Q4 2014 Presentation DOF Subsea Group
Agenda In brief Recent events Group overview Projects Contract status Financials Outlook
DOF Subsea Group – In brief • Fleet • One of the largest subsea vessel owners in the world • Owns and operates a fleet of 22 vessels, plus 5 newbuilds on order • In addition 5 vessels on long-term charter • The market value of owned vessels in operation is NOK 15 billion, with a value adjusted age of approx. 6.2 years • Operates 54 ROVs and 12 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 1 858 employees • Subsea employees: 1 858 • Of which offshore engineers and project staff: 1 390 Norway Brazil Canada US UK Asia Pacific Angola 345 443 53 172 440 388 17 DOF Subsea 3
DOF Subsea Group – In brief 2 500 35% Quarterly figures 30% 2 000 25% 17.6 % CAGR 1 500 NOK million 20% 15% 1 000 10% • Key figures 7.3 % 500 CAGR 5% Back-log incl. options NOK 36 billion - 0% Market value of fleet NOK 15 billion Q4 2011 Q4 2012 Q4 2013 Q4 2014 Number of shares 119 733 714 Operating revenue EBITDA EBITDA margin Total Per share Book equity NOK 6.1 billion NOK 51.05 Value adj. equity NOK 9.0 billion NOK 75.17 Book equity ratio 30.5 % Value adj. equity ratio 39.3 % * According to internal Management reporting DOF Subsea 4
Recent events • Fleet • Skandi Skolten and Skandi Aker delivered to new owners • Skandi Hawk planned purchased from DOF Rederi AS • Contracts • Several subsea contracts in the North America region, increasing the utilization of the vessels Harvey Deep-Sea, Chloe Candies and Ross Candies • Several contracts awarded in Asia Pacific, including subsea installation and IMR services, utilizing Skandi Hercules, Skandi Singapore and Skandi Hawk. • Awarded LOA for a 7 + 3 year IRM contract in Asia Pacific • Finance • Refinancing of Skandi Constructor, Skandi Santos and Skandi Seven • Newbuild 800 has been financed at market terms DOF Subsea 5
Group overview DOF Subsea
Ownership structure FIRST RESERVE DOF ASA CORPORATION 51% 49% DOF SUBSEA HOLDING AS 100% Modern high-end fleet and equipment A workforce of 1 858 employees DOF SUBSEA AS 22 owned subsea vessels in operation 5 vessels on order 5 vessels on charter 53 ROVs and 1 AUV in operation 12 ROVs and 1 AUV on order Leading subsea contractor DOF Subsea 7
DOF Subsea - A global subsea player 9 (785) Bergen Moscow Aberdeen (225) St. Johns Houston 4 Cairo Manila Malaysia Brunei Singapore 8 Angola Jakarta (17) Macaé Perth Rio de Janeiro 1 (443) (388) 5 Buenos Aires GEOGRAPHICAL FOCUS AREAS DOF Subsea 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 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Owned vessels Chartered vessels MV of owned fleet (r.a.) Employees 2005 - 2010 2011 2012 2013 2014 2015 Fleet: From 11 to 21 vessels Fleet: 24 vessels Fleet: 25 vessels Fleet: 26 vessels Fleet: 28 vessels Fleet: 27 vessels • DOF Subsea was established in 2005 • Feb: Delivery of Skandi • Mar: Sale of OSCV • Feb: Signed OSCV • Jan: Delivered Skandi • Feb: Delivered Skandi Niteroi newbuild newbuild contract Bergen to new owners Aker to new owners • DOF Subsea was listed on the Oslo • Feb: Chartered Harvey • Mar: Chartered Ross Stock Exchange in 2005, and taken • May : Sale of • Mar: Signed OSCV private by DOF ASA and FRC in 2008 Deep-Sea Candies Geosounder newbuild contract • Established a global footprint, present • Jun : Acquisition Skandi • Mar: Chartered Skandi • Mar: Sale of Geobay • Mar: Chartered Chloe in all major offshore oil & gas regions Constructor Hawk Candies • Jun: Delivery of Skandi • Built a global organization through • Jul : Delivery of Skandi • Nov: Delivered Skandi Bergen organic growth and acquisitions Skansen Skolten to new owners • Aug: Signed newbuild • Developed global Business • Sep : Delivery of Skandi contracts for 4 x PLSVs Management System, and achieved Singapore • Nov: Chartered global ISO certification Normand Reach • JV with Technip • Global ISO recertification • Expanded the fleet by taking delivery of 10 newbuilds DOF Subsea 9
