DOF ASA Preliminary Result 2010dof.no/Files/PDF/DOF ASA/IR/Archive/2010_Q4_DOF_ASA_Pres.pdf · The...

The New Horizon DOF ASA PRESENTATION

Preliminary Result 2010 - 1

DOF ASAPreliminary Result 2010

CEO – Mons S. Aase CFO – Hilde Drønen

DOF ASA PRESENTATION


The New Horizon

Agenda

Highlights Q4

Overview Group

Status DOF Subsea

Status Supply

Q4 Financials

Outlook



The New Horizon

Highlights Q4

Contracts:

2 x 6 years contracts with ConocoPhillips Norway (January)

3 x 5 years contract with Petrobras for RSV vessels

2 years extension of Skandi Stord with Statoil until December

2012

New building order for large AHTS in Brazil

Fleet:

Skandi Peregrino delivered and onhire to Statoil in December

Skandi Ipanema delivered an onhire to OGX in December

Skandi Hercules delivered in November

Skandi Vitória onhire to Petrobras early October

Skandi Gamma delivered and onhire to Statoil in February



The New Horizon

Highlights Q4

Financing:

DOF Subsea bond issue; 3,5 yrs MNOK 750 in October

DOF ASA bond issue; 4,5 yrs MNOK 600 mill in November

New loan facilities; MNOK 1 050 and MUSD 230 regarding new

vessel deliveries

Refinancing existing debt MNOK 2 255



The New Horizon

Modern fleet

3 AHTS’s

15 PSV’s

2 CSV

3 state of the art

installation AHTS

vessels

Company overview

DOF Installer

Modern fleet & Equipment

21 CSV/ROV vessels

44 ROV’s + 1 AUV

Leading Subsea Contractor

DOF Subsea

Modern fleet

17 AHTS’s

7 PSV’s

2 CSV’s

NorskanDOF Subsea

Holding

Ship owning

Company

DOF ASA



The New Horizon

The fleet market segments

PSV AHTS ROV/OCSV/DSV/ Total fleet

No. of vessels SEISMIC VESSELS

DOF ASA 15 3 2 20

NORSKAN OFFSHORE 7 12 2 21

DOF SUBSEA AS 0 0 21 21

DOF INSTALLER ASA 0 3 0 3

AKER DOF DEEPWATER AS 0 5 0 5

Total fleet 22 23 25 70

Contract coverage 11* 76 % 84 % 71 % 75 %

Contract coverage 12* 46 % 65 % 63 % 57 %

* no options included



The New Horizon

GLOBAL PLAYER

GEOGRAPHICAL FOCUS AREAS

PerthRio de Janeiro

Buenos Aires

Singapore

Houston

St. Johns

Aberdeen

Austevoll

Cairo

Brunei

Macae

Jakarta

Manila

Angola

Moscow

Bergen

21

2

25

4

2

1



The New Horizon

-

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

2011 2012 2013 2014 2015 2016 2017 2018

35,426

31,017

26,743

22,678

19,298

16,54913,963

11,762Mill

ion

NO

K

8

Long Term Contracted Cash Flows…

DOF group has solid cash flow visibility over the next 3-5 years

By Nov 2010 the total back-log (incl. options) was approx NOK 35 bn

Firm contract counts for NOK 20 bn

Options count for NOK 15 bn

The vessel Backlog amount to approximately 4 times the current

yearly revenue

Backlog Development DOF Group (Year-End)

Note: Includes extension options on long-term contracts.

The New Horizon DOF ASA PRESENTATION


DOF SUBSEA

Photographer: Harald M. Valderhaug



The New Horizon

DOF Subsea Contract Coverage (Vessels)

FIRM CONTRACTS UNDER CONSTRUCTIONOPTIONAL 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 J F M A M J J A S O N D

Geobay

Geograph Petrobras - Dec 2015

Ocean Protector (Bergen) Seaforce - Sept 2014 + 2y opt

Geosund

Geosea

Geoholm

Skandi Seven Subsea 7 -Mar 2013 +4y opt

Skandi Salvador Chevron -Sept 2011 +2y opt

Skandi Singapore (H621)

Skandi Vitoria Petrobras - July 2014 + 4y opt

Skandi Niteroi (H24)

