sbm offshore n.v....2011/06/08 · fpso falcon page 9 * relocation of fpso espadarte 19 units...
TRANSCRIPT
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8 June 2011
SBM OFFSHORE N.V.
RBS BENELUX EQUITIES CONFERENCE - AMSTERDAM
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Some of the statements contained in this presentation that are not historical facts are statements of future expectations and other forward-looking statements based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance, or events to differ materially from those in such statements. Such forward-looking statements are subject to various risks and uncertainties, which may cause actual results and performance of the Company’s business to differ materially and adversely from the forward-looking statements.
Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this presentation as anticipated, believed, or expected. SBM Offshore NV does not intend, and does not assume any obligation, to update any industry information or forward-looking statements set forth in this presentation to reflect subsequent events or circumstances.
Disclaimer
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Content
The Company
Operations
Financial & Outlook
Appendixpage 3
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Content
The Company
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Activities
Design, construction, turnkey supply, leasing & operation of: Floating (Production) Storage and Offloading (FPSO) Semi-Submersible Production Units Tension Leg Platforms (TLP) Mobile Production Units and Storage (MOPUstor) Turret Mooring Systems & Terminals LNG Floating Production, Liquefaction, Storage and
Offloading Other facilities such as drilling units, mobile units etc.
Offshore Contracting, Overhauls / Spare Parts Technology development – arctic, ultra deep,
Renewable
Technology Creating Value
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SBM Offshore Worldwide
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Business Model
Integrated model creates cash flow and knowledge synergies
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Business Approach
Invest only on the basis of contracts in hand Contract for firm lease periods ideally in excess of five years Revenues not exposed to oil price variations or (except in the Gulf of
Mexico) reservoir risk Interest and currency exchange rate risks hedged upon contract
award Project debt fully serviced by guaranteed lease income Apply conservative policy with respect to depreciation Manage fleet operations in-house
Prudent approach creates sustainable long term business
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SBM Offshore Lease Fleet
Under Construction
Lease in operation
Laid up
NorwayMOPUstor / YME
CanadaMOPU / Deep Panuke
USASemi-Sub / Thunder Hawk
CongoFSO / Nkossa II
Brazil
$
FPSO / BrasilFPSO / Marlim SulFPSO / EspadarteFPSO / Espirito SantoFPSO / Capixaba
FPSO / Cidade de Paraty
FPSO / Baleia Azul*
Equatorial GuineaFPSO / Aseng
AsiaFSO / Yetagun
FPSO / Kikeh
AngolaFPSO / MondoFPSO / Saxi BatuqueFPSO / XikombaFPSO / KuitoLPG FPSO / Sanha
FPSO Falcon
page 9
* Relocation of FPSO Espadarte
19 units
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Remaining Duration of Lease Contracts
Firm order portfolio on long term contracts with robust clients page 10
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Lease ContractorsProduction Units in Operation or Under Construction
8
1
2
2
2
2
2
4
2
4
4
11
12
11
1
1
1
1
1
1
5
1
2
1
3
5
1
2
1
1
1
1
1
2
0 2 4 6 8 10 12 14 16 18
Single Unit Owners
Sea Production
Petrofac
Emas
Fred Olsen
Rubicon
Saipem
MISC
Bumi Armada
Maersk
Sevan
OSX
Bluewater
Teekay
Modec
BW Offshore
SBM
Working Under Construction Idle Construction on Speculation/hold
(*) Cidade de Rio das Ostras considered as unit under construction / Conditional award of North Sea FPSO not included
Status: May 2011
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Strategic Objectives
Expand the Lease & Operate fleet Selective approach to Turnkey Systems sales Strong growth foreseen in Turnkey Services with planned investment
in new vessel Maintain market leadership position for converted FPSOs, turrets,
swivels, CALMs Realizing LNG FPSO projects remains prime focus Organic growth supported by strategic partnerships and acquisition Develop technology for growth areas: deepwater, arctic, LNG and
Renewable energy
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General Outlook
