DOF ASA - DOF Groupdof.no/Files/PDF/DOF ASA/IR/Archive/2011_Q1_DOF_ASA_Pres.pdf · DOF ASA...

DOF ASA Q1 2011 CEO - Mons S. Aase CFO - Hilde Drønen

DOF ASA Presentation 2011 - 2

www.dof.no

Agenda

Highlights Q1

Overview Group

Status DOF Subsea

Status Supply

Q1 Financials

Outlook


www.dof.no

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

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

Norskan Ltda DOF Subsea Holding Ship owning company

DOF Subsea

DOF Installer

Company overview

Modern fleet & Equipment

21 CSV/ROV vessels

44 ROV’s + 1 AUV

Leading Subsea Contractor

3 state of the art installation CSV vessels

Modern fleet

3 AHTS’s

17 PSV’s

3 CSV

Modern fleet

17 AHTS’s

7 PSV’s

2 CSV’s


www.dof.no

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

GEOGRAPHICAL FOCUS AREAS

Perth

Rio de Janeiro

Buenos Aires

Singapore

Houston

St. Johns

Aberdeen

Austevoll

Cairo

Brunei

Macae Jakarta

Manila

Angola

Moscow

Bergen

Global Player

26

2

24 4

1

1


www.dof.no

-

5 000

10 000

15 000

20 000

25 000

30 000

35 000

40 000

2011 2012 2013 2014 2015 2016 2017 2018

38 068

33 979

29 638

25 416

21 859

18 915 16 211

13 898 Mill

ion

NO

K

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.


www.dof.no

DOF SUBSEA


www.dof.no

DOF Subsea Contract Coverage (Vessels)

FIRM CONTRACTS

UNDER CONSTRUCTION

OPTIONAL PERIOD

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

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)

Skandi Singapore (H621)

Skandi Inspector

Skandi Hercules (H722)

Skandi Skolten

Geobay

Geosund

Geosea

Geoholm

Geosounder Sold

Lon

g Te

rm C

har

ters

Pro

ject

Ve

sse

ls2013 2014 20152011 2012


www.dof.no

Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Norskan Botafogo Petrobras

Skandi Fluminence Petrobras

Skandi Chieftain Petrobras

Sk Commander Petrobras

Skandi Aker AKOFS

Skandi Seven Subsea 7

DOF Skandi Vega Stato il

Subsea IRM contract Shell Philippines M alampaya

Domgas Geotechnical Works Clough

Tanker Load Out Pipeline Rock Bolting Chevron Australia

Supply of Buckle Initiator Chevron Australia

Smartwire Metrology Husky Energy

Constructor & WS Technip Canada

Ross Survey Support Subsea 7 USA

Block 31 FPSO EZRA/AM C

Field Survey Support Services Deep Panuke

BP IRM Support Subsea 7 USA

GIS Development BP America

Survey support BP Angola

Rig move Eni Angola

Frame Agreement Conoco Phillips

Survey support HM C

2013 R

eg

ion

Atl

an

tic

2011 2012

DOFCON

Norskan

Reg

ion

Asia

FIRM CONTRACTS OPTIONAL PERIOD

DOF Subsea Contract Coverage (ROV & Others)


www.dof.no

Newbuilds planned to deliver in 2011

Skandi Singapore

• DOFSUB Asia project vessel

• DP II Dive Support Vessel

• 2 x Triton XLX W ROV

• 18 man saturation diving system

• 140 t Crane

• 900 m2 Cargo deck area

• 100 men accommodation

Skandi Niteroi

• Construction vessel (OSCV 06)

• LOA: 141.3 m

• Breadth: 27.0m

• PLSV in JV with Technip

• Crane: 250 t

• Work moonpool 7.2m x 7,2 m

• Accommodation: 120 men

All specifications are subject to changes without prior notice. Please contact us for details and verifications.


www.dof.no

Newbuilds planned to deliver in 2011

Skandi Skansen • Construction & AHTS vessel

• Hybrid propulsion

• 361 t Bollard Pull

• 36 000 BHP

• 250 t Crane

• 2 x WROV

• 1 070 m2 Cargo deck area

• 90 men accommodation

• The Skandi Skansen also features STX's new bow design, optimised for Eco-drive in all weather conditions

