Slide 1: 3 quarter 2017
3 quarter 2017 27 October 2017
Slide 2: Bonheur ASA Group - Highlights 3Q 2017
Bonheur ASA Group - Highlights 3Q 2017 (3Q 16 in brackets) Operating revenues were NOK 2 180 million (NOK 3 346 million) Operating result before depreciation (EBITDA) was NOK 572 million (NOK 1 343 million) Year on year EBITDA improvement of NOK 23 million, apart from Offshore drilling Operating res
Slide 3: Bonheur ASA Group - Consolidated summary
Bonheur ASA Group - Consolidated summary Change in (NOK million) 3Q 17 3Q 16 NOK Revenues 2 180 3 346 -1 165 EBITDA 572 1 343 -770 Depreciation -652 -802 150 Impairment -16 -503 486 EBIT -96 38 -134 Net finance and result from associates -212 -233 21 EBT -308 -195 -113 Net result -338 -251 -87 Share
Slide 4: Segment analysis – Revenues
Bonheur ASA Group - Segment analysis – Revenues (NOK million) 3Q 17 3Q 16 Change Offshore drilling 607 1 778 -1 171 Renewable energy 233 202 30 Shipping/Offshore wind 398 428 -29 Cruise 620 622 -3 Other 323 315 8 Total Revenues 2 180 3 346 -1 164 4
Slide 5: Segment analysis EBITDA
Bonheur ASA Group - Segment analysis EBITDA (NOK million) 3Q 17 3Q 16 Change Offshore drilling 201 993 -792 Renewable energy 137 120 17 Shipping/Offshore wind 102 112 -10 Cruise 159 170 -11 Other -27 -52 26 Total EBITDA 572 1 343 -770 5
Slide 6: Change in net interest bearing debt (NIBD)
Bonheur ASA Group - Change in net interest bearing debt (NIBD) (NOK million) NIBD 01.07.17 -6 636 EBITDA 3Q17 572 Capex paid -111 FX effects on cash position -185 FX effects on gross debt position 401 Taxes paid -15 Net Interest paid -227 Termination fee from Anadarko (Bolette Dolphin) 763 Working C
Slide 7: Capex per segment
Bonheur ASA Group – Capex per segment 600 500 400 NOK million 300 200 100 0 4Q 15 1Q 16 2Q 16 3Q 16 4Q16 1Q17 2Q17 3Q17 Offshore Drilling (excl. Bollsta) Renewable Energy Shipping/Offshore wind Cruise Other 7
Slide 8: Capital employed per segment
Bonheur ASA Group – Capital employed per segment 30 000 42% 25 000 40% 20 000 38% NOK mill. 15 000 36% 10 000 34% 5 000 32% 0 30% 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 Offshore drilling Renewable energy Shipping / Offshore wind Cruise Other investments Equity ratio (%) Capital Employed (CE) = Net
Slide 9: Offshore drilling
Offshore drilling Fred. Olsen Energy ASA 9
Slide 10: Contract schedule
Contract schedule Contract schedule Class renewal survey schedule Unit 2017 2018 2019 2020 2021 2022 Bolette Anadarko Continuous class during operations Blackford ChevroSmart stacked Bideford Statoil Statoil Borgland Smart stacked Byford Smart stacked Belford Preserved and maintained Bredford Preser
Slide 11: Main focus areas
Main focus areas Operational Deliver consistent high performance and efficient operations excellence Prioritize capital expenditures to support high regularity and quality Pursue the right contract opportunities for the core units New contracts Secure contracts with balanced risk profile and accepta
Slide 12: Offshore drilling – Key financials
Offshore drilling – Key financials (Figures in NOK million) 3Q 17 2Q 17 3Q 16 Operating revenues 607 466 1 778 EBITDA 201 240 993 EBITDA margin 33 % 52 % 56 % EBIT -237 -879 -98 EBT -363 -984 -241 Net result after tax -367 -1 046 -277 Capex 17 16 9 Equity 5 264 5 901 6 872 Gross interest bearing deb
Slide 13: Renewable energy
Renewable energy 13
Slide 14: Prices for Sweden and Norway
Renewable energy Power prices (per MWh) in UK, Norway and Sweden were on average £43 (£40), €28 (€23) and €33 (€29), respectively, in the quarter. Green certificate prices (per MWh) in Scandinavia have come down materially from an average of SEK 133 in 3Q16 to SEK 57 in 3Q17. Power prices (quarterly
Slide 15: Generation (MWh)
