DOF ASA Q1 2011 CEO - Mons S. Aase CFO - Hilde Drønen
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DOF ASA Q1 2011 CEO - Mons S. Aase CFO - Hilde Drønen
Agenda
Highlights Q1
Overview Group
Status DOF Subsea
Status Supply
Q1 Financials
Outlook
www.dof.no
DOF ASA
Presentation 2011 - 2
Highlights Q1
Contracts:
New 4 years contract with Petrobras for Skandi Leblon
4-6 months contract for Skandi Falcon at good rate
3 months contract for Skandi Sotra at good rate
2 x 6 years contracts with ConocoPhillips Norway
3 x 7 years contract with ConocoPhillips Norway
2 years extension of Skandi Olympia with Fugro until March 2014
Several contracts for DOF Subsea project fleet
Fleet:
Purchase of M/S Sarah, to be named Skandi Constructor (May)
Sale of Geosounder
Skandi Emerald delivered in March and onhire to OGX in May
Skandi Niteroi delivered, mobilization equipment in Europe
www.dof.no
DOF ASA
Presentation 2011 - 3
Highlights Q1
Geograph onhire to Petrobras in February
Skandi Commander rebuilt and onhire to Petrobras in May
Skandi Gamma delivered and onhire to Statoil in February
Skandi Hercules repositioned to Asia. Commenced first job in
Vietnam early May
2 PSV ordered for two ConocoPhillips contracts
2 MRV/1 ROV vessel ordered for three ConocoPhillips contracts
Finance:
NOK 200 million private placement in DOF Installer ASA. DOF Subsea
AS owns approx. 84% of the placement.
Bond loan in DOFSUB
www.dof.no
DOF ASA
Presentation 2011 - 4
Company overview
DOF ASA
Norskan Ltda DOF Subsea Holding Ship owning company
Modern fleet Modern fleet
17 AHTS’s 3 AHTS’s
7 PSV’s DOF Subsea 17 PSV’s
2 CSV’s 3 CSV
Modern fleet & Equipment
21 CSV/ROV vessels
44 ROV’s + 1 AUV
Leading Subsea Contractor
DOF Installer
3 state of the art
installation CSV vessels
www.dof.no
DOF ASA
Presentation 2011 - 5
The fleet market segments
PSV AHTS ROV/OCSV/DSV/ Total fleet
No. of vessels SEISMIC VESSELS
DOF ASA 17 3 3 23
NORSKAN OFFSHORE 7 12 2 21
DOF SUBSEA AS 0 0 21 21
DOF INSTALLER ASA 0 0 3 3
AKER DOF DEEPWATER AS 0 5 0 5
Total fleet 24 20 29 73
Contract coverage 11* 90 % 84 % 82 % 84 %
Contract coverage 12* 51 % 71 % 69 % 64 %
* no options included
www.dof.no
DOF ASA
Presentation 2011 - 6
Global Player
26
Austevoll
Bergen
Moscow
Aberdeen
St. Johns 1
Houston Cairo
1 Manila
Singapore Brunei
Angola Jakarta
Macae
2
Rio de Janeiro Perth
4
24
Buenos Aires
GEOGRAPHICAL FOCUS AREAS
www.dof.no
DOF ASA
Presentation 2011 - 7
Long Term Contracted Cash Flows…
DOF group has solid cash flow visibility over the next 3-5 years
By 31st March 2011 the total back-log (incl. options) was approx NOK 38 bn
Firm contract counts for NOK 20 bn
Options count for NOK 18 bn
The vessel Backlog amount to approximately 4 times the current yearly revenue
Backlog Development DOF Group
Note: Includes extension options on long-term contracts.
