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0001362310-07-003183.txt : 200711280001362310-07-003183.hdr.sgml
: 2007112820071128070039ACCESSION
NUMBER:0001362310-07-003183CONFORMED SUBMISSION TYPE:8-KPUBLIC
DOCUMENT COUNT:29CONFORMED PERIOD OF REPORT:20071128ITEM
INFORMATION:Regulation FD DisclosureITEM INFORMATION:Financial
Statements and ExhibitsFILED AS OF DATE:20071128DATE AS OF
CHANGE:20071128
FILER:
COMPANY DATA:COMPANY CONFORMED NAME:Allis Chalmers Energy
Inc.CENTRAL INDEX KEY:0000003982STANDARD INDUSTRIAL
CLASSIFICATION:OIL, GAS FIELD SERVICES, NBC [1389]IRS
NUMBER:390126090STATE OF INCORPORATION:DEFISCAL YEAR END:1231
FILING VALUES:FORM TYPE:8-KSEC ACT:1934 ActSEC FILE
NUMBER:001-02199FILM NUMBER:071270106
BUSINESS ADDRESS:STREET 1:5075 WESTHEIMERSTREET 2:SUITE
890CITY:HOUSTONSTATE:TXZIP:77056BUSINESS PHONE:713-369-0550
MAIL ADDRESS:STREET 1:5075 WESTHEIMERSTREET 2:SUITE
890CITY:HOUSTONSTATE:TXZIP:77056
FORMER COMPANY:FORMER CONFORMED NAME:ALLIS CHALMERS CORPDATE OF
NAME CHANGE:19920703
FORMER COMPANY:FORMER CONFORMED NAME:ALLIS CHALMERS
MANUFACTURING CODATE OF NAME CHANGE:19710614
8-K1c71694e8vk.htmFORM 8-K
Filed by Bowne Pure Compliance
UNITED STATES
SECURITIES ANDEXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant toSection 13 OR 15(d) of The Securities Exchange Act of
1934
Date of Report (Date of earliestevent reported): November 28,
2007
ALLIS-CHALMERS ENERGYINC.
(Exact name of registrant
asspecified in its charter)
Delaware 001-02199 39-0126090 (State or
other Jurisdiction of Incorporation) (Commission File Number) (IRS
Employer Identification No.)
5075 Westheimer
Suite890
Houston, Texas
77056 (Address of Principal
Executive Offices) (Zip Code)
Registrants telephone number,including area code: (713)
369-0550
(Former name or former address if changed since last
report.)
Check the appropriate box below if theForm 8-K filing is
intended to simultaneously satisfy the filing obligation ofthe
registrant under any of the following provisions:
o Writtencommunications pursuant to Rule 425 under the
Securities Act (17 CFR230.425)
o Soliciting material pursuantto Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule14d-2(b) under
the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule13e-4(c) under
the Exchange Act (17 CFR 240.13e-4(c))
1
Item7.01. RegulationFDDisclosure.
Allis-Chalmers EnergyInc. will be making a presentation today to
certain investors. The presentationmaterials are attached hereto as
Exhibit99.1 and are incorporated hereinby reference.
In accordance withGeneral Instruction B.2 of Form 8-K, the
information set forth in thisItem7.01 and in the attached exhibit
shall be deemed to befurnished and not be deemed filed for purposes
ofthe Securities Exchange Act of 1934, as amended.
Item9.01. Financial Statementsand Exhibits.
(d)Exhibits
Exhibit
Number Description
99.1
Slide show presentation.
SIGNATURES
Pursuant to therequirements of the Securities Exchange Act of
1934, the registrant has dulycaused this report to be signed on its
behalf by the undersigned hereunto dulyauthorized.
ALLIS-CHALMERS ENERGY INC. Date: November28, 2007
By: /s/ Theodore F. Pound III
Name: Theodore F. Pound III
Title: GeneralCounsel and Secretary
2
EXHIBIT INDEX
Exhibit
Number Description
99.1
Slide show presentation.
3
EX-99.12c71694exv99w1.htmEXHIBIT 99.1
Filed by Bowne Pure Compliance
Exhibit 99.1
November 2007
Allis-Chalmers Energy
Forward-Looking Statements
This presentation is presented as a brief company overview for
the information of investors, analystsand other parties with an
interest in Allis-Chalmers Energy Inc. (herein referred to as "the
Company","Allis-Chalmers" and by its stock exchange ticker, "ALY").
