Q2 Financial Presentation 2013 DOF ASA
Q2 Financial Presentation 2013
DOF ASA
- Q2 Presentation 2013 DOF ASA
Agenda
Highlights
Overview Group
Financials
DOF Subsea update
Outlook
DOF ASA 3 – Q2 Presentation 2013 3
Highlights Q2 2013
The newbuild Skandi Bergen started on its first project (Banff) in June Improved spot market in the North Sea Good utilisation for the subsea project fleet in May & June Low utilisation on the AHTS fleet due to breakdown two vessels, and
transit of two vessels Good utilisation PSV fleet
Operational
Fleet
Delivery of Skandi Bergen in June Ordered 4 x PLSV’s from Vard Norway and Brazil Geobay sold
All time high EBITDA – MNOK 770
DOF ASA 4 – Q2 Presentation 2013 4
Highlights Q2 2013
Several subsea contracts in the Atlantic region, including increased work scope on the Banff project, increasing the utilisation of the vessels Geosund, Geoholm, Skandi Skolten and Skandi Bergen
Several subsea contracts in the Asia Pacific region, increasing the utilisation of the vessels Skandi Singapore, Skandi Hawk and Skandi Hercules
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. The extension was done in line with market terms
Subsea 7 extended the charters on Skandi Neptune and Skandi Seven with one year
Total value of contracts listed is above USD 300 million. Skandi Vitoria and Skandi Salvador extensions give an increased Ebitda contribution of approx. NOK 110 million per year
Petrobras awarded DOF Subsea/Technip JV contract for 4 x PLSVs (see separate slides)
DOF awarded two AHTS contracts for OMV at New Zealand
One newbuild financed
Two vessels refinanced in Brazil
Contract awards
Finance
DOF ASA 5 – Q2 Presentation 2013
State-of-the-art PLSVs
5
DOF ASA 6 – Q2 Presentation 2013 6
PLSV contracts
Frédéric Delormel, Technip’s Executive Vice President and Chief Operating Officer Subsea, added: “This strategic contract reinforces our subsea leadership in Brazil and our long-term relationship with Petrobras. We are confident that these new state-of-the-art PLSVs, including two with the most important flexible pipelay tension capacity in the world - 650 tons - will be key assets for our client to successfully achieve its projects offshore Brazil.”
Roy Reite, VARD’s Chief Executive Officer and Executive Director commented: “I look forward to working with Technip and DOF on these milestone projects. VARD yards both in Europe and Brazil being chosen to build these vessels illustrates the value of having a global presence when working with international clients, and bringing leading edge technology to new markets.”
Mons S. Aase, DOF Subsea’s Chief Executive Officer, declared: “The contracts confirm that our co-operation with Technip on the Skandi Vitória and Skandi Niterói have been successful, and reinforces our position as a leading provider of offshore vessels to the Brazilian O&G industry. It comes as a result of our long-term focus on the Brazilian market and is an acknowledgment of the expertise of our employees.”
