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Q3 Financial Presentation 2013
DOF ASA
- Q3 Presentation 2013 DOF ASA
Agenda
Highlights
Overview Group
Financials
DOF Subsea update
Outlook
DOF ASA 3 – Q3 Presentation 2013 3
Highlights Q3 2013
The newbuild Skandi Bergen started on its first project (Banff) in July
Improved spot market in the North Sea
Variable utilization AHTS fleet and stable for the PSV fleet
Good utilization for the subsea project fleet in all regions
Operational
Fleet
Sale of Skandi Bergen, delivery to new owners in Q1 2014
MPSV Normand Reach chartered from external party, delivery end May 2014
Ordered 4 x PLSV’s from Vard Norway and Brazil
Delivery of the chartered vessel Harvey Deep Sea in September
All time high EBITDA – MNOK 912
DOF ASA 4 – Q3 Presentation 2013 4
Highlights Q3 2013
Several subsea contracts in US Gulf of Mexico securing good utilization of Harvey Deep
Sea until year end
Several subsea contracts in the Atlantic region
Several subsea contracts in the Asia Pacific region
Chevron extended the charter on Skandi Salvador, firm until year end 2014
Petrobras extended the charter for Skandi Vitória with two years, firm until September
2015
Skandi Vitoria and Skandi Salvador extensions give an increased Ebitda contribution of
approx. NOK 110 million per year
Subsea 7 extended the charter on Skandi Neptune with one year
Petrobras awarded DOF Subsea/Technip JV contract for 4 x PLSVs (see separate slide)
4 x ROV contract + ROV on Skandi Ipanema
Norskan awarded a 4+4 years contract for Skandi Ipanema with Petrobras
Norskan awarded a 2 years contract for Skandi Botafogo with Petrobras
DOF awarded 100 + 40 days contracts for Skandi Saigon & Skandi Stord with Total Egypt
DOF Subsea awarded 5 years contract with Technip for Hull No 800 (delivery 2015)
Contract
awards
DOF ASA 5 – Q3 Presentation 2013 5
Financial information – PLSV contracts with Petrobras
• DOF Subsea part of CAPEX approx. USD 625 million
• Contract 8 + 8 years
• Norskan will provide Marine Services
• Approx. USD 110 million in annual EBITDA contribution for DOF Subsea when all
vessels are in operations
- Q3 Presentation 2013 DOF ASA
Overview Group
DOF ASA 7 – Q3 Presentation 2013 7
DOF ASA in brief
Fleet
70 vessels in operation (PSV: 23, AHTS: 17, Subsea: 30)
8 Newbuildings (AHTS: 3 Subsea: 5)
Operates 52 ROVs
Market value total fleet in operation at NOK 35 bn
Average age of 7 years
Value adjusted fleet age of 4 years
Back log
Total NOK 57.4 bn
Firm contract : NOK 27.4 bn
Options: NOK 30 bn
Global organization
Head office in Norway
Regional offices in Australia, Singapore, UK, USA, Canada,
Angola, Argentina and Brazil
Total of 4 680 employees
Subsea employees: 1 480
Marine personnel: 3 200
Share price
NOK 28.40 (30.09.2013)
NAV per share NOK 75
DOF ASA 8 – Q3 Presentation 2013 8
Company overview
DOF ASA 9 – Q3 Presentation 2013 9
PSV AHTS Subsea Total fleet
No. of vessels
DOF ASA/DOF REDERI AS 18 3 4 25
NORSKAN OFFSHORE 5 12 2 19
DOF SUBSEA AS 0 0 26 26
DOF INSTALLER ASA 0 0 3 3
AKER DOF DEEPWATER AS 0 5 0 5
Total fleet 23 20 35 78
Contract coverage 2013* 86 % 90 % 96 % 91 %
Contract coverage 2014* 64 % 56 % 66 % 62 %
The fleet market segment
*Not including options
DOF ASA 10 – Q3 Presentation 2013 10
PSV AHTS Subsea Total fleet
No. of vessels*
DOF Group Fleet 23 20 35 78
Fair Market value (MNOK) 5 595 10 841 30 375 46 811
Ebitda Q3 2013 by segment (MNOK) 133 147 632 912
DOF ASA fleet market segment
12%
23%
65%
PSV
AHTS
CSV