The management of Allis-Chalmers hopesthat this presentation will
encourage analysts and investors to investigate more about the
Companythrough its Securities and Exchange Commission (SEC)
filings, press releases and other publicmaterials. This
presentation does not constitute an offer to sell or a solicitation
of an offer to buy anysecurities of the Company. This presentation
contains forward-looking statements, including, inparticular,
statements about ALY's business, financial condition, plans,
strategies and prospects.Words such as expects, anticipates,
intends, plans, believes, seeks, estimates and similarexpressions
are intended to identify forward-looking statements but are not the
exclusive means ofidentifying forward-looking statements. These
statements are based on the Company's currentassumptions,
expectations and projections about future events based on facts
known to theCompany and are subject to a wide range of business
risks. The Company encourages investors toreview the information
regarding the risks inherent to Allis-Chalmers and the energy
industry in whichit operates, as described in its Form 10-K for the
year ended December 31, 2006, and in subsequentfilings with the
SEC. This presentation does not purport to be all-inclusive or to
contain all of theinformation that a reader may desire as to the
structure or the affairs of the Company. Although theCompany
believes that the assumptions reflected in these forward-looking
statements arereasonable, the Company can give no assurance that
these assumptions will prove to be correct orthat financial or
market forecasts, savings or other benefits anticipated in the
forward-lookingstatements will be achieved. Forward-looking
statements are not guarantees of future performanceand actual
results may differ materially from those projected. The information
contained in thispresentation is only current as of its date, and
the Company undertakes no obligation to update thispresentation
unless otherwise required by law.
Multi-Faceted Oilfield Services Company
Directional Drilling
UnderbalancedDrilling
Tubular Services
Production Services
Rental Services
International Drilling
Premium drill pipe andspecialized rentalequipment
Drilling, completion,workover and relatedservices in
Argentina
Well planning & engineeringservices, directional
drillingpackages, downhole motors,measurement-while-drilling
Compressed air equipment,bits, chemicals and productsfor
underbalanced drilling
Specialized equipment andoperators for casing andtubing
services
Wire line services, landand offshore pumpingservices and coil
tubing
Proven Growth Strategy
Mitigate cyclical risk through balanced operations
Expand geographically internationally and domestically
Prudently pursue strategic, complementary acquisitions
Expand products and services
Since 2003, invested $150 million in capex for organic
growth
Current 2007 capital budget of $120 million and $135 million in
2008
Increase utilization of assets in the U.S.
Invest in new technology
Shape organic and acquisition growth efforts to providebalance
between:
Onshore vs. offshore
Drilling vs. production
Domestic vs. international
Natural gas vs. crude oil
Rental tools vs. service vs.contract drilling
Successful Execution of Growth Strategy
Prudently pursue strategic acquisitions at attractive valuations
tocomplement organic growth
Track record of successful integration and retention of
keypersonnel
Completed 5 acquisitions in 2006 for a total consideration of
over $600million
Specialty Rentals - rental equipment
Rogers Oil Tools - power drill pipe tongs
DLS - international drilling & workover
Petro-Rentals - production services
Oil & Gas Rental Services - premium drill pipe, specialized
rentalequipment
Total of $150 million in capital expenditures since 2003
Completed four "bolt-on" acquisitions in 2007 in
directional/tubularsegments
Diversified Cash Flow Stream Rental Services International
Drilling Directional Drilling Underbalanced Drilling Tubular
Services Production Services 92.9 160.3 69.4 36 41 27.2
Does not include general corporate items.
($ in millions)
($ in millions)
Do not rely on just one segment for financial and operational
results
Strive to diversify revenue and cash flow stream through:
Organic growth of existing business lines
Strategic acquisitions
YTD 9/30/07 Pro Forma Revenue
YTD 9/30/07 Operating Income + D&A Rental Services
International Drilling Directional Drilling Underbalanced Drilling
Tubular Services Production Services 60.8 38.4 16.1 11.8 12.4
15.7
2002 - 2003 business lines: Tubular Services, Directional
Drilling,Underbalanced Drilling
2006 - Established: Rental Services, International Drilling,
Production Services
Diversified with increased exposure to offshore, international
and production
Successful Execution of Growth Strategy
Note: (1) 2007 period pro-forma for all acquisitions;
(2) LTM 9/30/07 includes pretax gain on sale of assets of $8.9
million;
(3) Adjusted EBITDA net income + interest expense + income taxes
+ D&A + stock based compensation.
