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Prosafe SE Investor Presentation 2014

Nov 5, 2014

3718_rns_2014-11-05_66eede86-6cb0-4fd8-996d-3757eeaab14d.pdf

Investor Presentation

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Q3 2014 results

Disclaimer

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.

Agenda

  • Recent developments
  • Financial results
  • Operations/projects
  • Outlook
  • Appendix

Recent developments

  • Q3 utilisation of 96 per cent
  • Best operating result ever in Q3
  • Construction of first new buildapproaching completion
  • Safe Bristolia operationsuspended due to weatherdamages to equipment

Near-term outlook still uncertain – demand softness in the North Sea region

Agenda

Recent developments

Financial results

  • Operations/projects
  • Outlook
  • Appendix

Income statement

(
U
d
i
d
f
i
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i
l
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i
)
t
n
a
e
g
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s
n
m
o
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u
u		 Q
3
1
4		 Q
2
1
4		 Q
3
1
3		 M
9
1
4		 M
9
1
3		 2
0
1
3
O
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6
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4		 3
9
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6		 3
8
8
7		 5
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5
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1
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1
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9
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6
6
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9		 1
7
8
1		 2
4
5
1
I
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2		 0
0		 0
4		 0
3		 1.
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3
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3
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7		 (
3
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4
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1
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4		 (
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4
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)
4
6
N
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4		 4
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8
2		 1
2
7
8		 1
3
9
4		 1
9
9
1
E
P
S		 0
2
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1
8		 0
3
6		 0
5
4		 0
6
0		 0
8
5
D
i
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d
E
P
S
t
u
e		 0
2
9		 0
1
8		 0
3
6		 0
5
4		 0
6
0		 0
8
5

Operating revenues

(
S
)
U
D
i
l
l
i
m
o
n		 Q
3
1
4		 Q
2
1
4		 Q
3
1
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1
4		 9
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1
3		 2
0
1
3
C
h
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4
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4
8
8		 4
6
9
2
/
M
b
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0		 3
7		 0
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7		 4
5		 9
1
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2
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6
9
5		 1
3
3
4		 1
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9
4		 3
9
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6		 3
8
8
7		 5
2
3
5

Balance sheet

(
f
S
)
U
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d
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i
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i
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0.
0
9.
1
4		 3
0.
0
6.
1
4		 3
1.
1
2.
1
3		 3
0.
0
9.
1
3
G
d
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2
6.
7		 2
2
6.
7		 2
2
6.
7		 2
2
6.
7
V
l
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s
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e
s		 1
0
0
4.
1		 9
9
5.
8		 9
4
6.
9		 9
2
6.
2
N
b
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s		 2
9
3.
7		 2
6
7
5.		 2
4
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5
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2
7.
4		 1
3
2
1.
9
C
h
d
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6		 7
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8.
0
O
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9.
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9.
1		 1
0
2.
8
T
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3
9.
2		 1
8
6.
7		 1
9
2.
5		 2
2
0.
8
T
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s		 1
6
8.
9
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9.
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1
9.
9		 1
5
4
2.
7
S
h
i
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a
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a		 6
9
5.		 6
9
5.		 6
9
5.		 6
9
5.
O
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q
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y		 6
6
0.
7		 6
2
4.
7		 6
7
3.
8		 6
3
9.
8
T
l
i
t
t
o
a
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q
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y		 7
2
6.
6		 6
9
0.
6		 7
3
9.
7		 7
0
5.
7
I
f
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i
b
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t
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s
r
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m
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s		 4
5.
2		 5
3.
1		 2
5.
1		 4
0.
5
I
b
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t-
-t
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s
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1
9.
4		 8
7
6.
6		 7
7
9.
6		 6
9
7.
7
T
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9.
7		 8
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4.
7		 7
3
8.
2
O
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s		 7
7.
7		 6
9.
6		 7
5.
5		 6
4.
8
C
i
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r
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0		 0.
0		 0.
0		 3
4.
0
T
l
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t
o
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s		 7
7.
7		 6
9.
6		 5.
5
7		 9
8.
8
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7
6
8.
9		 1
6
8
9.
9		 1
6
1
9.
9		 5
1
4
2.
7