Share of FMV DOF Fleet
15 %
16 %
69 %
EBITDA Q3 2013
PSV
AHTS
CSV
*Incl. newbuild
DOF ASA 11 – Q3 Presentation 2013
Angola
Perth Rio de Janeiro
Buenos Aires
Singapore
Houston St. Johns
Aberdeen
Austevoll
Brunei
Macae
Jakarta
Manila
Moscow Bergen
Focus regions
Melbourne
Darwin
Global player
9
31
24
3
3
Norway Brazil US/Canada
UK Asia
Pacific
Angola Marine
Crews
Total
DOF employees 434 506 142 382 344 17 2 855 4 680
DOF ASA 12 – Q3 Presentation 2013 12
Vessel Yard Delivery Type Contract Financing
Skandi Urca Vard Brazil Q1 2014 AHTS 8 yrs Petrobras Funding secured
Skandi Angra Vard Brazil Q3 2014 AHTS 8 yrs Petrobras Funding secured
Skandi Paraty Vard Brazil Q1 2015 AHTS Uncommitted Funding secured
Skandi TBN 800 Vard Norway Q2 2015 CSV 5 yrs Technip Funding secured
Skandi TBN Vard 823 Vard Norway Q2 2016 PLSV 8 yrs Petrobras
Skandi TBN Vard 824 Vard Norway Q3 2016 PLSV 8 yrs Petrobras
Skandi TBN PLSV1 Vard Brazil Q4 2016 PLSV 8 yrs Petrobras
Skandi TBN PLSV2 Vard Brazil Q2 2017 PLSV 8 yrs Petrobras
Remaining newbuilding program
- Q3 Presentation 2013 DOF ASA
Financials
DOF ASA 14 – Q3 Presentation 2013 14
Q3 2013 Q3 2012 YTD Q3 2013 YTD Q3 2012
Operating income 2 634 2 087 7 121 6 074
Operating expenses -1 722 -1 332 -4 845 -3 969
Net gain on sale of vessel -0 0 5 203
Operating profit before depreciation- EBITDA 912 755 2 281 2 308
Depreciation -292 -229 -898 -738
Write downs - - - -
Operating profit- EBIT 619 526 1 384 1 570
Net profit/loss from associated companies -2 0 7 1
Financial income 14 16 45 50
Financial costs -348 -322 -1 073 -989
Net realized currency gain/loss -16 -16 22 -38
Net profit/loss before unrealised gain/loss long term debt 267 204 385 594
Net unrealized currency gain/loss -18 73 -595 -251
Net unrealized gain/loss on market instruments 14 -61 33 -91
Profit/loss before tax 263 215 -177 252
Tax -99 -25 -9 12
Net profit/loss 164 190 -186 264
Profit attributable to
Non-controlling interest 81 77 42 199
Controlling interest 83 113 -228 65
ALL FIGURES IN NOK MILLION
Result Q3 2013
Comments «All time high» Operational Ebitda Supply: • 94% utilisation rate PSV fleet • One PSV completed a conversion in Sep • 83% utilisation rate AHTS fleet • Two vessels in the spot market in the
North Sea • One vessel in the spot market in Brazil Subsea: • 93% utilisation rate project fleet • High project activity in all regions;
North Atlantic, Asia Pacific and US Gulf • Several large projects performed
during Q3 • 98% utilisation rate TC vessels Finance: • Low currency fluctuations USD & BRL
DOF ASA 15 – Q3 Presentation 2013 15
Amounts in NOK mill
Q3 2013 Q3 2012 Q3 2013 Q3 2012 Q3 2013 Q3 2012 Q3 2013 Q3 2012
Operating income 288 277 316 323 2 030 1 487 2 634 2 087
Operating result befor depreciation (EBITDA) 133 115 147 151 632 489 912 755
Operating result (EBIT) 98 82 97 90 424 354 619 526
EBITDA margin 46 % 42 % 47 % 47 % 31 % 33 % 35 % 36 %
EBIT margin 34 % 30 % 31 % 28 % 21 % 24 % 24 % 25 %
PSV AHTS Subsea TotalALL FIGURES IN NOK MILLION
P&L Q3 2013 Supply and Subsea
15 %
16 %
69 %
EBITDA Q3 2013
PSV
AHTS
CSV
15 %
20 %
65 %
EBITDA Q3 2012
PSV
AHTS
CSV
DOF ASA 16 – Q3 Presentation 2013 16
Historical EBITDA excl asset sales
Q3 2010 Q3 2011 Q3 2012 Q3 2013
Operating revenue 1 237 1 674 2 087 2 634
EBITDA 433 561 755 912
EBITDA margin 35 % 34 % 36 % 35 %
Non-current assets 20 904 24 772 27 338 28 139
Current assets 4 317 4 113 4 529 4 296
Total Assets 25 221 28 885 31 867 32 435
Equity 6 645 6 439 6 759 6 549
