Presentation Year End 2001

Transcription

1 Agenda Presentation Year End 2001 Market Profile Page 1 of 28

2 Q Group Result 4. kvartal Året Året RESULTAT REGNSKAP Salgsinntekt Sum driftsinntekter 46,847,922 46,847,922 58,507,063 58,507, ,892, ,892, ,075, ,075,671 Ordinære av skriv ninger Annen drif tskostnad (29,627,741) (32,717,429) (29,260,557) (31,265,143) (117,473,563) (65,381,020) (133,727,657) (75,203,125) Sum driftskostnader (62,345,170) (60,525,700) (182,854,583) (208,930,782) Market Profile Driftsresultat (15,497,248) (2,018,637) (3,962,368) 43,144,889 Inntekt fra investering i tilknyttet selskap 190,012 (5,292,845) 7,898,147 (28,929,409) Annen renteinntekt Annen f inansinntekt 1,485,659 7,539, ,325 6,621,624 1,729,485 12,889, ,904 6,621,624 Annen rentekostnad (19,579,126) (21,057,427) (71,552,228) (64,547,515) Annen f inanskostnad/disagio (14,840,683) (21,311,407) (42,483,767) (52,243,201) Ordinært resultat før skattekostnad Skattekostnad (40,701,814) 50,597,053 (42,321,367) 2,974,171 (95,481,181) 50,597,053 (95,215,708) 2,974,171 Årsresultat 9,895,239 (39,347,196) (44,884,128) (92,241,537) Resultat pr. aksje (0.98) (2.05) Bokf ørt egenkapital pr. aksje Kontantstrøm pr. Aksje Page 2 of 28

3 Main Effects on Year End Results NOK 35 mill related to downtime DS Valentin Shashin November NOK 30 mill related to upgrading, mobilisation of SS Petrolia Market Profile NOK 120 mill in depreciations of vessels based on 9 years Page 3 of 28

4 Q Group Balance (1/2) BALANSE 31/12/ /12/2000 Anleggsmidler Immaterielle eiendeler Utsatt skattefordel 54,209,358 3,673,219 Sum immaterielle eiendeler Varige driftsmidler 54,209,358 3,673,219 Riggen SS Petrolia 231,965, ,142,319 Boreskipet MV Valentin Shashin Annet utstyr 805,509, ,919, ,395,396 97,336,119 Sum varige driftsmidler 1,156,394,710 1,178,873,834 Market Profile Finansielle anleggsmidler Inv estering i aksjer 5,000,000 Investering i tilknyttet selskap 115,387, ,557,590 Sum finansielle anleggsmidler 120,387, ,557,590 Sum anleggsmidler 1,330,991,655 1,283,104,643 Omløpsmidler Fordringer Kundef ordringer 31,519,196 8,980,941 Andre f ordringer Sum fordringer 57,265,091 88,784,287 70,231,605 79,212,546 Bankinnskudd, kontanter og lignende 8,185,527 9,850,535 Sum omløpsmidler 96,969,814 89,063,081 Sum eiendeler 1,427,961,469 1,372,167,724 Page 4 of 28

5 Q Group Balance (2/2) Egenkapital Sum egenkapital 431,861, ,879,016 Gjeld Annen langsiktig gj eld Konvertibelt obligasjonslån 182,770,000 90,000,000 Gjeld til kredittinstitusjoner Øvri g langsi kti g gjel d 335,230, ,898, ,546, ,554,733 Market Profile Sum annen langsiktig gjeld Kortsiktig gjeld 901,899, ,100,865 Leverandørgjeld 48,609,316 23,812,529 Betalbar skatt 76,158 Annen kortsiktig gjeld 45,591,930 68,299,156 Sum kortsiktig gjeld 94,201,246 92,187,843 Sum gjeld 996,100, ,288,708 Sum egenkapital og gjeld 1,427,961,469 1,372,167,724 Page 5 of 28

6 Booked Equity as per USD 52 mill (NOK 471 mill) Vessels Booked Value Market Value SS Petrolia USD 26,300,000 USD 35,000,000 SS Deepsea Bergen (20,19%) USD 12,500,000 USD 22,000,000 DS Valentin Shahsin USD 94,800,000 USD 100,000,000 Other equipment (riser / top drive / BOP) USD 10,300,000 USD 20,000,000 SUM USD 143,900,000 USD 177,000,000 Market Profile Debt SS Petrolia USD SS Deepsea Bergen (20,19%) USD DS Valentin Shahsin USD Convertible Loan USD SUM USD Page 6 of 28

