Archer - The well company. Jørgen Peter Rasmussen Chief Executive Officer March PDF

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Archer - The well company Jørgen Peter Rasmussen Chief Executive Officer March 2011 Our goal Deliver better wells, to help our customers produce more oil and gas Private and Confidential 2 Archer at a

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Archer - The well company Jørgen Peter Rasmussen Chief Executive Officer March 2011 Our goal Deliver better wells, to help our customers produce more oil and gas Private and Confidential 2 Archer at a glance What we do.. Drilling services: Platform drilling, Land drilling, Modular rigs, Directional drilling, Drill bits, Drilling & Completion fluids, Tubular handling, Cementing tools, Plugs/Packers, Rentals, Underbalanced services, Engineering Well services: Wireline intervention, Wireline logging, Integrity diagnostics, Imaging, Production monitoring, Coiled tubing, Completion services, Fishing Where we do it.. Globally positioned to Service our customers Global operations developed through organic and acquisitioned growth Our size.. NOK 12 billion market cap; 325 million shares (SEAW) traded on OSE USD 1.3 billion in revenue and USD 195 million EBITDA in 2010; pro forma for major acquisition 7,500 staff, engineers and skilled technicians We are Craftsmen and Specialists Private and Confidential 3 Global footprint Bergen Aberdeen Newcastle London Stavanger Esbjerg Wyoming Colorado New Mexico Oklahoma Texas North Dakota Arkansas West Virginia Louisiana Hamilton Mississippi Al Kohbar Abu Dhabi Lagos Kuala Lumpur Singapore Santa Cruz de la Sierra Catu Tartagal Nequen Arajacu Rio de Janeiro Pico Truncado Buenos Aires Rincon de los Sauces WA Rio Grande Geographical revenue overview Region (MUSD) Africa 1 2 Asia Pacific 3 19 Europe Middle East 1 3 North America South America Total Private and Confidential 5 Unaudited consolidated P&L **** USD mill. Seawell Allis- Chalmers Gray Wireline* Sum of 2009 numbers as reported** Sum of 2010 numbers as reported** Seawell*** Allis- Chalmers Gray Wireline Total Operating Revenues 637,5 506,3 70, , ,2 721,5 659,7 96,0 Operating Expenses 555,7 431,8 64, , ,0 634,5 569,2 95,3 Depreciation and Amortisation 21,9 83,0 9,7 114,7 118,7 22,7 88,9 7,1 Total Operating Expenses 577,6 514,8 74, , ,7 657,2 658,1 102,4 Net operating income 59,9 (8,6) (4,1) 47,2 59,5 64,3 1,6 (6,4) Financial Items 20,7 (22,5) 12,3 10,5 103,8 36,6 48,5 18,8 Taxes 10,1 9,9 (5,6) 14,3 (0,9) 15,4 (7,4) (8,9) Net Income 29,1 (21,2) (10,7) (2,9) (43,4) 12,3 (39,5) (16,2) Notes * Gray Wireline have a different reporting year and the reported numbers from 2009 are not audited ** All 2010 numbers are unaudited *** The Seawell 2010 reported numbers are adjusted for the Gray contribution for 2010 **** The sum of numbers reported are simple adding of the individual reported numbers Global oilfield services market millions Oilfield services annual revenue $300,000-16% $250,000 $200,000 20% CAGR $150,000 $100,000 $50,000 $ Spears OMR 2010 Casing & Cementation Products Inspection & Coating Unit Manufacturing Surface Data Logging Production Testing Downhole Drilling Tools Casing & Tubing Services Coiled Tubing Services Logging-While-Drilling Solids Control & Waste Management Well Servicing Contract Compression Services Drill Bits Floating Production Services Surface Equipment Specialty Chemicals Petroleum Aviation Rental & Fishing Services Supply Vessels Artificial Lift Completion Equipment & Services Drilling & Completion Fluids Directional Drilling Services Wireline Logging Rig Equipment Subsea Equipment Geophysical Equipment & Services Oil Country Tubular Goods Land Contract Drilling Pressure Pumping Services Offshore Construction Services Offshore Contract Drilling The portfolio of products and services Drilling services Platform drilling Land drilling Modular rigs Directional drilling Drill bits Drilling & Completion fluids Tubular handling Cementing tools Plugs & Packers Underbalanced services Rentals Engineering Well services Wireline intervention Wireline logging Integrity diagnostics Imaging Production monitoring Coiled tubing Completion services Fishing Specialist intervention Private and Confidential 8 What is Archer doing differently? Positioning Ingredients Size Market Archer Well specialists Drilling services Well services People-centric Craftsman Innovation Straightforward solutions Experience Mid-tier service provider, enabling operators to access combined well services Existing fields Improving production Enhanced recovery Big 4 oil service co s Life-of-field, reservoir focus; unlocking new types of reservoirs and exploration basins Regional players Focused on a single market or a single customer, have only experience in one region Local players Fragmented, limited technology access We have assembled the right technology to solve key industry challenges CflexTM Annular seal integrity extends well life ComtracTM Revolutionary carbon cable conveyance platform PointTM Bringing clarity to well integrity management VMBTM