Skandi Skolten

Skandi Hercules (H722)

Skandi Skansen (H723)

Skandi Aker (H705) AKOFS 2 - Jan 2015 + 5y opt

Skandi Santos (H716) AKOFS 1 - Feb 2015 + 5y opt

Skandi Patagonia Total - Dec 2025

Skandi Inspector Fugro - Q4 2010

Skandi Carla Fugro - July 2012 + 4y opt

Skandi Neptune Subsea 7 - Sep 2014 + 2y opt

Skandi Achiever Technip - Aug 2015 + 4y opt

Skandi Acergy Acergy - Aug 2016 + 6y opt

Skandi Arctic Technip - mar 2017 + 8y opt

Skandi Olympia Petrobras - Apr 2017 +5y opt

Skandi Commander Petrobras - Apr 2016 + 5y opt

2015

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

201220112010 2013 2014

Q4Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3



The New Horizon

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Norskan Botafogo Petrobras

Skandi Fluminence Petrobras

Skandi Chieftain Petrobras

Skandi Aker AKOFS

Skandi Seven Subsea 7

DOF Skandi Vega Statoil

Subsea IRM contract Shell Philippines Malampaya

Domgas Env. Baseline survey Chevron Australia

Victorian Desalination Plant

Smartwire Metrology Husky Energy

Constructor & WS Technip Canada

Ross Survey Support Subsea 7 USA

Block 31 FPSO EZRA/AMC

S7000 Support Saipem America

Atlantis rework BP America

Rosebank Seabird Exploration

INS Metrology Shell

Onshore DC Zupt

Block 31 Angola Technip SA

Survey support BP Angola

Rig remove Eni Angola

Survey support HMC

AUV IGI Eqpt mob and demob Fugro

Field development Technip SA-Aseng

2013

Reg

ion

Atl

an

tic

2011 2012

Norskan

DOFCON

Reg

ion

Asia

FIRM CONTRACTS OPTIONAL PERIOD

DOF Subsea Contract Coverage (ROV & Others)



The New Horizon

Newbuilds delivered in 2010

Newbuilds planned to deliver in 2011

Skandi Aker

Skandi Vitoria

Skandi Skolten

Skandi Hercules

Skandi Santos

Skandi Singapore

Skandi Skansen

Skandi Niteroi



The New Horizon


Skandi Aker

• Construction vessel (OSCV 06L)

• LOA: 156.9 m

• Breadth: 27.0m

• Contract: 5 years + options

• Crane: 400 t

• Accommodation: 140 men

Skandi Vitoria

• Construction vessel (OSCV 06)

