Odfjell Drilling Ltd. Report for the 3 rd quarter of 2015 This interim report is unaudited and has been prepared in accordance with IAS 34 Interim Financial Reporting.
Key figures for the Group All figures in USD million Key figures Odfjell Drilling Ltd. Group Q3 15 Q3 14 YTD 15 YTD 14 FY 14 Operating revenue. 222 25 48 820 1 088 EBITDA. 92 85 10 250 22 EBIT.... 49 50 (11) 136 131 Net profit. 6 1 (200) 69 42 EBITDA margin.. 42% 31% 1% 30% 25% Total assets 2 830 2 656 3 092 Net interest bearing debt 1 402 1 053 1 513 Equity 906 1 183 1 116 Equity ratio 32 % 45 % 36 % Highlights Q3 2015 Odfjell Drilling Ltd. Group Operating revenue of USD 222 million compared to USD 25 million in Q3 2014. EBITDA of USD 92 million compared to EBITDA of USD 85 million in Q3 2014. EBITDA margin of 42 % compared to 31 % in Q3 2014. The Group s contract backlog is USD 4.3 billion, whereof USD 2.2 billion is firm backlog. The comparable figure at the end of Q3 2014 was USD 4.3 billion, whereof USD 2. billion was firm backlog. Mobile Offshore Drilling Units segment Operating revenue of USD 158 million compared to USD 154 million in Q3 2014. EBITDA of USD 81 million compared to USD 6 million in Q3 2014. EBITDA margin of 51 % compared to 44 % in Q3 2014. Deepsea Atlantic ended its contract with Statoil in August and is warm stacked awaiting start-up on the Johan Sverdrup contract in March 2016. Deepsea Stavanger awarded a contract with Wintershall on the Maria field with expected commencement 1 April 201. Deepsea Bergen finalised its 5-year reclassification on budget and on time. Deepsea Metro I commenced operations in Vietnam during August. Drilling & Technology segment Operating revenue of USD 48 million compared to USD 8 million in Q3 2014. EBITDA of USD 2 million compared to USD 3 million in Q3 2014. EBITDA margin of 4 % compared to 4 % in Q3 2014. Net profit for the period is negatively impacted by an impairment loss of USD 14 million on the Group s investment in Ross Holding AS. The Group did not participate in an equity issue in Ross Holding and as a consequence recognised the impairment loss on its investment in Ross Holding in Q3 2015. The Group s shareholding in Ross Holding AS was subsequently sold in Q4 2015. 2
Well Services segment Operating revenue of USD 32 million compared to USD 48 million in Q3 2014. EBITDA of USD 12 million compared to USD 20 million in Q3 2014. EBITDA margin of 3 % compared to 41 % in Q3 2014. Financial review operation (Comparable figures for last comparable period in brackets) Consolidated group financials Changes in Consolidated Income Statement As of Q3 2015, the Group has changed its presentation of share of profit/loss from joint ventures so that the consolidated EBITDA only includes activities closely related to the core operations of the Group. As a result, the Group s share of profit/loss in the Deep Sea Metro Ltd. Group is still recognised as a part of the EBITDA, while the other joint venture investments are presented on a separate line below the EBITDA. The comparative figures have been updated accordingly. Profit & loss Q3 2015 Operating revenue for Q3 2015 was USD 222 million (USD 25 million), a decrease of USD 53 million, or 19 %. The currency effect had a negative impact on the operating revenue compared to Q3 2014. There has been a strengthening of the USD towards NOK in the period of about 30 % compared with Q3 2014. Approximately one third of the operating revenue is in NOK. Operating revenue decreased this quarter mainly due to a further reduction of the Drilling & Technology and Well Services activity in Norway and in the UK this quarter compared to Q3 2014. Revenues from the MODU segment contributed positively mainly due to the commencement of Deepsea Aberdeen and a higher day rate and financial utilisation on Deepsea Stavanger compared to Q3 2014. The positive effect in the MODU segment is partly offset by the reduced financial utilisation of Deepsea Bergen which started its special survey in Q3. In addition Deepsea Atlantic ended its contract with Statoil in August, and the reduced operational management related to the Deepsea Metro I and Deepsea Metro II also had a negative impact on the operating revenue. EBITDA in Q3 2015 was USD 92 million (USD 85 million), a net increase of USD million. The EBITDA margin went from 31 % in Q3 2014 to 42 % in Q3 2015. The increase in EBITDA is mainly due to a reduced cost base, efficiency gains and reduced personnel expenses. Operating- and personnel expenses have decreased as a result of reduced manning in combination with the strengthening of the USD towards NOK in the period. EBIT in Q3 2015 was USD 49 million (USD 50 million). 3