Oil price ensures economic viability of oil field developments High bidding activity with good prospects for the Company’s products Recovery in the number of awards in the FPSO sector FLNG prospects development expected in 2011 Turnkey Services segment expected to be reasonably buoyant Technology development – Deepwater, Offshore LNG, Renewables
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Technology Development
Renewable
Deepwater
MoorsparTM Riser BuoyFourStarTM TLP
Wave Energy Converter
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Technology Development LNG FPSO
COOLTM LNG Floating Hose
LNG Floating Production, Storage and Offloading (FPSO)
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Content
Operations
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Highlights Q1, 2011
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Turnover of US$ 683 million, 5 % below prior year Total order portfolio of US$ 11.3 billion – not including recent major
awards with an approximate total portfolio value of US$ 2 billion Letter of Intent for the supply and installation of an FPSO from OSX
in Brazil Letter of Intent for a 12 year lease and operate contract for the
FPSO Xikomba from ENI in Angola Long-term cooperation agreement with Mitsubishi Corporation to
jointly pursue FPSO lease and operate projects worldwide Ordered a new Diving Support Construction Vessel (DSCV)
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Major Projects Delivered in 2010
KoreaBP Skarv Turret
BrazilFPSO P-57
Brazil QGP - Drilling Rig I
Odebrecht - Drilling Rig II
BrazilFPSO Capixaba
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TbaNorway
Abu Dhabi
Singapore
Major Projects in Execution
Talisman - Yme
Delba - Drilling Rig
Petrobras - FPSO Cidade de Paraty - (Lula NE)
Noble Energy - Aseng Petrobras –Baleia Azul
Woodside - FPSO Okha
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OSX - FPSO OSX2 -Brazil
ENI - FPSO Xikomba relocation - Angola
In transit
Encana - Deep Panuke
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Angola
Short Term Prospects
FPSO - Block-31 (2x)BP
FPSO - Kuito extensionChevron
Ghana
FPSOTullow Oil
Malaysia
TLP - MalikaiShell
Russia
FPU (Gas) - Shtokman Gazprom
UK
Turret - Quad 204BP
Nigeria
DW CALM - EginaTotal
FPSO Maersk
Australia
Turret - FLNGShell
page 20Sale Lease Relocation / Extension
Brazil
FLNG - TupiPetrobras
FPSO - Pilot 4 + 5FPSO - SiriPetrobras
FPSO - BrasilFPSO - Marlim SulPetrobras
FPSO - Block 32 Total
Turret - IchthysInpex
FPSO - Block 15 ENI
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FPSO RelocationsLaid up
FPSO Falcon
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Projects Underway Prospects Idle
Brazil
FPSO CapixabaPetrobras
FPSO EspadartePetrobras
Angola
FPSO XikombaENI Angola
Brazil
FPSO Marlim SulPetrobras
FPSO BrasilPetrobras
Win-win for SBM Offshore and its clients
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Content
Financial & Outlook
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Key Figures Full Year 2010(In millions of US$)
Increased profit and record order portfolio
2,957 3,056
FY 2009 FY 2010
Turnover
293.4362.4
FY 2009 FY 2010
EBIT
3,7404,532
FY 2009 FY 2010
New Orders
10,032
11,502
FY 2009 FY 2010
Order Portfolio
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0.670.71
FY 2009 FY 2010
Dividend (in US$)
230276
FY 2009 FY 2010
Net Profit
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Financial Overview Full Year 2010Income Statement Total Group (in millions of US$)
31/12/10 31/12/09 Change %
Comment
Turnover 3,056 2,957 3.4 65% Turnkey Systems, 26% Lease & Operate, 9% Turnkey Services
Gross Margin(%)
511(16.7%)
452(15.3%)
13.1 Improved Turnkey Systems margins; Impairments
EBITDA (% Margin)
688(22.5%)
613(20.7%)
12.2 Improved Turnkey Systems margins; Lower Selling / Marketing costs; Depreciation / Amortisation up 2%
EBIT (% Margin)
362(11.9%)
293(9.9%)
23.5 47% Turnkey Systems, 37% Lease & Operate, 16% Turnkey Services
Net Profit (% Margin)
276(9.0%)
230(7.8%)
20.0 Net financing costs up 40%; Non-cash hedging loss; Non recurring financial income
Shareholders’ Profit 240 221 8.6 Minority interest x4 in 2010
New Orders 4,532 3,740 21.2 Includes FPSO Cidade de Paraty, FPSO Aseng, Paenal adjustments
Order Portfolio 11,502 10,032 14.7 Record level; 20% Turnkey Systems, 78% Lease & Operate, 2% Turnkey Services
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Financial Overview Full Year 2010Turnkey Systems (in millions of US$)
31/12/10 31/12/09 Change%
Comment