7 Net Asset Values (NOK per share) Market Profile NOK Share Price (Feb' 01) Book value of equity Net asset value (2001)(a) Net asset value (1997)(b) (a) (b) Based on the following rig values: SS Petrolia = $35 million; SS Deep Sea Bergen = $100 million (PDR s share = $21,9 million; DS Valentin Shashin = $100 million; spare drilling equipment = $20 million. Based on the following rig values: SS Petrolia = $60 million; SS Deep Sea Bergen = $137 million (PDR s share = $30 million; DS Valentin Shashin = $130 million; spare drilling equipment = $20 million. Page 7 of 28

8 Petrolia Drilling ASA, a Norwegian, publicly listed limited Company established March , owns and charters drilling vessels for offshore, deepwater oil and gas exploration and development drilling. Market Profile Predecessor company formed by principals of DNO ASA in DNO ASA holds approx. 39% of outstanding shares (total of 45 mill.). The Company has a market capitalization of approximately NOK 120 million, as per February Page 8 of 28

9 Operation and Business Management Head Office Bergen Market Profile Base Office Macae, Brazil Base Office Aberdeen, UK Hands- on controlling Odebrecht Oil & Gas Maersk Contractors Odfjell Drilling (Deepsea Bergen) Page 9 of 28

10 Petrolia Drilling s Conclusions Past Poor market due to lack of investment from oil companies Invested in re-activation and mobilisation of vessels for contracts Future All vessels upgraded, reactivated, classed and drilling. Valentin Shashin on long term contract until 2003 (market outlooks give higher dayrates) SS Petrolia / SS Deepsea Bergen short term contracts (market outlooks give higher dayrates)

11 Key Events last year Market Profile February year contract extension for DS Valentin Shashin / Petrobras USD 100 per day incl. Bonus / OPEX USD 40 July (+2) well contract for SS Petrolia / DNO USD 65 per day (option USD 40 /day) (Off contract 15 December 2001 / Lay up cost USD 7 / day) February month contract for SS DeepSea Bergen USD 110 per day / OPEX USD 65 Page 11 of 28

12 Petrolia Drilling Fleet SS Petrolia DS Valentin Shashin SS Deep Sea Bergen (20,19%)

13 SS Petrolia Description 2. generation Pentagone-class Semisubmersible Upgraded 1991 / 2001 CFEM, France Market Segment Medium water depth ft Class / Flag DNV +1A1 / Liberia Charter Party Charter Type N/A N/A Dayrate Cost per day Manager Estimated value USD (lay up) Maersk USD mill.

14 SS Deep Sea Bergen Description 3. generation Aker H-3.2 Semisubmersible Built 1983 (upgraded 2000) Aker Verdal / BMV Market segment Medium water depth ft Class / Flag DNV +1A1 / Norway Charter Party Charter Type Dayrate RWEDA / Amerada 4 wells USD (T/C) Cost per day USD Manager Estimated value Odfjell Drilling USD 110 mill.

15 Tight market for Semisubme rsibles in the North Sea t. # of rigs Jan. 12 estimate Max. utilisation of 88% Summer Utilisation of 95% Summer Aug Sep Oct Nov Dec Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Total rig fleet of 46, whereof 44 are on the market.

16 DS Valentin Shashin Description Drillship IHC Gusto design Pelican Class DP Built 1982 (upgraded ) Rauma Repola, Finland Market Segment Deep Water ft (can be upgraded to 6000 ft) Class / Flag DNV ICE 1A* / Barbados Charter Party Charter Type Petrobras Bareboat Charter Expiration March 2003 Dayrate USD Cost per day USD Manager Estimated Value Odebrecht USD 100 mill.

