DOF ASAdof.no/Files/PDF/DOF ASA/IR/Archive/2008_Q2_DOF_ASA_Pres.pdf · 2013. 5. 28. · DOF ASA Q2 2008 Presentation - 5 EBITDA 3,035 3,249 3,343 Margin 46% 45% 45% Revenue 6,645

DOF ASA Q2 2008 Presentation - 1

DOF ASA Q2 2008 PresentationCEO – Mons Aase CFO – Hilde Drønen


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 25 August, 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.


Agenda

• Status DOFSUB

• Highlights

• Overview

• Q2 Financial


The acquisition of DOF Subsea by DOF ASA and First Reserve Corp.

• On 10 July 2008, DOF announced its intention to acquire all the outstanding shares of DOF Subsea ASA together with First Reserve Corporation (“FRC”) and to enter into certain subsequent transactions

• The intention to proceed with the offer was conditional upon, among other things, the satisfactory completion of a due diligence and the execution of final agreements

• FRC has substantially completed the due diligence process without any material findings and expressed interest to pursue the contemplated transactions

• It is now clear that the transaction will not be going forward at a price of 45 NOK per share.

• Discussions between DOF ASA and FRC are continuing, and it is expected that a final conclusion will be reached within the end of this week.


3,3433,2493,035EBITDA45%45%46%Margin

7,4067,1456,645Revenue

201320122011NOK million

• Financial projections with asset base according to the deal structure with FRC– Current DOF Subsea fleet and organization, including newbuilding

program– TEBMA vessels included– Installer fleet included

• Figures reflect operation after all newbuilds have been delivered, i.e. no investments contemplated in addition to the FRC deal structure


Highlights Q2

• VS 485 MPSV to be built at Tebma Shipyard in India

• Skandi Navica sold

• DeepOcean shares sold

• Skandi Giant – 1 year firm and 1 year optional in Brazil

• Skandi Falcon – 2 years and option for 6 months in India

• Intention to acquire DOF Subsea ASA

• 3 AHTS vessels to be built at Aker Yards, Brazil,

2 x AH12 and 1 x AH 05 design

• Skandi Admiral on new rate from mid

August up with approx 150,000 NOK/day


Modern fleet • 17 AHTS’s• 25 PSV’s• 1 CSV

4 state of the art installation AHTS vessels

DOF Overview

DOF Supply100%

DOF SupplyDOF Supply100%100%

Modern fleet & Equipment• 23 CSV/ROV vessels• 35 ROV’s + 1 AUV• Leading Subsea Contractor

DOF ASADOF ASADOF ASA

DOF Subsea ASA 57.5%

DOF Subsea ASA DOF Subsea ASA 57.5%57.5%

DOF Installer50.5%

DOF InstallerDOF Installer50.5%50.5%


PSV AHTS ROV/OCSV/DSV/ Total fleetNo. of vessels SEISMIC VESSELSDOF ASA 20 4 1 25