40 000 38 068
33 979
35 000
29 638
30 000
25 416
25 000 21 859
Million NOK
18 915
20 000 16 211
15 000 13 898
10 000
5 000
-
2011 2012 2013 2014 2015 2016 2017 2018
www.dof.no
DOF ASA
Presentation 2011 - 8
DOF SUBSEA
www.dof.no
DOF ASA
Presentation 2011 - 9
DOF Subsea Contract Coverage (Vessels)
2011 2012 2013 2014 2015
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 J F M A M J J A S O N D
Geograph
Ocean Protector
Skandi Seven
Long Term Charters
Skandi Salvadore
Skandi Vitoria
Skandi Aker
Skandi Santos
Skandi Patagonia
Skandi Carla
Skandi Neptune
Skandi Achiever
Skandi Acergy
Skandi Arctic
Skandi Niteroi (H24) Upgrade in Norway
Skandi Commander
Skandi Skansen (H723)
FIRM CONTRACTS
Skandi Singapore (H621)
Project Vessels
Skandi Inspector
OPTIONAL PERIOD
Skandi Hercules (H722)
Skandi Skolten UNDER CONSTRUCTION
Geobay
Geosund
Geosea
Geoholm
Geosounder Sold
www.dof.no
DOF ASA
Presentation 2011 - 10DOF Subsea Contract Coverage (ROV & Others)
2011 2012 2013
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Norskan Botafogo P etro bras
Skandi Fluminence P etro bras
Norskan
Skandi Chieftain P etro bras
Sk Commander P etro bras
Skandi Aker A KOFS
DOFCON
Skandi Seven Subsea 7
DOF Skandi Vega Stato il
Subsea IRM contract Shell P hilippines M alampaya
Region Asia
Domgas Geotechnical Works Clo ugh
Tanker Load Out Pipeline Rock Bolting Chevro n A ustralia
Supply of Buckle Initiator Chevro n A ustralia
Smartwire Metrology Husky Energy
Constructor & WS Technip Canada
Ross Survey Support Subsea 7 USA
Block 31 FPSO EZRA /A M C
Region Atlantic
Field Survey Support Services Deep P anuke
BP IRM Support Subsea 7 USA
GIS Development B P A merica
Survey support B P A ngo la
Rig move Eni A ngo la
Frame Agreement Co no co P hillips
Survey support HM C
www.dof.no
FIRM CONTRACTS OPTIONAL PERIOD
DOF ASA
Presentation 2011 - 11Newbuilds planned to deliver in 2011
Skandi Singapore Skandi Niteroi
• DOFSUB Asia project vessel • Construction vessel (OSCV 06)
• DP II Dive Support Vessel • LOA: 141.3 m
• 2 x Triton XLX W ROV • Breadth: 27.0m
• 18 man saturation diving system • PLSV in JV with Technip
• 140 t Crane • Crane: 250 t
• 900 m2 Cargo deck area • Work moonpool 7.2m x 7,2 m
• 100 men accommodation • Accommodation: 120 men
All specifications are subject to changes without prior
notice. Please contact us for details and verifications.
www.dof.no
DOF ASA
Presentation 2011 - 12Newbuilds planned to deliver in 2011
Skandi Skansen
• Construction & AHTS vessel • 90 men accommodation
• Hybrid propulsion • The Skandi Skansen also features STX's
new bow design, optimised for Eco-drive
• 361 t Bollard Pull in all weather conditions
• 36 000 BHP
All specifications are subject to changes without prior
notice. Please contact us for details and verifications.
• 250 t Crane
• 2 x WROV
• 1 070 m2 Cargo deck area
www.dof.no
DOF ASA
Presentation 2011 - 13New vessel in 2011
Skandi Constructor (M/S Sarah)
•
All specifications are subject to changes without prior
LOA 120.2 m notice. Please contact us for details and verifications.
