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Prosafe SE Investor Presentation 2014

Aug 21, 2014

3718_rns_2014-08-21_1c413ba8-522a-45d0-994e-f6915a515f3d.pdf

Investor Presentation

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Q2 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
  • Projects
  • Outlook
  • Appendix

Recent developments

  • Q2 utilisation of 84 per cent
  • Contract signed for provisionof Safe Scandinavia as tender support vessel (TSV) for Statoil
  • New build projects progressing well
    • First vessel – Safe Boreas –to start mobilisation to Norway in Q4 2014

Positive long-term demand outlook, but more uncertainshort-term picture due to slow-down in oil companies' E&P spending

Agenda

Recent developments

Financial results

  • Projects
  • Outlook
  • Appendix

Income statement

(
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Operating revenues

(
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D
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2
1
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3.
5

Balance sheet

(
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9
T
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9.
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9

Key figures

K
E
Y
F
I
G
U
R
E
S		 Q
2
1
4		 Q
1
1
4		 Q
2
1
3		 6
M
1
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M
1
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0
1
3
O
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m
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1.
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%		 2
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%
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9
%
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4.
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%		 3
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2
%		 4
6.
8
%
E
i
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q
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9
%		 4
3.
9
%		 4
4.
0
%		 4
0.
9
%		 4
4.
0
%		 4
%
5.
7
R
i
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2
%		 1
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%		 3
4.
5
%		 1
6.
9
%		 1
8.
4
%		 3
1.
7
%
(
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9.
2
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9.
2
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3
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6
6.
2
N
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(
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1
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0
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(
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6.
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(
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7.
7
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k
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t
t
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c
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n
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1
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4
0		 1
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2		 1
2
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8
9		 1
1
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0		 1
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4
4
(
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a
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m
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9
4
2		 1
8
9
0		 2
1
3
4		 1
9
4
2		 2
1
3
4		 1
8
1
6

Dividend

  • Declared an interim dividend equivalent to USD 0.16 per share
  • The shares will trade exdividend on 27 August
  • The dividend will be paid in the form of NOK 0.98 per share on 10 September
  • Based on a more uncertain short-term demand outlook, the Board of Directors will consider temporarily reducing dividend payments for a period of time

Agenda

  • Recent developments
  • Financial results

Projects

  • Outlook
  • Appendix

Safe Boreas

  • Mechanical completion and commissioning ongoing
  • Mobilisation to Norway to commence in Q4 14
  • First contract for Lundin at the EdvardGrieg field in Norway
    • Contract commencement scheduled for late April/early May 2015
Q
F
i
i
l
2
1
4
t
t
n
a
n
c
a
s
a
s
u		 S
U
D
m
B
k
l
b
o
o
a
e
o
v
u		 1
0
2
B
k
l
b
o
o
v
a
u
e
c		 1
0
9
C
i
l
i
d
i
t
t
a
p
a
s
e
n
q
a
r
e
r
u		 7
E
i
d
l
t
t
t
t
t
s
m
a
e
o
a
c
o
s		 3
0
5

Safe Zephyrus

  • Launch and docking took placein June
  • Accommodation blocks lifted in place in August
  • Ready for operations in 2015
i
i
Q
F
l
2
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		 2
7
B
k
l
b
o
o
v
a
u
e
c		 9
7
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

Safe Notos and Safe Eurus

  • Strong capabilities
    • The most advanced and flexible vessels for worldwide operations excluding Norway
  • Number 3 and 4 in a series of Gusto MSC Ocean 500 units built by Cosco
  • Ready for operations in 2016
  • Keel laying Safe Notos in August

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
  • Projects

Outlook

Appendix

Clear market leader in the high-end segment

  • Substantial growth in semi accommodation vessel fleet
  • -Possible under-supply situation historically
  • -Positive underlying demand development seen over the past years
    • Substantial share of incoming vessels not originally designed for accommodation purposes
  • -Safe Scandinavia going into TSV market for a minimum of three years from 2015

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

18

Fragmented Brazilian market

North SeaBrazil

  • High entry barriers
    • Strict regulations (particularly in Norway)
  • -Rough weather conditions
    • Clients put high value on track-record and organisational depth
  • -High capital cost – mostly large semis
  • -Mostly short-term contracts
  • Reasonably consolidated supply side

Total no. of vesselsTotal no. of vesselsTotal no. of ownersTotal no. of owners012345678910111220112016E

  • Medium entry barriers
    • Moderate weather conditions, with challenging currents
    • Lower capital cost – smaller and less capable vessels accepted
  • -Positive demand growth outlook
  • Fragmented supply side

North Sea – robust demand

  • Short-to-medium term
    • More uncertain demand situation due to reduced spending by oil companies
    • Fewer tenders and market enquiries than one to two years back
  • Long term
    • Aging infrastructure combined with increasing recovery rates bodes well for demand related to maintenance, modification and upgrade work
    • Several potential development projects in the pipeline
    • High interest in recent licensing rounds
    • Significant potential for work related to decommissioning in due course

North Sea accommodation demand index

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

North Sea day rates (time charter)

Mexico – high activity level

  • High activity level in shallow waters evidenced by an increasing numberof drilling jack-ups under contract
  • Interesting potential also in other shallow water areas besidesCantarell
  • 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)

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
  • Competitive and fragmented supply side
  • Day rates have increased, but still difficult to achieve the desired level of return
  • High cost level
  • Challenging operational and administrative situation

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

Contract backlog

Summary

  • Record high order backlog
  • New build projects progressing well
  • Increased uncertainty related to demand in the short term
  • Long-term demand drivers remain intact
  • Prosafe well placed to enhance the leading position further

Agenda

  • Recent developments
  • Financial results
  • Projects
  • Outlook

Appendix

Interest-bearing debt portfolio

L
o
a
n		 i
C
t
t
o
m
m
m
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t
t
a
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r
y		 i
M
a
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n
l
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f
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(
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1
0
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7
t
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c
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7.
5
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4
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6		 b
3
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(
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m
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5
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1
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1
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3
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5
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s
(
)
l
l
b
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5
0
0
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2
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1
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2
0
m
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l
N
O
K
5
0
0
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m
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n		 Q
1
2
0
2
0		 b
3
7
5
p
s
(
)
l
l
b
d
N
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K
7
0
0
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2
0
1
3-
1
8
m
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n
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n		 l
l
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K
7
0
0
i
i
m
o
n		 Q
4
2
0
1
8		 b
2
9
5
p
s

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)

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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