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2015 Pareto Oil & Offshore Conference – 2 Sep. 2015 - Oslo Norway Bart Heijermans - CEO
Navigating the crowded high seas
Forward-Looking Statements
This presentation contains certain statements that may be deemed to be “forward-looking
statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A
of the Securities Act and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. All
statements, other than statements of historical facts, are forward-looking statements. These include
statements that address activities, events or developments that the Company expects, projects,
believes or anticipates will or may occur in the future, general industry conditions, future results of
the Company’s operations, capital expenditures, asset sales, expansion and growth opportunities,
financing activities, debt repayment and other such matters. These forward-looking statements
generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,”
“strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will
likely result,” and similar expressions. Although the Company believes that its expectations stated
in this presentation are based on reasonable assumptions, actual results may differ materially from
those expressed or implied in the forward-looking statements. The forward-looking statements are
subject to a number of known and unknown risks and uncertainties, including the performance of
contracts by suppliers and customers; delays, costs and difficulties related to customer projects;
actions by governmental and regulatory authorities; operating hazards and delays; employee
management issues; local, national and worldwide economic conditions; uncertainties inherent in
the exploration for and development of oil and gas; complexities of global political and economic
developments; volatility of oil and gas prices and other risks. Each forward-looking statement
speaks only as of the date of this presentation, and the Company undertakes no obligation to
publicly update or revise any forward-looking statement.
Navigating the crowded high seas
www.deepoceangroup.com 1
Navigating the crowded high seas
From last year’s DeepOcean presentation at Pareto Conference…
www.deepoceangroup.com 2
www.deepoceangroup.com 3
2015 SAIL AMSTERDAM – SAIL IN
Navigating the high seas
Could have been worse….
2015 SAIL Amsterdam
Brief introduction to DeepOcean – a subsea services company
Navigating the crowded high seas
Survey &
Seabed Mapping
Seabed
Intervention
Subsea
Installation IMR Decommissioning
Service lines
www.deepoceangroup.com 4
A leading provider of integrated subsea services
Focused on the lower risk subsea service niches with
inherent day-rate nature of contracts
Revenues predominantly exposed to end-user OPEX
budgets
A market leader in diverless subsea IMR in the Greater
North Sea
A global leader of trenching services
Recognized global brand for relentless customer focus
and operational excellence having operated in the sector
since the 1990s
0.92 0.83 0.65
1.08
0.25
2,24 2.09
2.46 2,51
1,49
0
1
2
3
4
2011 2012 2013 2014 2015
LTIF TRIF
Lagging Indicators YTD (as of 31/07/2015)
Per 1.000.000 hours
Safety
Navigating the crowded high seas
www.deepoceangroup.com 5
Navigating the crowded high seas
Owned: 6
Chartered:11 (+2 in’16)
37 ROVs
3 ROVs ordered for
delivery in 2015/2016
2 AUVs
5 ploughs
7 jet trenchers
4 mechanical cutters
Human Resources ROVs / AUVs Trenchers & Ploughs Vessels
~1,250 employees
~100 full time agency
personnel /
contractors
11 offices in 7
countries Other Assets
Module handling
systems (3 off)
Geotechnical rig
Excavators / dredgers
Mattress frames
ROV tooling
Ownership
Private Company
Financial Investors
Largest owner ~16%
of shares
2014 Financials
$635 million revenue
$86 million Adj.