• B = 25.0 m
• LPP 112.3 m
www.dof.no
DOF ASA
Presentation 2011 - 14Photo: Tom Gulbransen
Status Supply
Skandi Nova (STX MRV 05, B.nr. 779) Skandi Hugen (STX MRV 05 ROV, B.nr. 780) Skandi Marøy (STX MRV 05 SP, B.nr. 778)
www.dof.no
DOF ASA
Presentation 2011 - 15DOF Contract Coverage
2011 2012 2013 2014 2015
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 J F M A M J J A S O N D
PSV
1 Skandi Falcon M OG
2 Skandi Marstein SHELL UK Opt Nov 2016
3 Skandi Foula SHELL UK
4 Skandi Rona SHELL UK
5 Skandi Buchan TOTAL
6 Skandi Sotra STATOIL M LS
7 Skandi Caledonia M OG
8 Skandi Barra TOTAL
9 Skandi Texel Pet erson Supplylink Opt Jan 2016
10 Skandi Mongstad STATOIL Fir m Aug 2016 / Opt Aug 2021
11 Skandi Flora STATOIL Opt Feb 2017
12 Skandi Gamma (LNG) STATOIL Fir m Mar 2016/ Opt Mar 2019
13 Skandi Feistein (PSV09 CD) ConocoPhillips Fir m Nov 2017/ Opt Nov 2023
14 Skandi Kvitsøy (PSV09 CD) ConocoPhillips Fir m Apr 2018/ Opt Nov 2024
15 Skandi Nova (MRV 05) ConocoPhillips Fir m Oct 2019
16 Skandi Marøy (MRV 05) ConocoPhillips Fir m Nov 2019
17 Skandi Hugen (MRV 05 ROV) ConocoPhillips Fir m Dec 2019
AHTS
18 Skandi Stord STATOIL
19 Skandi Admiral (Brazil) PETROBRAS
20 Skandi Vega STATOIL Opt May 2018
CSV
21 Skandi Fjord Halliburton Opt Oct 2017
22 Skandi Olympia Fugro
23 Skandi Commander (Brazil) Pet robras
FIRM CONTRACTS OPTIONAL PERIOD UNDER CONSTRUCTION
www.dof.no
DOF ASA
Presentation 2011 - 16Aker DOF Deepwater - Contract Coverage
Aker DOF Deepwater AS - 50% DOF
Vessel Name 2011 2012 2013 2014 2015
J FM AM J J A S ON D J FM AM J J A S ON D J FM AM J J A S ON D J FM AM J J A S ON D J FM AM J J A S ON D
1 Skandi P eregrino (VN) STA TOIL
2 Skandi Emerald OGX
3 Skandi Saigo n
4 Skandi P acific
5 Skandi TB N Vietnam # 6
FIRM CONTRACTS OPTIONAL PERIOD UNDER CONSTRUCTION
www.dof.no
DOF ASA
Presentation 2011 - 17DOF / Norskan /DOF Subsea Contracts in Brazil
2 0 11 2 0 12 2 0 13 2 0 14 2 0 15
Vessel Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
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 J F M A M J J A S O N D
1 Skandi Leblon SHE LL P E T ROB RA S Opt J un 2019
2 Skandi Flamengo P E T ROB RA S
3 Skandi Waveney ST A T OI L
4 Skandi St olmen P E T ROB RA S
5 Skandi Capt ain P E T ROB RA S
6 Skandi Yare P E T ROB RA S Opt J an 2016
7 Skandi Hav P E T ROB RA S Opt Sep 2019
8 Skandi Copacabana P E T ROB RA S
9 Skandi Bot af ogo P E T ROB RA S
10 Skandi Rio P E T ROB RA S
11 Skandi Fluminense P E T ROB RA S
12 Skandi Giant P E T ROB RA S
13 Skandi Admiral * P E T ROB RA S
14
18
Skandi M øgst er OGX
15 Skandi Ipanema OGX
16 Skandi Peregrino ST A T OI L
17 Skandi Amazonas P E T ROB RA S 8 y r s f i r m c ont r ac t Fi r m J ul 2019 / Opt J ul 2027
18 Skandi Iguaçu P E T ROB RA S 8 y r s f i r m c ont r ac t Fi r m Dec 2019 / Opt Dec 2027
19 Skandi Angra STX AH 11 P E T ROB RA S 8 y r s f i r m c ont r ac t Fi r m Nov 2020 / Opt Nov 2028
20
19
