ABAN LOYD CHILES OFFSHORE LIMITED

Transcription

1
Aban Loyd Chiles Offshore Ltd
Forward Looking Statements
This presentation contains statements that constitute “forward looking statements” including,
without limitation, statements relating to the implementation of strategic initiatives, and other
statements relating to our future business developments and economic performance.
While these forward looking statements represent our judgment and future expectations concerning
the development of our business, a number of risks, uncertainties and other important factors could
cause actual developments and results to differ materially from our expectations.
These factors include, but are not limited to, general market, macro-economic, governmental and
regulatory trends, movements in currency exchange and interest rates, competitive pressures,
technological developments, changes in the financial conditions of third parties dealing with us,
legislative developments, and other key factors that we have indicated could adversely affect our
business and financial performance.
Aban undertakes no obligation to publicly revise any forward looking statements to reflect future
events or circumstances.
2
Industry Standing
Aban Loyd
Owns and operates
6 Offshore Jack-up
Rigs, an FPSO (the
only one in India)
and two Drillships;
one new-built jackup is under
construction
3
Vision
?
?
?
4
To continue the market leadership in providing
offshore drilling services in India
To have a global presence in the offshore
drilling industry
To be amongst the top ten offshore drilling
asset owners in the world
Growth of Aban Loyd
ORGANIC
• Promoted in 1986 by late
Mr. M A Abraham in technical
collaboration
• Commenced operations with 2 Jack
up Rigs (Aban 1 and Aban 2)
• Aggressive build up of assets since
March 04, balance sheet has grown
nearly three times
• Purchased drill ship Frontier Ice in
Sep 2004
• Purchased a 300 ft Jack up Offshore
drilling rig Pride West Virginia (now
renamed as Aban V) in Dec, 2004
drilling rig Energy Explorer IV (now
renamed as Aban VI) in Feb, 2005
drilling rig Rowan Texas in September
2005
INORGANIC
• Acquired Hitech Drilling Services
India Limited from the TATA’s in
2001.
• Hitech owned one 300 ft Jack-up
Rig and a Floating production,
storage
and offloading facility
(along with cash reserves of INR
0.45 BN)
• Consideration of INR 1.65 BN (USD
42 MM)
• Hitech merged with
effect from Apr, 2001
Aban
• Further capacity expansion in the
pipeline
5
with
Rig Contract Status
Rig Name
Type
Client
Contract
Day Rate
(USD ‘000)
Contract
Validity
Current **
rate (approx)
(USD ‘000)
Aban II
200 ft Jack up
ONGC
25-35
Nov 2006
85
Aban III
300 ft Jack up
ONGC
55-58
Jan 2008
148
Aban IV
300 ft Jack up
ONGC
55-58
Nov 2007
148
Aban V
300 ft Jack up
ONGC
55-58
Jan 2008
148
Aban VI
250 ft Jack up
Oriental Oil
35-40
Oct 2007
120
** estimated based on recent fixtures
6
Rig Contract Status
Rig Name
Type
Client
Contract
Day Rate
(USD ‘000)
Contract
Validity
Current **
rate (approx)
(USD ‘000)
Drill Ship
ONGC
40-45
Mar 2008
80
FPU
Hardy
25-28
July 2007
60
Aban VII
250 ft Jack up
HOEC
71-73
2 firm wells +
2 well options
120
Aban VIII
375 ft Jack up
Under
construction
NA
NA
185
Aban
Abraham
Drill ship
Pioneer
295-300
4 firm wells +
4 well options
300
Frontier Ice
Tahara
** estimated based on recent fixtures
7
Matching assets to revenues
?
?
?
?
8
Current Contracts run till FY 08
Around 42% of the current debt to be repaid by FY 08
Contracts largely with highly credit rated parties
Ability to place new acquisitions on charter with little or no
time delay
Core Competencies
?
?
?
?
?
9
Lowest cost operator leading to higher margins
In-house engineering capabilities
High credibility and repeated accolades from
clients for technical capabilities
High safety norms matching international
Standards
Highly trained technical & commercial employee
strength
Aban Loyd - Strengths
• 100% drilling revenue in foreign
currency (predominantly USD)
• Internationally mobile assets of over
USD 600 mn, against book value of
USD 220 mn
• High EBITDA Margins (above 55%)
• Firm Cash Flows
• Easily saleable assets - an active
market for rigs internationally as
very few rigs have been built in the
past several years
• Continuous Dividend track record
for the last 18 years
• Opportunity to deploy Rigs in
international waters
• High quality of Receivables (ONGC)
10
Credit Ratings / Testimonials
? F1+(Ind) by Fitch for Short Term Debt Program for INR 250
MM (USD 5.75 MM).
? ‘CARE A (RPS)’ rating by CARE for Preference Shares of
INR 1500 MM (USD 35 MM).