• LOA: 141.3 m

• Breadth: 27.0m

• Contract: 4 years + options

• Crane: 250 t




The New Horizon


Skandi Skolten

• DOFSUB Atlantic project

vessel

• 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

Skandi Hercules

• DOFSUB Asia project vessel




• 35 000 BHP

• 140 t Crane





The New Horizon


Skandi Santos


• LOA: 120.7 m

• Breadth: 23.0m

• ROV: 2 x Side Launch

• Crane: 250 t


• Contract. 5 years + options



The New Horizon


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


Skandi Niteroi


• LOA: 141.3 m

• Breadth: 27.0m

• PLSV in JV with Technip

• Crane: 250 t

• Work moonpool 7.2m x 7,2 m




The New Horizon


Skandi Skansen




• 36 000 BHP

• 250 t Crane

• 2 x WROV



• The Skandi Skansen also features

STX's new bow design, optimised for

Eco-drive in all weather conditions



The New Horizon

Status Supply

Photographer: Harald M. Valderhaug



The New Horizon


PSV

1 Skandi Falcon Reliance spot

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

7 Skandi Caledonia M OG

8 Skandi Barra TOTAL

9 Skandi Texel Peterson Supplylink Opt Jan 2016

10 Skandi Commander SHELL Petrobras

11 Skandi Mongstad STATOIL Firm Aug 2016 / Opt Aug 2021

12 Skandi Flora STATOIL Opt Feb 2017

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

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

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

AHTS

16 Skandi Stord STATOIL

17 Skandi Admiral (Brazil) Petrobras

18 Skandi Vega STATOIL Opt May 2018

CSV

19 Skandi Fjord Halliburton Opt Oct 2017

20 Skandi Olympia FUGRO Petrobras Firm 31.03.2017

2010 2011 2012 2013 2014 2015

DOF Contract Coverage




The New Horizon

Aker DOF Deepwater AS - 50% DOF

Vessel Name


1 Skandi Peregrino (VN) STATOIL

2 Skandi Emerald OGX

3 Skandi Saigon

4 Skandi TBN Vietnam #5

5 Skandi TBN Vietnam #6

201520142010 2011 2012 2013

Aker DOF Deepwater - Contract Coverage




DOF / Norskan /DOF Subsea Contracts in Brazil



1 Skandi Leblon SHELL

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 OGX

15 Sanko Bay OGX18

16 Skandi Ipanema OGX

17 Skandi Peregrino ST AT OIL

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

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

20 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

21 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

22 Skandi Parat i STX AH 1119

23 Skandi Chieftain PET ROBRAS

24 Skandi Emerald/Odin Viking OGX

25 Skandi Hawk (PSV 09 CD)

26 Skandi Salvador CHEVRON###

27 Skandi Santos PET ROBRAS Opt Nov 2020###

28 Skandi Vitória PET ROBRAS Opt Dec 2017

29 Skandi Niterói

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

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

32 Skandi Olympia PET ROBRAS 5 yr s f r i m cont r act

2 0 10

Q 1 Q 2 Q 3 Q 4

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



The New Horizon

Newbuilds Supply in 2010 Newbuilds Supply 2011

3 x AH08Skandi Vega

Skandi Ipanema

Skandi Peregrino

Skandi Amazonas

Skandi Gamma

Skandi Hawk

Skandi Feistein



The New Horizon

Financials



The New Horizon

Financial/Operational Highlights Q4 2010

• Utilization Subsea fleet (89%)

Good activity in the North Sea and Brazil

Variable activity in Australia

• Utilization Supply fleet (91%)