DOF ASA 7 – Q2 Presentation 2013 7
PLSV key information
PLSV 1+2 • To be built in Brazil • Delivered Q4 2016 and Q2 2017 • Design 316 • Type Pipe Lay support • LOA 140 m • Breadth 28 m • VLS 340 t • 2 ROVs • DWT 10 800 t
PLSV 3+4 • To be built in Norway, Søviknes • Delivered Q2 2016 and Q4 2016 • Design 305 • Type Pipe Lay support • LOA 150 m • Breadth 30 m • VLS 650 t • 2 ROVs • DWT 13 200 t
DOF ASA 8 – Q2 Presentation 2013 8
PLSV financial information
• 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
- Q2 Presentation 2013 DOF ASA
Overview Group
DOF ASA 10 – Q2 Presentation 2013 10
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 at NOK 46 bn Average age of 7 years Value adjusted fleet age of 4 years
Back log Total NOK 53 bn
Firm contract : NOK 24.5 bn Options: NOK 28.5 bn
Global organization Head office in Norway Regional offices in Australia, Singapore, UK, Angola, US,
Canada, Angola, Argentina and Brazil
Total of 4,700 employees Subsea employees: 1.640 Marine personnel: 3.060
Share price NOK 24.50 (30.06.2013)
NAV per share NOK 76
DOF ASA 11 – Q2 Presentation 2013 11
Company overview
DOF ASA 12 – Q2 Presentation 2013 12
PSV AHTS Subsea Total fleetNo. of vesselsDOF 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* 85 % 78 % 94 % 87 %Contract coverage 2014* 68 % 47 % 67 % 62 %
The fleet market segment
*Not including options
DOF ASA 13 – Q2 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
8
33
25
2
2
DOF Group employees Norway Brazil US/Canada UK Asia Pacific Angola Marine Crew 4 700
DOF Onshore 135 194 - 16 20 - 2,692 3,057
DOF Subsea 365 325 136 468 330 18 1,642
DOF ASA 14 – Q2 Presentation 2013 14
Vessel Yard Delivery Type Contract Financing
Skandi Urca Vard Brazil Q4 2013 AHTS 8 yrs Petrobras Funding secured
Skandi Angra Vard Brazil Q2 2014 AHTS 8 yrs Petrobras Funding secured
Skandi Paraty Vard Brazil Q4 2014 AHTS Uncommitted Funding secured
Skandi TBN 800 Vard Norway Q1 2015 CSV Uncommitted Funding secured
Skandi TBN Vard 823 Vard Norway Q1 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
- Q2 Presentation 2013 DOF ASA
Financials
DOF ASA 16 – Q2 Presentation 2013 16
All figures in NOK million Q2 2013 Q2 2012 YTD Q2 2013 YTD Q2 2012
Operating income 2 493 2 119 4 487 3 987 Operating expenses -1 728 -1 376 -3 123 -2 637 Net gain on sale of vessel 5 203 5 203
Operating profit before depreciation- EBITDA 770 945 1 370 1 553
Depreciation -303 -261 -605 -508 Write downs - - - - Operating profit- EBIT 466 684 764 1 044
Net profit/loss from associated companies 3 1 9 1 Financial income 14 14 31 34 Financial costs -354 -324 -725 -667 Net realized currency gain/loss 32 -43 38 -22
Net profit/loss before unrealised gain/loss long term debt 162 333 117 391
Net unrealized currency gain/loss -566 -611 -577 -324 Net unrealized gain/loss on market instruments 47 -97 19 -30
Profit/loss before tax -357 -374 -440 37
Tax 90 98 90 37 Net profit/loss -267 -276 -350 74
Profit attributable toNon-controlling interest -9 16 -39 122 Controlling interest -258 -292 -311 -48
ALL FIGURES IN NOK MILLION
Result Q2 2013
Comments All time high revenue ( high project activity) All time high Ebitda (excl gain sale of assets) Supply: • 98% utilisation rate PSV fleet • One PSV in transit in June • 83% utilisation rate AHTS fleet • Off-hire 90 days two AHTS due to
break-downs • Two AHTS in transit in June • Improved spot rates in the North Sea
in May & June Subsea: • 85% utilisation rate project fleet • High activity on subsea projects in
May and June • 95% utilisation rate TC vessels • Two vessels in transit in the period
Finance: • High currency fluctuations USD & BRL
DOF ASA 17 – Q2 Presentation 2013 17
Amounts in NOK millQ2 2013 Q2 2012 Q2 2013 Q2 2012 Q2 2013 Q2 2012 Q2 2013 Q2 2012
Operating income 283 243 338 307 1 872 1 569 2 493 2 119