Skandi Urca STX AH 11 P E T ROB RA S 8 y r s f i r m c ont r ac t Fi r m M ay 2021 / Opt M ay 2029
21
19
Skandi Parat i STX AH 11
22 Skandi Chief t ain P E T ROB RA S
23 Skandi Emerald OGX
24 Skandi Hawk (PSV 09 CD) P E T ROB RA S 5 y r s f r i m c ont r ac t
25
###
Skandi Salvador** CHE V RON
26
###
Skandi Sant os** P E T ROB RA S Opt Nov 2020
27 Skandi Vit ória** P E T ROB RA S Opt Dec 2017
28 Skandi Nit erói**
29 Geograph** P E T ROB RA S 5 y r s f r i m c ont r ac t
30 Skandi Commander* P E T ROB RA S 5 y r s f r i m c ont r ac t
FIRM CONTRACTS OPTIONAL PERIOD UNDER CONSTRUCTION * DOF SUPPLY ** DOF SUBSEA
www.dof.no
DOF ASA
Presentation 2011 - 18Newbuilds Supply in 2011
3 x AH08 Skandi Gamma Skandi Feistein
(STX PSV09 CD)
Skandi Amazonas Skandi Hawk
www.dof.no
DOF ASA
Presentation 2011 - 19Financials
www.dof.no
DOF ASA
Presentation 2011 - 20Financial/Operational Highlights Q1 2011
• Utilization Subsea fleet (75%)
6 vessels partly off hire due to conversion/docking and transit new
operational areas
Low activity in the North Sea
Stable activity in Australia and Brazil
• Utilization Supply fleet (91%)
Stable operation in the North Sea
Better utilization in Brazil, compared to previous quarter
• Three vessels delivered in 1st quarter
Skandi Niteroi, impact on balance
Skandi Gamma, in operation from mid February
Skandi Emerald in operation from May
• Depreciation changed
• Weak USD impact on Ebitda and finance costs
www.dof.no
DOF ASA
Presentation 2011 - 21Result Q1 2011
(MNOK)
ALL FIGURES IN NOK MILLION Q1 2011 Q1 2010 2010
Opera ting i ncome 1 386 1 129 5 462
Opera ting expens es ves s el s 1 011 791 3 753
Operating profit before depreciation EBITDA 375 338 1 709
Depreci a tion 263 237 1 166
Wri te-down 7 - -
Operating profit - EBIT 105 101 543
- - -
Net profi t from a s s oci a ted compa ni es 2 - -5
Other fi na nci a l Items -298 -115 -821
Unra l i zed profi t/ l os s on currenci es 110 -88 83
Net financial costs -187 -203 -743
Pre-tax profit -81 -102 -200
Ta xes -30 -30 15
Result -51 -72 -215
Profit attributable to
Non- control l i ng i nteres t -48 -27 -75
Control l i ng i nteres t -4 -45 -140
www.dof.no
DOF ASA
Presentation 2011 - 22P&L Q1 2011 Supply and Subsea
ALL FIGURES IN NOK MILLION
DOF ASA DOF SUBSEA Total
Q1 2011 Q1 2011 Q1 2011
Operating income 495 891 1 386
Total operating income 495 891 1 386
Operating expenses 342 669 1 011
Total operating expenses 342 669 1 011
Operating profit before depreciation 153 222 375
Ebitda margin 31 % 25 % 27 %
www.dof.no
DOF ASA
Presentation 2011 - 23Results - Business Segments
ALL FIGURES IN NOK MILLION
EBITDA Q1 2011 EBITDA
Q1 2011 Q1 2010
PSV 58 62
16 %
AHTS 103 80
CSV 214 196
57 % 27 % Total 375 338
EBITDA Q1 2010
18 %
58 % 24 %
Stable allocation on business segments
www.dof.no
DOF ASA
Presentation 2011 - 24Results – Geographical Segments
ALL FIGURES IN NOK MILLION
EBITDA
EBITDA Q1 2011
Q1 2011 Q1 2010
Europe/ West Africa 59 85
