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PRESENTATION 1 Quarter 2003 14 May 2003

PRESENTATION 1 Quarter 2003 14 May 2003. Profit and Loss Account 1Q03 – DSND Inc. Balance sheet 1Q03 – DSND Inc. DSND – debt per May 2003. Convertible Bond: - NOK 300 million - Duration 3 years from 1/2003 - Strike: NOK 20,00 per DSND share - Conversion: At pre-determined date

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PRESENTATION 1 Quarter 2003 14 May 2003

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  1. PRESENTATION 1 Quarter 2003 14 May 2003

  2. Profit and Loss Account 1Q03 – DSND Inc.

  3. Balance sheet 1Q03 – DSND Inc.

  4. DSND – debt per May 2003 • Convertible Bond: • - NOK 300 million • - Duration 3 years from 1/2003 • - Strike: NOK 20,00 per DSND share • - Conversion: At pre-determined date • each month for the entire period • - Interest: 8% coupon • BNDES (Brazil), Two loans: • - USD 8,3 million (until 2012) • - USD 1,7 million (until 2008) • Financial lease on Buccaneer: • - USD 4,3 million (until 2005)

  5. Profit and Loss Account 1Q03 – Subsea 7

  6. Balance sheet 1Q03 – Subsea 7

  7. Backlog 1Q03 – Subsea 7 • Subsea 7 had at the end of 1Q a worldwide order book of approx USD 790 million • Geographical split of Backlog UK USD 333 million Norway USD 218 million Brazil USD 104 million GOM USD 86 million Asia Pac USD 49 million Total USD 790 million • USD 70 million new contracts awarded during April

  8. Main reasons for weak 1Q results in Subsea 7 • Seasonal variances North Sea • Extensive program for maintenance, repair and • dry-dockings • Cost overrun on a couple of projects • Slightly lower activity than forecasted in the GOM • and AsiaPac

  9. Main reasons for weak 1Q results in Subsea 7 (cont.) Overview of vessels:

  10. Subsea 7 – comments to each region • Norway • Activities performed according to plan • JV with Stolt Offshore awarded two-year extension from Statoil on construction framework contract • UK • Results affected by cost overrun on one bundle project • Serveral new contracts secured • Brazil • Overall market activities remain strong • Technical difficulties on two vessels resulting in significant periods of downtime in 1Q • Asia Pacific • Results affected by reduced profit from one project, project still profitable • GoM • Lower activity than expected during 1Q, but several new contracts awarded • West-Africa • Efforts with targeting entry the market given high priority

  11. DSND – Non Subsea 7 assets • Olympic Princess • Cable repair and maintenance • Contract to ACMA, an umbrella organization for 21 cable companies, until yearend 2003 plus options • The vessel is on lease from Olympic Shipping for the same period as its current contract • Buccaneer • Well service • The vessel Dry-docked in March • Short- and long term possibilities for the vesselactively pursued • Joides Resolution • Ocean Drilling Program to September 2003 (research project/program) • New possibilities for the vessels actively pursued • 50/50 owned with Transocean

  12. DSND – Non Subsea 7 assets • Big Orange • Well maintenance • Contract to Dowell Schlumberger to August 2009 (certain rights to cancel from 2005) • 41% owned • Supply fleet Brazil through DSND Consub • 10 owned supply-/crew vessels • 3 supply vessels on management • The fleet achieved a utilization ratio of 97% during 1q • All vessels on contracts to Petrobras • Atria, Helder and Taurus • Currently laid-up • Modfrag • Development of Combat Management System for Brazilian Navy until 2005 • Another development contract for one Corvette received in November last year

  13. 20 Largest shareholders pr. 13 May 2003

  14. Outlooks 2003 Market view • General market activity should remain strong • Oil price above USD 20 per barrel • Substantial number of offshore projects committed or in the early stages of production • Subsea activities continues to grow • Development of satellite and marginal fields • Increased tieback activities • Growth in deep-water areas Financial view • Significant improvement in results expected • for 2Q and 3Q compared with 1Q • High utilisation (89%) of vessel fleet • committed for 2Q and 3Q

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