All specifications are subject to changes without prior

notice. Please contact us for details and verifications.


www.dof.no

New vessel in 2011

Skandi Constructor (M/S Sarah)

• LOA 120.2 m • B = 25.0 m • LPP 112.3 m

All specifications are subject to changes without prior notice. Please contact us for details and verifications.


www.dof.no

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)

Status Supply

Photo: Tom Gulbransen


www.dof.no


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 Peterson Supplylink Opt Jan 2016

10 Skandi Mongstad STATOIL Firm Aug 2016 / Opt Aug 2021

11 Skandi Flora STATOIL Opt Feb 2017

12 Skandi Gamma (LNG) STATOIL Firm Mar 2016/ Opt Mar 2019

13 Skandi Feistein (PSV09 CD) ConocoPhillips Firm Nov 2017/ Opt Nov 2023

14 Skandi Kvitsøy (PSV09 CD) ConocoPhillips Firm Apr 2018/ Opt Nov 2024

15 Skandi Nova (MRV 05) ConocoPhillips Firm Oct 2019

16 Skandi Marøy (MRV 05) ConocoPhillips Firm Nov 2019

17 Skandi Hugen (MRV 05 ROV) ConocoPhillips Firm 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) Petrobras

2011 2012 2013 2014 2015

DOF Contract Coverage

FIRM CONTRACTS UNDER CONSTRUCTION OPTIONAL PERIOD


www.dof.no

Aker DOF Deepwater AS - 50% DOF

Vessel Name


1 Skandi Peregrino (VN) STATOIL

2 Skandi Emerald OGX

3 Skandi Saigon

4 Skandi Pacific

5 Skandi TBN Vietnam #6

201520142011 2012 2013

Aker DOF Deepwater - Contract Coverage



www.dof.no

DOF / Norskan /DOF Subsea Contracts in Brazil



1 Skandi Leblon SHELL PET ROBRAS Opt Jun 2019

2 Skandi Flamengo PET ROBRAS

3 Skandi Waveney ST AT OIL

4 Skandi Stolmen PET ROBRAS

5 Skandi Captain PET ROBRAS

6 Skandi Yare PET ROBRAS Opt Jan 2016

7 Skandi Hav PET ROBRAS Opt Sep 2019

8 Skandi Copacabana PET ROBRAS

9 Skandi Botafogo PET ROBRAS

10 Skandi Rio PET ROBRAS

11 Skandi Fluminense PET ROBRAS

12 Skandi Giant PET ROBRAS

13 Skandi Admiral * PET ROBRAS

14 Skandi M øgster OGX18

15 Skandi Ipanema OGX

16 Skandi Peregrino ST AT OIL

17 Skandi Amazonas PET ROBRAS 8 yr s f i r m cont r act Fi r m Jul 2019 / Opt Jul 2027

18 Skandi Iguaçu PET ROBRAS 8 yr s f i r m cont r act Fi r m Dec 2019 / Opt Dec 2027

19 Skandi Angra STX AH 11 PET ROBRAS 8 yr s f i r m cont r act Fi r m Nov 2020 / Opt Nov 2028

20 Skandi Urca STX AH 11 PET ROBRAS 8 yr s f i r m cont r act Fi r m M ay 2021 / Opt M ay 202919

21 Skandi Parat i STX AH 1119

22 Skandi Chieftain PET ROBRAS

23 Skandi Emerald OGX

24 Skandi Hawk (PSV 09 CD) PET ROBRAS 5 yr s f r i m cont r act

25 Skandi Salvador** CHEVRON###

26 Skandi Santos** PET ROBRAS Opt Nov 2020###

27 Skandi Vitória** PET ROBRAS Opt Dec 2017

28 Skandi Niterói**

29 Geograph** PET ROBRAS 5 yr s f r i m cont r act

30 Skandi Commander* PET ROBRAS 5 yr s f r i m cont r act

2 0 12

Q 1 Q 2 Q 3 Q 4

2 0 11

Q 1 Q 2 Q 3 Q 4Vessel2 0 15

Q 1 Q 2 Q 3 Q 4

2 0 14

Q 1 Q 2 Q 3 Q 4

2 0 13

Q 1 Q 2 Q 3 Q 4

* DOF SUPPLY ** DOF SUBSEA


www.dof.no

Newbuilds Supply in 2011

3 x AH08

Skandi Amazonas

Skandi Gamma

Skandi Hawk

Skandi Feistein (STX PSV09 CD)


