Q4 2013 Presentation DOF Subsea Group
Agenda In brief Recent events Group overview Contract status Financials Outlook Appendix DOF Subsea
DOF Subsea Group – In brief Fleet • One of the largest subsea vessel owners in the world • Owns and operates a fleet of 24 vessels, plus 5 newbuilds on order • In addition 2 vessels on long-term charter • The market value of owned vessels in operation is NOK17 billion, with a value adjusted age of 5 years • Operates 52 ROVs and 7 ROVs on order Global organization • Head office in Bergen • Regional offices in Australia, Singapore, Norway, UK, Angola, US, Canada and Brazil Total of 2 667 employees • Subsea employees: 1 667 • Of which offshore engineers and project staff: 1 325 • Marine crew approx.: 1 000 Norway Brazil Canada US UK Asia Pacific Angola 316 349 48 94 430 413 17 DOF Subsea 3
DOF Subsea Group – In brief 2 000 33% Quarterly figures 1 800 32% 1 600 20.1 % 1 400 CAGR 31% NOK million 1 200 1 000 30% 800 29% 600 Key figures 19.7 % 400 CAGR 28% Back-log incl. options NOK 34 billion 200 Market value of fleet NOK 17 billion - 27% Q4 2010 Q4 2011 Q4 2012 Q4 2013 Number of shares 119 733 714 Operating revenue EBITDA EBITDA margin Total Per share Book equity NOK 5.2 billion NOK 43.56 Value adj. equity NOK 8.5 billion NOK 71.05 Book equity ratio 26.8 % Value adj. equity ratio 37.4 % DOF Subsea 4
Recent events Fleet • Chartered the Normand Reach for a 2 + 2 year period • Skandi Bergen was delivered to new owners in beginning of January • Skandi Aker purchase options was exercised by AKOFS 2 AS, transaction in February 2015 Contracts • Statoil call-off under existing frame agreement, utilizing Geosund for minimum 4 months in 2014 and 8 months in 2015 • Several subsea contracts in the North America region, increasing the utilization of the vessel Harvey Deep-Sea, including a two-year frame agreement • Awarded mooring installation contract in Asia Pacific, utilizing Skandi Hercules for approx. 2 months • Australian Customs and Border control extended the charter on Ocean Protector with 6 months • Awarded 5 ROV contracts by Petrobras for a 4 + 4 years period • Awarded an RSV contract with Petrobras for a period of 18 months • Technip awarded DOF Subsea a 5 + 5 year charter agreement on the newbuild VARD800 Finance • Sale of own holding in bonds DOFSUB05 and DOFSUB06 and bought back bonds in DOFSUB04, with a total net cash effect of NOK 236 million DOF Subsea 5
State-of-the-art PLSVs • Contract 8+8 years • Norskan will provide Marine Services • Approx. USD 110 million in annual EBITDA contribution for DOF Subsea when all vessels are in operations • DOF Subsea part of CAPEX approx. USD 625 million PLSV 1+2 PLSV 3+4 • • To be built in Brazil To be built in Norway, Søviknes • • Delivered Q4 2016 and Q2 2017 Delivered Q2 2016 and Q4 2016 • • Design 316 Design 305 • • Type Pipe Lay support Type Pipe Lay support • • LOA 140 m LOA 150 m • • Breadth 28 m Breadth 30 m • • VLS 340 t VLS 650 t • • 2 ROVs 2 ROVs • • DWT 10 800 t DWT 13 200 t DOF Subsea 6
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 2 667 highly skilled employees DOF SUBSEA AS 24 owned subsea vessels in operation 5 vessels on order 2 vessels on charter 50 ROVs, 1 ROTV and 1 AUV in operation 7 ROVs on order Leading subsea contractor DOF Subsea 8
DOF Subsea Group structure DOF Subsea AS Ship/asset DOF Subsea DOF Subsea DOF Subsea DOF Subsea Survey & Engineering Management owning companies Asia Pacific Atlantic North America Brazil Positioning companies companies DOF DOF Subsea Management Norway US Singapore UK CSL Rederi (34 %) Marin IT DOF Subsea Australia Canada US Semar (50%) UK Rederi II (35 %) DOF Installer Indonesia Angola (83.66 %) DOFTECH Arctic Malaysia Russia (50 %) Mashhor DOF TECHDOF Subsea (50%) (50 %) Brunei • DOF Subsea divided into regions, engineering companies and asset-owning companies DOF Subsea ROV • Regions, engineering companies and asset-owning companies are profit centers • Head office in Bergen DOF Subsea 9