Non-current debt 13 662 18 660 21 361 21 682
Current debt 4 914 3 785 3 747 4 204
Total Equity and Debts 25 221 28 884 31 867 32 435
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
-
500
1 000
1 500
2 000
2 500
3 000
Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013
Operating revenue EBITDA EBITDA margin
MN
OK
DOF ASA 17 – Q3 Presentation 2013 17
Amounts in NOK mill ion 30.09.2013 30.09.2012 31.12.2012
ASSETS
Intangible assets 757 537 704
Vessel and other tangible assets 26 551 25 985 26 179
Newbuildings 534 449 423
Financial assets 297 367 387
Non-currents assets 28 139 27 338 27 693
Receivables 2 536 2 354 1 915
Cash and cash equivalents 1 759 2 174 2 145
Current assets 4 296 4 529 4 060
Total assets 32 435 31 867 31 754
EQUITY AND LIABILITIES
Subscribted equity 1 452 1 452 1 452
Retained equity 2 100 2 353 2 318
Non-controlling equity 2 997 2 922 2 950
Equity 6 549 6 727 6 720
Provisions for commitments 529 589 574
Other non-current l iabilities 21 153 20 703 21 027
Non-current liabilities 21 682 21 292 21 601
Current part of interest bearing debt 2 543 2 235 2 000
Other current l iabilities 1 661 1 612 1 433
Current liabilities 4 204 3 847 3 433
Total equity and liabllities 32 435 31 867 31 754
ALL FIGURES IN NOK MILLION
Balance Q3 2013 Comments
• Newbuildings represent instalments
paid on 8 vessels under construction for delivery from 2014-2017 (incl. 50% 4 PLSVs)
• High receivables due to high subsea project activity in Q3
• No new loans drawn, one loan
refinanced in Q3
• Current portion long term debt
represent mainly MNOK 518 in bonds, MNOK 1 935 which are one balloon and amortization long term debt
DOF ASA 18 – Q3 Presentation 2013 18
30.09.2013 30.09.2012 31.12.2012
Non-current interest bearing liabilities
Bond loan 4 408 3 755 4 164
Debt to credit institutions 16 657 16 723 16 592
Total non-current interest bearing liabilites 21 065 20 477 20 756
Current interest bearing liabilities
Bond loan 518 281 141
Debt to credit institutions 1 935 1 655 1 784
Util ized credit facil ities 90 299 75
Total current interest bearing liabilities 2 543 2 235 2 000
Total interest bearing liabilities 23 607 22 713 22 756
Net interest bearing liabilities
Cash and cash equivalents 1 759 2 174 2 145
Net derivatives -324 -298 -365
Non-current receivables 83 - 98
Total net interest bearing liabilities 22 090 20 836 20 878
Newbuilds 534 449 423
Net interest bearing liabilities, excluding unemployed capital 21 556 20 388 20 454
Net interest bearing debt
ALL FIGURES IN NOK MILLION
DOF ASA 19 – Q3 Presentation 2013 19
Key figures Q3 2013
Q3 2013 Q3 2012 YTD Q3 2013 YTD Q3 2012 2012
FINANCIAL RESULT
EBITDA margin ex net gain on sale of vessel 35 % 36 % 32 % 35 % 34 %
EBITDA margin 35 % 36 % 32 % 38 % 37 %
EBIT margin 24 % 25 % 19 % 26 % 23 %
Cashflow per share 1) 5,04 3,90 11,55 11,99 15,04
Profit per share ex. non-controlling interest 2) 0,74 1,02 -2,06 0,59 1,02
Profit per share ex. unrealized loss/gain and taxes 3) 2,41 1,83 3,46 5,35 5,04
BALANCE
Return on net capital -3 % 4 % 5 %
Book equity ratio 20 % 21 % 21 %
Value adjusted equity 37 % 38 % 39 %
Value adjusted equity per share 75 79 81
Capex 1 488 2 360 3 047
No of shares 111 051 348 111 051 348 111 051 348 111 051 348 111 051 348
*) Diluted number of share is the same as number of shares
1) Pre-tax result + depreciation and w rite dow ns +/- unrealized gain/loss on currencies +/- net changes in fair value of f inancial instruments/average no of shares
