Slide 1: Q1 2022 Presentation
Q1 2022 PRESENTATION 31 May 2022
Slide 2: Forward Looking Statements
FORWARD LOOKING STATEMENTS This announcement includes forward looking statements. Forward looking statements are, typically, statements that do not reflect historical facts and may be identified by words such as "anticipate", "believe", "continue", "estimate", "expect", "intends", "may", "should", "
Slide 3: Activity Increasing – On Track to Contract All Rigs
ACTIVITY INCREASING – ON TRACK TO CONTRACT ALL 23 RIGS MODERN FLEET AND GLOBAL PRESENCE FINANCIAL RESULTS ($ MILLION) 20 3 5 28 Total Rig Fleet Q4-21 Q1-22 Under Contracted Available Construction Revenue 69.1 82.0 19% Opex 38.7 55.6 (16.9) 3 5 3 EBITDA 25.0 21.4 (3.6) 2 5 3 1 6 Free and 46.0 58.3 12
Slide 4: Key Financials Q1 2022
KEY FINANCIALS Q1 2022 INCOME STATEMENT COMMENTS Q1 2022 USDm Q1 2022 Q4 2021 • Revenues increased by $12.9 million (19%) primarily as a result of an increase in number of operational days for rigs on charter in comparison to the prior quarter. Related party revenue Operating revenues 82.0 69.1 (bar
Slide 5: Strong Fundamentals Driving Activity Increase
STRONG FUNDAMENTALS DRIVING ACTIVITY INCREASE CORE MARKETS ARE GROWING LEADING TO STRONG JU CONTRACTING Contracted JUs (#) Contracts (#) Rig Years 200 300 No. contracted rig years (rhs) No. contracts 600 China Saudi Qatar UAE 180 Contracted rigs years at peak 160 250 500 140 200 400 120 100 150 300
Slide 6: Modern Rigs in High Demand
MODERN RIGS IN HIGH DEMAND MODERN UTIL. BACK TO PRE-COVID ARAMCO DRIVING DEMAND, 40+ RIGS REQUIRED Utilization (%) # rigs 100% Nearing 100 Awards 93% 95% 90 Current 90% 90% 80 85% 70 80% 60 75% 50 70% 40 Sharply Falling 65% Availability 30 60% 20 55% 10 50% 0 Marketed Available Marketed Util. Source
Slide 7: Market Is Tight, Day Rates Are Following
MARKET IS TIGHT, DAY RATES ARE FOLLOWING DEMAND AT PRE-COVID LEVELS … … AND MODERN RIGS TO BE SHORT SUPPLIED Contracted Rigs (#) Modern Rigs (#) Modern Standard Total Demand back to 500 pre-COVID 452 450 Visible demand > supply 387 392 400 377 Utilization 100% 350 316 102 262 300 250 Demand end-22 2
Slide 8: Fleet Status
FLEET STATUS 2022 2023 2024 2025 Rig Name Location Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Premium Jack-Ups Thor Singapore/Malaysia-Thailand JDA Contract Prep CPOC Option Gunnlod Southeast Asia IPC Undisclosed Option Idun Malaysia Petronas Carigali Option Mist Thailand PTTEP Saga Malaysia/Br
Slide 9: Illustrative Annual Cash Flow Potential
ILLUSTRATIVE ANNUAL CASH FLOW POTENTIAL (based on 95% utilisation) Current market 20 year avg. Peak Current status # of Rigs @ $100,000/day @ $140,000/day @ $250,000/day Contracted rigs 20 $329m $606m $1,369m Warm stacked (guidance end 22) 3 $49m $91m $205m Under Construction 5 $82m $151m $342m G&A
Slide 10: In Conclusion
IN CONCLUSION 20 Rigs contracted – continued ramping up of operations resulting in strong revenue growth Marketed utilisation above 90% for modern rigs – estimated to strengthen further Targeting to have the three remaining delivered rigs to be contracted by year end 2022 Expect to agree on refinanc
Slide 11: Built to Make a Difference
BUILT TO MAKE A wot Bor «Drilling DIFFERENCE betngcon a veove