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Prosafe SE

Investor Presentation • May 28, 2014

3718_rns_2014-05-28_561eb779-46c1-48bd-a3a2-696af88950b8.pdf

Investor Presentation

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Q1 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

Recent developments

  • Q1 utilisation of 76 per cent
  • High order intake in the quarter -TSV-contract with firm value of USD 443 million
  • Projects and new builds
  • -Safe Scandinavia completed life extension and SPS
  • -Regalia completed SPS
  • -New build projects progressing well
  • New build financing in place for Safe Notos and Safe Eurus

Agenda

Recent developments

Financial results

  • Projects
  • Outlook

Income statement

(
U
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t
n
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u		 Q
1
1
4		 Q
4
1
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0
1
3
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1.
7		 1
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8		 8
8
5.		 2
3.
5
5
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3.
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5		 (
2.
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5		 (
2
1
6.
9
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E
B
I
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A		 3
8.
1		 8
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4		 3
3.
4		 3
0
6.
6
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1
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1.
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4.
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7		 1
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P		 0.
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8		 0.
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0		 0.
8
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P
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0
8		 0.
2
5		 0.
0
0		 0.
8
5

Operating revenues

(
S
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U
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1
1
4		 Q
4
1
3		 Q
1
1
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1
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C
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0.
5		 1
2
0.
4		 3
7
5.		 4
6
9.
2
M
b
/
d
b
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m
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e		 1.
1		 3.
7		 1.
7		 9.
1
O
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o
m
e		 1
0.
1		 1
0.
7		 8.
8		 4
2
5.
T
l
t
o
a		 9
1.
7		 1
3
4.
8		 5.
8
8		 5
5
2
3.

Balance sheet

(
S
)
U
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i
d
f
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i
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D
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n
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1.
0
3.
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4		 3
1.
1
2.
1
3		 3
1.
0
3.
1
3
G
d
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2
6.
7		 2
2
6.
7		 2
2
6.
7
V
l
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s
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e
s		 9
8
1.
3		 9
4
6.
9		 9
2
6.
3
N
b
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6
0.
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4
8.
9		 1
4
2.
0
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4
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1
5.
3
C
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7.
6		 1
1
3.
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1.
5
O
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6.
4		 7
9.
1		 6
2.
4
T
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9
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3.
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5
9.
2
S
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9
5.		 6
9
5.		 6
8.
2
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3
5.
6		 6
7
3.
8		 5
4
4.
6
T
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q
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y		 0
1.
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7		 3
9.
7
7		 6
1
2.
8
I
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7.
8		 2
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4.
3
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8
6.
5		 7
7
9.
6		 6
5
4.
5
T
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-t
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2
4.
3		 8
0
4.
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8.
8
7
O
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1.
6		 7
5.
5		 9
2.
5
C
f
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p
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u		 0.
0		 0.
0		 3
5.
1
T
l
l
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b
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l
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c
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6
7		 5.
5
7		 1
2
6
7.
T
l
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t
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y		 5
1
9
7.
4		 1
6
1
9.
9		 5
1
4
9.
2

Key figures

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

New build financing in place

  • Prosafe has closed a seven-year term loan facility of USD 288 million for the post-delivery financing of Safe Notos and Safe Eurus
  • The facility has an interest rate of 3-month USD LIBOR plus 2.25 per cent
  • Repayment profile of 12 years
  • The loan is provided by a syndicate consisting of The Export-Import Bank of China, Nordea, DnB, ABN, Danske Bank, SEB and Swedbank

Interest-bearing debt portfolio

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

Steady growth in dividend

  • Declared an interim dividend equivalent to USD 0.16 per share
  • The shares will trade exdividend on 4 June
  • The dividend will be paid in the form of NOK 0.95 per share on 18 June

Agenda

  • Recent developments
  • Financial results

Projects

Outlook

Safe Scandinavia

  • SPS and life extensioncompleted in April
    • Aim: operate in NCS or UK waters, with 12 point mooring for 20 years (2014-2034)
  • Commencedaccommodation contract in Norway end April
  • Conversion in 2015 for TSV work for Statoil
  • -Engineering ongoing
  • -Long lead items ordered

Safe Boreas

  • Living quarters and cabins installed
  • Construction work in final phase
  • Mechanical completion and commissioning commenced
  • Ready for operations in 2015
F
i
i
l
Q
1
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		 9
5
B
k
l
b
o
o
a
e
c
v
u		 1
0
2
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 Zephyrus

  • Pontoons are now fully assembled
  • Preparing for launch and docking in June
  • Ready for operations in 2015
F
i
i
l
Q
1
1
4
t
t
n
a
n
c
a
s
a
u
s		 U
S
D
m
B
k
l
b
o
o
a
e
o
v
u		 6
9
B
k
l
b
o
o
a
e
c
v
u		 2
7
C
i
l
i
d
i
t
t
a
p
a
s
e
n
q
a
r
e
r
u		 3
E
i
d
l
t
t
t
t
t
s
m
a
e
o
a
c
o
s		 3
0
5

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
  • Steel cutting Safe Notos in March

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

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

  • 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

Motion Factor = Displacment in operation / Waterplane Area (t/m2 )

Source: Prosafe estimates based on available technical specifications

Harsh environment capabilities DP vessels

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

Source: Prosafe estimates based on available technical specifications

North Sea – robust demand

  • Maintenance and modification
  • -Aging infrastructure
  • -Strong focus on IOR
    • Accommodation demand should remain robust
  • Hook-up and commissioning
    • The pace of new developments seems to be slowing down beyond 2016
    • Strong licencing interest
    • 173 applications for 370 blocks in latest UK DECC round
    • On the NCS, licensing activity reached record levels in 2013 with strong interest in the Barents
  • Complementary opportunities
    • LoI for TSV operations from 2015 for minimum 3 years plus options

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

  • Demand index down in Q1 14
    • Consumed more contract days during the quarter than days added by new prospects
    • Haven option for 2015-16 not declared by CoP

North Sea dayrates (time charter)

Mexico – high activity level

  • All accommodation vessels currently operates in mature shallow-water areas at Cantarell and adjacent fields
  • Steep rise in drilling jack-up count indicates increasing activity in shallow waters
  • New legislation opens up for participation of international companies in deep water areas –supportive for long-term outlook

Brazil – continued growth

  • High activity in the Campos basin
  • -Primarily maintenance requirements
  • Santos basin opportunities
    • Multiple FPSOs due to be commissioned in coming years
  • Operators other than Petrobras showing interest in accommodation vessels
  • Competitive and fragmented market
    • The nine contracted vessels are owned by eight different companies
  • Difficult to achieve the desired level of return despite the strong demand growth

Rest of the world – interesting opportunities

  • Australia
    • Accommodation vessel activity within 2015 and 2016 although declining number of prospects thereafter
  • South East Asia
  • -Some demand for semis related to mid and deep water work
    • Safe Astoria operations in Indonesia extended through into May and from August 2014 in the Philippines
  • 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

Record high contract backlog

Prosafe is well positioned

  • Record high order backlog
  • Robust demand
  • High quality vessels
  • Strong financial position-New build financing in place
  • Steadily increase in dividend payments

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