DOF ASAdof.no/Files/PDF/DOF ASA/IR/Archive/2008_Q3_DOF_ASA_Pres.pdfContract Coverage 95 % 70,5 %...
Transcript of DOF ASAdof.no/Files/PDF/DOF ASA/IR/Archive/2008_Q3_DOF_ASA_Pres.pdfContract Coverage 95 % 70,5 %...
DOF ASA Q3 2008 Presentation - 1
DOF ASA Q3 2008 PresentationCEO – Mons Aase CFO – Hilde Drønen
DOF ASA Q3 2008 Presentation - 2
Agenda
• Status DOFSUB
• Highlights
• Overview
• Q3 Financial
DOF ASA Q3 2008 Presentation - 3
The FRC “deal”
• DOFSUB NOK 36/share• Offer period 29.10 to 19.11.2008• DOF Installer NOK 125/share• 3 vessels under construction at Tebma Yard in India,
NOK 288 mill• Pre-money valuation of Norskan NOK 1.590 mill
FRC contribute NOK 300 mill and will own 15,9%
The FRC “deal”
DOF ASA Q3 2008 Presentation - 4
3,3433,3433,2493,2493,0353,035EBITDAEBITDA45%45%45%45%46%46%MarginMargin
7,4067,4067,1457,1456,6456,645RevenueRevenue201320132012201220112011NOK millionNOK million
• Financial projections with asset base according to the deal structure with FRC
Current DOF Subsea fleet and organization, including Current DOF Subsea fleet and organization, including newbuildingnewbuildingprogramprogramTEBMA vessels includedTEBMA vessels includedInstaller fleet included (ex hull 706)Installer fleet included (ex hull 706)
• Figures reflect operation after all newbuilds have been delivered, i.e. no investments contemplated in addition to the FRC deal structure
The FRC “deal”
DOF ASA Q3 2008 Presentation - 5
Highlights Q3
• Final agreement reached with FRC• Skandi Chieftain – 3 year firm contract with Petrobras• Skandi TBN Hull 25 – 3 year LOI with OGX• Skandi Rio, Skandi Botafogo and Skandi Fluminence – 6 years
contract extension with Petrobras• USD 670 million financing approved in Brazil
DOF ASA Q3 2008 Presentation - 6
Financing
DOFSUB• only the two JV vessels with Technip have not finalized loan
agreements• Hull 23 in Brazil; Financing approved by BNDES. Vessel
has a 4 + 4 year contract with Petrobras• Hull 702 in Norway. Vessel has a 8 year contract with
Technip UK. Eksportfinans funding in placeDOF
• Secured financing of 3 PSV’s and a NOK 660 million facility in Holdco during October
• Secured BNDES financing of Hull 25, 26 and 27 in Brazil
• Comment in more detail when we look at the fleet list
DOF ASA Q3 2008 Presentation - 7
Modern fleet • 17 AHTS’s• 25 PSV’s• 1 CSV
4 state of the art installation AHTS vessels
DOF Overview
Modern fleet & Equipment• 23 CSV/ROV vessels• 35 ROV’s + 1 AUV• Leading Subsea Contractor
DOF ASADOF ASA
DOF Subsea ASA DOF Subsea ASA
57.5%57.5%DOF Supply DOF Supply
100%100%DOF InstallerDOF Installer
50.5%50.5%
DOF ASA Q3 2008 Presentation - 8
Modern fleet 10 AHTS’s19 PSV’s1 CSV
3 state of the art installation AHTS vessels
New Company Overview
DOF InstallerDOF Installer50 50 --100%100%
Modern fleet & Equipment23 CSV/ROV vessels35 ROV’s + 1 AUVLeading Subsea Contractor
Ship owning company Ship owning company 100%100%
DOF SubseaDOF Subsea100%100%
Modern fleet 8 AHTS’s3 PSV’s
Modern fleet 3 ROV/CSV vessels
Norskan Norskan 75%75%
DOF Subsea DOF Subsea HoldingHolding
51%51%
Ship owningShip owningcompanycompany
100%100%
DOF ASADOF ASA
DOF ASA Q3 2008 Presentation - 9
The fleet market segments
PSV AHTS ROV/OCSV/DSV/ Total fleetNo. of vessels SEISMIC VESSELSDOF ASA 22 4 1 27
NORSKAN OFFSHORE 2 7 0 9
DOF SUBSEA ASA 0 0 23 23
DOF INSTALLER ASA 0 4 0 4
