A M J J A S O N D PSV 1 Skandi Falcon Reliance spot 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 Opt Jan 2016 Peterson Supplylink 10 Skandi Commander SHELL 11 Skandi Mongstad STATOIL Firm Aug 2016 / Opt Aug 2021 12 Skandi Flora STATOIL Opt Feb 2017 13 Skandi Gamma (PSV 06 LNG) STATOIL Firm Mar 2016/ Opt Mar 2019 AHTS 14 Skandi Stord STATOIL 15 Skandi Admiral* PETROBRAS 16 Skandi Vega STATOIL Opt May 2018 *Backlog under Brazil contract overview CSV 17 Skandi Fjord Opt Oct 2017 Halliburton 18 Skandi Olympia FUGRO OPTIONAL PERIOD UNDER CONSTRUCTION FIRM CONTRACTS The New Horizon DOF ASA PRESENTATION Q3 2010 - 16
Aker DOF Deepwater - Contract Coverage Aker DOF Deepwater AS - 50% DOF Vessel Name 201 0 201 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 J F M A M J J A S O N D STATOIL 1 Skandi Peregrino (VN) 2 Skandi TBN Vietnam 3 Skandi TBN Vietnam 4 Skandi TBN Vietnam 5 Skandi TBN Vietnam FIRM CONTRACTS OPTIONAL PERIOD UNDER CONSTRUCTION The New Horizon DOF ASA PRESENTATION Q3 2010 - 17
Recommend
More recommend