Key figures

S
K
E
Y
F
I
G
U
R
E		 Q
3
1
4		 Q
2
1
4		 Q
3
1
3		 9
M
1
4		 9
M
1
3		 2
0
1
3
O
i
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a
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g
m
a
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4
9
%		 4
1.
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%		 5
6.
7
%		 4
3.
3
%		 4
5.
8
%		 4
6.
8
%
E
i
i
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t
q
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r
a
o		 4
1.
1
%		 4
0.
9
%		 4
%
5.
7		 4
1.
1
%		 4
%
5.
7		 4
%
5.
7
R
i
t
t
e
r
n
o
n
e
q
u
u
y		 3
8
%
7.		 2
4
2
%		 4
9.
9
%		 2
3.
2
%		 3
0.
4
%		 3
1.
%
7
N
i
b
i
d
b
(
U
S
D
i
l
l
i
)
t
t
t
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a
r
n
g
e
m
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n		 7
7
3.
8		 7
9
9.
2		 6
1
3.
7		 7
7
3.
8		 6
1
3.
7		 6
6
6.
2
N
b
f
h
(
)
1
0
0
0
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m
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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		 2
3
5
9
7
3
(
)
A
f
d
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h
1
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t
t
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a
g
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n
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o
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s
a
n
n
g
s
a
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s		 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
0
7
5		 2
3
3
8
0
6
S
/
O
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D
N
K
h
d
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x		 6.
4
5		 6.
1
5		 6.
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1		 6.
4
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0
1		 6.
0
8
S
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i
(
N
O
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7.
5
8		 5
0.
6
0		 4
8.
0
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7.
5
8		 4
8.
0
0		 4
6.
8
0
S
(
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h
i
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3		 8.
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9
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9
9		 7.
7
0
O
M
k
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N
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l
l
i
)
t
t
t
a
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c
a
p
a
s
a
o
n
m
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n		 8
8
6
8		 1
1
9
4
0		 1
1
3
2
7		 8
8
6
8		 1
1
3
2
7		 1
1
0
4
4
M
k
i
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i
(
U
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)
t
t
t
a
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c
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a
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n
m
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3
7
5		 1
9
4
2		 1
8
8
5		 1
3
7
5		 1
8
8
5		 1
8
1
6

Solid funding structure in place

Interest-bearing debt portfolio

placed in August

i
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F
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y		 i
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7.
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4
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2
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2
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p
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(
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0
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1
6
N
5
m
o
n
o
n		 l
l
O
K
0
0
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i
N
5
m
o
n		 Q
1
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6		 b
3
0
5
p
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b
d
(
)
O
0
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2
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N
K
5
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7
m
o
n
o
n		 l
l
O
0
0
i
i
N
K
5
m
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2
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1
7		 b
3
7
5
p
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d
(
)
i
i
N
O
K
5
0
0
2
0
1
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2
0
m
o
n
o
n		 l
l
i
i
N
O
K
5
0
0
m
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n		 Q
1
2
0
2
0		 b
3
7
5
p
s
l
l
b
(
)
i
i
d
N
O
K
7
0
0
2
0
1
3-
1
8
m
o
n
o
n		 l
l
i
i
N
O
K
7
0
0
m
o
n		 Q
4
2
0
1
8		 b
2
9
5
p
s
(
)
l
l
b
d
N
O
K
7
0
0
i
i
2
0
1
4-
1
9
m
o
n
o
n
N
b
d
l
e
w
o
n
o
a
n		 l
l
N
O
K
7
0
0
i
i
m
o
n		 Q
3
2
0
1
9		 b
3
1
0
p
s

Dividend policy

  • Paying out up to 75 per cent of previous year's net profit
    • Exact level to be paid in each period dependent on
    • Supply/demand balance in the market
    • Investment level
    • Overall financial position of the Group
  • Detailed guidance:
  • -40-60 per cent normally
  • -Up to 75 per cent in stronger periods
  • Lower payout for the period until end 2016 in order to strengthen balance sheet and securing financial flexibility in a weaker market
  • -25-35 per cent

Dividend

  • Declared an interim dividend equivalent to USD 0.053 per share
  • The shares will trade exdividend on 12 November
  • The dividend will be paid in the form of NOK 0.36 per share on 26 November
  • Reflecting a payout ratio of 25 per cent of last year's net profit

Agenda

  • Recent developments
  • Financial results
  • Operations/projects
  • Outlook
  • Appendix

Operations

  • Solid operations in Q3
  • Utilisation rate of 96 per cent
  • Safe Bristolia sustained damages to lifeboats after experiencing extreme weather conditions around mid October

Safe Boreas

  • Commissioning ongoing
  • Sea trials to commence during next few weeks
  • On track for start-up of operations in Norway in late April/early May
    • First contract for Lundin at the Edvard Grieg field in Norway
F
i
i
l
Q
3
1
4
t
t
n
a
n
c
a
s
a
u
s		 U
S
D
m
B
k
l
b
o
o
v
a
u
e
o		 1
0
9
B
k
l
b
o
o
a
e
c
v
u		 1
1
7
C
i
l
i
d
i
t
t
a
p
a
s
e
n
q
u
a
r
e
r		 8
E
i
d
l
t
t
t
t
t
s
m
a
e
o
a
c
o
s		 3
5
0

Safe Boreas

Safe Zephyrus

  • Major items of equipment installed
  • Installation of cabins ongoing
  • Ready for operations in 2015
i
i
Q
F
l
3
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		 9
7
B
k
l
b
o
o
v
a
u
e
c		 8
4
C
i
l
i
d
i
t
t
a
p
a
s
e
n
q
u
a
r
e
r		 4
E
i
d
l
t
t
t
t
t
s
m
a
e
o
a
c
o
s		 3
5
0