2003 2004 2005 2006 PF - LTM 9/30/07 Revenue 33 48 105 307 557
Adjusted EBITDA 9 8 20 89.5 192
$33
$8
$20
$105
$9
$48
$307
$93
($ in millions)
$192
$557
Business Overview
Rental Services 2004 2005 2006 9 mos 2007 0.6 5.1 51.5 92.9
Specialized rental equipment for onshoreand offshore operations:
premium drill pipe,spiral heavy weight drill pipe, blow
outpreventors and valves and handling tools
138 employees
Significant expansion through acquisitions
Specialty Rental Tools January 2006
Oil & Gas Rental Services December 2006
Balanced mix of onshore/offshore work
Texas, Oklahoma, Louisiana, Mississippi,Colorado, offshore in
the Gulf of Mexicoand Malaysia, Colombia, Russia and Mexico
Revenue
Operating Income + D&A
Source: Spears & Associates, Inc.
($ in millions)
($ in millions)
$0.6
$5.1
$92.9 2004 2005 2006 9 mos 2007 0 1.8 33.6 60.8
$0.0
$1.8
$60.8
$51.5
$33.6
International Drilling 2004 2005 2006 9 mos 2007 20 22 37.9
38.4
Acquisition of DLS in August of 2006 -over 40 years of
experience
2nd largest provider of land drilling &workover services in
Argentina
Fleet of 52 rigs - 20 drilling, 18workover and 13 pulling rigs
inArgentina and one drilling rig inBolivia
Awarded five year new-buildagreement for 14 service and
fourdrilling rigs
Operates in primarily oil-rich basins(balances natural gas
exposure)
Significant portion of 2008 revenuesunder contract
(1) New rigs to be delivered beginning in 4Q07 through end of
2008
Revenue (1)
Operating Income + D&A (1)
($ in millions)
($ in millions)
2004 2005 2006 9 mos 2007 112.3 129.8 173.3 160.3
$112.3
$129.8
$173.3
$20.0
$22.0
$37.9
$38.4
$160.3
Summary of DLS Contracts
DLS primarily operates two types of contracts:
Pan American Energy (PAE) Strategic Agreement (San Jorge
Basin):
Based on two components:
Drilling Dayrate: The drilling dayrates under the agreement are
subject to anefficiency factor for drilling depths up to 2,700
meters (or in other words, DLSreceives a lump sum payment based on
historical drilling time). Beyond 2,700meters, the Drilling Rate is
determined by drilling time required plus reimbursablecosts. Prices
are expensed in Mixed Units consisting of a mix of US Dollars
andArgentine Pesos.
Inflation Adjustment: The inflation adjustment is determined by
various factorsincluding labor costs, the price of oil and gas in
Argentina and the ArgentinaProducers Basic Prices index.
Daywork Contracts:
Other than the PAE Contract, the majority of DLS contracts are
similar to U.S.dayrate contracts, which are based on a negotiated
rate per day comprised ofboth U.S. Dollars and Argentine Pesos. The
Argentine Pesos portion issubject to inflation adjustment.