16 % Australasia 23 35
6% Brazil 105 104
50 % America/Worldwide 188 114
Total 375 338
28 %
EBITDA Q1 2010
34 % 25 %
10 %
31 %
Allocation in Q1 impacted by several vessels
offhire due to transit and scheduled docking
www.dof.no
DOF ASA
Presentation 2011 - 25Currency effects on Q1 2011 results
ALL FIGURES IN NOK MILLION
ALL FIGURES IN NOK MILLION
Financial items Q1 2011 Q1 2010 Acc 2010
Share of loss profit from associated 2 1 -5
Interest reveneue 13 12 75
Interest costs -249 -129 -772
Realized currency gain/loss long debt -7 60 63
Realized currency gain/loss on forex instruments 23 -22 -45
Realized operational currency gain/loss (-) -62 -22 20
Other financial expenses -16 -15 -180
Total financial items -296 -115 -843
Unrealized profit/loss on currencies
Unrealized currency gain/loss on long debt 108 -88 97
Unrealized currency gain/loss on forex instruments 2 3
Unrealized operational currency gain -
Total unrealized profit/loss on currencies 110 -88 100
Total financial items -186 -203 -743
www.dof.no
DOF ASA
Presentation 2011 - 26Balance Q1 2011
(MNOK)
ALL FIGURES IN NOK MILLION 31.03.2011 31.03.2010 31.12.2010
ASSETS
Intangible assets 501 474 506
Fixed assets 22 324 18 613 21 632
Financial assets 366 212 285
Total non current assets 23 191 19 299 22 423
Receivables 2 051 1 392 1 984
Restricted deposits 857 1 022 948
Cash and cash equivalents 1 255 1 126 1 696
Total current assets 4 163 3 540 4 629
Total Assets 27 354 22 839 27 053
EQUITY AND LIABILITIES
Subscribed equity 860 860 860
Retained earnings 3 088 3 147 3 118
Minority interest 2 669 2 784 2 750
Total Equity 6 617 6 791 6 728
Provisions for commitment 454 586 493
Other long-term liabilities 16 581 11 757 16 438
Total long-term liabilities 17 036 12 343 16 931
Debt to credit institutions 1 629 2 776 1 876
Other short term liabilities 2 072 928 1 517
Total short term liablilities 3 701 3 705 3 393
Total liability and equity 27 354 22 839 27 053
www.dof.no
DOF ASA
Presentation 2011 - 27Key figures Q1 2011
Q4 2011 Q1 2010 2010
EBITDA margin 27 % 30 % 31 %
EBIT margin 8% 9% 10 %
Cashflow per share 3,09 4,99 11,91
Profit per share ex. minority interest -0,04 -0,49 -1,53
Profit per share ex. unrealized loss/gain -1,77 0,18 -3,27
Return on net capital -1 % -1 % -3 %
Equity ratio 24 % 25 % 25 %
Net interest bearing debt 16 212 12 039 15 469
Net interest bearing debt ex. unemployed capital 13 950 8 635 13 544
No of shares 91 037 975 91 037 975 91 037 975
Face value per share 2 2 2
www.dof.no
DOF ASA
Presentation 2011 - 28DOF asset values
Fair market values DOF fleet have been stable and slightly increased since 2007
Total FMV values: PSV 4,9 bn, AHTS 13,4 bn, CSV 15,7 bn
Market value vessel - split on segment
valuations PSV, MT 6000, AHTS UT 755, CSV, OSV 03
800 000
T 700 000
H
O 600 000
U
500 000
S
PSV
A
400 000 AHTS
N
CSV
D 300 000
N 200 000
O
K 100 000
-
Q4 - Q1 - Q2 - Q3 - Q4 - Q1 - Q2 - Q3 - Q4 - Q1 - Q2 - Q3 - Q4 - Q1 -