Share of profit (loss) from other joint ventures mainly relates to the impairment loss of the investment in the joint venture Ross Holding AS. Net financial items in Q3 2015 were negative at USD 21 million compared to negative USD 16 million in Q3 2014. The change is mainly attributable to the increased interest expenses in Q3 2015. Income tax expense in Q3 2015 was USD 8 million (USD 16 million), a decrease of USD 8 million. The decrease is mainly explained by the tax expense related to the settlement of the tax audit case in Odfjell Invest AS in 2014. Net profit in Q3 2015 was USD 6 million (USD 1 million), a decrease of USD 11 million compared to Q3 2014. Operating revenue YTD 2015 was USD 48 million (USD 820 million), a decrease of USD 2 million. The decrease in operating revenue from 2014 is mainly explained by lower day rate and financial utilisation on Deepsea Stavanger, and the reduction of the Drilling & Technology and Well Services activity in Norway and in the UK compared to 2014. The decrease in EBITDA and EBIT YTD is mainly due to the negative results from investments in joint ventures and the impairment write-down of joint venture investments. Net financial items YTD 2015 were negative with USD 45 million (negative USD 44 million), on the same level as in 2014. Income tax expense YTD 2015 was USD 22 million (USD 24 million), a decrease of USD 2 million. Balance sheet Total assets as per 30 September 2015 amounted to USD 2,830 million compared to USD 3,093 million as at 31 December 2014, a decrease of USD 263 million. The decrease in total assets is mainly explained by impairment of the investment in Deep Sea Metro Ltd. Equity as per 30 September 2015 amounted to USD 906 million compared to USD 1,116 million as at 31 December 2014, a decrease of USD 210 million. The reduction in equity in Q3 2015 is explained by the net profit in the period whereof the impairment write-downs of the investments in Deep Sea Metro Ltd., and Ross Holding AS are partly offset by positive results from the Group s operations. The equity ratio is 32 % as per 30 September 2015 compared to 36 % at year-end 2014. Net interest bearing debt as per 30 September 2015 amounted to USD 1,402 million compared to USD 1,513 million as at 31 December 2014, a decrease of USD 111 million, mainly due to the net repayment of interest bearing debt during the period. The Group s loan facility related to Deepsea Atlantic and Deepsea Stavanger, currently outstanding USD 55 million, will mature in November 2016 with a balloon of USD 45 million. The Group has initiated the process of refinancing or extending this facility. The Odfjell Drilling Group is compliant with all financial covenants as at 30 September 2015. 4
Cash flow Net cash flow from operating activities in Q3 2015 was positive at USD 124 million. During Q3 2015 the net working capital was reduced by USD 5 million. The Group paid USD 15 million in interest and USD 4 million in income tax during Q3 2015. Net cash flow from investing activities in Q3 2015 was negative USD 28 million. The net investments in Q3 2015 relate mainly to the five year classification of the mobile drilling unit Deepsea Bergen. Net cash flow from financing activities in Q3 2015 was negative USD 35 million, being instalments on existing credit facilities. Cash flow YTD 2015 from operating activities was positive at USD 226 million. Net working capital was reduced by USD 38 million YTD 2015. The Group paid USD 50 million in interest and USD 2 million in income tax. Net cash flow from investing activities YTD 2015 was negative USD 109 million mainly related to investment in the new drilling unit Deepsea Aberdeen and the five year classification of Deepsea Bergen and Deepsea Stavanger. Net cash flow from financing activities YTD 2015 was negative USD 38 million and comprised instalments on existing credit facilities of USD 14 million and utilisation of the revolving credit facility of USD 110 million. At 30 September 2015 the cash and cash equivalents amounted to USD 23 million. There has been a total positive net change in cash and cash equivalents of USD 6 million since 31 December 2014. Segments Mobile Offshore Drilling Units (MODU) Changes in presentation of MODU segment figures Starting Q3 2015 the Group changed its reporting to the board of directors. In the report, financial information from Deepsea Metro I and Deepsea Metro II are no longer included in the MODU segment except for management services provided by the Group. All comparable periods have been restated to reflect the new reporting structure for the MODU segment. All figures in USD million Key figures MODU segment Q3 15 Q3 14 YTD 15 YTD 14 FY 14 Operating revenue.. 158 154 511 449 609 EBITDA... 81 6 25 189 266 EBIT....... 4 42 160 104 164 EBITDA margin.... 51% 44% 50% 42% 44% 5