AKER DOF SUPPLY 1 6 0 7
Total fleet 25 21 24 70
Contract coverage 09* 96% 91% 75% 87%Contract coverage 10* 75% 66% 61% 68%* no options included
DOF ASA Q3 2008 Presentation - 10
GEOGRAPHICAL FOCUS AREAS
PerthRio de Janeiro
Buenos Aires
Singapore
Houston
St. Johns
Aberdeen
Bergen
Cairo
GLOBAL PLAYER
Brunei
Macae
Jakarta
Manila
Angola
St. Petersburg
DOF ASA Q3 2008 Presentation - 11
DOF contract coverage
FIRM CONTRACTS UNDER CONSTRUCTIONOPTIONAL PERIOD
PSV Area of Operation ChartererJ F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D
Skandi Falcon India Reliance
Skandi Marstein North Sea Shell UK
Skandi Stolmen Norw ay StatoilHydro
Skandi Foula North Sea Shell UK
Skandi Rona North Sea Shell UK
Skandi Waveney North Sea B/B IN Marathon
Skandi Buchan North Sea Total
Skandi Sotra North Sea StatoilHydro
Skandi Caledonia North Sea Total/MOG
Skandi Captain North Sea Shell
Skandi Barra North Sea Shell/Total
Skandi Chieftain North Sea/ Brazil Shell/Petrobras
Skandi Texel North Sea Peterson Sup/link
Skandi Commander North Sea Shell
Skandi Mongstad North Sea StatoilHydro
Skandi Flora (AYP 06CD) North Sea StatoilHydro
Skandi TBN (Aker PSV 06 LNG) North Sea StatoilHydro
Skandi TBN Tebma 1 (VS 470 mk II) Asia DOF SUB
Skandi TBN Tebma 2 (VS 470 mk II) Asia
Skandi TBN Tebma 3 (VS 485 MPSV) Asia
Skandi TBN Cochin Total UKContract Coverage 95 % 70,5 %
2008 2009 2010
DOF ASA Q3 2008 Presentation - 12
DOF contract coverage
FIRM CONTRACTS UNDER CONSTRUCTIONOPTIONAL PERIOD
AHTS Area of Operation Period ChartererJ F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D
Skandi Møgster Worldw ide Spot/OGX
Skandi Stord North Sea StatoilHydro
Skandi Admiral North Sea StatoilHydro
Contract Coverage 81 % 67 %
2008 2009 2010
CSV Area of Operation Period ChartererJ F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D
Skandi Fjord World w ide Halliburton
Contract Coverage 100 % 100 %
2008 2009 2010
DOF ASA Q3 2008 Presentation - 13
NORSKAN: The fleet
FIRM CONTRACTS UNDER CONSTRUCTION
PSV Area of Ops. Built ChartererJ F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D
Norskan Flamengo Brazil 2003 Petrobras
Norskan Leblon Brazil 2005 Petrobras/Shell
Skandi Yare Brazil 2001 Petrobras
Skandi Hav Brazil 1983 Petrobras
AHTS
Norskan Copacabana Brazil 2005 Petrobras
Norskan Botafogo Brazil 2006 Petrobras
Skandi Rio Brazil 2007 Petrobras
Skandi Fluminence Brazil 2007 Petrobras
Skandi Giant Brazil 2003 BG Brazil
Skandi Ipanema (AH05) Brazil 2010 OGX
Skandi Amazonas (AH12) Brazil 2011
Skandi Iginazu (AH12) Brazil 2011
Contract Coverage 98 % 89 %
2008 2009 2010 2011
DOF ASA Q3 2008 Presentation - 14
DOF contract coveragevessels under construction
FIRM CONTRACTS UNDER CONSTRUCTIONOPTIONAL PERIOD
Vessel Name Type Ow ner Charterer DeliveryJ F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D
Skandi Vega AHTS DOF Installer StatoilHydro - DEC 2009
Skandi TBN (AH 04 CD) AHTS DOF Installer - 2010
Skandi TBN (AH 04 CD) AHTS DOF Installer - 2010
Skandi TBN (AH 04 CD) AHTS DOF Installer - 2010
Contract Coverage N/A 55 %
2008 2009 2010 2011
DOF Installer
Aker DOF SupplyVessel Name Type Ow ner Charterer Period Delivery
J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D
Skandi TBN Vietnam AHTS Aker DOF Supply 2010
Skandi TBN Vietnam AHTS Aker DOF Supply 2010
Skandi TBN Vietnam AHTS Aker DOF Supply 2011