Operating result befor depreciation (EBITDA) 112 92 142 155 516 698 770 945
Operating result (EBIT) 74 63 85 99 307 522 466 684
EBITDA margin 40 % 38 % 42 % 50 % 28 % 44 % 31 % 45 %
EBIT margin 26 % 26 % 25 % 32 % 16 % 33 % 19 % 32 %
PSV AHTS Subsea TotalALL FIGURES IN NOK MILLION
P&L Q2 2013 Supply and Subsea
•Ebitda and Ebit 2012 include gain from sale of assets MNOK 203
15 %
18 % 67 %
EBITDA Q2 2013
PSV
AHTS
Subsea
10 % 16 %
74 %
EBITDA Q2 2012
PSV
AHTS
CSV
DOF ASA 18 – Q2 Presentation 2013 18
Financial result Q2 2013
ALL FIGURES IN NOK MILLION
• Net realized financial items MNOK 100 lower in Q2 2013 compared to previous year
• High currency fluctuations with a strenghtened USD towards BRL and NOK, reflects market to market on long term debt. No cash impact
• Derivatives represent interest swaps in NOK & USD, 53% of the Group’s long term debt is secured. Long term nibor and libor have increased in Q2
Comments Financial items Q2 2013 Q2 2012 YTD Q2 2013 YTD Q2 2012Share of loss profit from associated 3 1 9 1
Interest reveneue 13 13 28 35
Interest costs -346 -300 -690 -625
Realized currency gain/loss long debt 11 0 10 26
Realized currency gain/loss on derivatives 1 -21 4 -31
Realized operational currency gain/loss (-) 21 -73 24 -68
Other financial expenses -6 -23 -33 -43
Total financial items -304 -402 -647 -705
Unrealized profit/loss on currencies and derivativesUnrealized currency gain/loss -566 -559 -577 -272
Unrealized gain/loss on derivatives 47 -97 19 -30
Total unrealized profit/loss on currencies and derivative -519 -656 -558 -303
Total financial items -824 -1 058 -1 205 -1 008
DOF ASA 19 – Q2 Presentation 2013 19
Historical EBITDA excl asset sales
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
-
500
1 000
1 500
2 000
2 500
3 000
Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013
Operating revenue EBITDA EBITDA margin
MN
OK
Q2 2010 Q2 2011 Q2 2012 Q2 2013Operating revenue 1 506 1 581 2 119 2 493
EBITDA 470 495 742 770
EBITDA margin 31 % 31 % 35 % 31 %
Non-current assets 20 069 23 832 26 942 28 347
Current assets 3 545 3 993 4 394 4 727
Total Assets 23 614 27 825 31 336 33 074
Equity 6 525 6 618 6 490 6 408
Non-current debt 11 539 17 626 20 667 22 228
Current debt 5 550 3 581 4 179 4 438
Total Equity and Debts 23 614 27 825 31 336 33 074
DOF ASA 20 – Q2 Presentation 2013 20
Amounts in NOK mill ion 30.06.2013 30.06.2012 31.12.2012
ASSETSIntangible assets 784 564 704Vessel and other tangible assets 26 839 24 877 26 179Newbuildings 362 1 153 423Financial assets 363 347 387Non-currents assets 28 347 26 942 27 693
Receivables 2 584 2 392 1 915Cash and cash equivalents 2 142 2 002 2 145Current assets 4 727 4 393 4 060
Total assets 33 074 31 336 31 754
EQUITY AND LIABILITIESSubscribted equity 1 452 1 452 1 452Retained equity 2 040 2 299 2 318Non-controll ing equity 2 916 2 703 2 950Equity 6 408 6 454 6 720
Provisions for commitments 511 557 574Other non-current l iabil ities 21 718 20 145 21 027Non-current liabilities 22 228 20 702 21 601
Current part of interest bearing debt 2 705 1 997 2 000Other current l iabil ities 1 732 2 182 1 433Current liabilities 4 438 4 179 3 433
Total equity and liabllities 33 074 31 336 31 754
ALL FIGURES IN NOK MILLION
Balance Q2 2013 Comments
• One vessel delivered in Q2 2013 • Newbuildings represent instalments
paid on 4 vessels under construction for delivery in 2013-2015
• High receivables and current liabilities due to high subsea project activity in Q2
• Long term debt net increase in Q2
includes financing one new-build and refinancing two vessels
• Current portion long term debt represent mainly MNOK 650 in bonds, MNOK 2 055 as balloons and amortization long term debt
DOF ASA 21 – Q2 Presentation 2013 21
Net interest bearing debt