? Ranked 2nd Best Investor Friendly Company by “BUSINESS
TODAY” (a prominent Indian Business weekly) in June 05
? Ranked 253 among the top 500 companies in India as per
ET500 rankings of the Top Wealth Creators by the Economic
Times (daily Indian Business paper) in June 2005
? Aban’s drilling and production services is ISO 9001:2000
certified
11
Shareholding Pattern as on 31 Jan 2006
Particulars
No. of Shares
%
22,993,720
62.34
Institutional Investors
4,928,301
13.36
Public
8,964,574
24.30
TOTAL
36,886,595
100.00
Promoters (including Foreign Collaborators)
12
ENVIRONMENT AND
OPPORTUNITIES
13
Industry Outlook
?
Jackup day-rates are surging in all regions
due to:
?
?
Worldwide supply deficit – it takes 2 to3 years to build a new
rig
Very low addition to rig fleet in the 90s
Attrition from recent hurricanes in the GOM
Global competition for jack ups
?
Willingness to sign long term contracts
?
Pressure on E & P companies to accrue oil reserves.
?
?
14
Market for Jack up rigs
?
Middle East
o
o
o
?
South East Asia
o
o
o
?
Demand for jack-ups likely to increase by at least 14-15 rigs by end of
2006
Demand coming in mainly from Saudi Arabia.
Day rates in Saudi Arabia have crossed USD 100,000 for 300 ft jack-ups
Day rate fixtures in Southeast Asia range from USD 90,000-USD
150,000.
Deficit of around five to six units in the first half of 2006
Increased activity in the region is fuelling rising demand in the sector
India
ONGC is still having an unfulfilled requirement of five to six rigs.
o Recent fixtures for 300 ft rigs have ranged from USD 99,000 to USD
147,000 per day.
o
15
Total units operating in India
16
Owner
Jack ups
Drillships
TOTAL
ONGC
8
2
10
Aban Loyd
4
1
5
Great Eastern
Shipping
1
1
2
Jagson Intl
1
_
1
Noble Drilling
2
_
2
ENSCO
2
_
2
Sapiem
1
_
1
Pride Foramer
1
_
1
Transocean
7
3
10
Dolphin AS
_
1
1
TOTAL
27
8
35
Oil Prices and Day Rates
? Present oil prices have touched all time high of USD 68-69
per barrel
? E&P spend expanding after a long period of time
? Cash flows of oil companies strong
? Need to expand reserves
? Current day rates ruling at recent highs of USD 125,000 to
150,000 per day for 300 ft +Jack-up Rigs
17
Opportunities in India on account of NELP
Demand for Rigs
?
?
?
Large private sector players like Reliance,Cairn, Niko, Hardy
Exploration, British Gas, GAIL, GSPCL entering into the exploration
sector
Recent Reliance gas reserve find has resulted in a spurt in global
interest in the Indian oil sector
Consequently, demand for Rigs in India is likely to increase
Advantage for Aban Loyd
18
?
Has worked on contracts with International companies like Cairn
Energy, Hardy Exploration & Oriental Oil
?
Experience of working with private sector players gives Aban an
edge in meeting the demands of the private sector players
Expansion
?
?
?
?
Formed a Wholly-owned
Subsidiary in Singapore
viz.Aban Singapore Pte Ltd
Contract with PPL Shipyard in
Singapore for construction of
one 375 ft jack-up drilling rig
Delivery in March 2008
Contracted value is
approximately USD 160
million
?
?
?
?
?
19
Aban has acquired a company
viz. West Africa Drilling Co
N.V. (WADC)
WADC has acquired drillship
Peregrine III (now renamed as
Aban Abraham)
Capable of drilling in a water
depth of 5000 ft
Estimated cost around USD
185 million (including
refurbishment)
Awarded a contract for
carrying out drilling operations
in West Africa
Past Financials
Past Financials-Balance Sheet
BALANCE SHEET
I.
2.
3.