EBITDA
10% ROCE
YE $22 million net
debt and LR < 0.25
Norway
UK
Netherlands
Germany
Mexico
Brazil
Ghana
Malaysia
Current Operations
www.deepoceangroup.com 6
Company Factsheet
Confidential – Not for Public Dissemination
Current Operations and offices
Navigating the crowded high seas
Arbol Grande
Deep Endeavour
Edda Flora Edda Fauna Deep Vision Volstad Surveyor
Northern Wave
Volantis
Maersk Recorder
Office locations
Deep Investigator
Long term ROV operations on:
North Sea Giant (North Sea Shipping)
Normand Ferking (Solstad)
CBO Isabella (CBO)
Atlantic Challenger
Note: Walker1 not included and Northern Wave is cold stacked
Rem Ocean
Havila Phoenix
Chartered
Owned
Rem Forza Tau
Go Pegasus Deep Helder
www.deepoceangroup.com 7
Subsea weld NDT Scale squeeze
Our Services
Navigating the crowded high seas
Pipeline Validation
IMR
FPSO Thruster Replacement Replacement of flexible risers Diverless Operations
www.deepoceangroup.com 8
Navigating the crowded high seas
Our Services
Laser and Sonar Survey
Survey
Survey of manifold using ROV mounted laser
AUV Ops in Brazil
www.deepoceangroup.com 9
Mattress installation
Vietnam
Our Services
Navigating the crowded high seas
XMAS Tree installation on
TEN Project in Ghana
Installation of turning
bollards on
Shell Malakai Project
Installation
Installation and burial of ~535km of cables and
umbilicals on Snorre PRM Project
Cable installation on Valhall Project
www.deepoceangroup.com 10
Gassco H7 platform removal
Our Services
Navigating the crowded high seas
Removal of Statfjord Loading Buoy
www.deepoceangroup.com 11
Decommissioning
Navigating the crowded high seas
Offshore Renewables and Interconnectors
Commissioning IMR Trenching Installation
Installation of power
cable
Trenching with PT1 in
German market
Onshore tests PCP2
Anode installation
Annual Survey
Havila Phoenix
www.deepoceangroup.com 12
Navigating the crowded high seas
Framework Agreements in GNS
Offshore Renewables and Interconnectors Projects Africa
Foundations
Operations in Mexico & Brazil
Largest fleet of cable lay and trenchers Successful start in Ghana
IMR, Survey and installation services IMR, survey and installation services
www.deepoceangroup.com 13
Navigating the crowded high seas
Offshore Renewables and Interconnector cables
Forecasted cumulative fully commissioned
offshore capacity NW Europe (GW) Planned HVCD Interconnectors
Route Surveys Cable Burial Cable Installation IMR
Ou
r S
erv
ice
s
2015 2024
10 GW
35 GW
UK
G
erm
an
y
Ne
the
rla
nd
s
www.deepoceangroup.com 14
Navigating the crowded high seas
Most powerful track and buoyant trenchers
Picking the right tool for the job
T3200 UT1
5 off
Pipeline
Cable
7 Off
ROV
Track
Ploughs Jet trenchers Mechanical
4 Off
ROV
Track
www.deepoceangroup.com 15
Navigating the crowded high seas
Cable Installation Vessels
www.deepoceangroup.com 16
Maersk Connector with 7,000 te. carrousel
Maersk Recorder Havila Phoenix Volantis Edda Freya
2,000 te. Carrousel 3,000 e. Carrousel Cable tanks
AUV3000 with HISAS capabilities
started operations on Libra project
in Brazil
Increased number of smart
mattress installation frames
AUV Operations
Innovation
Navigating the crowded high seas
Subsea Laser Data Acquisition
and 3D visualization
Superior Survey ROV
Light Completion Intervention System
A multipurpose tool for installing, testing
and operating subsea equipment such as
XT’s, Choke Modules and Manifolds
Optime Subsea Services AS
www.deepoceangroup.com 17
Installation
Survey
Navigating the crowded high seas
DeepOcean
Developments
Industry Industry
Consolidation
Horizontal AND vertical
collaboration
Standardization
Innovation
Cost deflation and
change of work
practices
Proper risk sharing
Retirement of old
vessels and cease
building new vessels
What likely will happen….
Fewer contractors and
more lay-offs
Asset transfers from
overleveraged companies
to stronger companies
More vessels..
Vessels under construction
New orders because of
cheap NOK, hungry yards
and construction financing
Horizontal integration
Risk transfer from
customers to contractors
Reducing cost
Rebalance asset
portfolio. Right to release
5 vessels in 2016. Shrink
before growth
Continue focus on
innovation to increase
productivity and lower
cost
Secure more work in
offshore renewables and
interconnector markets
Grow IMR2 and survey
Identify distressed assets
What should happen..
www.deepoceangroup.com 18
Safety of all employees and other stakeholders
Liquidity
Cost deflation
Innovation
Operational excellence
To close contracts with total value in excess of $250 million in 3Q2015
www.deepoceangroup.com 19
Navigating the crowded high seas
Our focus
DeepOcean is well positioned to weather the prolonged downturn due to its (i) client base,
(ii) diversification of service offers and end markets and (iii) balance sheet
Join the discussion on LinkedIn:
www.linkedin.com/company/deepocean More than 25,000 followers
Follow DeepOcean Group on Twitter
@deepoceangroup
www.deepoceangroup.com
http://www.youtube.com/deepoceanonline
Q&A
Navigating the crowded high seas
www.deepoceangroup.com 20