Pareto Oil & Offshore conference 14 September 2016 Simen Lieungh President & CEO
We have never operated more safely TRIF – Total Recordable Incident Frequency Rate (as per 1 million working hours) HIPO – High potential incidents (as per 1 million working hours) Page 2
Odfjell Drilling group - an integrated drilling contracter Mobile Offshore Drilling Units Well Services Drilling Technology • Modern fleet of UDW and harsh • Tubular running services • One of the leading contractors in the environment drilling units North Sea platform drilling market • Rental services • Provision of integrated management • Drilling engineering services • Well intervention services services for drilling units Established competence for the • • Services in more than 20 countries • Extensive drilling experience world latest generation technology from 11 bases in Europe, the Middle wide (NCS, UKCS, Brasil, West& East East and Asia Africa and Far East) Page 3
Driven by the desire to succeed Odfjell Drilling won in 2015 the drilling contract on Johan Sverdrup for Statoil and the drilling contract on Maria field for Wintershall Page 4
Attractive rig design & capabilities - providing high efficiency and quality in operations Q2-16 operational performance Harsh environment hull design • 100% Dual active heave drawwork • Dual well center • 98% Dual mud system • 38.4m stands in derrick • 96% Large storage space • 94% 92% Less waiting on weather Faster tripping 90% Off-line activities performed in Deepsea Deepsea Deepsea Deepsea auxiliary well center Stavanger Atlantic Aberdeen Bergen Improved logistics Page 5
Well Services - a competent supplier to drillers and operators Key service offerings Tubular Running Services Drill Tool Rental Services Well Intervention Services ̶ Drill tools (drill pipe, drill collars and ̶ Conventional and remote-operated casing ̶ Wellbore clean-up tools and services tubing) running tools ̶ Casing exits ̶ Tubular handling equipment ̶ Remote-operated and conventional power ̶ Fishing services ̶ Stablisers, subs and valves tongs ̶ Well abandonment ̶ Downhole tools ̶ Casing / tubing running and recovery ̶ Slot recoveries Odfjell Well Services in numbers Operation in Services from 400+ 20+ 10+ Employees bases countries Page 6
Never stop innovating 7
Our targets Opportunity to Critical to improve standardize and Increase order backlog • competitive edge simplify working Ensure efficient and processes • reduced cost base Safe and efficient • operation and project execution Improve cash flow • Strengthen flexibility Improved Maintain high level • in resource cost QHSE results base efficiency Page 8
Financial performance highlights Odfjell Drilling reports for Q2 2016: Group Operating Revenues (USDm) 1 088 Operating revenue of USD 183 million • 927 EBITDA of USD 73 million • 526 EBITDA margin of 40% • 341 286 183 EBIT of USD 31 million • Q2 16 Q2 15 YTD 16 YTD 15 FY 15* FY 14 Net profit of USD 9 million • Group EBITDA (USDm) Secured long term refinancing 272 Firm offer to refinance Deepsea Atlantic and • Deepsea Stavanger received in August 2016 117 78 73 MUSD 525 to be rolled over in a new 3 year • facility -82 -155 No additional equity injections Q2 16 Q2 15 YTD 16 YTD 15 FY 15* FY 14 • * Restated 2015 figures Page 9
Earnings visibility through USD 3.0 billion order backlog Total revenue backlog per year 1 Firm Options USD million Firm contracts USD 1.8 billion Priced options USD 1.2 billion 1 000 Total backlog USD 3.0 billion 833 800 600 554 540 600 73 461 99 419 400 239 213 243 481 - 441 200 243 233 222 206 - 2H 2016 2017 2018 2019 2020 After Revenue backlog for Well Services, Technology and MODU Management is not included in the revenue • backlog above. 1) Estimates at 30 June 2016 Page 10
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