Operating revenue for the MODU segment in Q3 2015 was USD 158 million (USD 154 million), an increase of USD 4 million, or 2%. The increase is explained by higher revenue related to the contract commencement of Deepsea Aberdeen and good performance on the Deepsea Stavanger. The increase in operating revenue is partly offset by lower revenues on the Deepsea Atlantic, currently idle, and the Deepsea Bergen which started its special survey in Q3 2015. Lower management revenues related to the Deepsea Metro I and Deepsea Metro II also partly offset the revenue increase. EBITDA for the MODU segment in Q3 2015 was USD 81 million (USD 6 million), an increase of USD 14 million, or 20%. The increase is mainly related to an improved performance of the Deepsea Stavanger in addition to the commencement of the Deepsea Aberdeen. The increase in EBITDA is offset by idle time on the Deepsea Atlantic and the startup of the special survey on the Deepsea Bergen. EBIT for the MODU segment in Q3 2015 was USD 4 million (USD 42 million), an increase of USD 5 million, or 12%. Operating revenue for the MODU segment YTD 2015 was USD 511 million (USD 449 million), an increase of USD 62 million, or 14%. Higher revenues are mainly related to the Deepsea Aberdeen s commencement in Q2 2015 and the increased performance of the Deepsea Stavanger. The revenue related to the Deepsea Atlantic and the Deepsea Bergen is reduced due to end of contract and start of special survey, respectively. In addition, management fees from Deepsea Metro I and Deepsea Metro II have been reduced as these vessels have been stacked for part of the year. EBITDA for the MODU segment YTD 2015 was USD 25 million (USD 189 million), an increase of USD 68 million, or 36%. EBIT for the MODU segment YTD 2015 was USD 160 million (USD 104 million), an increase of USD 56 million, or 53%. MODU - Financial utilisation The financial utilisation for each of the Group s wholly or partly owned mobile offshore drilling units was as follows: Financial Utilization - MODU Q3 15 Q3 14 YTD 15 YTD 14 FY 14 Deepsea Stavanger 9.5% 91.3% 98.8% 95.0% 96.5% Deepsea Atlantic.. 99.4% 99.2% 99.0% 89.% 92.1% Deepsea Bergen 6.1% 98.8% 83.8% 98.9% 98.% Deepsea Aberdeen 99.6% n/a 98.4% n/a n/a Deepsea Metro I.. 99.4% 96.4% 99.4% 9.2% 9.% Deepsea Metro II. n/a 6.5% 90.4% 4.5% 5.5% - Deepsea Atlantic ended its contract with Statoil in the Gullfaks field on 19 August 2015. - Deepsea Bergen was off-hire in September in connection with the 5-year SPS. - Deepsea Metro I commenced on its contract with VietGazprom in Vietnam early August 2015. - Deepsea Metro II is stacked in Curacao. Financial utilization is measured on a monthly basis and comprises the actual recognised revenue (encompassing different hourly day rates) for all hours in a month, expressed as a percentage of the full day rate for all hours in a month. Financial utilization is only measured for periods on charter. 6
Events in the reporting period Deepsea Bergen Special Periodic Survey (SPS) The 5-year special periodic survey (SPS) on Deepsea Bergen was carried out at Aibel Haugesund on the West Coast of Norway in September/October 2015. The SPS project was executed on budget and on time, USD 53 million and 6 weeks respectively, and the rig resumed operations for Statoil in the middle of October 2015. Deepsea Atlantic ended its contract with Statoil on the Gullfaks field awaiting start-up in the Johan Sverdrup field Deepsea Atlantic ended its contract with Statoil in the Gullfaks field on the Norwegian Continental Shelf on 19 August. The rig is stacked awaiting mobilisation for the Johan Sverdrup contract with Statoil, expected to start in March 2016. Deepsea Stavanger awarded drilling contract for the Maria field development Deepsea Stavanger was awarded a contract with Wintershall Norge AS for the drilling of production wells on the Maria field in the Haltenbanken area on the Norwegian Continental Shelf. The firm contract is for six wells with an expected duration of 54 days and an estimated contract value of USD 15 million. Expected contract commencement is 1 April 201. The contract also contains a one-well option prior to the firm contract and two wells after the firm period. The estimated contract value of the optional wells is USD 98 million. Deep Sea Metro Ltd. Group Deepsea Metro I commenced drilling operations under the VietGazprom contract In August Deepsea Metro I commenced drilling operations under its contract with VietGazprom in Vietnam. In November VietGazprom declared the first optional well test period and expected duration of the contract has thereby been extended to February 2016. In addition, VietGazprom has an option for a 2 nd well test period. Deepsea Metro II judicial sales process 16 November the first priority lenders took possession of the drillship Deepsea Metro II and will proceed with a judicial sales process of the vessel.