17 Brazil Most mature deepwater market in the world Petrobras has announced its aim for 1,5 mill. Barrels / day to cover national consumption. Today s level is approx barrels / day. Market Profile Profile Petrobras is the largest customer of deepwater drilling equipment Petrobras monopoly has been broken Petrobras has an estimated 16 joint venture deepwater exploration blocks with international operators Page 17 of 28

18 Estimated Demand and Supply of Deep Water Units , ,0 Supply Demand ,0 40,8 26,0 28,8 31,7 14,0 9,0 16,0 0 Total US Gulf Brazil W. Africa Other

19 Petrobras Press Release 08/01/2001 7:11 PM Increase in domestic petroleum production PETROLEUM PRODUCTION INCREASED BY 8% IN JUNE The petroleum domestic production in June achieved 1,338,491 barrels per day, 8% higher than the 1,242,324 bpd from the previous month. The reasons for this growth were both the improvement of Campos Basin operational efficiency and the operational startup of another well in Marlim Field (MRL-126), with a flow of 12 thousand barrels/day. To increase its domestic production, Petrobras needs to produce its fields in deep and ultradeepwaters. In 2005, the Company plans to reach a 1.9-million bopd production in Brazil and to have nearly 75% of it from deep and ultra-deepwaters. Source:

20 Petrolia Drilling s Strategy Medium Term Focus on key growth markets [West Africa, Brazil, others] Secure long term contracts, at the right time, with the world s major oil and gas companies Develop joint marketing and operating arrangements with established local partners Long Term Specialize in deep water Pursue expansion of fleet / Merger and acquisitions Optimize share value over time Challenges // Threats Oil price The industry is very capital intensive.

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22 Strong Underlaying Fundame ntals Energy demand and offshore market fundamentals are favorable and improving Oil demand growing 2 3% per year; crude oil prices have improved by 250% since beginning of 1999 Market Profile Profile Offshore production expected to increase 6% per year Deep water drilling is fastest growing area of rig demand within offshore sector Deep water activity maintained even at low oil prices Page 22 of 28

23 Deepwater defined Begins in water depths of about 3,000 feet extending to maximum water depths of approximately 10,000 feet; current drilling record is in excess of 9,000 feet in offshore Brazil Relatively new market with few fields at water depths >3,000 feet developed before 1994 Market Profile Profile Deepwater market is the strategic target for the oil majors: Deep water fields are only remaining sources of elephant finds. Technological innovation has made it economically feasible to produce hydrocarbons in deep waters e.g. Elf s Girassol discovery has estimated all-in costs of $6.00 per barrel Fields are outside of OPEC Major deep water drilling markets include West Africa, Brazil, U.S., Gulf of Mexico, East Coast of Canada and the North Sea Page 23 of 28

24 Worldwide Petroleum Consumption Petroleum consumption continues to grow at a consistent rate regardless of economic cycles Worldwide Petroleum Supply and Demand Balance (Million Barrels per day) 80 Market Profile Profile E 2001E Total World Demand Total World Supply Page 24 of 28

25 Analysts Predict Stable Oil Prices $35,0 Market Profile Profile $ Barrel $30,0 $25,0 $20,0 $15,0 $12,2 $17,9 $27,2 $22,2 $20,3 $19,4 $20,5 $22,5 $24,0 $22,5 $23,5 $26,0 $29,0 $10,0 $5,0 $0, Source: Bassoe Offshore Consultants Page 25 of 28

26 Increasing oil prices precipitates declining inventory levels... Spot Price of Crude Oil (WTI) ($ / Barrel) $35 Stock of Crude Oil (U.S.) (In Million Barrels) 400 Market Profile Profile Jan-99 Feb- 99 Mar- 99 Apr-99 May- 99 Jun-99 Jul-99 Aug- 99 Sep- 99 Stock Oct- 99 Nov- 99 Price Dec- 99 Jan-00 Feb- 00 Mar- 00 Apr-00 May- 00 (1 ) (1) 250 Jun-00 (1) Based on weekly average. Source: Weekly Petroleum Status Report, Energy Information Administration Page 26 of 28

27 and spurs growth in oil exploration 20.0% 30.0% 15.0% 10.0% 20.0% 10.0% 5.0% 0.0% Market Profile Profile 0.0% -5.0% -10.0% -20.0% -10.0% -30.0% -15.0% -40.0% Change in Spending Change in Oil Price Source: Oil Services and Drilling Monthly July 7, 2000, SSB Page 27 of 28

28 Valentin Shashin Market Profile Ne w Sponsons / Steel Construction (J.Bladt) Ne w Dynamic Positioning System (Kongsberg Simrad) New Top Drive & Compensator (Maritime Hydraulics & Hydralift) Ne w BOP control System (ABB Seatec) Page 28 of 28