2007 2008 2008 2008 2008 2009 2009 2009 2009 2010 2010 2010 2010 2011
QUARTER
www.dof.no
DOF ASA
Presentation 2011 - 29Significant Asset Coverage
The combined market value DOF vessels per March is NOK 24 bn
Supply FMV NOK 10,3 bn NIBD NOK 6,0 bn
Subsea FMV NOK 12,7 bn NIBD NOK 8,0 bn
NOK 23,0 bn NOK 14,0 bn
Asset-level gearing on the fleet including new-builds is 60%, decreasing to 48% in 2014
• Provides a significant equity cushion on top of existing vessel-level financing
• We forecast significant gearing reduction upon completion of the current newbuild
program
Gearing forecast summary Total Fleet Market value
120 %
Vessels (a) 23 000
100 % Other Equipment (b) 1 000
40% 39% 40 %
80 % 48 % 52% Total Fleet 24 000
60 %
40 %
60% 61% 60 % 52 % 48%
20 % Note: Vessel values as of 30 March.
(a) Does not include market value of the remaining vessels to be delivered in 2011-2013
DOF Subsea are included 100% in the calculation and JV’s with 50%.
0% (b) Includes ROVs, AUV, and other equipment.
2010E 2011E 2012E 2013E 2014E
debt Equity
www.dof.no
DOF ASA
Presentation 2011 - 30OUTLOOK
www.dof.no
DOF ASA
Presentation 2011 - 31SHORT TERM OUTLOOK (Q2)
PSV:
• 100% contract coverage for PSV’s in Q2
• Higher rates for Skandi Falcon and Skandi Sotra
• Higher rate for Skandi Leblon on new contract
• Skandi Gamma, delivered in February, full utilization in Q2
AHTS:
• Skandi Emerald onhire to OGX in May
• 100% contract coverage for AHTS in Q2
Subsea/CSV:
• Better utilization in Q2 compared to Q1:
Geobay, transit in Q1, good utilization in Q2
Skandi Skolten, spot in Q1, good utilization in Q2
Skandi Commander, yard in Q1, onhire 22 May
Geograph, transit Q1, good utilization in Q2
Skandi Neptune, rebuild in Q1, full utilization in Q2
Skandi Inspector, docking Q1, good utilization in Q2
* Good coverage from March onwards, expect stronger 2nd quarter
* New vessels will contribute
* Expect better 2011 versus 2010 www.dof.no
DOF ASA
Presentation 2011 - 32Long Term Outlook
Ebitda growth new vessels
H1 2011 H2 2011 2012 2013
Skandi Urca (8 yrs Petrobras)
Skandi Iguacu (8 yrs Petrobras) Skandi Parati
Skandi Angra (8 yrs Petrobras)
Skandi Pacific
Skandi Vietnam 6
Skandi Kvitsøy (6 yrs CPh)
Skandi Nova (7 yrs CPh)
Skandi Marøy (7 yrs CPh)
Skandi Feistein (6 yrs CPh) Skandi Hugen (7 yrs CPh)
Skandi Saigon
Skandi Skansen (Project) 71 Vessels
Skandi Niterói
Skandi Amazonas (8 yrs
Skandi Gamma (6 yrs Statoil)
Petrobras)
Skandi Constructor Skandi Hawk
63 Vessels
Skandi Emerald (OGX)
Skandi Singapore (Project)
58 Vessels
54 Vessels
Brazil DOF Supply Vessels in Operation
DOF Installer DOF Subsea www.dof.no
DOF ASA
Presentation 2011 - 33Thank you This presentation and webcast is available at: www.dof.no
DISCLAIMER
This 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 25 May, 2011.
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.
www.dof.no
DOF ASA
Presentation 2011 - 35You can also read