As at
31st March,2005
USD Mn
As at
As at
31st March,2004 31st March,2003
USD Mn
USD Mn
SOURCES OF FUNDS
(a) Share Capital
(b) Reserves and Surplus
Loan Funds
Secured Loan
Deferred Tax (Net)
1.66
48.04
1.66
38.31
1.66
29.08
161.33
12.69
54.13
9.93
69.21
7.73
TOTAL FUNDS EMPLOYED
223.71
104.03
107.68
256.39
75.72
180.67
0.77
181.44
5.36
130.04
65.10
64.94
1.58
66.52
17.18
129.76
56.57
73.20
0.51
73.70
5.18
9.97
15.35
22.06
3.91
51.28
5.17
6.98
9.40
3.41
24.96
5.16
6.33
6.33
11.13
28.95
12.04
2.33
14.37
36.91
-
4.98
1.40
6.38
18.57
1.74
2.81
0.93
3.74
25.21
3.59
223.71
104.03
107.68
II APPLICATION OF FUNDS
1. Fixed Assets
Gross Block
Less:Depreciation
Net Block
Add: Capital Work in Progress
2. Investments
3. Current Assets,Loans and Advances
(a) Inventory of Stores & Spares
(b) Sundry Debtors
(c) Cash and Bank Balances
(d) Loans and Advances
Less:
(A)
Current Liabilities
(B)
Provisions
Net Current Assets
4. Miscellaneous Expenditure
TOTAL ASSETS
21
Past Financials- P & L Statement
PROFIT AND LOSS ACCOUNT
Year ended
Year ended
Year ended
31st March,2005 31st March,2004 31st March,2003
USD Mn
I
INCOME
Income from Operations
Other Income
II EXPENDITURE
Operating, Administrative and Other Expenses
Interest
Depreciation
Goodwill Amortised
Deferred Revenue Expenses Written off
22
USD Mn
USD Mn
64.94
1.83
66.77
62.21
3.44
65.65
54.80
1.74
56.53
31.11
4.27
10.66
1.41
47.45
32.33
5.79
8.56
1.41
0.01
48.10
31.34
8.28
7.40
1.41
0.01
48.45
Profit for the year before taxation
Less: Provision for taxation
-Current Tax
-Deferred Tax
Profit for the year after taxation
Add: Profit brought forward from Previous Year
19.32
17.55
8.08
4.94
2.75
11.62
32.01
4.72
2.21
10.63
23.91
0.64
5.41
2.04
23.03
Profit available for Appropriation
Transfer to General Reserve
Proposed Dividend
Tax on Dividend
Balance Carried to Balance Sheet
43.63
1.35
1.66
0.23
40.40
34.54
1.12
1.24
0.16
32.01
25.07
0.22
0.83
0.11
23.91
Past Financials-Cash Flow Statement
CASH FLOW STATEMENT
A
B
C
CASH FLOW FROM OPERATING ACTIVITIES:
NET PROFIT BEFORE TAX
ADJUSTMENTS FOR:
Miscellaneous Expenditure
Amortised Dry Docking expenses
Depreciation
Goodwill written off
Interest
Income from Non -Trade Investments
Profit on sale of Long Term and Current Investments
Loss on sale of Investments
Provision no longer required
Loss on sale of Fixed Assets
Profit on sale of Assets
2003-2004
2002-2003
USD mns
USD mns
USD mns
19.32
17.55
8.08
0.01
1.84
8.56
1.41
5.79
(0.48)
0.02
(0.08)
0.12
0.01
1.84
7.40
1.41
8.28
(0.52)
(0.02)
0.09
OPERATING PROFIT BEFORE WORKING CAPITAL CHANGES
1.74
10.66
1.41
4.27
(0.63)
(0.19)
(0.02)
36.56
34.75
26.58
ADJUSTMENTS FOR:
Inventories
Trade and other receivables
Trade and other payables
CASH GENERATED FROM OPERATIONS
Direct taxes paid
NET CASH FROM OPERATING ACTIVITIES
(4.80)
(9.06)
6.73
29.44
(4.22)
25.22
(0.01)
4.69
2.29
41.72
(2.72)
39.00
(0.52)
5.43
0.32
31.81
(1.16)
30.64
(127.12)
0.15
0.54
(65.75)
77.76
(114.42)
(3.01)
0.09
0.87
(78.27)
66.32
(14.00)
(28.19)
0.05
0.15
(14.03)
10.35
(31.67)
107.20
0.00
(1.40)
(3.94)
101.86
12.66
9.40
22.06
(15.08)
(0.93)
(5.90)
(21.92)
3.07
6.33
9.40
12.40
(0.66)
(8.53)
3.21
2.19
4.14
6.33
CASH FLOW FROM INVESTING ACTIVITIES:
Purchase of fixed assets
Sale of fixed assets
Interest and dividend received
Purchase of Investments
Sale of Investments
NET CASH USED IN INVESTING ACTIVITIES
CASH FLOW FROM FINANCING ACTIVITIES:
Proceeds/(Repayment) of Long Term Borrowings
Proceeds from partly paid shares
Dividend paid including tax on dividend
Interest paid
NET CASH (USED IN)/ FROM FINANCING ACTIVTIES
NET INCREASE /(DECREASE) IN CASH AND CASH EQUIVALENTS
CASH -at beginning of the year
CASH - at end of the year
23
2004-2005
Aban Rig Fleet
24
JACK UP RIG - ABAN II