Good operation in the North Sea

Lower utilization in Brazil, high costs

• Four vessels delivered in 4th quarter

Skandi Vitoria, in operation from October

Skandi Peregrino, in operation from December

Skandi Hercules, in operation from December

Skandi Ipanema, in operation from December

• Reclassification – impact on financial costs



The New Horizon

ALL FIGURES IN NOK MILLION

Result Q4 2010

Q4 2010 Q4 2009 2010 2009

Operating income 1 574 1 161 5 462 4 327

operating expenses vessels 1 121 866 3 753 3 094

Operating profit before depreciation EBITDA 454 295 1 709 1 234

Depreciation 342 271 1 166 837

Write-down - 179 - 179

Operating profit - EBIT 112 -155 543 218

Net profit from associated companies 3 24 -5 192

other financial Items -355 117 -839 -163

Unrealized profit/ loss on currencies 101 -143 100 758

Net financial costs -251 -2 -743 787

Pre-tax profit -139 -157 -200 1 005

Taxes 56 -176 102 201

Result -195 19 -302 803



The New Horizon

P&L Supply and Subsea

ALL FIGURES IN NOK MILLION DOF ASA DOF SUBSEA Total DOF ASA DOF SUBSEA Total

Q4 2010 Q4 2010 Q4 2010 YTD 2010 YTD 2010 YTD 2010

Operating income 490 1 084 1 574 1 890 3 572 5 462

- -

Total operating income 490 1 084 1 574 1 890 3 572 5 462

Operating expenses 333 788 1 121 1 225 2 528 3 753

Total operating expenses 333 788 1 121 1 225 2 528 3 753

Operating profit before depreciation 158 296 454 665 1 044 1 709

Ebitda margin 32 % 27 % 29 % 35 % 29 % 31 %



The New Horizon

Results - Business SegmentsALL FIGURES IN NOK MILLION

EBITDA

Q4 2010 Q4 2009

PSV 70 32

AHTS 90 45

CSV 293 199

Total 453 276

15%

20%

65%

EBITDA Q4 2010

12%

16%

72%

EBITDA Q4 2009



The New Horizon

Results – Geographical SegmentsALL FIGURES IN NOK MILLION

EBITDA

Q4 2010 Q4 2009

Europe/ West Africa 133 113

Australasia 15 13

Brazil 138 73

America/Worldwide 167 77

Total 453 276

29%

3%

31%

37%

EBITDA Q4 2010

41%

5%26%

28%

EBITDA Q4 2009



The New Horizon

Currency effects on Q4 2010 results


Financial items Q4 2010 Acc Q4 2010 Q4 2009 Acc Q4 2009

Share of loss profit from associated 3 -5 22 197

Interest reveneue 18 75 57 121

Interest costs -218 -772 -100 -574

Realized currency gain/loss long debt 23 63 186 295

Realized currency gain/loss on forex instruments -37 -45 278 180

Realized operational currency gain/loss (-) -44 20 -102 -129

Other financial expenses -97 -179 -130 -55

Total financial items -352 -843 210 35

Unrealized profit/loss on currencies

Unrealized currency gain/loss on long debt 136 97 -110 678

Unrealized currency gain/loss on forex instruments -35 3 -39 73

Total unrealized profit/loss on currencies 101 100 -149 751

Total financial items -251 -743 61 786



The New Horizon

31.12.2010 31.12.2009

ASSETS

Intangible assets 493 476

Fixed assets 21 541 17 263

Financia l assets 289 89

Total non current assets 22 323 17 827

Receivables 2 008 1 744

Cash and cash equiva lents 2 645 2 214

Total current assets 4 653 3 957

Total Assets 26 976 21 785

EQUITY AND LIABILITIES

Subscribed equity 860 860

Retained earnings 3 050 3 171

Minori ty interest 2 729 2 777

Total Equity 6 639 6 809

Provis ions for commitment 512 603

Other long-term l iabi l i ties 16 427 11 371

Total long-term liabilities 16 939 11 973

Debt to credit insti tutions 1 888 2 128

Other short term l iabi l i ties 1 510 874

Total short term liablilities 3 397 3 002

Total liability and equity 26 976 21 785

Balance Q4 2010




The New Horizon

Key figures Q4 2010

Q4 2010 Q4 2009 2010 2009

EBITDA margin 29 % 25 % 31 % 29 %

EBIT margin 7 % -13 % 10 % 5 %

Cashflow per share 0,50 6,97 8,40 12,10

Profit per share ex. minority interest -1,30 0,94 -1,88 6,87

Profit per share ex. unrealized loss/gain -3,26 1,84 -4,41 0,52

Return on net capital -3 % 0 % -5 % 12 %

Equity ratio 25 % 31 % 25 % 31 %

Net interest bearing debt 15 407 11 073 15 407 11 073

Net interest bearing debt ex. unemployed capital 13 475 6 478 13 475 6 478

No of shares 91 037 975 87 730 811 91 037 975 87 730 811

Face value per share 2 2 2 2



The New Horizon

DOF High asset values Fair market values DOF fleet have been stable and slightly increased since

2007

Fair market values Brazilian built vessels have increased with approx. 25%

since 2007

Valuation of PSV (UT 755 and MT 6000), AHTS (UT 722L) and Subsea ROV vessel.

-

2,000,000

4,000,000

6,000,000

8,000,000

10,000,000

12,000,000

14,000,000

16,000,000

18,000,000

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

T

H

O

U

S

A

N

D

N

O

K

Market value vessel - split on segment

PSV fleet

AHTS fleet

CSV fleet



The New Horizon

Significant Asset Coverage

The combined market value DOF vessels in operation per December is NOK 22 bn

Supply FMV NOK 9,6 bn NIBD NOK 5,3 bn

Subsea FMV NOK 12,7bn NIBD NOK 8,1 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) 22 285

Other Equipment (b) 1 000

Total Fleet 23 285

Note: Vessel values as of 30 June, 2010.(a) Does not include market value of the remaining vessels to be delivered in 2010-

2013DOF Subsea are included 100% in the calculation and JV‟s with 50%.

(b) Includes ROVs, AUV, diving systems, other equipment.