Safe & secure V0-rated well suspension plugs Private and Confidential 10 We have a solid backlog in the North Sea Unit Customer Q 2Q 3Q 4Q Q 2Q 3Q 4Q Q 2Q 3Q 4Q Q 2Q 3Q 4Q Q 2Q 3Q 4Q Statfjord A, B, C StatoilHydro 1 x 2 year Gullfaks A, B, C StatoilHydro 1 x 2 year Veslefrikk A, B StatoilHydro Life of field Ula & Valhall BP Gyda Talisman 1 year Ekofisk & Eldfisk ConocoPhillips Option 3 x 3 year Brent A, B, C, D, Nelson Shell 1 x 2 year Dunlin Fairfield Life of field Eider, Tern, N.Corm., Corm.A TAQA 1 year Alba & Captain Chevron 3 x 1 year Forties A, B, C, D Brae A, B, E Peregrino A & B Apache Marathon StatoilHydro 3 x 1 year Year to year Option 2 x 3 year Firm contract s Option Private and Confidential 11 Company growing 25% a year CAGR 1, Seawell sales Seawell EBITDA Q03 1Q04 1Q05 1Q06 1Q07 1Q08 1Q09 1Q10 Seawell Limited only Private and Confidential 12 Growth strategy Footprint and Technology Capture market share Positioning and differentiation Synergies and more services offered in the existing Archer locations Increase market share by listening to customers, Deliver first class services and operational excellence Grow globally Global expansion by addressing needs of customers and move into markets where we have not been present so far. Global expansion through local or regional acquisitions Build portfolio to deliver better wells Continue to focus on practical, fit-forpurpose engineered technology acquisitions Development of new technology and applications, new services and solutions to customers problems Acquire complementary businesses Acquisitions must add to our skills and differentiated experience, expand global reach Focus on value and accretion in all acquisitions Private and Confidential 13 Our service offering ambitions Drilling services Well services Engineering Platform / Land drilling Modular rigs Well intervention Electric line / Slick line Directional drilling Coiled tubing Bits Motors Drilling & Completion fluids Tubular handling Plugs & Packers Cementing tools MWD / LWD RSS. Carbon technology (C6) Tractor Specialist intervention Production monitoring Wellbore imaging Integrity diagnostics Integrity diagnostics Fishing Private and Confidential 14 Imagine the technology we bring to our clients wells Well Performance Eye Breakthrough in wellbore spatial imaging technology Operates in all well fluids Hi-definition images through pipe Enabling operators to manage wells more effectively, improve well performance and extend well life. Introduction to Archer 15 We have begun an aggressive expansion of our global footprint Strong footprint Multiple services, multiple clients, many years of experience United Kingdom Norway Denmark United States Argentina Building footprint More than two services, some experience, concentrated client base Brazil Bolivia Mexico Nigeria Malaysia Singapore Emerging footprint One to two services, at beginning of market penetration in 2010 Qatar Abu Dhabi Saudi Arabia Egypt Libya Algeria Angola Indonesia Australia Private and Confidential 16 Financials Private and Confidential 17 Seawell unaudited consolidated statement of operations (In millions of NOK, except per share data) For the three month period ended December 31, For the twelve month period ended December 31, Operating revenues Operating revenues 1, , ,101.2 Reimbursables Other revenues Total operating revenues 1, , ,824.8 Operating expenses Operating expenses , ,538.3 Reimbursable expenses Depreciation and amortization General and administrative expenses Total operating expenses 1, , ,465.5 Net operating income YOY operating revenue growth of 41% for 4Q and 19% for full year 2010 NOK30 mill. one off listing and merger cost in 2010 Private and Confidential 18 Seawell unaudited consolidated statement of operations (In millions of NOK, except per share data) Financial items For the three month period ended December 31, For the twelve month period ended December 31, Interest income Interest expenses (14.5) (23.1) (82.5) (95.5) Other financial items (46.6) (0.9) (146.2) (34.4) Total financial items (57.9) (22.7) (219.4) (124.3) Income/(loss) before income taxes Income taxes (23.2) (12.8) (92.6) (60.6) Gain on issuance of shares by subsidiary Net income/ (loss) Net income/ (loss) attributable to the parent Net income attributable to the non-controlling interest (0.0) (0.3) (0.4) (1.8) Basic earnings/ (loss) per share (NOK) Diluted earnings/ (loss) per share (NOK) Other financial items are merger related. FX loss and refinancing fees. Private and Confidential 19 Seawell unaudited consolidated balance sheets In millions of NOK LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Current portion of long-term debt Other current liabilities Amoumts due to parent Total current liabilities Non-current liabilities Subordinated loan Long-term interest bearing debt 1, Deferred taxes Other non-current liabilities Total non-current liabilities 1, ,751.1 Shareholders' equity Common shares of par value US$2.00 per share: 300,000,000 shares authorized 225,400,050 outstanding at December, 2010 (December, : 110,000,050) 