Sevan Marine ASA Results First Quarter 2015 Oslo, May 20, 2015 Carl Lieungh, CEO Reese McNeel, CFO Page 1
Sevan Marine Investment Highlights Debt free - cash of USD 27 million Large unutilized tax losses - in excess of NOK 3.5 billion Asset light and technology heavy - no vessel ownership, license fee and engineering revenue model…
Highlights Floating Production Other Applications Investments First Quarter Highlights Financials Outlook Page 4
Q1 2015 Highlights EBITDA (USD Million) Floating Production: Q1 2014 Q4 2014 Q1 2015 3,0 High workload for Goliat, Western Isles and Logitel and 2,4 number of studies driving high staff utilization 2,0 1,9 1,6 1,2 Tight cost…
Growing global fleet of cylindrical floaters 12 Sevan units currently in operation or under construction 5 Floating Production Units (FPSOs) Piranema Spirit Hummingbird Spirit Voyageur Spirit Goliat Western Isles 4 Drilling…
Full offshore design toolbox in place Floating Production is the current core focus Floating Production Sevan core Other Sevan Applications FPSO FSO FLNG Future designs Drilling Logitel Other Sevan Drilling / Seadrill Logitel…
Highlights Floating Production Other Applications Investments Floating Production (FPSO, FSO, FLNG) Financials Outlook Page 8
Sevan FPSOs: Ongoing projects Goliat Western Isles Field operator: ENI Field operator: Dana Petroleum Location: Sub-arctic Barents Sea Location: North Sea, UK Hull size: Sevan 1000 Hull size: Sevan 400 All mooring lines…
Sevan FPSOs and FSOs: Main prospects FPSOs Continued to work on several studies and tenders for upcoming FPSO prospects during 1st quarter, like the potential FPSO for Bream (Vette) A concept selection for another potential UKCS…
Sevan FLNG concept Topsides Hull and cargo containment system Conceptual design completed Key concept features: Liquefaction capacity: 2.4 mtpa (2 trains) LNG storage capacity: 220,000 m LPG storage capacity: 25,000 m Condensate…
Sevan FPSOs: Future FPSO opportunities SEVAN SCR FPSO SEVAN FWPSO SEVAN FDPSO Bridge linked FSO/FPSO Concept for a non-disconnectable Concept for Floating Workover Production Concept for Floating Drilling, Production and Concept…
Highlights Floating Production Other Applications Investments Other Applications Financials (Drilling, Logitel) Outlook Page 13
Proven technology: Sevan designed Drilling Units Sevan Driller Sevan Brasil Sevan Louisiana Sevan Developer Field operator: Petrobras Field operator: Petrobras Field operator: LLOG Design: Sevan 650 Field: Pre-salt Brazil Field:…
Proven technology: Sevan designed Logitel Units Three Units One delivered and two under construction Six Options with the Cosco Shipyard one exercised, one to expire, 4 remaining The Arendal Spirit was delivered in February 2015…
CeFront cooperation CeFront (established by co-founders of Sevan) has strong technical competence for Sevan cylindrical hull designs Cooperation with CeFront to utilize expertise and secure technical and commercial development of…
Highlights Floating Production Other Applications Investments Investments (KANFA, KANFA Aragon) Financials Outlook Page 17
KANFA 50 employees 49% 51% A process technology company focusing on delivering on an EPC basis process equipment packages and modules as well as studies and FEEDs together with Technip 100% 54.3% Traditional process equipment…
KANFA Aragon 25 employees 50% 50% ownership Sevan Marine and 50% ownership KANFA Aragon employees 50% A process technology company focusing on FLNG as well as traditional gas processing packages, also on an EPC basis Patented…
Highlights Floating Production Other Applications Investments Financials Financials Outlook Page 20
Q1 2015 Segment Information Core Floating Production Figures in USDm Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 average revenue per quarter of Revenue Floating Production 15.8 15.0 13.5 14.8 14.9 15.4 16.6 16.2 10.1 USD…
Q1 2015 Net Result USD 17.0 million in non-cash charges during Q4 2014 2014 and Q1 2015 Net Result (USD Million) Q1 2015 Result includes EBITDA impacts less USD 8,0 2.1 million unrealized foreign currency loss on NOK 3,0 holdings…
Q1 2015 Cash Flow Best cash performance in many quarters 2014 and Q1 2015 Cash Flow (USD Million) USD 27.0 million in cash at end Q1, in line with Q4 2,5 Changes in cash largely driven by working capital movements and cost savings…
Q1 2015 Profit & Loss statement Unaudited figures in USD million Q1 15 Q4 14 Q1 14 Comment Dana license expiry (USD 3m). Lower activity (USD 2m). Poor Topside and Operating revenue 15,4 25,2 24,6 Process workload (USD 5m) Dana…
Q1 2015 Balance Sheet Unaudited figures in USD million 31.03.2015 31.12.2014 31.03.2014 Comment Intangible assets 7 7 13 Goodwill related to Topside and Process segment Deferred income tax assets - 0 8 Loan 50 50 60 Long term portion…
Highlights Floating Production Other Applications Investments Outlook Financials Outlook Page 26
Contracted license fee potential Fixed license fee of USD 24m received Field production profile (000 b/d) 33 Variable compensation component based on 24 production or offloading 20 Ongoing 18 Value in the range of USD 20-25m (10%…
Logitel license fee potential Balance sheet includes USD 73m related to Logitel Offshore, USDm Fixed paym ent Variable paym ent* Total Status of which approximately USD 40m is highly certain Arendal Spirit 10 8 18 Delivered Q1'15…
License fee potential 1. License fee 2. Engineering FPSO FSO Drilling Accommodation All segments Number of units: 5 Number of units: 0 Number of units: 4 last Number of units: 3 last Engineering services last 9 years 7 years 4…
Sensitivities on future awards Sensitivities of future license sales Table illustrating 3 scenarios of future license Run-rate scenarios sales, including license fee, revenue and units per year Low Mid High EBITDA potential FPSO (x)…
Outlook The FPSO/FSO market Increased focus on cost effective solutions should be an advantage for Sevan Increasing sales and marketing focus with emphasis on U.S. oil majors and approval for use of concept in U.S. Gulf of Mexico.…
Outlook The Drilling market The Drilling market is expected to remain challenging We see continued long term interest for the ice versions of our design as well as the possibility to provide a license to a new market entrant The…
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