PAE represented approximately 52% of 2006 DLS total revenue
Directional Drilling 2004 2005 2006 9 mos 2007 3.5 8.3 19.1
16.1
Well planning and engineering services,directional drilling
packages, downholemotor technology and other services,including
logging-while-drilling (LWD)and measurement-while-drilling
(MWD)
Horizontal and directional drilling areamong the fastest growing
segments ofthe oilfield services industry - currently43% of wells
in US
Team of 120 directional drillers -245 employees total
Approximately 300 downhole motors
Three recent acquisitions in 2007 added140 motors, directional
drillers andMWD tools - expanded geographicreach
Revenue
Operating Income + D&A
($ in millions)
($ in millions)
2004 2005 2006 9 mos 2007 24.8 43.9 72.8 69.4
$24.8
$43.9
$72.8
$69.4
$3.5
$8.3
$19.1
$16.1
Tubular Services 2004 2005 2006 9 mos 2007 10.4 20.9 50.9 41
Specialized equipment and trainedoperators for pipe handling
services:casing and tubing installation, changingout drill pipe and
retrieving productiontubing
322 employees
Large market - all wells require casing &tubing
Acquisition of Rogers (May 2006) providedproducts with new
technology
Significant presence in Mexican market
Acquisition of Rebel Rentals (October2007) provides additional
tubing runningequipment for domestic and Mexicanmarket
Revenue
Operating Income + D&A
($ in millions)
2004 2005 2006 9 mos 2007 4.8 7 16.5 12.4
($ in millions)
$10.4
$20.9
$50.9
$41.0
$4.8
$7.0
$16.5
$12.4
Underbalanced Drilling 2004 2005 2006 9 mos 2007 2.5 7.6 13.9
11.8
Compressed air equipment, foam units,drilling bits, hammers,
chemicals andother specialized products forunderbalanced
drilling
Underbalanced drilling is among thefastest growing services
Diversified fleet allowing customized,turnkey packages - nearly
200compressors and boosters
187 employees
Texas, Oklahoma, Colorado, NewMexico, Utah, Wyoming, West
Virginia,Alabama and Arkansas
Revenue
Operating Income + D&A 2004 2005 2006 9 mos 2007 11.6 25.7
43 36.4
($ in millions)
($ in millions)
$2.5
$7.6
$43.0
$36.4
$11.8
$13.9
$11.6
$25.7
Production Services 2004 2005 2006 9 mos 2007 0 0.8 4.1 15.7
Wire line support rentals, flow back supportrentals, pressure
pumping, coiled tubingsupport rentals, and tubing packages
135 employees
Counter-cyclical - tied to production vs. drilling
Significant expansion in October 2006 withacquisition of
Petro-Rentals
Currently operate 8 coil tubing packages;additional 6 coil
tubing packages to bedelivered in 4Q08
Locations in Texas and Louisiana withanticipated opening of new
locations inOklahoma, South Texas, and Arkansas in2H07/2008
Note: 2007 results includes pretax gain on sale of assets of
$8.9 million.
Revenue
Operating Income + D&A 2004 2005 2006 9 mos 2007 0.4 9.8
19.6 27.2
$4.1
$0.8
$0.0
$19.6
$0.4
$9.8
($ in millions)
($ in millions)
$27.2
$15.7
Investments in Technology CreateCompetitive Advantage
Rental Tools - Deepwater landing strings and wedge
threadtechnology - strength and performance
Proprietary Rogers Hydraulic Power Tong Positioning System
-safe, stable, drill pipe connection system
Patented power tong for snubbing - fast and safe
hands-freeoperations
Remotely operated hydraulic "catwalk" pipe handling system
forsafe delivery of tubulars to rig floor
Underbalanced Drilling - manufacture diamond-enhanced bits
-improved rate of penetration
Financial Review
Growth in Profitability and Cash Flow 2004 2005 2006 9 mos 2007
47.7 105.3 307.3 427.1
2004 2005 2006 9 mos 2007 EBITDA 7.8 19.6 92.9 146.8
2004 2005 2006 9 mos 2007 Net Income 0.9 7.2 35.7 44.7
Calculated as net income + interest expense + income taxes +
D&A + stock based compensation.
(2) 2007 results include pretax gain on sale of assets of $8.9
million.
Historical Revenue Growth
Historical Adjusted EBITDA(1) Growth
Historical Net Income Growth
Historical Diluted EPS Growth 2004 2005 2006 9 mos 2007 EPS 0.09
0.44 1.66 1.29
($ in millions)
($ in millions)
($ in millions)
($ in millions)
$47.7
$105.3
$307.3
$7.8
$19.6
$92.9
$35.7
$0.9
$7.2
$0.09
$0.44
$1.66
$427.1
$146.8
$44.7
$1.29
Nine Months Results
(In Millions, except per share data)
2006
For the Nine Months EndedSeptember 30
% Change
Revenue
$196.1
$427.1
117.8%
Adjusted EBITDA (1)
$60.8
$146.8
141.4%
Pretax Income
$31.5
$69.5
120.6%
Net Income
$25.3
$44.7
77.0%
Average diluted shares
20.2
34.5
70.8%
Diluted earnings per share
$1.25
$1.29
3.2%
2007
(1) Excludes non-cash stock compensation expense
Tax Rate
19.7%
35.7%
81.2%
Improved Business Diversification
Diversify revenue and cash flow stream through:
Organic growth of existing business lines
Strategic acquisitions
Nine Months Ended 9/30/07
Operating Income + D&A Rental Services International
Drilling Directional Drilling Underbalanced Drilling Tubular
Services Production Services 0.39 0.25 0.1 0.08 0.08 0.1
3rd Quarter 2007 - Estimated total international revenues and
EBITDA were 42% and 35%, respectively, excludingCorporate
items.