Drilling & Technology segment All figures in USD million Key figures Drilling & Technology segment Q3 15 Q3 14 YTD 15 YTD 14 FY 14 Operating revenue 48 8 153 23 302 EBITDA 2 3 (4) (0) 2 EBIT.. 1 1 (8) (5) (4) EBITDA margin. 4% 4% (3%) (0%) 1% Operating revenue for the Drilling & Technology segment in Q3 2015 was USD 48 million (USD 8 million), a decrease of USD 30 million, or 39 %. The decrease in revenue was primarily attributable to a reduction of the number of strings in operation in the North Sea and reduced activity for the engineering services in this quarter compared to Q3 2014. The strengthening of the USD towards NOK in the period also had a negative impact on the operating revenue compared to Q3 2014. EBITDA for the Drilling & Technology segment in Q3 2015 was USD 2 million (USD 3 million), a reduction of USD 1 million. The reduction in EBITDA is mainly explained by reduced activity level in Q3 2015 but partly offset by workforce and cost reductions compared to Q3 2014. EBIT for the Drilling & Technology segment in Q3 2015 was USD 1 million (USD 1 million). Operating revenue for the Drilling & Technology segment YTD 2015 was USD 153 million (USD 23 million), a decrease of USD 85 million, or 36 %. The decrease in revenue was primarily attributable to a reduction of the number of strings in operation in the North Sea and reduced activity for the engineering services in the period. The strengthening of the USD towards NOK also had a negative impact on the operating revenue compared to YTD 2014. EBITDA for the Drilling & Technology segment YTD 2015 was negative USD 4 million (USD 0 million), a decrease of USD 4 million. EBIT for the Drilling & Technology segment YTD 2015 was negative USD 8 million, (negative USD 5 million). The decreased EBITDA and EBIT are explained in the quarterly comment for the Drilling & Technology segment above. Events in the reporting period Downsizing of the engineering capacity During 2015 the Company downsized its engineering capacity by almost to two thirds in the Technology business area, to adjust capacity to the reduced demand for engineering services in the North Sea basin. Talisman Sinopec optional periods not exercised Talisman Sinopec has notified the Group that the optional periods (2 x 1 year) for the six platforms (Claymore, Clyde, Saltire, Piper, Tartan and Fulmar) were not being exercised. As a result, the Group s contract expired in October 2015. The major portion of the Group s personnel working on these platforms has been assumed by the new contractor selected. 8
Events after the reporting period Sale of shares in Ross Holding AS In October 2015 Odfjell Drilling sold its 50% shareholding in the joint venture Ross Holding AS to Ross Offshore Invest AS. The Company has recorded an impairment loss of USD 14 million in Q3 2015 in connection with the sale. Well Services segment All figures in USD million Key figures Well Services segment Q3 15 Q3 14 YTD 15 YTD 14 FY 14 Operating revenue.. 32 48 109 151 198 EBITDA.. 12 20 44 64 85 EBIT.. 3 10 1 3 49 EBITDA margin.. 3% 41% 40% 42% 43% Operating revenue for the Well Services segment in Q3 2015 was USD 32 million (USD 48 million), a decrease of USD 16 million, or 34 %. The revenue for the Well Services segment continued to decline in Q3 2015 and was primarily caused by a lower activity in Norway and Romania. In addition, lower activity in the well services market has led to lower utilization of equipment and pressure on the rental prices. The strengthening of the USD towards NOK and other currencies in the period also had a negative impact on the operating revenue compared to Q3 2014. EBITDA for the Well Services segment in Q3 2015 was USD 12 million (USD 20 million), a decrease of USD 8 million, or 40 %. EBITDA margin for the Well Services segment in Q3 2015 was 3 % compared to 41 % for Q3 2014. EBIT for the Well Services segment in Q3 2015 was USD 3 million (USD 10 million), a decrease of USD million, or 1%. The decrease in both EBITDA and EBIT was mainly attributable to the same reasons as the decrease in operating revenues but is partly offset by reduced cost. Well Services continued to reduce its cost base during Q3 2015. Operating revenue for the Well Services segment YTD 2015 was USD 109 million (USD 151 million), a decrease of USD 42 million, or 2 %. The decrease in YTD 2015 revenue is explained by the same factors as for Q3 2015. EBITDA for the Well Services segment YTD 2015 was USD 44 million (USD 64 million), a decrease of USD 20 million, or 31 %. EBITDA margin for the Well Services segment YTD 2015 was 40 % compared to 42 % for YTD 2014. EBIT for the Well Services segment YTD 2015 was USD 1 million (USD 3 million), a decrease of USD 20 million, or 54 %. The decrease in both EBITDA and EBIT were mainly attributable to the same reasons as the decrease in operating revenues. 9