RIG SPECIFICATIONS
Year of Build : 1981
Major Upgradation and Refurbishment : 2001
Main Dimensional (Hull) Length : 166 ft (226 ft
including Helideck)
Breadth : 109 ft (132 ft max. at pods )
Depth : 16 ft
Total Leg Length : 423 ft each
Designed Draft : 8.75 ft (max)
Slot size : 50 ft x 50 ft
MAT : 210 ft x 170 ft x 12 ft (2 ft Skirt incl)
Slot in Mat : 87 ft long x 90 ft wide
Classification Society : ABS
Accommodation/Hospital : 90 Persons/3 beds
Helideck : 60 ft x 70 ft (Designed for Sikorsky S-61N
Contract & Location : ONGC, on the EAST COAST OF
INDIA
Contract Validity : Till Oct, 2006
Contract day rates: USD 25,000-USD 27,000
25
JACK UP RIG - ABAN III
RIG SPECIFICATIONS
Major Upgradation and Refurbishment : 1984 / 2003
Main Dimensional (Hull) Length : 217 ft -10-5/16"
Breadth : 200 ft - 6"
Depth : 26 ft - 0"
Draft : 15 ft - 11-1/2"
Total No. of Legs / Type / Length : 3 / Square Open
Truss / 410 ft
Classification Society : BV / IRS
Accommodation/Hospital : 94 Persons/3 Beds
Helideck : Round, 70.50 ft Dia (Designed for
Sikorsky S-61 N)
Contract & Location : ONGC at MUMBAI HIGH
Contract Validity : Upto Jan, 2008
Contract day rates range : USD 55,000-60,000
26
JACK UP RIG - ABAN IV
RIG SPECIFICATIONS
Hull Dimension : 212 ft x 210 ft x 26 ft
Cantilever Movement : 45 ft Longitudinal 12 ft
transverse each side
Max. Allowable Leg Length below Hull : 363 ft
Classification Society : ABS *A1
Accommodation : 96 Persons
Helideck : 80 ft Dia. (Designed for Sikorsky S-61)
Contract Validity : Upto Nov, 2007
Contract day rate range : USD 55,000-60,000
27
JACK UP RIG - ABAN V
RIG SPECIFICATIONS
Major Upgradation : 2002
Hull Dimension : 180 ft x 175 ft x 25 ft
Cantilever Movement : 40 ft Longitudinal 10 ft
transverse each
Max. Allowable Leg Length below Hull : 361 ft
Classification Society : ABS *A1
Accommodation : 84 Persons
Helideck : 62 ft Dia. (Designed for Sikorsky – 61)
Contract Validity : Jan, 2008
28
JACK UP RIG - ABAN VI
RIG SPECIFICATIONS
Main Dimensional (Hull) Length : 170 ft
Breadth : 130 ft
Depth : 19 ft
Total Leg Length : 337 ft
Total No. of Legs/Type/Length : 4/Triangular legs
Accommodation/Hospital : 78 Persons/3 Beds
Helideck : 80 ft x 80 ft (Designed for Sikorsky S-61
N)
Contract & Location : Oriental Oil Co, Dubai (in the
Persian Gulf)
Contract Validity : Oct, 2007
29
FPU - TAHARA
FPU SPECIFICATIONS
(converted to FPU) and 1997 (Upgradation)
Classification : A1 Floating Production System
Length : 322 ft
Breadth : 360 ft
Height to main deck : 146 ft
Operating Draft Afloat condition : 70 ft - 85 ft
On bottom condition : :50 ft - 125 ft
Contract & Location : Hardy Oil, on the EAST
COAST OF INDIA
Contract Validity : Jul, 2007
)
30
DRILL SHIP - FRONTIER ICE
RIG SPECIFICATIONS
Year of Build : Built as Tanker in 1959 and
converted to Drillship in 1975
Classification : ABS Maltese Cross A.1(M)
Length : 183.0 m
Breadth : 21.7 m
Displacement : 26,156 T
Operating Draft : 9.4 m
Variable deck load : 9,805 T
Mooring
- Anchors : 8 Nos. x 15 T 5 Nos. x 9 T 3 Nos. x 15 T
- Anchor Wire line : 8 Nos. x 3200 ft x 2-3/4” Chain
- Anchor Winch : National, Rating 4,95,000 lbs
Contract Validity : Feb, 2008
31
JACK UP RIG – Aban VII
RIG SPECIFICATIONS
Rig Type : Jackup
Jackup Type : Independent Leg Slot
Rig Design : Le Tourneau Class 52-S
Rated Water Depth : 250 ft
Drilling Depth : 20,000
Rig Design : Le Tourneau Class 52-S
Built By : Marathon Le Tourneau
Flag : Panama
Contract & Location : Currently envisaged to be
used in the spot market
Spot Market Day Rate Range : USD 70,000-75000
32
THANK YOU

ABAN LOYD CHILES OFFSHORE LIMITED

Transcription

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GEOMETRIC DISSECTIONS 1. Introduction A geometric

ABAN LOYD CHILES OFFSHORE LTD.