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Angola – Pride Fleet

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Angola – Pride Fleet PridePride International,International, Inc.Inc. AnalystAnalyst MeetingMeeting NovemberNovember 27,27, 20072007 NewNew YorkYork CityCity Operations Challenges People Safety and Environment Costs Critical Spares Shipyard Execution Operations Challenges People • Concern: Attracting and retaining skilled personnel • Actions: – Competitive compensation packages – Retention programs – Advanced training programs Operations Challenges Safety and Environment • Concern: Inexperience of personnel, including supervisors • Actions: – Worldwide Competency Program – Strong Management Systems – Internal and External Audit System Safety Scorecard 2003 – Sep 2007 3 Pride IADC Comparative Mkt 2.34 2.26 2.17 2.09 2.232 2 1.35 TRIR 1.29 1.2 1.23 1.2 1.25 1 1.21 1.07 0.94 1.01 0 2003 2004 2005 2006 2007 Note: Incidence Rate is number of Recordables X 200,000 divided by manhours IADC reports on a quarterly basis - 2.09 & 1.20 are 2nd Qtr 2007 preliminary numbers Exceptional Deepwater Performance > 5 Years of Operation! Drillship Performance Safety: Zero LTA’s! Downtime: <1%! Operations Challenges Costs • Concern: Growing inflation on labor, materials, services and inventory management • Actions: – Doing things smarter: $10 million saved on Pride South Pacific by completing heavy maintenance while in operation – Global Supply Chain Management process providing savings from new volume discount program Shipyard Alternatives and Cost Savings Special Periodic Surveys Completed Offshore While Continuing Operations Net Revenue Savings Pride Georgia vs. 40 day SY project $4.4M Pride Michigan vs. 75 day SY project $3.9M Pride Alaska vs. 75 day SY project $9.2M Critical Spares • Concern: Long lead times and quality control • Actions: – Examine every rig for critical spare needs. Placing orders 2-3 years in advance. Positioning Pride representatives in vendor shops Revenue Protection ! Operations Challenges Shipyard Execution • Concern: Shipyards heavily booked, labor and material shortages • Actions: – Conduct pre-shipyard surveys – Pre-order equipment needs – Pre-fabricate steel – Onsite project supervision – Pride labor at the yards Shipyard Project Summary Deep Water Mid Water Jackup 1200 1,111 1000 787 800 600 377 389 400 298 Shipyard Days Shipyard 225 200 102 27 0 2006 2007 2008 Total: 1,515 1,176 625 Brian C. Voegele Senior Vice President & Chief Financial Officer A Very Different Company 2004 Q3 2007 Assets Assets Other Other PP&E 66 PP&E 196 3,843 1% 3,282 5% 70% 81% Current Current Asse ts Assets 560 1,605 14% 29% $ 4,038 MM $ 5,514 MM Liabilities Liabilities Other 428 LT Debt Other 20% 1,686 97 LT Debt 77% 4% 1,129 51% Current Current Liabilities Liabilities 630 426 29% 19% $ 2,209 MM $ 2,187 MM Dollars in Millions Debt Capital $600 $498 $500 $500 $400 $300 $300 $262 $ in Millions $200 $152 $100 7 3/8% Senior 3 1/4% MARAD Notes Drillship Loan Revolver Notes Due 2014 Convertible Facility Senior Notes due 2033 Record Financial Performance Total Revenue(1) Adjusted EBITDA(1)(2) (in Millions) (In Millions) $890E R $2,025E AG % C R 26 AG C % 52 $690 $1,611 $1,542 $568 $1,283 $386 2005 2006 2007E 2005 2006 2007E (1) - Adjusted for Sale of Latin America Land, E&P Services, Tender Barges (2) - See Reconciliation on Pride Website Improved Financial Strength PDE Debt / Ratios Debt / Capital Ratios 55% 14 x 30% 50% 25% 12 x Interest Coverage Ratio(1) Coverage Interest 45% 20% 10 x 40% 15% 8 x 35% 10% Total Debt / Total Capital Total / Debt Total 6 x 30% 5% 25% 4 x 0% 2003 2004 2005 2006 Q3 2007 PDE RIG RDC NE DO ESV GSF 1 - Interest Coverage Defined as Adjusted EBITDA divided by Net Interest Expense Source: Bloomberg, Pride International Low Cost of Capital 12% 10% 8% 6% 4% 2% 0% PDE RIG RDC NE DO ESV GSF WACC Cost of Debt Source: Bloomberg, Pride International Contribution of Floater Fleet Increasing Offshore Revenue Q3 2006 Offshore Revenue Q3 2007 Other Deep Water Other US Jackups 8% Deep Water 11% 33% US Jackups 11% 35% 27% Int'l Jackups Mid Water Mid Water Int'l Jackups 19% 17% 10% 29% Offshore Operating Income Q3 2006 Offshore Operating Income Q3 2007 US Jackups Other Other Deep Water 47% 3% 0% 38% US Jackups 6% Mid Water Int'l Deep Water 20% Mid Water Int'l Jackups Jackups 29% 5% 36% 16% Perspectives on 2008 Continued revenue and EBITDA growth expected • Expect revenue to be $250-300 million higher than 2007 – Improvement driven by the floating fleet Cost inflation expected to continue • 3-5%+ on top-line operating costs year over year – 10+% cost increase year over year » excluding differences in mobilization costs and reimbursables • Increase in training costs • See some slowing in rate of increase for equipment costs G&A generally expected to be flat year over year • Labor cost increases, offset by efficiency gains • Lower FCPA investigation costs Tax rate generally in the 30 to 34% range Interest expense impacted by capitalization May retire 3.25% convertible debenture • Represents about 11.7 million shares Adding Value with Organic Growth $700MM Investment 35% 100% 30% Payback 25% ROIC 80% % Payback 5 Year Term 20% 15% IRR 60% Return Metrics Return 10% WACC 5% 0% 40% $425,000 $450,000 $475,000 $500,000 Dayrate High Quality Floating Fleet Average Fleet Depth Average Age 9,000 30 8,000 25 7,000 20 6,000 15 5,000 10 Average FleetAverage Age Water Depth (feet) Depth Water 4,000 5 3,000 0 NE NE DO DO NE NE DO DO RIG RIG RIG RIG GSF GSF PDE PDE GSF GSF PDE PDE Total Floating Fleet Floating Fleet > 4500' Total Floating Fleet Floating Fleet > 4500' Source: ODS-Petrodata, Pride International Upside Leverage to Dayrate Increases Uncontracted Floater Days Floating Revenue Potential 70% 3680 days 2,500M Hypothetical Revenue Contract Backlog 60% 2717 days 2,000M 50% GR CA .7% 11 40% 1,500M 30% 1378 days 1,000M 20% Revenue Floater Percent of Total Floater Days Floater of Total Percent 751 days 500M 10% 0% 2008 2009 2010 2011 2008 2009 2010 2011 2012 Higher Potential Growth Growth in Floater Revenue Floater Dayrate as % Total Fleet Dayrate 14% (Hypothetical) 100% 12% 10% 75% 8% 50% 6% CAGR 2008-2011 CAGR 4% 25% 2% 0% 0% DO RIG PDE GSF NE PDE NE RIG GSF DO Source: ODS-Petrodata, Pride International Total Backlog Jackup and Floater Backlog $25.0 $20.0 $15.0 ($Billions) Backlog Backlog $10.0 $5.0 RIG GSF DO NE PDE ESV Less Downside Risk for Investors 90% Jackup and Floater Backlog Pct. of EV / Market Capitalization 80% 70% 60% 50% 40% 30% 20% 10% 0% PDE RIG GSF ESV DO NE Market Cap Enterprise Value Deepwater Fleet at Jackup Multiples Jackup Driven Floater Driven 9x 8x Avg 7.0x (ex PDE) 7x 6x Avg 4.6x 5x 4x 3x 2x RDC ESV HERO PDE NE DO GSF RIG Source: Bloomberg Valuation as of 11/23/07 Kevin C. Robert Senior Vice President Marketing & Business Development Rig Utilization and Day Rates are Determined by Local and Global Supply and Demand Integrated Drilling Demand and Supply Models Rig Demand OilOil andand GasGas E&PE&P SpendingSpending IOC/NOCIOC/NOC PortfoliosPortfolios SupplySupply ForecastsForecasts ForecastForecast andand StrategiesStrategies NewNew SourceSource ProjectProject ModelsModels ExplorationExploration WellWell Forecast Forecast DevelopmentDevelopment WellWell ForecastForecast HistoricalHistorical ActualActual ContractedContracted DAYDAY RATERATE FORECASTFORECAST BYBY utilizationutilization andand RigsRigs andand WATERWATER DEPTHDEPTH ANDAND REGIONREGION dayday raterate ContractedContracted RatesRates algorithmsalgorithms Actual/Forecast Actual/Forecast RelocationRelocation Rig Count Rig Count andand switching:switching: by Water Depth and by Water Depth and ArbitrageArbitrage Location Location algorithmsalgorithms UpgradesUpgrades NewNew BuildBuild ProgramsPrograms RetirementsRetirements Rig Supply Non-OPEC Supply Growth Robust Incremental Non-OPEC Supply 2,000 Deepwater Global NGLs Russia Central Asia Other Total 1,500 1,000 500 mbd 0 -500 -1,000 2005 2006 2007 2008 Non-OPEC supplies set to meet incremental demand in both 2007 and 2008 Includes incremental Angolan production, which will be unconstrained by OPEC quotas through 2008 Significant Exploration Potential Remains in Deepwater 25000 Mean PUD's P10 20000 Actual/Under Development P10 Exploration 15000 Mean Exploration upside P90 P50 10000 Production mbo/d P90 5000 Base decline 0 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 Causing A Growing Gap Between Global Demand and Non-OPEC Supply 120 Call on OPEC Crude 100 40 – 52 mmb/d 80 35 – 38 mmb/d OPEC 29 – 31 mmb/d d / Liquids b 60 m m 40 Non OPEC 20 0 2020 2005 2010 1995 2000 2015 XOM Forecast (Nov 04) Shell Forecast (May 05) PFC P10 (Sept 04) PFC P50 (Sept 04) PFC P90 (Sept 04) Prod Demand @ 1.1% Growth Prod Demand @ 1.8% Growth Prod Demand @ 2.4% Growth Conclusion: This Oil Price Cycle is Different! Oil companies face significant challenges to growth • Sharply declining legacy assets • Long-term plateau of non-OPEC production • Limited access to resources to replace reserves • Gap in current portfolios • Huge cash flow now, but less later • Service sector bottlenecks These challenges are combining to cause a step change in E&P investment 10000 Oil Production15000 20000 (MB/ D) 25000 30000 35000 – 2030) Deep WaterOilandGasProduction Potential(1990 5000 0 1980 1982 Oil Production Forecast | OFFSHORE WORLDWIDE | OFFSHORE Forecast Production Oil • 1984 1986 shallow waterregions potential liesmainly in Future gasproduction 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 0 – 400’ 2012 >400’ 2014 2016 2018 2020 2022 2024 2026 2028 2030 Gas Production (MMCF/ D)100000 120000 140000 20000 40000
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