NORSKAN OFFSHORE 4 7 0 11

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

The fleet market segments


GEOGRAPHICAL FOCUS AREAS

PerthRio de Janeiro

Buenos Aires

Singapore

Houston

St. Johns

Aberdeen

Bergen

Cairo

GLOBAL PLAYER

Brunei

Macae

Jakarta

Manila

Angola

St. Petersburg


NAME TYPE CHARTER PERIOD OWNER DELIVERY 2008 2009 2010

SKANDI TBN 1 PSV Statoil 5 years DOF AUG 08

SKANDI TBN 2 PSV/ROV DOFSubsea 5 years DOF APR 09

SKANDI TBN 3 PSV/ROV Spot - DOF AUG 09

SKANDI TBN (COCHIN) PSV/RSV Total UK 5 years DOF MAY 10

SKANDI TBN (Tebma) MPSV DOF MAY 10

SKANDI TBN (Aker LNG) PSV 06 StatoilHydro DOF Dec 10

SKANDI TBN (Aker AH05) AHTS DOF end 11

SKANDI TBN (Aker AH12) AHTS DOF medio 11

SKANDI TBN (Aker AH12) AHTS DOF end 11

Vessels under constructionDOF Supply

FIRM CONTRACTS UNDER CONSTRUCTIONOPTIONAL PERIOD


NAME TYPE CHARTER PERIOD OWNER DELIVERY 2008 2009 2010

SKANDI SALVADOR ROV/SURVEY Chevron Brazil 3 years GEO Brazil NOV 08

SKANDI SEVEN CONST Subsea7 5 years DOFCON SEP 08

SKANDI TBN 4 CONST Technip 5 years DOFCON Brazil JUN 09

SKANDI TBN 6 CONST Spot - DOFCON Brazil JAN 10

SKANDI TBN 7 CONST Aker Oilfield 5 years DOFCON AUG 09

SKANDI TBN 8 CONST Aker Oilfield 5 years DOFCON MAY 09

SKANDI TBN 5 DSV Technip 8 years DOFCON/TECH JUL 09

SKANDI SINGAPORE DSV Spot - DOF SUBSEA JAN 10

DOF Subsea


Vessels under construction


Vessels under construction

NAME TYPE CHARTER PERIOD OWNER DELIVERY 2008 2009 2010 2011 2012

SKANDI TBN VIETNAM AHTS Aker DOF Supply 2010






SKANDI TBN (COCHIN) PSV/RSV Aker DOF Supply 2010

Aker DOF Supply

NAME TYPE CHARTER PERIOD OWNER DELIVERY 2008 2009 2010 2011 2012

SKANDI TBN AHTS StatoilHydro DOF Installer DEC 2009

SKANDI TBN AHTS DOF Installer 2010



DOF Installer



DOF orders 3 new AHTS vessels in Brazil

• 2 x Aker AH 12

• 1 x Aker AH 05

• Price is confidential

• Tailor-made for Petrobras

• Petrobras presently on tender for 24 vessels to be built in Brazil

• Options for 2 additional vessels (AH12) to be declared after Petrobras award.


Type: Aker AH 12

• Main particulars• Length overall: approx. 95.0 m • Length btw. p.p. approx. 84.8 m• Breadth moulded: approx 24.0 m• Bollard pull: approx. 300 t

• Yard: Aker Promar

• Delivery date 1st vessel: mid 2011

• Delivery date 2nd vessel: end 2011

• Options for 2 more for delivery in 2012

EPC contractSpecifications

Aker AH 12


• Type: Aker AH 05

• Main particulars• Length overall approx. 74.3 m• Breadth mld approx. 17.0 m• Bollard pull approx. 150 ton

• Yard: Aker Promar

• Delivery date 1st vessel: end 2010


Aker AH 05


15-18,000 BHP 18-20,000 BHP >20,000 BHP

DOF ASA 2 1 1Skandi Møgster Skandi Giant Skandi AdmiralSkandi Stord

Norskan AS 2 3 2 (+2 opt.)Norskan Copacabana Skandi Rio AH12AH 05 Skandi Fluminence AH12

Norskan Botafogo AH12 (option)AH12 (option)

Aker DOF Supply AS 6

DOF Installer 4

10 4 7+2

Total AHTS : 21 + 2

DOF AHTS fleet


• Type: Aker AH 04 CD• Overall length / breadth: Approx 108m x 24m• Deck-area: 1,000 m2 + moonpool + ROV hangar• Winch: 500 tons (main winch) + 170 tons• Offshore crane: 250 tons*• Installed power: 36,000 BHP (hybrid)• Bollard pull: >350 tons• Accommodation: 90 people

• Yard: Aker Aukra

• Delivery date 1st vessel: December 2009

• Delivery date 2nd vessel: May 2010

• Delivery date 3rd vessel: Oct 2010

• Delivery date 4th vessel: May 2011

• Favourable prices compared to market

• Increasing demand


DOF Installer ASAVessel no 1: 5 + 3 years contract with StatoilHydro from delivery Dec 2009


Aker DOF Supply

• Type: AHTS• Overall length / breadth: Approx 75m x 17m• Deadweight: 3, 000 tons• Winch: 350 tons (main winch)• Installed power: 16,000 BHP• Bollard pull: >180 tons• Speed: Max 14.5 knots

• Class: DnV +1A1, SF, E0, TUG, dk(+), HL (2.8), • DYNPOS AUTR, T-MON, Clean Design

