Quarterly presentation Q2 2016 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 21 vessels, plus 4 newbuilds on order • In addition, 2 chartered-in vessels as of 30 th June 2016 • Normand Reach redelivered in July 2016 • The market value of owned vessels in operation is about NOK 16 billion, with a value adjusted age of approx. 6.0 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 1 590 employees • Subsea employees: 1 590 • Of which engineers and subsea project staff: 940 Asia Pacific Atlantic Brazil North America 355 653 344 238 3
DOF Subsea Group – in brief Condensed figures 5 last quarters Q2 last four years 2 500 35% 30% 2 000 25% EBITDA margin 1 500 NOK million 20% 15% 1 000 10% 500 5% Key figures - 0% Back-log firm NOK 21 billion Q2 2013 Q2 2014 Q2 2015 Q2 2016 Back-log incl. options NOK 39 billion Operating revenue EBITDA EBITDA margin Market value of fleet NOK 16 billion * According to internal Management reporting 4
Recent events • Fleet • First of 4 PLSVs, Skandi Açu, on-hire with Petrobras from 13 th of August • Redelivered Normand Reach • Contracts • Shell Australia awarded DOF Subsea an IMR contract in Asia Pacific for 5 years firm plus 2 x 2 years options • Several ROV and diving contracts awarded Skandi Achiever in the North Sea and North America region, securing utilization until end of October 2016 • Several contracts awarded in Asia Pacific, securing utilization of Skandi Hercules and Skandi Singapore • Petrobras has extended the RSV contract for Geograph for 18 months • Petrobras awarded Skandi Vitoria a contract, securing utilization of the vessel until end of 2016 • Petrobras awarded Skandi Niteroi a contract for 8 months firm plus 8 months option • Finance • Repaid outstanding amount of DOFSUB05 at maturity in April • Refinancing of Skandi Hercules • Drawdown of 2 nd tranche on Skandi Acu at final delivery in April 2016 5
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 6
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 7
DOF Subsea Group overview DOF ASA First Reserve (51%) Corporation (49%) DOF Subsea Holding (100%) DOF Subsea 2005 21 216 Modern 1 590 Established NOK million high-end fleet highly-skilled total assets and equipment employees 63 ROVs, 4 1 21 vessels vessels 4 ROVs owned subsea on order on charter on order vessels 8
Our global footprint Bergen Aberdeen St John’s 7 653 Houston 3 238 ATLANTIC Manila NORTH AMERICA Brunei Kuala Lumpur Singapore Luanda Jakarta Darwin Macaé Rio de Janeiro 3 355 BRAZIL Perth ASIA PACIFIC Buenos Aires Melbourne 9 344 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 NOK million 1 400 12 000 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 per 31 st March 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: 22 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 Skandi Skolten to Skandi Arctic • Developed global Business • Aug: Signed • Sep : Delivery of new owners • Nov: Sale of Management System, and achieved Skandi Singapore newbuild contracts global ISO certification for 4 x PLSVs Skandi Inspector • JV with Technip • Nov: Chartered Normand Reach • Expanded the fleet by taking delivery • Global ISO of 10 newbuilds recertification 10
Modern high-end fleet Skandi Africa, Ship of the Year 2015 Skandi Acu, PLSV built 2016 • Majority of the fleet delivered from 2007 and onwards • Modern fleet with a value adjusted average fleet age of approx. 6.0 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 99B (report for 2014) • 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 DOF Subsea HSEQ-statistics 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 LTI TR Man-hours 13
DOF Subsea – Projects Operating income by segment DOF Subsea has built a global • presence over the last 10 years 8 000 2 500 • DOF Subsea has developed the 7 000 project/IMR business gradually 2 000 6 000 • Increased project activity and complexity driving growth 5 000 1 500 NOK million NOK million • IMR focused operations 4 000 • Project business going forward 1 000 3 000 • Gradually increase the complexity of work done 2 000 • Build a larger project 500 back-log with focus on 1 000 IMR • Mix between owned and 0 Q2 Q2 Q2 0 2013 2014 2015 2014 2015 2016 chartered-in vessels Subsea projects 4 971 5 187 4 810 Subsea projects 1 390 1 327 1 227 Chartering of vessels 1 609 2 236 2 442 Chartering of vessels 574 634 433 Total 6 580 7 422 7 252 Total 1 963 1 962 1 660 Chartering of vessels Subsea projects Chartering of vessels Subsea projects * According to internal Management reporting 14
Contract coverage 45 40 35 30 NOK billion 25 20 15 10 5 - 2016 2017 2018 2019 2020 2021 2022 2023 Firm 21 19 16 13 10 7 6 4 Option 18 18 18 17 16 16 15 14 * Figures based on remaining back-log from beginning of July 2016 • By end of June 2016, the total back-log (incl. options) was approx. NOK 39 billion • Firm contracts count for approx. NOK 21 billion Options count for approx. NOK 18 billion • 15
Financials
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