Quarterly Presentation Q3 2016 DOF Subsea Group
DOF Subsea Group
DOF Subsea Group in Brief DOF ASA First Reserve (51%) Corporation (49%) DOF Subsea Holding (100%) DOF Subsea 2005 21 256 Modern 1 372 Established NOK million high-end fleet employees total assets and equipment (according to management reporting) 63 ROVs, 4 2 21 vessels vessels 4 ROVs owned subsea on order on charter on order vessels 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, 2 chartered-in vessels as at 30 th September 2016 • • The market value of owned vessels in operation is about NOK 15.5 billion, with a value adjusted age of 6.2 years • Operates 63 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 1 372 employees • Onshore: 622 • Offshore: 750 Asia Pacific Atlantic Brazil North America 345 467 326 234 4
DOF Subsea Group in Brief Condensed figures last five quarters Q3 last four years 2 500 40% 35% 2 000 30% 25% EBITDA margin 1 500 NOK million 20% 1 000 15% 10% 500 5% - 0% Q3 2013 Q3 2014 Q3 2015 Q3 2016 Operating income EBITDA EBITDA margin • Figures above are presented according to internal management reporting Key figures • • Firm contract back-log: NOK 19 billion TC vessel utilization Q3 2016: 82% • • Project vessel utilization Q3 2016: 75% Back-log including options: NOK 36 billion • Market value of fleet: NOK 15.5 billion* * Joint venture adjusted, and excluding newbuilds 5
Recent Events • Fleet First of four PLSVs, Skandi Açu, on-hire with Petrobras from 13 th of August • • Delivery of second PLSV, Skandi Buzios, from yard. Vessel in Holland for topside installation • On-hire with Petrobras from Q2 2017 • Agreement regarding sale of Skandi Santos to AKASTOR ASA • Contracts • Shell Australia awarded DOF Subsea an IMR contract in Asia Pacific for 5 years firm plus 2 x 2 years options • Petrobras awarded Skandi Salvador 1 year IMR contract plus 1 year option • Finance • Drawdown of 1st tranche on Skandi Buzios at delivery from yard in September 2016 • Refinancing Skandi Singapore 6
Skandi Açu • First of 4 PLSVs in joint venture with Technip on-hire with Petrobras from 13 th of August Skandi Açu Build 2016 Design VARD 3 05 Type Subsea / PLSV LOA 146.0 m Breadth 30.0 m Draught 8.5 m DWT 10 800t Accommodation 120 persons TLS tower 650t 7
Shell Prelude 5-year IMR Contract • Shell Australia awarded DOF Subsea a 5 year + 2 x 2 year options for fulltime Underwater Services and Multi-Purpose Supply Vessel (MPSV) Services to the Prelude FLNG facility, offshore Australia • Combination of vessel expertise, subsea operations track-record and shared safety, environmental and local-content objectives made DOF Subsea competitive • Established local presence and organizational expertise – combination of Australian and Norwegian teams • Client opted for an integrated solution with one supplier • Differentiated offering from DOF resulted in contract award Integrated work scope: • Vessel charter • Project Management and Engineering • IMR program services • Client and location: Subsea inspection/intervention services Shell Australia is part of The Shell Group, a global • Survey Services group of energy and petrochemical companies. Shell’s • Data Management / Reporting services world-leading FLNG technology is to be deployed at the • ROV and tooling services Prelude FLNG facility – it is the largest floating facility • Asset management • ever built, it will produce, liquefy, store and transfer Platform Supply services LNG at sea. The facility will be located 475 kilometres • Non-planned maintenance north-north east of Broome, in Western Australia. • Emergency response 8
Our Global Footprint Bergen Aberdeen St John’s 6 467 Houston 4 234 ATLANTIC Manila NORTH AMERICA Brunei Kuala Lumpur Singapore Luanda Jakarta Darwin Macaé Rio de Janeiro 4 345 BRAZIL Perth ASIA PACIFIC Buenos Aires Melbourne 9 326 9