2) Net profit excl. non controlling interest/average no of shares
3) Net profit excl.unrealized currency gain/loss on debt and market instruments and taxes/average no of shares
DOF ASA 20 – Q3 Presentation 2013 20
Debt maturity profile
DO
F
DO
F S
ub
se
a
24%
29%
47%
Counterparty exposure Q3 2013
Bonds
ECA
Bank
-
500
1 000
1 500
2 000
2 500
3 000
3 500
2013 2014 2015 2016 2017 After
Bank Debt Bond Balloons
-
500
1 000
1 500
2 000
2 500
3 000
3 500
2013E 2014E 2015E 2016E 2017E After
Bank Debt Bond Loan Balloons
DOF ASA 21 – Q3 Presentation 2013 21
Gearing forecast – summary Total Fleet Market value
Vessels & newbuilds MNOK 39 400
Equipment (subsea) MNOK 1 200
Total Fleet MNOK 40 600
Note: Vessel values as of 30 September 2013
* The figures reflects amortization and balloon payments on secured
debt drawn as per 30 September 2013 and onwards
Combined market value DOF Group fleet including newbuild is NOK 39.4 bn (total
value 100% NOK 46 bn)
New-building program to be completed in 2017 (including 50% in 4 PLSV’s)
Asset-level gearing on the existing fleet is 55%, decreasing to 31% in 2017
Significant gearing reduction forecasted upon completion of the current newbuild program
DOF ASA – Asset coverage
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2013 2014 2015 2016 2017
56% 51% 42% 36% 32%
44% 49% 58% 64% 68%
Debt Equity
- Q3 Presentation 2013 DOF ASA
Contract Coverage
DOF ASA 23 – Q3 Presentation 2013 23
PSV – Contract coverage
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
Skandi Falcon 1 1 1 2 2 2 2
Skandi Marstein 1 1 1 1
Skandi Foula 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2
Skandi Rona 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2
Skandi Buchan 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2
Skandi Sotra 1 1 2
Skandi Caledonia 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2
Skandi Barra 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2
Skandi Texel
Skandi Mongstad 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2
Skandi Flora 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2
Skandi Gamma 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2
Skandi Waveney
Skandi Feistein 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
Skandi Kvitsøy 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
Skandi Nova 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
Skandi Marøy 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
Skandi Hugen 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
Skandi Captain
Skandi Leblon 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2
Skandi Flamengo 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2
Skandi Yare 1 1 1 1 1 1 1 1 1 1 1 1 1 1
Skandi Stolmen 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
NS
OS
UP
PY
PSV 2013
SPOT
20172014 2015 2016
SPOT
SPOT
FIRM CONTRACTS
UNDER CONSTRUCTION
OPTIONAL PERIOD
DOF ASA 24 – Q3 Presentation 2013 24
AHTS – Contract coverage
FIRM CONTRACTS
UNDER CONSTRUCTION
OPTIONAL PERIOD
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
Skandi Stord 1 1 1 2
Skandi Admiral 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2
Skandi Vega 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2
Skandi Copacabana 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2
Skandi Botafogo 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
Skandi Rio 1 1 1 1 1
Skandi Fluminense 1 1 1 2 2 2 2 2
Skandi Giant 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2
Skandi Møgster 1