Skandi TBN Vietnam AHTS Aker DOF Supply 2011
Skandi TBN Vietnam AHTS Aker DOF Supply 2012
Skandi TBN Vietnam AHTS Aker DOF Supply 2012
Skandi TBN Vietnam PSV/RSV Aker DOF Supply 2010
Contract Coverage N/A 0 %
2008 2009 2010 2011
DOF ASA Q3 2008 Presentation - 15
Financial Highlights Q3 2008
• High utilization subsea vessels
• Good spot market
• Two new vessels in operations
• High financial costs due to unrealized currency loss
• Exit UK - tax loans
• Renewal bond loan
DOF ASA Q3 2008 Presentation - 16
Result Q3 2008ALL FIGURES IN NOK THOUSANDS
Q 3 2008 Q 3 2007 30.09.2008 30.09.2007
Operating income 1 077 010 848 516 2 926 748 2 413 620
- 81 141 974 87 634 Total operating income 1 077 010 848 597 3 068 722 2 501 254
Operating expenses vessels 702 900 522 574 1 989 126 1 615 180 - - - -
Total operating expenses 702 900 522 574 1 989 126 1 615 180
Operating profit before depreciation 374 110 326 023 1 079 596 886 074 Depreciation 127 945 131 713 350 371 365 442 Operating profit 246 165 194 310 729 225 520 632
Net profit from associated companies 2 759 149 140 124 42 078 Financial items -53 269 -91 744 -235 993 -234 800 Unrealized profit/loss on currencies -346 574 132 977 -310 485 269 950 Net financial costs -397 084 41 382 -406 354 77 228
Pre-tax profit -150 919 235 692 322 871 597 860 Taxes 59 325 -31 853 -8 496 -71 120 Result -91 594 203 839 314 375 526 740 Minority Interest 16 787 -42 884 -27 686 -134 766
DOF ASA Q3 2008 Presentation - 17
Financial result Q3 2008
Currency effects on Q3 results
Financial itemsInterest revenues 26 517 Interest costs 184 632 Realized currency gain long debt 75 509 Realized currencey gain on forex instruments 6 115 Realized operational currency gain 8 070 Other financial income 15 152
Total financial items (53 269)
Unrealized profit/loss on currenciesUnrealaized currency loss on long debt 376 682 Unrealized currency gain on forex instruments 10 195 Unrealized operational currency gain 19 912
Total unrealized profit/loss on currencies (346 574)
DOF ASA Q3 2008 Presentation - 18
P&L Q3 2008DOF Supply TOTAL
Q3 Q3Revenue 354 025 1 077 010
Total Revenue 354 025 1 077 010
Operational costs 187 100 702 900 -
Total operational costs 187 100 702 900
EBITDA 166 925 374 110 Depreciations 50 434 127 945 EBIT 116 491 246 165
Result from ass. comp. 2 759 2 759 Net financial income 164 994 199 552 Net financial costs -141 225 -252 821 Unrealized loss/profit from currency -250 574 -346 574 Net financial items -224 047 -397 084
Profit before taxes -107 556 -150 919 Taxes 55 699 59 325 Net profit -51 857 -91 594
ALL FIGURES IN NOK THOUSANDS
DOF ASA Q3 2008 Presentation - 19
Balance Q3 2008
30.09.2008 31.12.2007
Intangible assets 518 777 538 305Fixed assets 13 000 558 11 880 609Financial assets 489 045 1 410 298Receivables 1 321 145 1 052 546Vessel held for sale 173 000 0Bank balance 1 427 228 1 859 974Total assets 16 929 753 16 741 731
Subscribed equity 619 989 619 989Retained earnings 2 512 247 2 448 410Minority Interest 1 458 431 1 486 387Provisions for commitment 414 696 635 838Other long-term liabilities 9 609 570 9 927 458Current liabilities 2 314 820 1 623 650Total liabilities and equity 16 929 753 16 741 731
ALL FIGURES IN NOK THOUSANDS
DOF ASA Q3 2008 Presentation - 20
Key figures Q3 2008