Safe Notos and Safe Eurus

  • Projects developing as planned
    • Fast start: Steel cutting taking place 4 months after contract and keel lay 8.5 months after contract
    • Engineering and procurement progressing well
  • Strong capabilities
    • The most advanced and flexible vessels for worldwide operations excluding Norway
  • Ready for operations in 2016

Pontoon and column block construction

State of the art North Sea fleet

  • Safe Boreas – new build
  • Safe Zephyrus – new build
  • Safe Notos – new build
  • Safe Eurus – new build
  • Safe Scandinavia – life extension in 2014 (20 years)
  • Safe Caledonia – life extension in 2013 (20 years)
  • Regalia – life extension in 2009 (20 years)
  • Safe Bristolia – converted and refurbished in 2006

Agenda

  • Recent developments
  • Financial results
  • Operations/projects

Outlook

Appendix

Substantial growth in semi accommodation fleet

Overview of incoming vessels 2012-2016

  • Significant share of incoming vessels not originally designed for accommodation purposes
  • -Not ideally designed and equipped for high end accommodation support operations
  • Vessel exits
  • -Safe Scandinavia going into TSV market for a minimum of three years from 2015
    • Some low-quality vessels may be retired/moved to lower-end segments, particularly if demand weakness persists

North Sea – weaker demand

  • Short-to-medium term weakness
    • More uncertain demand situation due to reduced spending by oil companies
    • Several maintenance, modification and upgrade projects de-scoped/ postponed
  • Long term demand drivers intact
  • -Aging infrastructure
  • -Recovery rates trending upwards
    • Large new fields to come on stream in coming years
    • High interest in recent licensing rounds
    • Significant potential for work related to decommissioning in due course

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

22

North Sea day rates (time charter)

Mexico – stable outlook

  • High activity level in shallow waters evidenced by an increasing number of drilling jack-ups under contract
  • Interesting potential also in other shallow water areas besides Cantarell
  • Energy reform has been approved
    • Opening up for international oil companies
    • Should lead to increased exploration in deep waters
    • May develop into demand for accommodation vessels also in deep waters in the long term

Mexico day rates (bareboat)

25

Brazil – continued demand growth

  • Positive demand outlook
    • High activity in the Campos basin
    • Primarily maintenance requirements
  • -Santos basin opportunities
    • Operators other than Petrobras showing interest in accommodation vessels
  • Potential for further contract awards in the coming year
  • Fragmented supply side leading to strong competition

Number of accommodation vessels in Brazil

Based on contracts awarded. Includes all vessel types

Rest of the world – interesting opportunities

  • Australia
  • -Some demand related to hook-up and commissioning
    • As fields are getting older, there should be potential for more maintenance and modification related work
  • South East Asia
    • Some demand for semis in mid and deep waters, mostly related to hook-up and commissioning
  • US GoM
  • -A number of prospects developing in the mid and deep water areas
  • West Africa
  • -Opportunities as operators plan for major hook-up and commissioning projects

Rest of the World day rates (time charter)

High contract visibility

Robust contract backlog

But no new contracts signed over past six months

Summary

  • New build projects
    • Safe Boreas in completion phase
    • Safe Zephyrus ready for operations in 2015
  • Positive outlook in Mexico and Brazil
  • Weak North Sea demand
  • Dividend reduced in order to strengthen balance sheet and securing financial flexibility in a weaker market

Agenda

  • Recent developments
  • Financial results
  • Operations/projects
  • Outlook

Appendix

Vessel motion characteristics

  • Six degrees of freedom refers to the freedom of movement of a rigid body in a three-dimensional space
  • The body is free to move (translation) along three axes
  • -Surge (forward/backward or forward/astern)
  • -Sway (left/right or port/starboard)
  • -Heave (up/down)
  • The body is free to rotate (rotation) about three axes
  • -Pitch (about surge axis)
  • -Roll (about sway axis)
  • -Yaw (about heave axis)

Vessel motion characteristics

  • Gangway connecting to a fixed target
  • -Connect the gangway – Maintain position
  • -Accommodation vessel should move as little as possible
  • Gangway connecting to a moving target
  • -Connect the gangway – Follow target
  • -Accommodation vessel should move as required
  • Key variables for offshore accommodation vessels
    • Thruster power / Displacement in operation (kW/t) (maneuverability)
    • Displacement in operation / Waterplane area (t/m2) (motion)
  • -Air gap in operation (m)

Vessel motion characteristics DP vessels

See appendix and latest issue of the "Prosafe Now" magazine (can be found at www.prosafe.com) for more details

Source: Prosafe estimates based on available technical specifications

35

Harsh environment capabilities DP vessels

Station keeping - Mooring strength/Displacement in operation (t/t)

Source: Prosafe estimates based on available technical specifications

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