DOF ASA 1Q Presentation CEO Mons Aase CFO Hilde Drønen
Agenda Highlights Overview 1Q Financial DOF ASA 1 Q Presentation - 2
Highlights 1Q Skandi Mongstad and Geograph delivered from yard Long term contracts with Skandi Hav in Brazil Skandi Hercules sold for USD 100 million Newbuilding Aker PSV 06 LNG 5 years firm contract with StatoilHydro Skandi Admiral 18 months for StatoilHydro DOF Installer, 5 years firm contract for StatoilHydro Several interesting contracts in DOF Subsea DOF ASA 1 Q Presentation - 3
DOF Overview DOF ASA DOF Supply 100% DOF Subsea ASA 54% DOF Installer 45% DeepOcean 39,9% Modern fleet 14 AHTS s 24 PSV s 2 CSV Order backlog NOK 4,7 bn Modern fleet & Equipment 23 CSV/ROV vessels 25 ROV s + 1 AUV Leading Subsea Contractor Order backlog NOK 8,5 bn 4 state of the art installation AHTS vessels Modern fleet & Equipment 13 MPSV vessels 15 ROV s 2 module handling system Leading Subsea Contractor Order backlog NOK 4 bn DOF ASA 1 Q Presentation - 4
The fleet market segments PSV AHTS ROV/OCSV/DSV Total fleet No. of vessels DOF ASA 21 4 2 27 NORSKAN OFFSHORE 2 4 0 6 DOF SUBSEA ASA 0 0 23 23 DOF INSTALLER ASA 0 4 0 4 AKER DOF SUPPLY 1 6 0 7 Total fleet 24 18 25 67 DOF ASA 1 Q Presentation - 5
DOF contract coverage PSV AREA OF OPER. CHARTERER 2008 2009 2010 Skandi Hav North Sea Maersk UK/Petrobras Skandi Falcon North Sea Petrobras spot spot spot Skandi Marstein North Sea Shell UK Skandi Stolmen Norw ay StatoilHydro Skandi Foula North Sea Shell UK Skandi Rona North Sea Shell UK Skandi Waveney North Sea Marathon BB in Skandi Buchan North Sea ASCO/Total Skandi Sotra North Sea StatoilHydro FIRM CONTRACTS Skandi Caledonia North Sea Total Skandi Captain North Sea Shell Skandi Barra North Sea Shell Skandi Chieftain North Sea Shell OPTIONAL PERIOD Skandi Texel North Sea Peterson Supplylink Skandi Commander North Sea Shell Skandi TBN (AYP 06CD) North Sea StatoilHydro UNDER CONSTRUCTION Skandi Mongstad North Sea StatoilHydro Skandi TBN (Aker PSV 06 LNG) North Sea StatoilHydro DOF ASA 1 Q Presentation - 6
DOF contract coverage AHTS AREA OF OPER. CHARTERER 2008 2009 2010 Skandi Møgster Workd w ide spot spot spot spot Skandi Stord North Sea StatoilHydro Skandi Admiral North Sea StatoilHydro Skandi Giant spot spot spot spot CSV Skandi Fjord North Sea Halliburton Skandi Navica World Wide SubSea 7 FIRM CONTRACTS OPTIONAL PERIOD DOF ASA 1 Q Presentation - 7
NORSKAN: The fleet PSV CHARTERER 2008 2009 2010 Norskan Flamengo Norskan Leblon Skandi Yare Petrobras Petrobras/Shell Petrobras AHTS Norskan Copacabana Norskan Botafogo Skandi Rio Skandi Fluminence Petrobras Petrobras Petrobras Petrobras FIRM CONTRACTS DOF ASA 1 Q Presentation - 8
Awards from Petrobras Third consecutive time on the PEOTRAM program, we won the general Safety Award for 2007. DOF ASA 1 Q Presentation - 9
Vessels under construction DOF Supply 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 New fixture rate USD 15,000 on B/B DOF Subsea NAME TYPE CHARTER PERIOD OWNER DELIVERY 2008 2009 2010 SKANDI SALVADOR ROV/SURVEY Chevron Brazil 3 years GEO Brazil NOV 08 SKANDI ACERGY CONST Acergy 8 years DOFCON JUL 08 SKANDI SEVEN CONST Subsea7 5 years DOFCON AUG 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 FIRM CONTRACTS OPTIONAL PERIOD UNDER CONSTRUCTION DOF ASA 1 Q Presentation - 10
Vessels under construction DOF Installer 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 SKANDI TBN AHTS DOF Installer 2010 SKANDI TBN AHTS DOF Installer 2011 Aker DOF Supply NAME TYPE CHARTER PERIOD OWNER DELIVERY 2008 2009 2010 2011 2012 SKANDI TBN VIETNAM AHTS Aker DOF Supply 2010 SKANDI TBN VIETNAM AHTS Aker DOF Supply 2010 SKANDI TBN VIETNAM AHTS Aker DOF Supply 2011 SKANDI TBN VIETNAM AHTS Aker DOF Supply 2011 SKANDI TBN VIETNAM AHTS Aker DOF Supply 2012 SKANDI TBN VIETNAM AHTS Aker DOF Supply 2012 SKANDI TBN (COCHIN) PSV/RSV Aker DOF Supply 2010 FIRM CONTRACTS OPTIONAL PERIOD UNDER CONSTRUCTION DOF ASA 1 Q Presentation - 11