30.06.2013 30.06.2012 31.12.2012Non-current interest bearing liabilitiesBond loan 4 411 3 520 4 164 Debt to credit institutions 17 096 16 379 16 592 Total non-current interest bearing liabilites 21 507 19 899 20 756
Current interest bearing liabilitiesBond loan 650 168 141 Debt to credit institutions 2 031 1 523 1 784 Overdraft facil ities 24 306 75 Total current interest bearing liabilities 2 705 1 997 2 000
Total interest bearing liabilities 24 212 21 896 22 756
Net interest bearing liabilitiesCash and cash equivalents 2 142 2 002 2 145 Net derivatives -403 -243 -365 Non-current receivables 83 - 98 Total net interest bearing liabilities 22 391 20 138 20 878
DOF ASA 22 – Q2 Presentation 2013 22
Key figures Q2 2013
Q2 2013 Q2 2013 YTD Q2 2013 YTD Q2 2012 2012FINANCIAL RESULTEBITDA margin ex net gain on sale of vessel 31 % 35 % 30 % 34 % 34 %EBITDA margin 31 % 45 % 31 % 39 % 37 %EBIT margin 19 % 32 % 17 % 26 % 23 %Cashflow per share 1) 4,19 5,35 6,51 8,09 15,04 Profit per share ex. non-controlling interest 2) -2,32 -2,63 -2,80 -0,43 1,02 Profit per share ex. unrealized loss/gain and taxes 3) 1,46 3,00 1,06 3,52 5,04
BALANCEReturn on net capital -5 % 1 % 5 %Equity ratio 19 % 21 % 21 %Value adjusted equity 37 % 40 % 39 %Value adjusted equity per share 76 79 81 Capex 1 234 1 646 3 047 Net interest bearing debt (MNOK) 22 391 20 138 20 878 Net interest bearing debt ex. unemployed capital (MNOK) 22 029 18 985 20 454
No of shares 111 051 348 111 051 348 111 051 348 111 051 348 111 051 348 Outstanding number 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 shares3) Net profit excl.unrealized currency gain/loss on debt and market instruments and taxes/average no of shares
DOF ASA 23 – Q2 Presentation 2013 23
Amounts in NOK million YTD Q2 2013 YTD Q2 2012 2012
Net cash from operating activities 219 761 1 182
Payment received on sale of tangible assets 82 762 819 Purchase of tangible assets -1 234 -1 646 -3 047 Other changes in investing activities 34 -24 -5 Net cash from investing activities -1 118 -908 -2 233
Proceeds from borrowings 2 286 2 349 5 115 Prepayment of borrowings -1 404 -2 228 -3 945 Payment from/to non-controll ing interests -1 - - Net cash from financing activities 882 121 1 170
Net changes in cash and cash equivaltents -17 -25 119
Cash and cash equivalents at the start of the period 2 145 2 040 2 040 Exchange gain/loss on cash and cash equivalents 14 -13 -14 Cash and cash equivalents at the end of the period 2 142 2 002 2 145
ALL FIGURES IN NOK MILLION
Cash flow Q2 2013
Comments
• Cash from operation is effected by increased working capital of MNOK 370 in 1st half year. The increased working capital is due to high project activities in the subsea segment
• Cash used on investments 1st half are deliveries of two vessels, instalments newbuilds and dockings- /conversions
• Proceeds from borrowings 1st half are issue of bond loan MNOK 1 300 and new loan facilities of MNOK 986 reflecting delivery of vessels and refinancing exisiting fleet
• Repayments are repayment on bond loan, amortization and repayment long term debt
DOF ASA 24 – Q2 Presentation 2013 24
DOF Supply
DOF Subsea
DOFSUB 04 - NOK 750 million - Maturity April 2014
- Net NOK 518 million
DOFSUB 05 - NOK 750 million - Maturity April 2016 - Net NOK 668 million
DOFSUB 06 - NOK 700 million - Maturity Oct 2015 - Net NOK 482 million
DOFSUB 07 - NOK 1300 million - Maturity May 2018
DOF 07* - NOK 950 million - Maturity July 2013 - Net NOK 132 million
DOF 08 - NOK 600 million - Maturity Mar 2015
DOF 09 - NOK 700 million - Maturity Feb 2017
DOF 10* - NOK 700 million - Maturity Sep 2019
Debt maturity profile
• The figures reflects amortization and balloon payments on debt drawn as pr 30 June
2013. In addition, bond transactions after balance date are included.
• Debt maturity profile excludes approx NOK 0.6 billion in payments to Eksportfinans
which is serviced by corresponding amount of restricted cash.
