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Annual Report 2013 2 Annual Report 2013 2 Contents A Brief Presentation 3 Contract Overview 4-5 Financial Summary 2009-2013 6 Board of Directors’ Report 2013 7-11 Directors’ Responsibility Statement 12 Accounts Fred. Olsen Energy Group 13-44 Consolidated Statement of Separate Income 13 Group Consolidated Statement of Comprehensive Income 14 Consolidated Statement of Financial Position 15-16 Consolidated Statement of Changes in Equity 17 Consolidated Statement of Cash Flows 18 Notes to the Consolidated Financial Statements 19-44 Accounts Fred. Olsen Energy ASA 45-56 Income Statement 45 Balance Sheet 46 Statement of Cash Flows 47 Notes to the Financial Statements 48-56 Auditor’s Report 57-58 Corporate Governance 59-63 Corporate Social Responsibility Reporting 64-66 Addresses 68 2 Fred. Olsen Energy ASA - Annual Report 2013 Fred. Olsen Energy ASA - Annual Report 2013 3 A Brief Presentation Fred. Olsen Energy ASA is listed on Oslo Stock Exchange and is a leading provider of exploration and development services to the oil and gas industry. The Company is based on more than 160 years experience within shipping and more than 40 years in off shore drilling, and provides competitive solutions to the benefi t of its customers, employees and shareholders. (in transit to West Africa) Offi ces Semi submersibles The Company is headquartered in Oslo with offi ces in Norway, the UK, Singapore, Brazil, Ultra-deepwater drillship Mozambique and South Africa. Revenues 2013 EBITDA 2013 Assets per 31.12.2013 Employees per 31.12.2013 6 750 6 774 NOK mill 3 750 NOK mill 18 750 NOK mill 1 500 1 445 18 296 3 402 5 400 3 000 15 000 1 200 4 050 2 250 11 250 900 2 700 1 500 7 500 600 1 350 750 3 750 300 Off shore drilling 174 Engineering 0 301 0 0 378 0 and fabrication -43 Fred. Olsen Energy ASA - Annual Report 2013 3 4 Contract Overview Name/ Built year/ Water (Ownership) Type Location upgrade depth Features Bolette Dolphin Gusto In transit to 2014 12 000 ft 2*85 t, 1*100 t and (100%) P 10 000 West Africa 1*165 t deck cranes, 15 000 psi Belford Dolphin Drill ship Mozambique 2000 10 000 ft 80 000 barrels storage (100%) 2*80 t deck cranes, 15 000 psi Bollsta Dolphin Moss maritime Under construction at 10 000 ft 2*100 t deck cranes, (100%) CS 60E Hyundai Heavy Industries Co., Ltd. 15 000 psi Blackford Dolphin Aker H-3 Brazil 1974/-08 7 000 ft 2*85 t deck cranes (100%) Enhanced 15 000 psi Bideford Dolphin Aker H-3 Norway, 1975/-99 1 500 ft 1*45 t + 1*50 t deck cranes (100%) Enhanced North Sea 10 000 psi Borgland Dolphin Aker H-3 Norway, 1976/-99 1 500 ft 1*45 t + 1*70 t deck cranes (100%) Enhanced North Sea 15 000 psi Bredford Dolphin Aker H-3 Norway, 1976 1 500 ft 2*50 t deck cranes (100%) North Sea /-81/-97/-01/-07 10 000 psi Borgny Dolphin Aker H-3 Brazil 1977 2 300 ft 2*50 t deck cranes (100%) /-85/-91/-92/-97/-02 /-10 10 000 psi Byford Dolphin Aker H-3 UK, 1973 1 500 ft 1*42 t + 1*53 t deck cranes (100%) North Sea /-85/-90/-96/-98 /-10 15 000 psi Borgsten Dolphin Aker H-3 UK, 1975 1 500 ft 1*55 t +1*50 t deck cranes (100%) Tender support vessel North Sea /-85/-95/-00/-13 Borgholm Dolphin Aker H-3 UK, 1975/-02 1*37.5 t deck crane (100%) Accommodation North Sea 314 beds in double cabins 4 Fred. Olsen Energy ASA - Annual Report 2013 Fred. Olsen Energy ASA - Annual Report 2013 5 Name/ Built year/ Water (Ownership) Type Location upgrade depth Features 2013 2014 2015 2016 2017 2018 2019 2020 Bolette Dolphin Gusto In transit to 2014 12 000 ft 2*85 t, 1*100 t and Anadarko (100%) P 10 000 West Africa 1*165 t deck cranes, 15 000 psi Belford Dolphin Drill ship Mozambique 2000 10 000 ft 80 000 barrels storage Anadarko (100%) 2*80 t deck cranes, 15 000 psi Bollsta Dolphin Moss maritime Under construction at 10 000 ft 2*100 t deck cranes, Chevron (100%) CS 60E Hyundai Heavy Industries Co., Ltd. 15 000 psi Blackford Dolphin Aker H-3 Brazil 1974/-08 7 000 ft 2*85 t deck cranes 1) 