Investor Presentation • Feb 9, 2015
Investor Presentation
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9 February 2015
All statements in this presentation other than statements of historical fact are forward-looking statements, which are subject to a number of risks, uncertainties, and assumptions that are difficult to predict and are based upon assumptions as to future events that may not prove accurate. Certain such forward-looking statements can be identified by the use of forwardlooking terminology such as "believe", "may", "will", "should", "would be", "expect" or "anticipate" or similar expressions, or the negative thereof, or other variations thereof, or comparable terminology, or by discussions of strategy, plans or intentions. Should one or more of these risks or uncertainties materialise, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this presentation as anticipated, believed or expected. Prosafe does not intend, and does not assume any obligation to update any industry information or forward-looking statements set forth in this presentation to reflect subsequent events or circumstances.
Safe Boreas delivered from yard in January – currentlyin transit to Norway
Oil price drop leading to increased market uncertainty
Recent developments
| S ( U d i d f i i U D i l l i ) t n a e g r e s n m o n u u |
Q 4 1 4 |
Q 3 1 4 |
Q 4 1 3 |
2 0 1 4 |
2 0 1 3 |
|---|---|---|---|---|---|
| O i t p e r a n g r e e n e s v u |
1 4 1 5 |
1 6 9 5 |
1 3 4 8 |
4 8 5 7 |
2 3 5 5 |
| O i t p e r a n g e x p e n s e s |
( ) 6 0 2 |
( ) 5 9 9 |
( ) 5 3 4 |
( ) 2 3 6 1 |
( ) 2 1 6 9 |
| E B I T D A |
9 3 9 |
1 0 9 6 |
8 1. 4 |
3 1 2 6 |
3 0 6 6 |
| D i i t e p r e c a o n |
( 1 6 ) 5 |
( 1 6 6 ) |
( 1 4 4 ) |
( 6 4 3 ) |
( 6 1. ) 5 |
| O i f i t t p e r a n g p r o |
4 7 7 |
9 3 0 |
6 0 7 |
2 4 8 3 |
2 4 5 1 |
| I i t t n e r e s n c o m e |
0 0 |
0 2 |
0 1 |
0 3 |
1. 3 |
| I t t n e r e s e x p e n s e s |
( ) 1 0 2 |
( ) 1 0 0 |
( ) 8 4 |
( ) 3 7 3 |
( ) 3 4 2 |
| O f h i i l i t t e r n a n c a e m s |
( ) 1 1 5 |
( ) 9 7 |
1. 4 |
( ) 2 0 0 |
( ) 8 5 |
| N f i i l i t t e n a n c a e m s |
( ) 2 5 3 |
( ) 1 7 7 |
( ) 6 9 |
( ) 5 0 7 |
( ) 4 1. 4 |
| P f i b f t t r o e o r e a x e s |
5 2 1 |
5 7 3 |
6 0 1 |
1 9 1. 3 |
2 0 3 7 |
| T a e s x |
( ) 1. 1 |
( ) 9 7 |
( ) 0 4 |
( ) 1 2 5 |
( ) 4 6 |
| N f i t t e p r o |
5 1. 0 |
6 4 7 |
5 9 7 |
1 8 8 7 |
1 9 9 1 |
| S E P |
0 2 2 |
0 2 9 |
0 2 5 |
0 6 7 |
0 8 5 |
| D i l d E P S t u e |
0 2 2 |
0 2 9 |
5 0 2 |
0 7 6 |
5 0 8 |
| S ( U D i l l i ) m o n |
Q 4 1 4 |
Q 3 1 4 |
Q 4 1 3 |
2 0 1 4 |
2 0 1 3 |
|---|---|---|---|---|---|
| C h i t a r e r n c o m e |
1 3 7 2 |
1 4 8 8 |
1 2 0 4 |
4 8 1. 2 |
4 6 9 2 |
| / M b d b i o e m o n c o m e |
1. 0 |
3 0 |
3 7 |
8 8 |
9 1 |
| O h i t e r n c o m e |
1 9 5 |
1 7 7 |
1 0 7 |
8 5 7 |
4 2 5 |
| T l t o a |
1 5 4 1 |
1 6 9 5 |
1 3 4 8 |
5 4 8 7 |
5 2 3 5 |
| ( U d i d f i i U S D i l l i ) t n a u e g u r e s n m o n |
3 1. 1 2 1 4 |
3 0 0 9 1 4 |
3 1. 1 2 1 3 |
|---|---|---|---|
| G d i l l o o w |
2 2 6 7 |
2 2 6 7 |
2 2 6 7 |
| V l e s s e s |
1 0 2 7 3 |
1 0 0 4 1 |
9 4 6 9 |
| N b i l d e s w u |
3 1 1. 8 |
2 9 3 7 |
2 4 8 9 |
| O h t t t e r n o n- c u r r e n a s s e s |
5 7 |
5 2 |
4 9 |
| T l t t t o a n o n -c u r r e n a s s e s |