DOF Subsea - A global subsea player (746) Bergen Moscow Aberdeen (142) St. Johns Houston Cairo Manila Malaysia Brunei Singapore Angola Jakarta (17) Macaé Perth Rio de Janeiro (349) (413) Buenos Aires GEOGRAPHICAL FOCUS AREAS DOF Subsea 10
DOF Subsea – Company history DOF Subsea fleet evolution Incorporated on 24 th of May 2005 after DOF ASA acquired • 28 18 000 GEO Group AS and its subsidiary Geoconsult AS Number of operated vessels MV of fleet 16 000 24 14 000 DOF Subsea was established by DOF ASA in order to create a • 20 NOK million 12 000 more effective organization with the aim of establishing a 16 10 000 leading subsea services company 8 000 12 DOF ASA transferred its multipurpose/ROV vessels to • 6 000 8 DOF Subsea, constituting four vessels and one 4 000 4 newbuild 2 000 0 - DOF Subsea is headquartered in Bergen, Norway 2005 2006 2007 2008 2009 2010 2011 2012 2013 • Owned vessels Chartered vessels MV of owned fleet (r.a.) 2005 2006 2007 2008 2009 2010 2011 2012 2013 Fleet: 11 vessels Fleet: 11 vessels Fleet: 13 vessels Fleet: 16 vessels Fleet: 21 vessels Fleet: 25 vessels Fleet: 18 vessels Fleet: 24 vessels Fleet: 26 vessels May : DOF acquired Feb : Acquisition of Jan : Acquired 50% Feb : Delivery of Jan : Delivery of Feb : Delivery of Feb: Delivery of Mar: Sale of Feb: Signed Geoconsult and Covus Corp of SEMAR Geograph Skandi Aker OSCV newbuild. Skandi Salvador Skandi Niteroi OSCV newbuild established GEO contract (now DOF Subsea) May : Set up of Jan : Acquired 100% Jul : Delivery of Feb: Sale of Geo Mar : Signed Mar: Delivery of May: Sale of Geo do Brazil of DOFCON Skandi Acergy Challenger OSCV newbuild Skandi Arctic Geosounder Feb: Chartered May : Private contract Harvey Deep-Sea placement of Aug : Established Mar : Establishment Nov : Delivery of Jun: Acquisition of Dec: Delivery of Jun : Acquisition shares of NOK 715 50/50 JV in Brunei of Aker Oilfield Skandi Seven and SWG Skandi Constructor Skandi Santos Mar: Sale of mill Services sale of Geofjord Geobay Jul: Delivery of Jul : Delivery of Nov : Listed on Mar : Name change Dec: DOF Subsea Skandi Vitoria and Skandi Skansen Jun: Delivery of Oslo Stock to DOF Subsea acquired by DOF Skandi Skolten Skandi Bergen Exchange ASA and First Sep: Delivery of Apr : Acquisition of Reserve Dec: Delivery of Skandi Singapore Aug: Signed Nov : Acquisition of CSL Skandi Hercules newbuild contracts Century Subsea JV with Technip for 4 x PLSVs Aug : Merger of Mgmt JV with Technip company with DOF Nov: Chartered Management AS Normand Reach DOF Subsea 11
Level of industry barriers to entry Increased engineering requirement Complexity and size of operations Increased system requirement Level of barriers to entry Complex subsea operations Marine transport/ services DOF Subsea’s main presence is in segments with medium to high • barriers to entry and high complexity of operations Higher margins and earnings beyond the time charter rates • DOF Subsea is gradually building engineering capabilities • DOF Subsea 12
New high-end fleet Building year DOF Subsea fleet 8,00 7,00 Before 2000 3 % Newbuild 6,00 17 % 2000 - 2006 5,00 21 % 4,00 3,00 2,00 2007 - 2013 59 % 1,00 - Average fleet age Value adjusted • Majority of the fleet delivered after 2007 • Industry leading value adjusted average fleet age of 5 years • High-end vessels capable of a wide scope of operations, world wide DOF Subsea 13
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 14
HSEQ key statistcs • DOF Subsea Lost Time Injury (LTI) frequencies compared with IMCA industry average 12,00 10,00 DOF Subsea LTI frequency 8,00 IMCA - LTI frequency 6,00 DOF Subsea - recordable incident 4,00 frequency IMCA - recordable incident frequency 2,00 0,00 2005 2006 2007 2008 2009 2010 2011 2012 2013 * Figures frequency per million man hours Safety Observations 2013 1600 • High number of safety 1400 observations reported 1200 shows commitment to 1000 800 HSEQ 600 400 200 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec * Figures represent number of safety observations DOF Subsea 15
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 17
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