www.dof.no

Financials


www.dof.no

Financial/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

(MNOK) Q1 2011 Q1 2010 2010

Operating income 1 386 1 129 5 462

Operating expenses vessels 1 011 791 3 753

Operating profit before depreciation EBITDA 375 338 1 709

Depreciation 263 237 1 166

Write-down 7 - -

Operating profit - EBIT 105 101 543 - - -

Net profi t from associated companies 2 - -5

Other financia l Items -298 -115 -821

Unra l ized profi t/ loss on currencies 110 -88 83

Net financial costs -187 -203 -743

Pre-tax profit -81 -102 -200

Taxes -30 -30 15

Result -51 -72 -215

Profit attributable to

Non- control l ing interest -48 -27 -75

Control l ing interest -4 -45 -140

ALL FIGURES IN NOK MILLION

Result Q1 2011


www.dof.no

P&L Q1 2011 Supply and Subsea

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 %



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Results - Business Segments ALL FIGURES IN NOK MILLION

EBITDA

Q1 2011 Q1 2010

PSV 58 62

AHTS 103 80

CSV 214 196

Total 375 338

16 %

27 % 57 %

EBITDA Q1 2011

18 %

24 % 58 %

EBITDA Q1 2010

Stable allocation on business segments


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Results – Geographical Segments ALL FIGURES IN NOK MILLION

EBITDA

Q1 2011 Q1 2010

Europe/ West Africa 59 85

Australasia 23 35

Brazil 105 104

America/Worldwide 188 114

Total 375 338

16 %

6 %

28 %

50 %

EBITDA Q1 2011

25 %

10 %

31 %

34 %

EBITDA Q1 2010

Allocation in Q1 impacted by several vessels offhire due to transit and scheduled docking


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Currency effects on Q1 2011 results


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

(MNOK) 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

Balance Q1 2011



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Key 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


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DOF 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

-

100 000

200 000

300 000

400 000

500 000

600 000

700 000

800 000

Q4 -2007

Q1 -2008

Q2 -2008

Q3 -2008

Q4 -2008

Q1 -2009

Q2 -2009

Q3 -2009

Q4 -2009

Q1 -2010

Q2 -2010

Q3 -2010

Q4 -2010

Q1 -2011

T

H

O

U

S

A

N

D

N

O

K

QUARTER

Market value vessel - split on segment valuations PSV, MT 6000, AHTS UT 755, CSV, OSV 03

PSV

AHTS

CSV


www.dof.no

Significant 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

Total Fleet Market value

Vessels (a) 23 000

Other Equipment (b) 1 000

Total Fleet 24 000

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%. (b) Includes ROVs, AUV, and other equipment.

Gearing forecast summary

0 %

20 %

40 %

60 %

80 %

100 %

120 %

2010E 2011E 2012E 2013E 2014E

60% 61% 60 % 52 % 48%

40% 39% 40 % 48 % 52%

debt Equity


www.dof.no

OUTLOOK


www.dof.no

SHORT 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

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)

Skandi Niterói

Skandi Gamma (6 yrs Statoil) Skandi Amazonas (8 yrs

Petrobras)

Skandi Constructor Skandi Hawk

Skandi Emerald (OGX)

Skandi Singapore (Project)

71 Vessels

54 Vessels

63 Vessels

58 Vessels

Long Term Outlook Ebitda growth new vessels

Brazil DOF Supply

DOF Installer DOF Subsea

Vessels in Operation

Thank you This presentation and webcast is available at: www.dof.no


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.

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