aban offshore limited
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Aban Offshore Limited. Disclaimer. - PowerPoint PPT PresentationTRANSCRIPT
Aban Offshore Limited
Disclaimer
Except for historical information contained in the presentation, statements may constitute ‘forward-looking statements’. These ‘forward-looking statements’ may contain number of risks, un-certainties and other factors and other factors that could cause actual results, opportunities, and growth potential to differ materially from those suggested by the forward-looking statements. These risks include, but are not limited to, the growth in demand for the drilling, E&P expenditure by oil companies, our ability manage complexities and risks in our international growth etc., AOL undertakes no obligation to update forward-looking statements to reflect the events and circumstances after the date hereof.
The Evolution
Established in 1986• When ONGC encouraged Indian entrepreneurs to set up
drilling business• Reduce dependence on foreign companies
Started with 2 offshore rigs, chartered to ONGC
Grew in stages to 7 assets by 2005• Acquisition of Hitech from Tatas in 2001 was a big
milestone.• All further additions were second hand assets• Deployment secured prior to or immediately after
purchase
Spreading the wings
• ASPL was set up in November 2005 to• expand beyond Indian waters• reduce dependence on single customer• be on par with global peers in terms of competitiveness• have access to innovative and broad based financing
solutions
• Singapore encourages maritime industry• 10 year tax holiday under Sec 13F (AISE)• Singapore flagged rigs enjoy tax exemption without any
time limit• Shipyards reputed for construction, repair and upgrade
Take-off…..• Sinvest was a Financial investor based in Norway and listed
on Oslo Stock Exchange• Sinvest was an ideal choice
• 2 new builds already delivered and placed for 18 months• 6 new builds to be delivered in stages till 2009• Early mover advantage• All rig owning SPVs are Singapore incorporated
• Carried out in three stages and completed in March 07. • The integration process was easy, since Sinvest had only 5
employees and no major cultural issues. • All the rigs of Sinvest are managed by a professional
company viz., Premium Drilling which is jointly owned by Sinvest (50%) and Awilco (50%).
The Fleet…
ABAN - IIABAN - IV
ABAN - V
ABAN - III
ABAN - ICETAHARA
ABAN - VI
ABAN - VIII
DD - I
DD - 2
DD - 3
DD 4
DD - 5
Deep venture
Deep Driller 1 Pte Ltd
Deep Driller 2 Pte Ltd
Deep Driller 3 Pte Ltd
Deep Driller 4 Pte Ltd
Deep Driller 5 Pte Ltd
Deep Driller 6 Pte Ltd
Deep Driller 7 Pte Ltd
Deep Driller 8 Pte Ltd
Aban Singapore Pte Ltd
Aban Internatinal Norway AS
Aban Abraham Pte Ltd.
Sinvest AS
DDI Holding AS
Deep Drilling Invest Pte Ltd
100%
Aban 7 Pte Ltd.
Aban 8 Pte Ltd.
100% 100%100%
60%
100%
40%
100% 100% 100% 100% 100% 100% 100% 100%
Venture Drilling AS
Premium Drilling AS
50%50%
Beta Drilling Pte Ltd
100%
100%
SINGAPORE
NORWAY
Aban Pearl Pte Ltd.
100%
Aban Offshore Ltd. INDIA
100%
Boxes with green are rig owning companies.
Aban Holdings Pte Ltd
99.9%
Sitting pretty …
• Expected revenues from Committed contracts• USD 1,645 million over Aug 2008-Jul 2011• USD 205 million beyond Jul 2011
• 14 out of 21 rigs are already operational • Remaining are likely to be operational by March
2009• Fleet complement of 9 brand new units• Predictable cash flows• Most of the counterparties are AAA rated• Have presence in different geographies
The space that we operate …
• Global offshore drilling expenditure has • Increased to US$ 30 bn in 2007 • Up from US$ 20 bn in 2005-06. • expected to grow to US$ 55 bn by 2011.
• The main demand drivers are: • sustained increase in oil prices• Pressure to accrue new reserves• viability of marginal fields
Future plansEnhance Deepwater capacity.
• Increased activity• This gives higher value addition.• Setting higher entry barriers for competitors• Attractive day rate of USD 550,000 to
600,000• Payback in 4 years
Increase FPSO capacity• Floating production capacity required to
serve the new oilfields• Stable business with longer term contracts
Thank you for your valuable time