Turnover 1,985 1,924 3.2 Finance leases US$ 681 million plus mainly Okha, P-57 & 3 rigs
Gross Margin(%)
270(13.6%)
187(9.7%)
44.4 Improved results from major projects (Aseng, Paraty, P-57, Okha); Losses on rigs and 5000 T crane
EBITDA(% Margin)
201(10.1%)
110(5.7%)
82.4 As above
EBIT(% Margin)
186(9.4%)
97(5.0%)
92.0 At high end of target range
New Orders 2,302 1,109 x 2.1 FPSO Cidade de Paraty, Paenal, CLOV, FPSO Aseng adjustment
Order Portfolio 2,303 1,995 15.4 Over 1 year turnover; US$ 1.6 billion for completion in 2011
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Financial Overview Full Year 2010Turnkey Services (in millions of US$)
31/12/10 31/12/09 Change%
Comment
Turnover 339 262 29.4 Evenly split Offshore Contracting vs. Mooring supply & services; 20% intersegment
Gross Margin(%)
75(22.3%)
70(26.7%)
7.1 Lower occupancy of installation vessels in 2010
EBITDA(% Margin)
72(21.4%)
67(25.7%)
7.5 As above
EBIT(% Margin)
64(18.9%)
53(20.3%)
20.8 Still at top end of target range; Pyrodriver impairment in 2009 (US$ 8 million)
New Orders 263 257 2.3 Normal level
Order Portfolio 245 314 (22.0) Third party backlog (80%) stable; 9 months of turnover
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Financial Overview Full Year 2010Lease and Operate (in millions of US$)
31/12/10 31/12/09 Change%
Comment
Turnover 800 816 (1.9) Falcon & Oguzhan leases ended in 2009; First full year of Thunder Hawk in 2010
Gross Margin(%)
166(20.7%)
195(23.9%)
(15.2) Operating performance exceeded expectations; Impairment inventory tankers US$ 20 mln; MOPUstor impairments 2009 & 2010
EBITDA(% Margin)
448(56.0%)
466(57.1%)
(3.8) In line with turnover; Depreciation (excluding impairments) down 2%
EBIT(% Margin)
146(18.3%)
175(21.4%)
(16.3) As per gross margin;Underlying margin 24.6%
New Orders 1,967 2,375 (17.2) Cidade de Paraty; Various charter extensions
Order Portfolio 9,003 7,834 14.9 Record level
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Financial Overview Full Year 2010Ratios Total Group (in millions of US$)
31/12/10 31/12/09 Change%
Comment
Capital Expenditure 519 656 (20.9) Excludes finance leases
Debt 1,814 1,611 12.6 New US$ 750 million RCF, FPSO Aseng project financing
Net Liquidities 103 147 (29.5) Optimised level
Net Debt 1,711 1,464 16.9
Total Equity 2,123 1,817 16.9 Profit; Derivatives values; Dividend; Share based payments
Net Debt : Equity 81% 81% - Strong financing capacity
ROACE 10.1% 9.7% 4.1 Good operating performance
Return on Shareholders’ Equity
12.4% 14.6% (15.0) Equity increase November 2009; Increased minority
EPS (US$) – Basic 1.44 1.47 (2.0) As above
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2011
Order Portfolio Backlog Full Year 2010(in billions of US$)
2.7 1.3
Turnkey systems Turnkey Services Lease & Operate Total
2011 1.6 0.2 0.9 2.7
2012 0.4 - 0.9 1.3
2013 0.3 - 0.9 1.2
Beyond 2013 - - 6.3 6.3
Total 2.3 0.2 9.0 11.5
2012
1.2
2013
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Financial Outlook 2011
Turnover in the same range as 2010, almost fully secured from current portfolio;
EBIT margin from Turnkey Systems solidly in the 10% – 15% range, taking into account a robust underlying operating margin and the impact of finance lease accounting;
Turnkey Services EBIT margin within the 15% – 20% range; Lease and Operate EBIT in the same range as underlying 2010 level. Net financing costs are expected to decrease by 20 – 25%; Capital expenditure to amount to US$ 0.4 billion; excluding any new
operating lease contracts or variation orders to existing contracts; Net gearing at year-end 2011 is expected to remain below 100%, with
all financial ratios well within banking covenants
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Appendix
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Normand Installer
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FPSO Espirito Santo
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Yme MOPUstor
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Deep Panuke MOPU
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Thunder Hawk
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«P
hoto
cou
rtesy
of P
etro
bras
»
FPSO P57
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Drilling Rig
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Aseng FPSO
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FPSO Cidade de Paraty (Tupi NE)
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Paenal Yard
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