• Yard: Vong Tau Vietnam

• Delivery date 1st vessel: 2010

• Delivery date 2nd vessel: 2010

• Delivery date 3rd vessel: 2011

• Delivery date 4th vessel: 2011



• All-in cost per vessel: approx NOK 280 mill

• Option for six vessels to be declared end of 2008

ContractSpecifications


STATUS

DOF GROUP IN BRAZIL


OPTIONAL PERIOD

ACTUAL CONTRACTS

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 J F M A M J J A S O N D

1 Norskan Flamengo Brazil 2003 Petrobras

2 Norskan Leblon Brazil 2005 Petrobras/Shell

3 Skandi Yare Brazil 2001 Petrobras Until 2016

4 Skandi Hav Brazil 1983 Petrobras Until 2015

AHTS

5 Norskan Copacabana Brazil 2005 Petrobras

6 Norskan Botafogo Brazil 2006 Petrobras

7 Skandi Rio Brazil 2007 Petrobras

8 Skandi Fluminence Brazil 2007 Petrobras

9 Skandi Giant Brazil 2003 Petrobras

10 Skandi TBN (AH05) Brazil 2011 Petrobras



CSV

13 Skandi Salvador Brazil 2008 Chevron

14 PRO-23 Brazil 2009 Petrobras

15 Skandi Subsea Supporter Brazil 2010 Petrobras

20122008 2009 2010 2011

FIRM CONTRACTS UNDER CONSTRUCTION SPOT MARKET


EMPLOYEES

22Base - Macaé

309Vessels

414TOTALTOTAL

6Building Team

60DOF Subsea do Brasil

17Office - Rio


Financial Highlights Q2 2008

• Gain from sale of vessel

• Gain from sale of shares

• Changes in depreciations

• Variable revenue from spot-market

• High utilization subsea vessel

• Decrease in long-term debt

• Skandi Neptune transferred from DOF to DOF Subsea


Result Q2 2008

ALL FIGURES IN NOK THOUSANDS

Q 2 2008 Q 2 2007 30.06.2008 30.06.2007

Operating income 1 078 120 977 347 1 991 713 1 652 657

Total operating income 1 078 120 977 347 1 991 713 1 652 657

Operating expenses vessels 682 152 621 668 1 279 713 1 084 975 Bare-boat hire vessel 3 180 3 840 6 513 7 631 Total operating expenses 685 332 625 508 1 286 226 1 092 606

Operating profit before depreciation 392 788 351 839 705 487 560 051 Depreciation 111 462 120 174 222 426 233 729 Operating profit 281 326 231 665 483 061 326 322

Net profit from associated companies 119 511 673 137 365 41 929 Financial items -13 208 -69 165 -182 724 -143 056 Unrealized profit/loss on currencies -51 398 73 946 36 089 136 973 Net financial costs 54 905 5 454 -9 270 35 846

Pre-tax profit 336 231 237 119 473 791 362 168 Taxes 6 044 -35 797 -67 821 -39 267 Result 342 275 201 322 405 970 322 901 Minority Interest -32 877 -78 716 -44 473 -91 882


P&L Supply Q2 2008ALL FIGURES IN NOK THOUSANDS DOF SupplyA TOTAL

Revenue 433 988 1 078 120

Total Revenue 433 988 1 078 120

Operational costs 217 221 685 332 -

Total operational costs 217 221 685 332

EBITDA 216 767 392 788 Depreciations 51 055 111 462 EBIT 165 712 281 326

Result from ass comp. 120 261 119 511 Net financial income 50 169 78 823 Net financial costs -7 329 -92 031 Unrealized loss/profit from currency -78 398 -51 398 Net financial items 84 703 54 905

Proft before taxes 250 416 336 231 Taxes 15 125 6 044 Net Profit 265 541 342 275


Balance Q2 2008

ALL FIGURES IN NOK THOUSANDS

30.06.2008 31.12.2007(NOK 1.000)Intangible assets 521 494 538 305Fixed assets 11 407 201 11 880 609Financial assets 487 863 1 410 298Receivables 1 232 286 1 052 546Vessel held for sale 173 000 0Bank balance 1 341 732 1 859 974Total assets 15 163 576 16 741 731

Subscribed equity 619 989 619 989Retained earnings 2 567 942 2 448 410Minority Interest 1 477 194 1 486 387Provisions for commitment 542 965 635 838Other long-term liabilities 8 187 181 9 927 458Current liabilities 1 768 305 1 623 650Total liabilities and equity 15 163 576 16 741 731


Key figures Q2 2008

Q2 2008 Q2 2007Profit per share 4,14 2,43Profit per share ex. minority interest 3,74 1,48Cash flow per share 6,03 3,42

Ebitda margin 36 % 36 %Ebit margin 26 % 24 %Return on net capital 7 % 4 %Equity ratio 31 % 35 %

Booked value per share 56 55NAV value per share 88 82

Net interest-bearing debt 7 805 872 5 731 750Net debt (ex capital unemployed) 5 718 632 3 692 019


Balance June 2008

’000 mil NOK

46%

31%

0

5 000

10 000

15 000

20 000

25 000

30 000

35 000

40 000

Book value Fair market value

Assets Equity Debt


Market

• Very strong Subsea market

• Volatile North Sea Spot market, but strong long term supply market worldwide


Concluding remarks

• Strong market outlook

• Well positioned in Brazil

• World’s largest deepwater fleet

• Aggressive global growth

• DOF Subsea just started

Documents

DOF ASAdof.no/Files/PDF/DOF ASA/IR/Archive/2008_Q2_DOF_ASA_Pres.pdf · 2013. 5. 28. · DOF ASA Q2 2008 Presentation - 5 EBITDA 3,035 3,249 3,343 Margin 46% 45% 45% Revenue 6,645