Q1 2015 Presentation DOF Subsea Group
DOF Subsea Group
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 16.5 billion, with a value adjusted age of approx. 5.6 years • Operates 58 ROVs and 8 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 1 816 employees • Subsea employees: 1 816 • Of which offshore engineers and project staff: 1 390 Norway Brazil Canada US UK Asia Pacific Angola 332 425 51 248 278 466 16 3
DOF Subsea Group – In brief 1 800 40% Quarterly figures 1 600 35% 1 400 30% 10.6 % CAGR 1 200 25% NOK million 1 000 20% 800 15% 600 • Key figures 3.7 % 10% 400 CAGR 5% Back-log incl. options NOK 37 billion 200 Market value of fleet NOK 16.5 billion - 0% Q1 2012 Q1 2013 Q1 2014 Q1 2015 Number of shares 119 733 714 Operating revenue EBITDA Total Per share Book equity NOK 6.1 billion NOK 50.75 Value adj. equity NOK 9.2 billion NOK 76.91 Book equity ratio 30.2 % Value adj. equity ratio 39.6 % * According to internal Management reporting 4
Recent events • Fleet • Skandi Aker delivered to new owners • Delivery of Skandi Africa (Newbuild 800) • Contracts • Chevron extended IMR contract for Skandi Salvador in Brazil for the reminder of 2015 • 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. • Two long-term IMR frame agreements in Asia Pacific for Chevron and SPEX • Contract awards during Q1 2015 in excess of NOK 3 billion • Finance • Skandi Africa (Newbuild 800) has been financed at market terms • Financing secured for the two Brazilian built PLSVs • Financing secured for Skandi Hawk, acquired from DOF ASA in May 2015 5
Ownership structure DOF ASA First Reserve (51%) Corporation (49%) DOF Subsea Holding (100%) DOF Subsea 2005 20 140 Modern 1 816 Established NOK million high-end fleet highly-skilled total assets and equipment employees 58 ROVs, 5 5 22 vessels vessels 9 ROVs owned subsea on order on charter on order vessels 6
Our global footprint Bergen Aberdeen St John’s 9 626 Houston ATLANTIC 4 299 Manila NORTH AMERICA Brunei Kuala Lumpur Singapore Luanda Jakarta Darwin Macaé Rio de Janeiro 5 466 Perth ASIA PACIFIC Buenos Aires Melbourne 8 425 BRAZIL 7
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 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Owned vessels Chartered vessels MV of owned fleet (r.a.) Employees * As per 31 st March 2015 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: 28 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 • Mar: Delivery of Skandi Stock Exchange in 2005, and taken • May : Sale of • Mar: Signed OSCV private by DOF and FRC in 2008 Deep-Sea Candies Africa Geosounder newbuild contract • Established a global footprint, present • Jun : Acquisition Skandi • Mar: Chartered Skandi • Mar: Sale of Geobay • Mar: Chartered Chloe • May: Acquired Skandi in all major offshore oil & gas regions Constructor Hawk Candies Hawk • 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 8
New high-end fleet Year of delivery DOF Subsea fleet 10,00 9,00 Before 2000 4 % Newbuild 8,00 15 % 7,00 2000 - 2006 6,00 23 % 5,00 4,00 3,00 2007 - 2015 2,00 58 % 1,00 - Average fleet age Value adjusted • Majority of the fleet delivered after 2007 • Industry leading value adjusted average fleet age of approx. 5.6 years • High-end vessels capable of a wide scope of world wide operations 9
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 10
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 2015 LTI TR Man-hours 11
Projects
DOF Subsea – Projects Operating income by segment • DOF Subsea has built a global 1 800 8 000 presence over the last 9 years 1 600 7 000 • DOF Subsea has developed the 1 400 6 000 project business gradually 1 200 5 000 NOK million NOK million 1 000 • Increased project activity and complexity driving growth 4 000 800 3 000 600 • Project business going forward 2 000 • Gradually increase the 400 complexity of work done (Step by Step) 200 1 000 Build a larger project • 0 Q1 Q1 Q1 0 back-log 2013 2014 2015 2012 2013 2014 Subsea projects 867 1 035 1 086 Subsea projects 3 776 4 971 5 378 • Mix between owned and Chartering of vessels Chartering of vessels 1 472 1 609 2 044 358 496 570 Total Total 1 225 1 531 1 656 5 248 6 580 7 422 chartered in vessels Chartering of vessels Subsea projects Chartering of vessels Subsea projects * According to internal Management reporting 13
Contract status
Contract coverage 40 35 30 25 NOK billion 20 15 10 5 - 2015 2016 2017 2018 2019 2020 2021 2022 Option 19 18 17 16 15 13 12 11 Firm 19 15 13 11 9 7 5 4 * 2015-numbers as per 31 st March 2015. 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 March 2015 the total back-log (incl. options) was approx. NOK 37 billion Firm contracts counts for approx. NOK 18.5 billion • Options counts for approx. NOK 18.5 billion • 15
Financials
Condensed profit & loss (IFRS 11) • Operating income was NOK 1 558 million in Q1 2015, up from NOK 1 451 million in Q1 2014. • EBITDA (excl. gain on sale of assets) was NOK 373 million in Q1 2015, down from NOK 459 million in Q1 2014. • EBIT (excl. gain on sale of assets) was NOK 237 million in Q1 2015, down from NOK 336 million in Q1 2014. * The financial numbers are presented according to IFRS 11. See DOF Subsea financial report Q1 2015 note 1 for details. 17
Condensed balance sheet (IFRS 11) • From year end 2014 non-current assets has increased to NOK 15 174 million from NOK 14 336 million • From year end 2014 total receivables has increased to NOK 2 222 million from NOK 1 964 million • From year end 2014 cash and cash equivalents has decreased to NOK 1 064 million from NOK 2 120 million Total liabilities as per 31 st March 2015 was NOK 12 383 million • The net interest bearing debt as per 31 st March 2015 was NOK 9 653 million • The book equity was NOK 6 077 million giving a ratio of 32.9 % to total assets as per 31 st March 2015 • The value adjusted equity was NOK 9 209 million giving a ratio of 42.7 % as per 31 st March 2015 • 18
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