Q3 2008 Q3 2007Profit per share -1,11 2,46Profit per share ex. minority interest -0,90 1,94Proft per share ex. Unrealized loss/gain 3,08 0,86Cash flow per share 3,91 2,83
Ebitda margin 35 % 38 %Ebit margin 23 % 23 %Return on net capital -2 % 4 %Equity ratio 27 % 34 %
Booked value per share 55 55NAV value per share 94 82
Net interest-bearing debt 9 532 093 6 911 040Net debt (ex capital unemployed) 7 297 255 4 871 309
DOF ASA Q3 2008 Presentation - 21
Balance Sept 2008’000 mil NOK
16 93021 200
12 444
11 923
27%
44%
0
5 000
10 000
15 000
20 000
25 000
30 000
35 000
40 000
45 000
Book value Fair market value
Debt
Equity
Assets
DOF ASA Q3 2008 Presentation - 22
Markets
• Very strong Subsea market
• Very strong North Sea spot market, and strong long term supply market worldwide
DOF ASA Q3 2008 Presentation - 23
Concluding remarks
• Strong market outlook• A lot of opportunities• Well positioned in Brazil• World’s largest deepwater fleet• Aggressive global growth• DOF Subsea just started and fully financed• DOF strong cash position, extremely good
track record and high contract coverage• PREFERRED PARTNER FOR OIL COMPANIES AND BANKS
DOF ASA Q3 2008 Presentation - 24
DISCLAIMERThis presentation by DOF ASA designed to provide a high level overview of aspects of the operations of the DOF ASA Group. The material set out in the presentation is current as at 03 November, 2008.This presentation contains forward-looking statements relating to operations of the DOF ASA Group that are based on management’s own current expectations, estimates and projections about matters relevant to DOF ASA‘s future financial performance. Words such as “likely”, “aims”, “looking forward”, “potential”, “anticipates”, “expects”, “predicts”, “plans”, “targets”, “believes” and “estimates” and similar expressions are intended to identify forward-looking statements.References in the presentation to assumptions, estimates and outcomes and forward-looking statements about assumptions, estimates and outcomes, which are based on internal business data and external sources, are uncertain given the nature of the industry, business risks, and other factors. Also, they may be affected by internal and external factors that may have a material effect on future business performance and results. No assurance or guarantee is, or should be taken to be, given in relation to the future business performance or results of the DOF ASA Group or the likelihood that the assumptions, estimates or outcomes will be achieved.While management has taken every effort to ensure the accuracy of the material in the presentation, the presentation is provided for information only. DOF ASA , its officers and management exclude and disclaim any liability in respect of anything done in reliance on the presentation.All forward-looking statements made in this presentation are based on information presently available to management and DOF ASA assumes no obligation to update any forward looking- statements. Nothing in this presentation constitutes investment advice and this presentation shall not constitute an offer to sell or the solicitation of any offer to buy any securities or otherwise engage in any investment activity. You should make your own enquiries and take your own advice (including financial and legal advice) before making an investment in the company's shares or in making a decision to hold or sell your shares.