Transocean Ltd (switzerland) · NYSE:RIG
Transocean Ltd (switzerland) — Transocean — 37th Annual Howard Weil Energy Conference 2009
25 slides from Transocean Ltd (switzerland)'s conference presentation, Mar 25, 2009
Slide 1: 37th Annual Howard Weil Energy Conference
Bob Long, Chief Executive Officer 37 th Annual Howard Weil Energy Conference March 23, 2009 New Orleans Exhibit 99.1
Slide 2: Forward Looking Statement
Forward Looking Statement The statements described in this presentation that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements which could be made
Slide 3: Key Investment Highlights
Unique Contract Driller World’s largest offshore drilling company Diversified revenue sources Substantial contract revenue backlog Positioned to Outperform World’s largest deepwater fleet Positive outlook for deepwater market Key Investment Highlights
Slide 4: Leading Offshore Drilling Contractor
142 rigs (1) – presence in every major offshore market 21,600 people Unmatched operating experience Outstanding technical resources Unique resources in well planning and completions Leading Offshore Drilling Contractor
Slide 5: Largest Worldwide Rig Fleet
Largest Worldwide Rig Fleet (1) 39 28 65 10 10 3 42 5 43 7 11 20 14 8 6 27 4 10 1 8 14 0 20 40 60 80 100 120 140 RIG NE ESV DO PDE SDRL High-Spec Floaters Midwater Floaters Jackups Newbuilds 142 60 (2) 51 45 45 33
Slide 6: Diversified Revenue Sources
Diversified Revenue Sources 36% 23% 28% 5% 2% 6% High Spec Midwater Jackups ADTI & CMI Contract Intangible Other 42% 31% 27% Integrated NOC Independent By Asset Class By Customer Full Year 2008 - $12.7 billion
Slide 7: Strong Backlog Creates Visibility
9.7 8.9 6.8 4.7 8.6 0.0 2.0 4.0 6.0 8.0 10.0 (US$ Billions) 2009 Remaining 2010 2011 2012 2013-20 Strong Backlog Creates Visibility Total Contract Revenue Backlog - $38.7 billion (3)
Slide 8: Contract Backlog Supported by Investment Grade Clients
Contract Backlog Supported by Investment Grade Clients (4) 61% 33% 6% A Rated Other Investment Grade Non-Investment Grade and Unrated Total Contract Revenue Backlog = $38.7 Billion (3)
Slide 9: Substantial Financial Flexibility From Free Cash Flow Backlog
Substantial Financial Flexibility From Free Cash Flow Backlog (5) 0.4 2.7 4.2 4.2 2.5 3.9 2.3 2.8 0.9 2.1 1.5 1.9 2.0 0 1 2 3 4 5 (US$ Billions) 2009 Remaining 2010 2011 2012 2013 2014-2019 2020-2038 Scheduled Debt Maturities Free Cash Flow Backlog Total Free Cash Backlog Exceeds Total Debt By $3.8
Slide 10: RIG's Ultra-Deepwater Rig Days to Increase 56% by 2011
RIG’s Ultra-Deepwater Rig Days to Increase 56% by 2011 (6) 6,570 6,570 1,080 6,570 2,850 6,570 3,650 0 2,000 4,000 6,000 8,000 10,000 12,000 2008 2009 2010 2011 Existing Availability Newbuild Availability 7,650 9,420 10,220 6,570
Slide 11: Positive Long Term Deepwater Outlook
Positive Long Term Deepwater Outlook Near Term Limited availability of deepwater capacity until 2011 Strong recent fixtures Vantage/Petrobras eight-year contract Dryships/Petrobras three-year contract Uncertainty in the markets is preventing near term commitments by operators Decreased urgency to si
Slide 12: RIG Has Limited Deepwater Availability
RIG Has Limited Deepwater Availability (7) RIG Deepwater Floater Fleet - 46 Rigs (8) Water Depth > 4,500 ft 2009 98% 2% 2010 89% 11% Committed Uncommitted 2011 68% 32%
Slide 13: Global Deepwater Availability Remains Limited