Skandi Ipanema 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
Skandi Amazonas 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
Skandi Iguacu 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
Skandi Urca 3 3 3 3 3 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
Skandi Angra 3 3 3 3 3 3 3 3 3 3 3 3 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
Skandi Paraty 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3
Skandi Peregrino 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
Skandi Emerald 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2
Skandi Saigon 1 1 1 2
Skandi Pacific 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2
Skandi Atlantic 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2
AD
D
2013
NS
OS
up
ply
AHTS 2014 2015 20172016
DOF ASA 25 – Q3 Presentation 2013 25
CSV – Contract coverage
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
Skandi Fjord 1 1 1
Skandi Olympia 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2
Skandi Commander 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2
Skandi Chieftain 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2
Skandi Hav 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2
2017
Su
pp
lyN
SO
CSV 20162013 2014 2015
FIRM CONTRACTS
UNDER CONSTRUCTION
OPTIONAL PERIOD
DOF ASA 26 – Q3 Presentation 2013 26
FIRM CONTRACTS
UNDER CONSTRUCTION
OPTIONAL PERIOD
Subsea – Contract coverage
* CHARTERED
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
Skandi Acergy 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2
Skandi Achiever 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2
Skandi Aker 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2
Skandi Arctic 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2
Skandi Carla 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2
Skandi Constructor 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2
Skandi Neptune 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2
Skandi Niteroi 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2
Skandi Patagonia 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
Skandi Salvador 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2
Skandi Santos 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2
Skandi Seven 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2
Skandi Vitoria 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2
Ocean Protector 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2
1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2
Geosea 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2
Skandi Bergen 1 1 1 1
Skandi Hawk 1 1 1
Skandi Hercules 1 1 1 1
Skandi Inspector 1 1 1 1 1 1 2
Skandi Singapore 1 1 2 1 1
Skandi Skansen 1 1 1 1 1 1 2 2 2 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2
Skandi Skolten 1 1 1 1 1 1 1 1
1 1 1 1 1 1 2 2 2 2 2 2 2
1 1 1 0
1 1 1 1 1 1 1
3 3 3 3 3 3 3 3 3 1 1
Skandi TBN (NB800) 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
Skandi TBN (NB823 650t) 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
Skandi TBN (NB824 650t) 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 1 1 1 1 1 1 1 1 1 1 1 1 1
Skandi TBN (EP-09-300t) 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 1 1 1 1 1 1 1 1 1 1 1 1
Skandi TBN (EP-10 300t) 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 1 1 1 1 1
2017
Geograph
Geosund
Geoholm
CSV 2013 2014 2015 2016
DO
F S
ub
se
a
Harvey Deep-Sea*
Norman Reach*
SOLD
Charter from May 2014 2 yrs firm + 2 x1 yr option
- Q3 Presentation 2013 DOF ASA