132 -
600
-
700 700
350
794 670 483 429
3 538
156 -
1 074 914
515 207
-
500
1 000
1 500
2 000
2 500
3 000
3 500
4 000
2013E 2014E 2015E 2016E 2017E After
Bond Loan Bank Debt Balloons
518 482 668
1 300
537
1 073 898
690 661
3 627
308
1 362
1 005
0
500
1000
1500
2000
2500
3000
3500
4000
2013E 2014E 2015E 2016E 2017E After
Bond Loan Bank Debt Balloons
DOF ASA 25 – Q2 Presentation 2013 25
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 August 2013
* The figures reflects amortization and balloon payments on secured debt drawn as per 30 Jun 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 54%, decreasing to 31% in 2017
Significant gearing reduction forecasted upon completion of the current newbuild program
DOF ASA – Asset coverage
0%
20%
40%
60%
80%
100%
2013 2014 2015 2016 2017
54% 50% 40% 35% 31%
46% 50% 60% 65% 69%
Debt Equity
- Q2 Presentation 2013 DOF ASA
Contract Coverage
DOF ASA 27 – Q2 Presentation 2013 27
PSV – Contract coverage
FIRM CONTRACTS OPTIONAL PERIOD
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
Skandi Falcon 1 1 1 2 2 2 2 2Skandi Marstein 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 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 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 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 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2
Skandi Sotra 1 1 1 1 2 2Skandi 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 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 2Skandi Barra 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 Texel 1 1 1 2 2 2 2 2 0
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 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 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 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 1 1 1
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 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 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 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 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 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 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 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
Skandi Yare 1 1 1 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 1 1 1
20172014 2015 2016
NSO
SUPP
Y
PSV 2013
SPOT
DOF ASA 28 – Q2 Presentation 2013 28
AHTS – Contract coverage
FIRM CONTRACTS UNDER CONSTRUCTION OPTIONAL PERIOD
SPOT SPOT
SPOT
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
Skandi Stord
Skandi Admiral 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 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 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 0 0 0 0 0 0 0 0 0 0 0 0 0Skandi Botafogo 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 2Skandi Rio 1 1 1 2 2 2Skandi Fluminense 1 1 1 1 1 1 2 2 2 2 2 0 0 0 0 0 0
Skandi Giant 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 2 2 2 2
Skandi Møgster 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2Skandi Ipanema 0 0 0 0
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 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 1 1 1
Skandi Angra 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 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 1 1 1
Skandi Paraty 3 3 3 3 3 3 3 3 3 3 3 3 3 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
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 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0
Skandi Emerald 1 1 1 1 1 1 1 2 2
Skandi Saigon
Skandi Pacific 1 1 1 1 1 1 1 2 2
Skandi Atlantic 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
2014 2015 2016 2017
AD
D
2013
NSO
Supp
ly
AHTS
SPOT
SPOT
SPOT
DOF ASA 29 – Q2 Presentation 2013 29
FIRM CONTRACTS UNDER CONSTRUCTION OPTIONAL PERIOD
CSV – Contract coverage
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
Skandi Fjord 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 Olympia 1 1 1 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 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 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 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
Supp
lyN
SO
CSV 20162013 2014 2015
DOF ASA 30 – Q2 Presentation 2013 30
FIRM CONTRACTS UNDER CONSTRUCTION OPTIONAL PERIOD
Subsea – Contract coverage
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
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 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2Skandi Achiever 1 1 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 2