Aker PSV 06 LNG 5 years CP for StatoilHydro Specifications Type: Length: Beam: Deadweight: Main engine: Speed: Accommodation: Aker PSV 06 LNG 94,90 m 20,00 m 5000 t 3 X 2500 kw 16 knot 25 persons DOF ASA 1 Q Presentation - 12
DOF Installer ASA Vessel no 1: 5 + 3 years contract with StatoilHydro from delivery Dec 2009 Specifications 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 EPC contract Yard: Aker Aukra Delivery date 1 st vessel: December 2009 Delivery date 2 nd vessel: May 2010 Delivery date 3 rd vessel: Oct 2010 Delivery date 4 th vessel: May 2011 Favourable prices compared to market Increasing demand DOF ASA 1 Q Presentation - 13
Financial Highlights 1Q 2008 Gain from Sale of Assets Currency effects Ebit & Financial Changes in Depreciations Variable revenue from spot-market Variable utilization vessels Deliveries of new vessels from yard One vessel sold DOF ASA 1 Q Presentation - 14
Result 1Q 2008 ALL FIGURES IN NOK THOUSANDS Q 1 2008 Q 1 2007 Operating income 913 592 675 310 Total operating income 913 592 675 310 Operating expenses vessels 597 561 463 307 Bare-boat hire vessel 3 333 3 791 Total operating expenses 600 894 467 098 Operating profit before depreciation 312 698 208 212 Depreciation 110 964 113 555 Operating profit 201 734 94 657 Net profit from associated companies 17 854 41 256 Financial items -169 516-42 428 Unrealized profit/loss on currencies 87 487 31 564 Net financial costs -64 175 30 392 Pre-tax profit 137 559 125 049 Taxes -73 865-3 470 Result 63 693 121 579 Minority Interest -11 596-13 166 DOF ASA 1 Q Presentation - 15
Profit share 1Q 2008 ALL FIGURES IN NOK THOUSANDS DOF ASA DOF SUBSEA ASA TOTAL Revenues 406 754 506 838 913 592 Total revenues 406 754 506 838 913 592 Operational costs 199 471 401 423 600 894 - Total Operational costs 199 471 401 423 600 894 EBITDA 207 283 105 415 312 698 Depreciations 56 621 54 343 110 964 EBIT 150 662 51 072 201 734 Profit from ass. Companies 7 637 10 217 17 854 Financial income 62 357 21 314 83 671 Financial costs -146 877-106 310-253 187 Unrealized gain/lost on currency 53 816 33 671 87 487 Net Financial costs -23 067-41 108-64 175 Profit before taxes 127 595 9 964 137 559 Taxes -88 167 14 302-73 865 Net Profit 39 428 24 266 63 694 Minority interest -11 070-526 -11 596 DOF ASA 1 Q Presentation - 16
Balance 1Q 2008 ALL FIGURES IN NOK THOUSANDS 31.03.2008 31.03.2007 31.12.2007 Intangible assets 526 393 380 804 538 305 Fixed assets 11 472 549 9 312 645 11 880 609 Financial assets 1 437 455 206 244 1 410 298 Receivables 1 105 402 814 799 1 052 546 Vessel held for sale 173 000 181 432 0 Bank balance 2 092 883 1 856 764 1 859 974 Total assets 16 807 682 12 752 687 16 741 731 Subscribed equity 619 989 619 989 619 989 Retained earnings 2 403 669 2 371 657 2 448 410 Minority Interest 1 497 983 1 464 413 1 486 387 Provisions for commitment 687 320 467 181 635 838 Other long-term liabilities 9 963 236 6 531 032 9 927 458 Current liabilities 1 635 484 1 298 414 1 623 650 Total liabilities and equity 16 807 682 12 752 687 16 741 731 DOF ASA 1 Q Presentation - 17
Balance March 2008 000 mil NOK 45 000 40 000 35 000 30 000 25 000 43% 20 000 27% 15 000 10 000 5 000 0 Book value Fair market value Assets Equity Debt DOF ASA 1 Q Presentation - 18
Key figures 1Q 2008 Q1 2008 Q1 2007 Profit per share 0,77 1,47 Profit per share ex. minority interest 0,63 1,31 Cash flow per share 1,95 2,50 Ebitda margin 34 % 31 % Ebit margin 22 % 14 % Return on net capital 1 % 3 % Equity ratio 27 % 35 % Booked value per share 55 54 NAV value per share 82 82 Net interest-bearing debt 8 378 559 5 434 056 Net debt (ex capital unemployed) 6 291 319 3 394 325 DOF ASA 1 Q Presentation - 19
Concluding remarks Aggressive global growth DOF Subsea just started DOF ASA 1 Q Presentation - 20