Gearing forecast summary

0 %

20 %

40 %

60 %

80 %

100 %

120 %

2010E 2011E 2012E 2013E 2014E

60% 59% 57 % 52 % 48%

40% 41% 43 % 48 % 52%

debt Equity



The New Horizon

The DOF Group New Builds

New Builds DOF ASA Group 31.12.2010 NOK 000

Vessel Name

PROJECT

PRICE PAID IN

REMAINING

CAPEX FINANCING 1) EQUITY

Sum New Builds DOF ASA Group 10 943 500 2 099 500 8 844 000 7 932 042 911 958

Relative share New Builds DOF ASA Group 9 308 740 1 763 400 7 545 340 6 797 892 747 448

DOF ASA /DOF Rederi (100%) 560 000 119 000 441 000 399 000 42 000

Norskan (100%) 5 185 000 799 500 4 385 500 3 975 542 409 958

Aker DOF Deepwater (JV 50 %) 664 000 180 500 483 500 457 500 26 000

DOF SUBSEA (100 %) 960 000 350 000 610 000 660 000 -50 000

DOF SUBSEA (JV 50%) 632 500 140 000 492 500 406 250 86 250

DOF INSTALLER (78,5%) 995 000 160 000 835 000 650 000 185 000

PSV INVEST AS 312 240 14 400 297 840 249 600 48 240

1) SECURED FINANCING MNOK 5 300



The New Horizon Picture of Skandi Mongstad

OUTLOOK



The New Horizon

SHORT TERM OUTLOOK

Q 1 2011:

Repositioning of vessels:

• Geograph transit to Brazil, importation and onhire testing. Expected onhire

to Petrobras next week

• Geobay, transit to Australia, onhire mid February

Spot exposed vessels:

• Skandi Skolten, commited to GOM projects from early March

• Skandi Hercules, crane installation completed in February, transit to Asia

thereafter

• Skandi Falcon: North Sea spot market

Upgrades:

• Skandi Commander, at yard/transit from early February. Expected onhire

to Petrobras on 5 years RSV contract end April

• Skandi Neptune, drydocking and installation of new crane. Offhire from

early January to end February.

* Good coverage from March onwards, expect stronger 2nd quarter

* New vessels will contribute

* Expect better 2011 versus 2010



The New Horizon

H1 2011 H2 2011 2012 2013

Skandi Urca (8 yrs Petrobras)

Skandi Iguacu (8 yrs Petrobras) Skandi Angra

Skandi Paraty (8 yrs Petrobras)

Skandi Kvitsøy (6 yrs CPh)

Skandi Vietnam 5

Skandi Feistein (6 yrs CPh) Skandi Vietnam 6

Skandi Saigon

Skandi Skansen (Project)

Skandi Niterói

Skandi Amazonas (8 yrs Petrobras)

Skandi Gamma (6 yrs Statoil)

Skandi Emerald (OGX)

Skandi Hawk

Skandi Singapore (Project)

54 Vessels

58 Vessels

63 Vessels

68 Vessels

Long Term OutlookEbitda growth new vessels

Brazil DOF Supply

DOF Installer DOF Subsea

Vessels in Operation



The New Horizon

Thank you



The New Horizon

DISCLAIMER

This presentation by DOF ASA designed to provide a high level overview of aspects of theoperations of the DOF ASA Group.

The material set out in the presentation is current as at 24 February, 2011.

This presentation contains forward-looking statements relating to operations of the DOF ASAGroup that are based on management‟s own current expectations, estimates and projectionsabout 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-lookingstatements.

References in the presentation to assumptions, estimates and outcomes and forward-lookingstatements about assumptions, estimates and outcomes, which are based on internal businessdata and external sources, are uncertain given the nature of the industry, business risks, andother factors. Also, they may be affected by internal and external factors that may have amaterial effect on future business performance and results.

No assurance or guarantee is, or should be taken to be, given in relation to the future businessperformance or results of the DOF ASA Group or the likelihood that the assumptions, estimatesor outcomes will be achieved.

While management has taken every effort to ensure the accuracy of the material in thepresentation, the presentation is provided for information only. DOF ASA , its officers andmanagement exclude and disclaim any liability in respect of anything done in reliance on thepresentation.

All forward-looking statements made in this presentation are based on information presentlyavailable to management and DOF ASA assumes no obligation to update any forward looking-statements. Nothing in this presentation constitutes investment advice and this presentationshall not constitute an offer to sell or the solicitation of any offer to buy any securities orotherwise engage in any investment activity.

You should make your own enquiries and take your own advice (including financial and legaladvice) before making an investment in the company's shares or in making a decision to hold orsell your shares.

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