New high-end fleet 10,00 Year of delivery DOF Subsea fleet 9,00 Before 2000 8,00 4 % Newbuild 7,00 18 % 6,00 2000 - 2006 22 % 5,00 4,00 3,00 2007 - 2013 56 % 2,00 1,00 - Average fleet age Value adjusted • Majority of the fleet delivered after 2007 • Industry leading value adjusted average fleet age of approx. 6.2 years • High-end vessels capable of a wide scope of world wide operations DOF Subsea 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 • • Global recertification by DNV December 2013 2009 DOF Subsea 11
HSEQ key statistcs • Substantial HSE-improvement since 2005 • Substantial increase in activity level measured by total man-hours DOF Subsea HSEQ-statistics 12 6 000 000 10 5 000 000 Frequence: Incident / 1 000 000 man-hour 8 4 000 000 Man-hours 6 3 000 000 4 2 000 000 2 1 000 000 0 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 LTI TR Man-hours DOF Subsea 12
Projects DOF Subsea
DOF Subsea – Life-of-field services • DOF Subsea offers integrated subsea solutions across life-of-field • Field development • Production phase • Field abandonment / decommissioning DOF Subsea 14
DOF Subsea – Projects Operating income by segment • DOF Subsea has built a global presence 8 000 over the last 9 years 7 000 • DOF Subsea has developed the project 6 000 business gradually 5 000 • Increased project activity and complexity 4 000 driving growth 3 000 • Project business going forward 2 000 • Gradually increase the complexity of work done (Step by Step) 1 000 Build a larger project back-log • 0 2012 2013 2014 Mix between owned and chartered • Subsea projects 3 776 4 971 5 378 in vessels Chartering of vessels 1 472 1 609 2 044 Total 5 248 6 580 7 422 Chartering of vessels Subsea projects Total * According to internal Management reporting DOF Subsea 15
DOF Subsea North America Status 2009 Survey specialized region without dedicated vessels Status today 2 main Business Activities Subsea / S&P ( 85 / 15% revenue allocation) Current staff 202 (149 US / 53 CA) Offshore staff 121 (68 Subsea / 53 S&P) Vessel in operation 4 (3 Jones Act Compliant) ROVs 7 (6 Work class, 1 Obs) Houston facility 105 office space St . John’s, Newfoundland ( 8+3 Staff) Satellite office DOF Subsea 16
Contract status DOF Subsea
Contract coverage 40 35 30 25 NOK billion 20 15 10 5 - 2015 2016 2017 2018 2019 2020 2021 2022 Firm 18 15 13 11 9 7 5 4 Option 18 18 16 15 14 13 12 11 * Figures on a year-end basis • DOF Subsea Group has solid cash flow visibility over the next 3-5 years • By December 2014 the total back-log (incl. options) was approx. NOK 36 billion Firm contracts counts for approx. NOK 18 billion • Options counts for approx. NOK 18 billion • DOF Subsea 18
Financials DOF Subsea
Condensed profit & loss (IFRS 11) • Operating income was NOK 1 931 million in Q4 2014, up from NOK 1 795 million in Q4 2013. • EBITDA (excl. gain on sale of assets) was NOK 462 million in Q4 2014, down from NOK 552 million in Q4 2013. • EBIT (excl. gain on sale of assets) was NOK 302 million in Q4 2014, down from NOK 373 million in Q4 2013. * The financial numbers are presented according to IFRS 11. See DOF Subsea financial report Q4 2014 note 1 and 2 for details. DOF Subsea 20
Condensed balance sheet (IFRS 11) • From year end 2013 non-current assets has decreased to NOK 14 336 million from NOK 15 076 million • From year end 2013 total receivables has increased to NOK 1 921 million from NOK 1 537 million • From year end 2013 cash and cash equivalents has increased to NOK 2120 million from NOK 1 752 million Total liabilities as per 31 st December 2014 was NOK 12 302 million • The net interest bearing debt as per 31 st December 2014 was NOK 8 286 million • The book equity was NOK 6 112 million giving a ratio of 33.2 % to total assets as per 31 st December 2014 • The value adjusted equity was NOK 9 000 million giving a ratio of 41.8 % as per 31 st December 2014 • DOF Subsea 21
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