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 2015 2016 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Owned vessels Chartered vessels MV of owned fleet (r.a.) Employees * As at 30 th September 2016 2005 - 2010 2011 2012 2013 2014 2015 2016 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 • Feb: Delivery of • Mar: Sale of OSCV • Feb: Signed OSCV • Jan: Delivered • Feb: Delivered • Jan: Delivered Skandi Niteroi newbuild newbuild contract Skandi Bergen to Skandi Aker to new Skandi Protector to • DOF Subsea was listed on the Oslo new owners owners new owners • Feb: Chartered Stock Exchange in 2005, and taken • May : Sale of • Mar: Signed OSCV • Mar: Chartered • Mar: Delivery of • Apr: Delivery of private by DOF and FRC in 2008 Harvey Deep-Sea Geosounder newbuild contract Ross Candies Skandi Africa Skandi Açu • Established a global footprint, present • Mar: Sale of • Jun : Acquisition • Mar: Chartered • Mar: Chartered in all major offshore oil & gas regions Geobay • May: Acquired • July: Third party Skandi Constructor Skandi Hawk Chloe Candies Skandi Hawk vessel Normand • Built a global organization through • Jul : Delivery of • Jun: Delivery of Reach redelivered • Nov: Delivered • June: Sale of organic growth and acquisitions Skandi Skansen Skandi Bergen • Aug: Skandi Acu Skandi Skolten to Skandi Arctic • Developed global Business • Aug: Signed • Sep : Delivery of new owners on-hire with • Nov: Sale of Management System, and achieved Skandi Singapore newbuild contracts Petrobras from global ISO certification for 4 x PLSVs Skandi Inspector 13th of August • JV with Technip • Nov: Chartered • Sep: Delivery of Normand Reach • Expanded the fleet by taking delivery Skandi Buzios and • Global ISO of 10 newbuilds agreement recertification regarding sale of Skandi Santos 10
Modern High-end Fleet Year of delivery DOF Subsea fleet 9,0 8,0 Newbuild 16 % 7,0 2000 - 2006 24 % 6,0 Skandi Africa, Ship of the Year 2015 5,0 4,0 3,0 2007 - 2015 60 % 2,0 1,0 - Skandi Acu, PLSV built 2016 Average fleet age Value adjusted • Majority of the fleet delivered from 2007 and onwards • Modern fleet with a value adjusted average fleet age of approx. 6 years • High-end vessels, capable of a wide scope of worldwide operations 11
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 Q2 2016 • 2009 12
HSEQ Key Statistics • Substantial HSE improvement since 2005 • Substantial increase in activity level measured by total man-hours 12,0 6 000 000 10,0 5 000 000 Frequence: Incident / 1 000 000 man-hour 8,0 4 000 000 Man-hours 6,0 3 000 000 4,0 2 000 000 2,0 1 000 000 - 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD LTIFC TRFC Man-hours 13
DOF Subsea – Projects Annual and Quarterly Operating Income by Segment DOF Subsea has built a • 8 000 2 500 global presence over the last 10 years 7 000 • DOF Subsea has developed 2 000 6 000 the project/IMR business gradually 5 000 • Increased project activity and 1 500 NOK million NOK million complexity driving growth 4 000 • High focus on IMR projects 1 000 3 000 • Project business going forward 2 000 • Gradually increase the 500 complexity of operations 1 000 • Build a larger project back-log with focus on 0 0 Q3 2014 Q3 2015 Q3 2016 2013 2014 2015 IMR projects Subsea projects 1 315 1 384 734 Subsea projects 4 971 5 187 4 810 Chartering of vessels 589 607 497 Chartering of vessels 1 609 2 236 2 442 • Mix between owned and Total Total 6 580 7 422 7 252 1 904 1 991 1 231 chartered-in vessels Chartering of vessels Subsea projects Chartering of vessels Subsea projects * According to internal management reporting 14
Back-log 20,0 15,0 NOK billion 10,0 5,0 0,0 Remaining 2016 2017 2018 2019 2020 Thereafter Options 0,0 0,6 0,6 0,6 0,5 14,9 Firm 1,0 2,8 2,7 2,5 2,3 7,3 * Figures based on remaining back-log from end of Sep 2016 Firm Options • By end of September 2016, the total back-log including options was approx. NOK 36 billion • Firm contract back-log counts for approx. NOK 19 billion 15
Financials
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