Outlook The weakening of the drilling market has continued further during the third quarter of 2015 and we do not see any signs of improvement near- to medium term. The soft market is due to continued delivery of newbuilds and several deliveries have been pushed out in time as there are limited employment opportunities. At the same time, oil companies have increased their focus on cost cutting programs and capital discipline which have further reduced demand for drilling capacity. The results are an increasing number of stacked units and continued downward pressure on day rates and asset values. The impact for Odfjell Drilling is that the Deepsea Atlantic is laid up awaiting commencement for Statoil in the Johan Sverdrup field in March next year. Further, Deepsea Stavanger finalized its 4-year engagement for BP in Angola mid-november and is currently marketed widely to fill the idle gap prior to commencing for Wintershall in the Maria field in the beginning of 201. Deepsea Metro I is employed on a short term contract in Vietnam while Deepsea Metro II is for sale. Within the next few years we believe that an increased scrapping in combination with required exploration and development drilling will bring the market back to balance and subsequent improved day rates. The number of drilling units serviced by the Well Services segment, on the Norwegian Continental Shelf (NCS), has been reduced during the third quarter compared to the level entering into 2015. Our services on several drilling units will start up during the fourth quarter resulting in increased NCS activities into 2016. Well Services has also faced increased competition and price pressure for its services globally which it expects to continue into 2016. Our equipment pool of remote operated tools and increased focus on well intervention services has improved our competitiveness in a market with reduced overall activity. The slowdown in the North Sea activity level has led to continued low activity level for development and upgrade projects. To meet this challenge the Group has reorganised its engineering services to increase efficiency and reduce its cost base. The Group has already implemented a series of measures to reduce cost levels throughout the organisation and due to continued weakening market conditions further cost cuts and efficiency improvement programs are in the progress of implementation. In the longer term, we are of the opinion that the oil industry s demand for drilling services will continue to be supported by the need for reserves replacement and by continued spending on exploration and field-development in the main offshore regions. The Group s business segments will all benefit and will be well positioned for taking advantage of such future market improvements. Risks and uncertainties Factors that, in the Group s view, could cause actual results to differ materially from the outlook contained in this report are the following: volatile oil and gas prices, competition within the oil and gas 10
services industry, changes in client s spending budgets, the developments in the financial markets and within the Group and a successful outcome of the challenges from the tax authorities. The market outlook and contract situation for the Group s mobile offshore drilling units may also affect the liquidity risk and covenant risk since reduced revenues from drilling operations directly affect the operating results and cash flow from operations. The Group seeks to mitigate the risk by the initiated cost reduction and efficiency improvement programs, a focus on capital discipline and continuously seeking possibilities to optimize financing for the Group as a whole. The market conditions have also impacted the risk of the investment in the Deep Sea Metro Ltd. Group significantly with the effect that the 1st priority lenders have taken possession of Deepsea Metro II and will proceed with a judicial sale of the vessel. Deepsea Metro I will shortly be in breach with its financial covenants under its bond facility. Deepsea Metro I will continue its operations in Vietnam with a duration that employs the vessel into first quarter of 2016. The Group`s total net exposure in the UDW newbuild program in Brazil remains at approximately USD 10 million. Quality, health, safety & environment (QHSE) Key figures QHSE YTD 15 FY 14 Lost time incident frequency (as per 1 million working hours) 0.3 1.1 Total recordable incident frequency (as per 1 million working hours).. 1. 3. Sick leave (percentage)........ 3.4 2.9 Dropped objects frequency (as per 1 million working hours). 2.4 5.4 Number of employees*. 2 04 3 299 *) Including employees in the Deep Sea Metro structure Hamilton, Bermuda 24 November 2015 Board of Directors of Odfjell Drilling Ltd. Carl-Erik Haavaldsen, Chairman Helene Odfjell, Director Kirk L. Davis, Director Bengt Lie Hansen, Director Henry H. Hamilton III, Director 11
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