Skandi Aker 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 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 1 1 1 2 2 2 2 2 2 2 2 2Skandi 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 1 1 1 2 2 2 2 2 2Skandi 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 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 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 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 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 1 1 1Skandi Salvador 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
Skandi Santos 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 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 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 2Skandi 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 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 0 0
Ocean Protector 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
1 1 1 1 1 1 1 1 1 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 1 1 1 2 2 2 2 2 2 2 2 2 2Skandi Bergen 1 1 1 1 1 1Skandi Hawk 1 1 0 1 1 2 2
Skandi Hercules 1 1 1 1 1 1 0
Skandi Inspector 1 1 1 1 1 1 1 2 2 2 0 0 0 0 0 0 0 0 0 0 0Skandi Singapore 1 1 1 1 1 2 1 1
Skandi Skansen 1 1 1 1 2 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 0 1 1 1 1 2 0 2 2 2 2 2
1 1 1 1 2 2 2 2
Skandi TBN (NB800) 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3
Skandi TBN PLSV 1 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 1 1 1 1 1 1 1 1
Skandi TBN PLSV 2 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 3 1 1 1 1 1 1 1
Skandi TBN PLSV 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 1 1 1 1 1 1 1
Skandi TBN PLSV 4 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 1 1 1 1 1 1 1 1
2017
Geograph
Geosund
Geoholm
CSV 2013 2014 2015 2016
DO
F Su
bsea
- Q2 Presentation 2013 DOF ASA
DOF Subsea
DOF ASA 32 – Q2 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 NOK 17 167 million, with a value adjusted
age of 4.5 years
Operates 52 ROVs
Global organization Head office in Bergen Regional offices in Australia, Singapore, Norway, UK, Angola, US, Canada and Brazil
Total of 2 642 employees Subsea employees: 1 642 Of which offshore engineers and project staff: 1 260 Marine crew: 1 000
Norway Brazil Canada US UK Asia Pacific Angola
365 325 48 88 468 330 18
DOF ASA 33 – Q2 Presentation 2013
DOF Subsea Group – In brief
Key figures Back-log incl. options NOK 29 971 million
Market value of fleet NOK 17 167 million
Number of shares 119 733 714
Total Per share
Book equity NOK 4 996 million NOK 41.73
Value adj. equity NOK 8 057 million NOK 67.30
Book equity ratio 25.4 %
Value adj. equity ratio 35.5 %
15.5 % CAGR
21.2 % CAGR
Quarterly figures
0%
5%
10%
15%
20%
25%
30%
35%
40%
-
200
400
600
800
1 000
1 200
1 400
1 600
1 800
Q2 2010 Q2 2011 Q2 2012 Q2 2013
NO
K m
illio
n
Operating revenue EBITDA EBITDA margin
DOF ASA 34 – Q2 Presentation 2013
Brazil The Brazilian OSV market is picking up after a slow 2012 with several contract awards. We expect the demand for all types of vessels to increase. North Sea AHTS We expect the spot market the remaining Q3 to be balanced, and more volatile in Q4. Based on expected increased rig activity in the North Sea we expect the demand for large AHTS to increase longer term. PSV We expect the spot market to continue to be stable the next months, with a seasonal weakening towards the end of the year and the term activity to remain strong, but still question the long term market balance due to the large newbuild order book.
Markets
DOF ASA 35 – Q2 Presentation 2013 35
Outlook – Subsea Healthy fundamentals for offshore activity
Supply Increasing number of high-end
newbuilds Limited growth in supply of engineering
capabilities
Mixed market
conditions
Increasing demand
Increasing supply
Demand High oil price Expected 6-8% growth in E&P
spending in 2013 and 2014 Increased deep water spending Increased infrastructure spending High tendering activity Strong growth expected in Brazil,
North Sea, Gulf of Mexico and Asia Pacific
Increased focus on newer, larger and more technologically advanced vessels and engineering capabilities
DOF Subsea owns the world’s most sophisticated fleet and has a global project organization
Qualified personnel will be the bottleneck for supply growth
DOF ASA 36 – Q2 Presentation 2013
Ebitda guidance:
Q3: We expect better numbers in Q3 compared to Q2
2013: We repeat the guidance given in February 2013; i.e.
MNOK 3 000 – 3 400 full year Ebitda
Outlook for 2013
Thank you Thank you Thank you Thank you
Presented by Mons Aase - CEO Hilde Drønen - CFO
DOF ASA 38 – Q2 Presentation 2013 38
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 22 August 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. 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.