Global Deepwater Availability Remains Limited (9) 0 20 40 60 80 100 120 140 160 180 200 Q1-09 Q2-09 Q3-09 Q4-09 Q1-10 Q2-10 Q3-10 Q4-10 Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 Q2-12 Q3-12 Q4-12 Contracted Rigs Uncontracted Existing Rigs Uncontracted Newbuilds
Slide 14: Most Deepwater Newbuilds are Contracted
Most Deepwater Newbuilds are Contracted (10) 86 26 Uncontracted Deepwater Newbuilds 0 2 4 6 8 10 12 Q1- 09 Q2- 09 Q3- 09 Q4- 09 Q1-10 Q2-10 Q3-10 Q4-10 Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 Q2-12 Q3-12 0 15 30 45 60 75 90 105 Contracted Floaters Uncontracted Floaters Floater Running Total
Slide 15: Positive Long Term Midwater Outlook
Positive Long Term Midwater Outlook Near Term Limited availability of midwater capacity in 2009 Declining demand Expect stability in Norway, West Africa and Brazil Expect weakness in all other markets Increasing sublet activity Slowing tendering pace Long Term Expect strong midwater demand in medium
Slide 16: Midwater Utilization Has Recently Declined
Midwater Utilization Has Recently Declined (9) 75 80 85 90 95 100 2003 2004 2005 2006 2007 2008 2009
Slide 17: Midwater Tendering Pace Is Slowing
Midwater Tendering Pace Is Slowing (9) 0 1 2 3 4 2003 2004 2005 2006 2007 2008 2009 0 10 20 30 40 50 60 Avg Term No of Fixtures
Slide 18: Midwater Rigs Availability
82 14 12 84 17 10 0 20 40 60 80 100 > 12 months 6-12 months 0-6 months Jan-08 Jan-09 Less than 4,500 ft WD Available Midwater Rigs (9)(11)
Slide 19: RIG Has Limited Midwater Availability 1H2009
RIG Has Limited Midwater Availability 1H2009 (1) Mar-09 May-09 Jul-09 Sep-09 Nov-09 GSF Arctic II Sedco 712 C. Kirk Rhein Jr. Sedco 703 Actinia Sedco 700 GSF Aleutian Key GSF Arctic III Transocean John Shaw Rig to be sold Warm stacked Mar-09 Jul-09 Jul-09 Aug-09 Aug-09 Sep-09 Sep-09
Slide 20: Jackup Outlook
Jackup Outlook Near Term Decreasing demand and increasing supply Rapid market deterioration Limited opportunities Low commodity prices Increasing sublet activity Approximately 25 percent of newbuilds are contracted Long Term Recovery depends on commodity prices
Slide 21: Jackup Utilization Has Recently Declined
Jackup Utilization Has Recently Declined (9) 86 88 90 92 94 96 98 100 2003 2004 2005 2006 2007 2008 2009
Slide 22: Significant Uncontracted Jackup Newbuilds
Significant Uncontracted Jackup Newbuilds (10) 59 46 Uncontracted Jackup Newbuilds 0 2 4 6 8 10 12 14 16 18 Q1- 09 Q2- 09 Q3- 09 Q4- 09 Q1-10 Q2-10 Q3-10 Q4-10 Q1-11 Q2-11 Q3-11 0 8 16 24 32 40 48 56 64 72 Contracted Jackups Uncontracted Jackups Jackup Running Total
Slide 23: RIG Has Significant Near Term Jackup Availability
RIG Has Significant Near Term Jackup Availability (7) 69% 31% 70% 30% 87% 13% 2009 2010 2011 Transocean Jackup Fleet - 65 Rigs Committed Uncommitted
Slide 24: Key Investment Highlights
Key Investment Highlights Unique Contract Driller World’s largest offshore drilling company Diversified revenue sources Substantial contract revenue backlog Positioned to Outperform World’s largest deepwater fleet Positive outlook for deepwater market
Slide 25: Appendix
Appendix (1) Per March 2, 2009 company-issued Fleet Update Summary and January 12, 2009 Fleet Status Report. “High-Spec” and “Midwater” Floaters classifications are as described in RIG’s January 12, 2009 Fleet Status Report. Rig count is 136, as per the Form 10-K for the year ended December 31, 2008
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