2) 3) 3) 4) TBC Chevron (100%) Enhanced 15 000 psi Bideford Dolphin Aker H-3 Norway, 1975/-99 1 500 ft 1*45 t + 1*50 t deck cranes Statoil Statoil (100%) Enhanced North Sea 10 000 psi Borgland Dolphin Aker H-3 Norway, 1976/-99 1 500 ft 1*45 t + 1*70 t deck cranes RMN consortium RMN con. (100%) Enhanced North Sea 15 000 psi Bredford Dolphin Aker H-3 Norway, 1976 1 500 ft 2*50 t deck cranes Lundin AGR consortium (100%) North Sea /-81/-97/-01/-07 10 000 psi Borgny Dolphin Aker H-3 Brazil 1977 2 300 ft 2*50 t deck cranes Petrobras (100%) /-85/-91/-92/-97/-02 /-10 10 000 psi Byford Dolphin Aker H-3 UK, 1973 1 500 ft 1*42 t + 1*53 t deck cranes 5) BP (100%) North Sea /-85/-90/-96/-98 /-10 15 000 psi Total (tender support services) Borgholm Dolphin Aker H-3 UK, 1975/-02 1*37.5 t deck crane Shell BG (100%) Accommodation North Sea 314 beds in double cabins 1) Karoon 2) Anadarko 3) MPX 4) Capricorn (Cairn) 5) BP Class Renewal Survey / yard Mobilization Option Fred. Olsen Energy ASA - Annual Report 2013 Fred. Olsen Energy ASA - Annual Report 2013 5 6 Fred. Olsen Energy – Group Financial Summary 2009-2013 Income Statement Data All amounts in NOK million 2013 2012 2011 2010 2009 Revenues 7 021.5 6 876.8 6 470.9 6 018.6 6 600.0 Operating profit before depreciation (EBITDA) 3 358.3 3 533.5 3 540.7 3 400.6 3 981.2 Net result after tax (hereof majority interests) 1 739.0 1 823.9 2 086.1 1 938.3 2 749.0 Minority interests -4.0 1.8 1.4 -3.3 5.1 Assets Current assets 3 324.3 2 971.1 4 255.2 3 269.7 3 736.0 Long term assets 15 327.5 12 941.5 10 609.2 10 252.0 10 133.5 Total assets 18 651.8 15 912.6 14 864.4 13 521.7 13 869.5 Liabilities and equity Interest bearing debt 4 826.6 4 927.2 5 750.2 5 539.0 6 721.7 Total liabilities 9 910.0 8 307.1 6 877.3 6 582.4 8 189.9 Equity of majority 8 741.8 7 605.5 7 981.2 6 934.0 5 671.0 Minority interests 0.0 0.0 6.9 5.3 8.7 Total liabilities and equity 18 651.8 15 912.6 14 865.4 13 521.7 13 869.5 Key Figures Definitions 2013 2012 2011 2010 2009 Market capitalization 1 16 466.8 16 126.7 13 405.5 17 193.8 14 806.1 Net interest bearing debt 2 3 475.5 3 540.4 3 565.6 4 040.7 4 707.6 Enterprise value 3 19 942.3 19 667.1 16 971.1 21 234.5 19 513.7 Debt/Book equity ratio 0.55 0.65 0.72 0.80 1.19 Debt/Market capital ratio 0.29 0.31 0.43 0.32 0.45 Current ratio 4 0.65 0.88 2.05 1.66 1.52 EBITDA margin 5 47.8 % 51.3 % 54.7 % 56.5 % 60.3 % Average number of shares outstanding 66.7 mill 66.7 mill 66.7 mill 66.7 mill 66.7 mill Share price at year end 6 246.9 241.8 201.0 257.8 222.0 Earnings per share (EPS) 7 26.2 27.5 31.5 29.5 41.5 Diluted earnings per share 26.2 27.5 31.5 29.5 41.5 Capital expenditures per share -40.2 -64.1 -22.0 -17.8 -34.1 Price/Earnings 8 9.4 8.9 6.4 8.9 5.4 Price/Book 9 1.9 2.1 1.7 2.5 2.6 EV/EBITDA 5.9 5.6 4.8 6.2 4.9 1 Closing price * number of shares at year-end 2 Short-term debt + Long-term debt - Cash and cash equivalents 3 Market capitalisation + Net interest bearing debt 4 Current assets / Current liabilities 5 EBITDA / Revenues 6 Last trade on last trading day of the year 7 Net profit / average number of shares outstanding 8 Closing price / EPS 9 Closing price / Book value per share 6 Fred. Olsen Energy ASA - Annual Report 2013 Fred. Olsen Energy ASA - Annual Report 2013 7 Fred. Olsen Energy Group and Fred. Olsen Energy ASA Board of Director’s Report 2013 The operating activities of Fred. Olsen Energy ASA and its sub- or grow production levels will trigger an increased contracting sidiaries (“the Group”) consist of offshore drilling as well as en- activity in due course. This is likely to be aided by an expected gineering and fabrication services. The parent company of the increase in development drilling for deepwater in particular. The Group is Fred. Olsen Energy ASA (“the Company”), with its cor- UK and Norwegian markets are expected to experience a more porate headquarters located in Oslo, Norway.
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