DOF Subsea
DOF ASA 28 – Q3 Presentation 2013
DOF Subsea Group – In brief
Fleet
One of the largest subsea vessel owners in the world
Owns and operates a fleet of 24 vessels, plus 5 newbuilds on order
In addition 2 vessels on long-term charter
The market value of owned vessels in operation is NOK17 billion, with a value adjusted
age of 4.7 years
Operates 52 ROVs
Global organization
Head office in Bergen
Regional offices in Australia, Singapore, Norway, UK, Angola, US, Canada and
Brazil
Total of 2 480 employees
Subsea employees: 1 480
Of which offshore engineers and project staff: 1 160
Marine crew: 1 000
Norway Brazil Canada US UK Asia Pacific Angola
299 332 48 94 366 324 17
DOF ASA 29 – Q3 Presentation 2013
DOF Subsea Group – In brief
Key figures
Back-log incl. options NOK 34 billion
Market value of fleet NOK 17 billion
Number of shares 119 733 714
Total Per share
Book equity NOK 5.1 billion NOK 43.15
Value adj. equity NOK 8.4 billion NOK 70.13
Book equity ratio 26.6 %
Value adj. equity ratio 37.0 %
28.2 %
CAGR
28.5 %
CAGR
Quarterly figures
30%
31%
32%
33%
34%
35%
36%
37%
-
200
400
600
800
1 000
1 200
1 400
1 600
1 800
2 000
Q3 2010 Q3 2011 Q3 2012 Q3 2013
NO
K m
illio
n
Operating revenue EBITDA EBITDA margin
DOF ASA 30 – Q3 Presentation 2013
Level of industry barriers to entry
DOF Subsea’s main presence is in segments with medium to high
barriers to entry and high complexity of operations
Higher margins and earnings beyond the time charter rates
Level of barr
iers
to e
ntr
y
Incre
ase
d e
ng
ine
ering
re
qu
ire
me
nt
Complex
subsea operations
Marine transport/
services
Com
ple
xity a
nd s
ize o
f opera
tions
Incre
ase
d s
yste
m r
eq
uire
me
nt
DSV
OSCV
ROV
AHTS
PSV
DOF ASA 31 – Q3 Presentation 2013 31
DOF Subsea - Projects
Teekay Banff FPSO re-instatement
• Skandi Skolten, Skandi Bergen and several third party
vessels in Q2, Q3 & Q4 14.
• PM&E, installation of mooring system, SSIVs, riser bases,
static umbilical and mattresses.
• Tow-out and hook-up. Installation of dynamic risers and tie-
in.
• Diving, trenching, pre-commissioning, metrology and survey
Galoc EPIC Phase 2 Development (Philippines)
• Skandi Hercules Q2 ‘13 & Q4 ‘13
• Full EPIC for Phase 2 Developments: PM&E, Design,
Procure and Fabricate Riser bases x 2, EHU tether clump,
Spool jumpers, Flexible Risers, Flexible Flowline and
Umbilical, disconnection of existing Riser, relocate to new riser
base location.
• Full transportation, installation, commissioning and umbilical
testing
DOF ASA 32 – Q3 Presentation 2013
Brazil:
OSV market picking up after a slow 2012. We expect increased demand for our vessels and
services
North Sea:
We expect increased demand for large AHTS in medium-term.
The long-term market balance for PSVs is uncertain, but we are gradually becoming more
optimistic.
DOF Subsea has taken a step-change in customer base and complexity of work done, and we
expect a growing market share in this sector going forward.
Asia Pacific:
We expect a steady demand for all our vessels and services. DOF Subsea has an excellent
position with a new fleet and an established, strong project organization.
Ebitda guidance:
Q4: We expect Q4 to be the second best quarter in 2013
Outlook
Thank you
Presented by
Mons Aase - CEO Hilde Drønen - CFO
DOF ASA 34 – Q3 Presentation 2013 34
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 15 November 2013.
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.
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