5 5 1 7 1. |
5 1 2 9 7 |
1 4 2 7 4 |
| C h d d i t a s a n e p o s s |
1 2 2 4 |
1 4 6 5 |
1 1 3 4 |
| O h t t t e r c u r r e n a s s e s |
1 2 2 9 |
9 3 6 |
7 9 1 |
| T l t t t o a c u r r e n a s s e s |
2 4 5 3 |
2 3 9 2 |
1 9 2 5 |
| T l t t o a a s s e s |
1 8 1 6 8 |
1 6 8 9 7 |
1 6 1 9 9 |
| S h i l t a r e c a p a |
6 5 9 |
6 5 9 |
6 5 9 |
| O h i t t e r e q u y |
6 8 2 6 |
6 6 0 7 |
6 7 3 8 |
| i T l t t o a e q u y |
7 4 8 5 |
7 2 6 6 |
7 3 9 7 |
| I f l l i b i l i i t t- t t n e r e s r e e o n g e r m a e s - |
5 5 9 |
4 5 2 |
2 5 1 |
| I b i l d b t t- t t n e r e s e a r n g o n g e r m e - |
8 3 0 1 |
9 1 9 4 |
9 6 7 7 |
| T l l l i b i l i i t t t o a o n g e r m a e s - |
8 8 6 0 |
9 6 4 6 |
8 0 4 7 |
| O h i f l i b i l i i t t t- t t e r n e r e s r e e c u r r e n a e s |
1 8 2 3 |
7 7 7 |
7 5 5 |
| i i i i T l l b l t t t o a c u r r e n a e s |
1 8 2 3 |
7 7 7 |
7 5 5 |
| T l i d l i b i l i i t t t o a e q a n a e s u y |
1 8 1 6 8 |
1 6 8 9 7 |
1 6 1 9 9 |
| S K E Y F I G U R E |
Q 4 1 4 |
Q 3 1 4 |
Q 4 1 3 |
2 0 1 4 |
2 0 1 3 |
|---|---|---|---|---|---|
| O i i t p e r a n g m a r g n |
5 0 2 % |
5 4 9 % |
4 9 7 % |
4 5 3 % |
4 6 8 % |
| E i i t t q r a o u y |
4 1. 2 % |
4 1. 1 % |
4 % 5 7 |
4 1. 2 % |
4 % 5 7 |
| R i t t e u r n o n e q u y |
2 8 1 % |
3 7 8 % |
3 3 0 % |
2 4 0 % |
3 1. 7 % |
| ( S ) N i b i d b U D i l l i t t t t e n e r e s e a r n g e m o n |
0 7 7 7 |
3 8 7 7 |
6 6 6 2 |
0 7 7 7 |
6 6 6 2 |
| N b f h ( ) 1 0 0 0 u m e r o s a r e s |
2 3 5 9 7 3 |
2 3 5 9 7 3 |
2 3 5 9 7 3 |
2 3 5 9 7 3 |
2 3 5 9 7 3 |
| f ( ) A d i h 1 0 0 0 t t e r a g e n o o o s a n n g s a r e s v u |
2 3 9 3 5 7 |
2 3 9 3 5 7 |
2 3 9 3 5 7 |
2 3 9 3 5 7 |
2 3 3 8 0 6 |
| U S D / N O K h d f i d t t e x c a n g e r a e a e n o p e r o |
7 4 3 |
6 4 5 |
6 0 8 |
7 4 3 |
6 0 8 |
| S ( O ) h i N K a r e p r c e |
2 3 0 0 |
3 8 7 5 |
4 6 8 0 |
2 3 0 0 |
4 6 8 0 |
| S h i ( U S D ) a r e p r c e |
3 1 0 |
5 8 3 |
7 7 0 |
3 1 0 |
7 7 0 |
| ( O ) M k i l i i N K i l l i t t t a r e c a p a s a o n m o n |
5 4 2 7 |
8 8 6 8 |
1 1 0 4 4 |
5 4 2 7 |
1 1 0 4 4 |
| S M k i l i i ( U D i l l i ) t t t a r e c a p a s a o n m o n |
3 0 7 |
1 3 7 5 |
1 8 1 6 |
3 0 7 |
1 8 1 6 |
I t t t n e r e s r a e : |
L I B O R f f i 1 9 0 t + p e r c e n o r e e a r s v y L I B O R l 2 1 5 t t t + p e r c e n a s o e a r s w y |
|---|---|
T e n o r : |
( ) i i 2 0 2 2 7 t t y e a r s m a u r y n |
R t e p a m e n y : |
S S S i- l d i f U D U D i l l i 6 5 t e m a n n a r e c o n s o m o n u u , S b l l f U D i l l i 3 9 0 t a o o n p a m e n o m o n y ( f i l ) 1 0 t e a r s r e p a m e n p r o e y y |
S i t e c u r y : |
S f S f S f S B Z h d i i a e o r e a s a e e p y r u s a e c a n n a v a , , , S f C S f S f R l i l d i B i l i t e g a a a e a e o n a a e r s o a a e , , , S f C A i d i t s o r a a e o n c o r a , |
Note: As the new USD 1,300 million facility includes a revolving tranche the scheduled instalments do not necessarily imply a reduction of cash (or gross interest-bearing debt)
| F i i l Q 4 1 4 t t n a n c a s a u s |
S U D m |
|---|---|
| B k l b o o a e o v u |
1 1 7 |
| B k l b o o a e c v u |
1 2 5 |
| C i l i d i t t a p a s e n q a r e r u |
8 |
| E i d l t t t t t s m a e o a c o s |