2, ,198.4 Additional paid in capital 1, Retained earnings Accumulated other comprehensive income (15.3) 30.3 Other equity (1,102.1) (1,102.1) Non-controlling interest Total shareholders' equity 3, Total liabilities and shareholders' equity 5, ,339.8 New equity from private placement USD430 mill. incl. conversion of subordinated loan Private and Confidential 20 Seawell unaudited consolidated balance sheets In millions of NOK December 31, 2010 December 31, 2009 ASSETS Current assets Cash and cash equivalents 1, Restricted cash Accounts receivables, net Other current assets Total current assets 2, ,029.9 Non-current assets Investment in associates Drilling equipment and other fixed assets Asset under construction Deferred tax assets Other intangible assets Goodwill 2, ,589.8 Other non current asset Total non-current assets 3, ,309.9 Total assets 5, ,339.8 Net cash from private placement USD290 mill. Acquired Gray W/L for USD 160 mill. in cash Private and Confidential 21 Seawell Segment information In millions of NOK For the three month period ended December 31, For the twelve month period ended December 31, Revenues from external customers (in millions of NOK) Drilling Services 1, , ,199.4 Well Services Total operating revenues 1, , ,824.8 Depreciation and amortization (in millions of NOK) Drilling Services Well Services Total depreciation and amortization Operating income - net income (in millions of NOK) Drilling Services Well Services Operating income Unallocated items: Total financial items (57.9) (22.7) (219.4) (124.3) Income taxes (23.2) (12.8) (92.6) (60.6) Net income Private and Confidential 22 Organisation Private and Confidential 23 The Management, 300+ years experience in Oilfield services and global operations Executive team: Jørgen Peter Rasmussen, Chief Executive Officer (DK) Thorleif Egeli, Chief Operating Officer (N) Lars Bethuelsen, Chief Financial Officer(N) Max Bouthillette, General Counsel (CAN) Carlos Calad, VP Marketing and Sales, (CO) Gunnar Lemvik, SVP Human Resources, CIO and Integration (N) Steve Russell, VP Personnel and Supply Chain (UK) Operational Team: Kjetil Bjørnsen(N), Carlos Ectheverry(AR), David Corbet(UK), David Bryan(US),Terry Keane(US), Mark Harris(US), Roy Martin(NZ), Mark Patterson(US), Rolf E Haaland(N) General management in oilfield services in 60+ countries A global organization, 10 nationalities in executive management Experience in 25 of the Oilfield Service business segments Board Of Directors, Archer Limited Saad Bargach, non executive Chairman Fredrik Halvorsen, Vice Chairman Tor Olav Trøim John Reynolds Cecilie Fredriksen Alejandro Bulgheroni Kate Blankenship Gianni Dell Orto Jørgen Peter Rasmussen Multiple nationalities, Long industry experience Private and Confidential 25 Summary Private and Confidential 26 Summary Create significant long-term shareholder value Building a high growth global oilfield service company Develop organizational capabilities through a diverse multinational workforce Acquire technology, services and geographical footprint where needed Focus on service quality, operational excellence and execution Create an integrated offering across our service lines Private and Confidential 27 Proforma Operational EBITDA for 4Q and 2010 Unaudited USD million 4Q Seawell(1USD=6NOK) 22,5 92 Gray 6,1 19,2 Allis Chalmers 33,3 121,3 Total 61,9 232,5 Private and Confidential 28 Disclaimer This presentation is being made only to, and is only directed at, persons to whom such presentation may lawfully be communicated ( relevant persons ). Any person who is not a relevant person should not act or rely on this presentations or any of its contents. This presentation does not constitute an offering of securities or otherwise constitute an invitation or inducement to any person to underwrite, subscribe for or otherwise acquire securities in the Company or any affiliated Company thereof. The release, publication or distribution of this presentation in certain jurisdictions may be restricted by law, and therefore persons in such jurisdictions into which this presentation is released, published or distributed should inform themselves about, and observe, such restrictions. This presentation may include certain forward-looking statements, estimates, predictions, influences and projections with respect to anticipated future performance and as to the market for products or services which may reflect various assumptions made by the management of the Company. These assumptions may or may not prove to be correct and no representation is made as to the accuracy of such statements, estimates, projections, predictions and influences. These statements and forecasts involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. The information and opinions contained in this presentation are subject to change without notice and the Company assumes no responsibility or obligation to update publicly or review any of the forward-looking statements contained herein. Private and Confidential 29 Thank you Private and Confidential 30
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