Successful acquisition strategy coupled with increased margins
and decreased Netdebt / pro-forma EBITDA leverage ratio Natural gas
Directional Drilling Casing & Tubing Air Drilling Production
Services Rental Tools
$141.8 43.1 30.4% 3.70x
($ in millions)
Note: EBITDA calculated as net income + interest expense +
income taxes + D&A.
2007 period includes pretax gain on sale of assets of $8.9
million.
CommodityExposure
Business
Scope
LTM Revenue
LTM EBITDA Natural gas / Crude oil
Directional Drilling
Casing & Tubing
Air Drilling
Production Services
Rental Tools
International Drilling
$557.0 192.3 34.5% 2.36x
Improved Financial Profile
EBITDA Margin
Net Debt /EBITDA
Pro Forma
December 31, 2005
Pro Forma
September 30, 2007
Capitalization
Decreased leverage ratio -
2.36x Net debt / pro-forma LTM Adjusted EBITDA
December 31,2006
September 30,2007
($ in millions)
Cash
39.7
$
$ 63.1
Sr. Notes due 2014
255.0
$
255.0
$
Sr. Notes due 2017
- -
250.0
Other Debt
313.4
11.4
Total Debt
568.4
$
516.4
$
Stockholders' Equity
253.9
$
405.6
$
Total Capitalization
822.2
$
922.0
$
Net Debt / Capitalization
68%
53%
Debt Summary
$62.0 million secured revolver due April 2012
$8.8 million LC's outstanding
$505 million Senior Notes
9% $255 million due January 2014
8.5% $250 million due March 2017
$5.5 million term loan at DLS
$2.0 million seller notes and non-competes
$2.0 million insurance premium financing
$1.0 million miscellaneous
Investment Highlights
Successful execution of growth strategy
Strategic position in high growth markets
Diversified and increased cash flow sources
Strong relationships with diversified customer base
Experienced management team
High inside ownership
Company Headquarters
5075 Westheimer, Suite 890
Houston, TX 77056
713-369-0550
www.alchenergy.com
Company Contact:
Jeffrey R. Freedman,
Vice President - Investor Relations
[email protected]
Allis-Chalmers Energy
EBITDA Reconciliations
Reconciliation of EBITDA and Adjusted EBITDA to GAAP Net
Income
($ in millions)
For the Nine Months Ended
09/30/07 09/30/06
Net income 44.66 25.27
Depreciation and amortization 40.25 13.82
Interest expense, net 34.95 12.83
Income taxes 24.79 6.20
EBITDA 144.65 58.12
Stock compensation expense (non-cash) 2.13 2.64
Adjusted EBITDA 146.78 60.76
Supplemental Disclosure Regarding Non-GAAPFinancial
Information
EBITDA represents net income (loss) before income taxes,
interest anddepreciation and amortization. EBITDA is not a
presentation made in accordancewith generally accepted accounting
principles ("GAAP") and is not a measure offinancial condition or
profitability. EBITDA should not be considered in isolation oras a
substitute for "net income (loss)", the most directly comparable
GAAP financialmeasure, or as an indicator of operating
performance.
By presenting EBITDA, Allis-Chalmers intends to provide
investors with a betterunderstanding of its core operating results
to measure past performance as well asprospects for the future.
Allis-Chalmers evaluates operating performance based onseveral
measures, including EBITDA, as Allis-Chalmers believes it is an
importantmeasure of the operational strength of its business.
EBITDA may not be comparable to similarly titled measures used
by othercompanies. EBITDA is not necessarily a measure of
Allis-Chalmers' ability to fundits cash needs, as it excludes
certain financial information when compared to "netincome (loss)".
Users of this financial information should consider the types
ofevents and transactions which are excluded. A reconciliation of
EBITDA to netincome (loss) follows:
GRAPHIC3c71694c71694z0001.gifGRAPHIC
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