3 0 5 |
| i i Q F l 4 1 4 t t n a n c a s a s u |
S U D m |
|---|---|
| B k l b o o v a u e o |
8 4 |
| B k l b o o v a u e c |
9 1 |
| C i l i d i t t a p a s e n q u a r e r |
7 |
| E i d l t t t t t s m a e o a c o s |
3 5 0 |
Appendix
No. of accommodation semis by owner Overview of incoming vessels 2012-2016
Based on firm contracts, extension options, projects in the tendering phase and prospects for the next 36 months. Index based on number of days in demand. Q4 11 = 100
Source: Prosafe
But no new contracts signed over the past nine months
Gross value of charter contracts
Appendix
| L o a n |
C i t t o m m m e n |
M i t t a u r y |
M i a r g n |
|---|---|---|---|
| O N K 0 0 i l l i b d ( 2 0 1 1- 1 6 ) 5 m o n o n |
O N K 0 0 i l l i 5 m o n |
Q 1 2 0 1 6 |
3 0 b 5 p s |
| O N K 0 0 i l l i b d ( 2 0 1 2- 1 ) 5 7 m o n o n |
O N K 0 0 i l l i 5 m o n |
Q 1 2 0 1 7 |
3 b 7 5 p s |
| N O K i l l i b d ( ) 7 0 0 2 0 1 3- 1 8 m o n o n |
N O K i l l i 7 0 0 m o n |
Q 4 2 0 1 8 |
b 2 9 5 p s |
| N O K i l l i b d ( ) 7 0 0 2 0 1 4- 1 9 m o n o n |
N O K i l l i 7 0 0 m o n |
Q 3 2 0 1 9 |
b 3 1 0 p s |
| N O K i l l i b d ( ) 5 0 0 2 0 1 3- 2 0 m o n o n |
N O K i l l i 5 0 0 m o n |
Q 1 2 0 2 0 |
b 3 7 5 p s |
| S f ( ) U D 2 8 8 i l l i d i i l i 2 0 1 4- 2 1 t t m o n c r e a c y |
S U D 2 8 8 i l l i m o n |
Q 1 2 0 2 1 |
2 2 5 b p s |
| S f ( ) ( ) U D 1, 3 0 0 i l l i d i i l i 2 0 1 5- 2 2 1 t t m o n c r e a c y |
S U D 1, 3 0 0 i l l i m o n |
Q 1 2 0 2 2 |
1 9 0 b p s |
| S f ( ) ( ) U D 1, 1 0 0 i l l i d i i l i 2 0 1 1- 1 7 2 t t m o n c r e a c y |
S U D 7 9 1 i l l i m o n |
Q 3 2 0 1 7 |
1 8 7. 5 b p s |
| S ( ) ( ) U D 4 2 0 i l l i d i f i l i 2 0 1 2- 1 2 t t 7 m o n c r e a c y |
S U D 4 2 0 i l l i m o n |
Q 4 2 0 1 7 |
2 9 b 5 p s |
Deck area 3,250 m
Geographical area Norway/North Sea Norway/North Sea North SeaMooring system DP 12 point chain winches 10 point wire winchesStation keeping NMD3 Moored DP2 / TAMSNo of beds 282 583 3872 400 mDesign GVA 3000E Aker H-3.2E F+G PacesetterBuilt 1985 1984 1982
Name Regalia Safe Scandinavia Safe Caledonia2 900 mConverted/upgraded 2003, 2009*, 2014 2003, 2005, 2014* 2004, 2012*
2
* 20-year life extensions
Deck area 2,100 m
2 400 mConverted/upgraded n/a n/a 2006, 2008
2
Deck area 620 m
Name Safe Astoria Safe ConcordiaGeographical area Non-North Sea Non-North SeaMooring system 8 point wire winches 4 point wire winchesStation keeping Moored DP2No of beds 245 4612 1,300 mDesign Sesco 600 KFELSBuilt 1983 2005Converted/upgraded 2005, 2012 n/a
Geographical area Mexico(/North Sea) Mexico Mexico(/North Sea)Mooring system 9 point wire winches 8 point chain winches 12 point wire winchesStation keeping DP2 / TAMS DP2 MooredNo of beds 812 600 500Deck area 1,300 mDesign F+G Pacesetter GVA 200 Aker H-3Built 1980 1984 1977Converted/upgraded 1987, 2003 2003 1991, 1994, 2006
21,100 m
Name Safe Britannia Safe Lancia Safe Hibernia2750 m
Deck area 800 mConverted/upgraded 2003, 2008 2002
Name Safe Regency JasminiaGeographical area Mexico(/North Sea) MexicoMooring system 8 point wire winches 8 point wire winchesStation keeping DP2 MooredNo of beds 771 5352 690 mDesign F+G Pacesetter GVA 2000Built 1982 1982
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