Renewable energy Capacity factors in UK, Norway and Sweden were 21.8% (23.1%), 31.6% (28.4%) and 22.2% (24.1%), respectively, in the quarter. Capacity Factors and Generation 60% 600 000 50% 500 000 40% 400 000 Generation (MWh) Capacity factor (%) 30% 300 000 20% 200 000 10% 100 000 0% - 4Q 2015 1Q 2
Slide 16: Business Model and Project Portfolio
Business Model and Project Portfolio Site Investigation Development Consented Construction Operation Scotland Scotland – 100-180 MW Ireland Scotland Scotland Crystal Rig extension Codling Bank – 500 MW Brockloch Rig Windfarm Crystal Rig – 62.5 MW Norway offshore (50% owned; total (formerly Windy Sta
Slide 17: Renewable energy - Key financials
Renewable energy - Key financials (Figures in NOK million) 3Q 17 3Q 16 Operating revenues 233 203 EBITDA 137 120 EBITDA margin 59 % 59 % EBT 7 -32 Capex 66 192 Equity 2 094 3 427 Gross interest bearing debt 3 843 4 443 - Cash and cash equivalents *) 983 3 141 = Net interest bearing debt (NIBD) 2 860
Slide 18: Renewable energy – Summary 3Q
Renewable energy – Summary 3Q 17 400 300 200 100 NOK million 0 -100 -200 -300 -400 -500 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 Revenues EBITDA Capex 18
Slide 19: Shipping / Offshore wind
Shipping / Offshore wind 19
Slide 20: Shipping/Offshore wind: Growth industry, growth market
Shipping/Offshore wind Growth industry, growth market Installed 12 643 MW as per 2016 Forecasted to increase to 66 500 MW as per 2030 Installed offshore wind capacity Europe and selected auction power prices 70 000 200 180 60 000 160 Auction power price (EUR per MWh) 50 000 140 MW installed capacity
Slide 21: Shipping / Offshore wind – Key financials
Shipping / Offshore wind – Key financials (Figures in NOK million) 3Q 17 3Q 16 Operating revenues 398 428 EBITDA 102 112 EBITDA margin 26 % 26 % EBT 50 49 Capex 18 42 Equity 1 362 1 246 Gross interest bearing debt *) 1 469 1 544 - Cash and cash equivalents 249 306 = Net interest bearing debt (NIBD)
Slide 22: Shipping / Offshore wind – Summary 3Q
Shipping / Offshore wind – Summary 3Q 17 500 400 300 NOK million 200 100 0 -100 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 Revenues EBITDA CAPEX 22
Slide 23: Cruise
Cruise Fred. Olsen Cruise Lines Ltd. 23
Slide 24: UK cruise passengers
Cruise UK cruise passengers (ex UK cruises) 1000 CAGR = 9.2% 900 800 700 Passengers (thousands) 600 500 400 300 200 100 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 CAGR = Compound annual growth rate Source: Cruise Lines International Association 24
Slide 25: Cruise passenger days and net ticket income
Cruise Passenger days were 284 823 in the quarter (306 961), a decline of 7%. Net Ticket Income per passenger day was £161 in the quarter (£141), an increase of 14% Weakening of USD/GBP and GBP/NOK - negative impact on EBITDA of NOK 15 million Passenger days Change in Net Ticket Income 40% 340 000 1
Slide 26: Cruise - Key financials
Cruise - Key financials (Fi gures i n NOK mi l l i on) 3Q 17 3Q 16 Operating revenues 620 622 EBITDA 159 170 EBITDA margin 26 % 27 % EBT 95 127 Capex 7 10 Equity 1 260 1 162 Gross interest bearing debt 0 0 - Cash and cash equivalents 807 592 = Net interest bearing debt (NIBD) -807 -592 Capital emplo
Slide 27: Cruise – Summary 3Q
Cruise – Summary 3Q 17 650 550 450 NOK million 350 250 150 50 -50 -150 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 Revenues EBITDA CAPEX Black Watch 27
Slide 28: Bonheur ASA Group - Highlights 3Q 2017
Bonheur ASA Group - Highlights 3Q 2017 Operating revenues were NOK 2 180 million (NOK 3 346 million) (3Q 16 in brackets) Operating result before depreciation (EBITDA) was NOK 572 million (NOK 1 343 million) Year on year EBITDA improvement of NOK 23 million, apart from Offshore drilling Operating res