Northern Ocean Ltd. · OSL:NOL
Northern Ocean — Pareto Conference 2022
8 slides from Northern Ocean's conference presentation, September 2022
Slide 1: Company Presentation – Pareto Conference
Company Presentation – Pareto Conference September 2022 KLIKK FOR Å REDIGERE UNDERTITTELSTIL I MALEN
Slide 2: Important Information
IMPORTANT INFORMATION This company presentation (the “Presentation”) has been prepared by Northern Ocean Ltd. (the “Company” or “Northern Ocean” and taken together with its consolidated subsidiaries the “Group”) solely for information purposes. In this Presentation, references to “Northern”, “Northe
Slide 3: The two most capable rigs with advanced energy efficient technologies
The two most capable rigs with advanced energy efficient technologies Bollsta | 2019 delivered | Moss CS60 | UDW HE(1) 1.5 Derrick: Efficiency factor versus single activity is +30% • Engines use Selective Catalytic Reduction (SCR) generating cleaner emissions • High voltage switchboards run in a clo
Slide 4: Recent contract award in Namibia
Recent contract award in Namibia Contract summary Client: Shell Plc subsidiary Location: Namibia Water depth: up to 2,400 meters Rig: Bollsta Term: 365 days firm + 180 days options Commencement: Middle of 4th Quarter 2022 Mobilization: Estimated at 35 to 40 days Estimated backlog: USD 124 million fi
Slide 5: Northern Ocean rigs see demand from all basins
Northern Ocean rigs see demand from all basins Offshore drilling industry overview Ultra harsh environment(2) Harsh environment(3) Benign environment Fleet break-down(1) Ultra Harsh Environment(2) Barents Sea Kara Sea These rigs, such as Bollsta Alaska North Sea and Mira, are classified to West of w
Slide 6: Levered play with favorable maturity profile
Levered play with favorable maturity profile Limited maturities before 2025 Solid equity upside with increased rig values(2) (1) Pro-forma net debt per rig Equity value per rig Bank debt Sterna RCF 450 ~3.4x Equity upside 400 ~2.7x 350 100 ~2.0x 245 300 195 145 250 71 200 150 310 100 205 205 205 205
Slide 7: Northern Ocean strengthens team and adapts to new operations
Northern Ocean strengthens team and adapts to new operations Simplified corporate structure Continues a lean and efficient overhead Hemen Other investors ▪ Strengthened key disciplines with in-house resources ~39% ~61% ▪ Rebalancing shared support from related party companies ▪ Enhancing controls an
Slide 8: In summary….
In summary…. 1 New contract provides solid economics 2 Premium asset that can work in all drilling markets 3 Underlying market in strong recovery 4 Levered play with favorable maturity profile 5 Lean set-up with strong stakeholder support KLIKK FOR Å REDIGERE UNDERTITTELSTIL I MALEN Source: IHS Petr