Earnings Presentation Second Quarter August 14, 2013 12:00 noon UK time
Strong Q2 2013 results excluding Brazil HIGHLIGHTS FINANCIAL OPERATIONAL ORDER IN-TAKE High activity level Good net Global vessel Record 10.4bn and strong project operating income utilisation of 86% backlog execution drove margin…
Focused on building quality backlog Backlog progression ( millions) 10,222 10,421 9,086 8,538 8,686 8,285 8,088 7,883 7,903 6,668 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Backlog by Award Date Backlog by…
Market overview Tendering activity remains high Some industry projects around the world postponed for various reasons We remain positive about medium and long-term market prospects Growth opportunities in all major markets, albeit…
Income statement key highlights In millions, unless otherwise indicated Three months ended Six months ended 30 June 13 30 June 12 30 June 13 30 June 12 Revenue 1,681 1,484 3,148 2,942 Net operating income 41 246 195 400 Gain on…
Territory performance Q2 2013 NSC 705m 136m APME Revenue NOI Brazil 142m 33m AFGOM Revenue NOI 669m 159m Revenue NOL (294)m 133m Revenue NOI Note: excludes contribution from Corporate segment Page 7
Income statement supplementary details In millions, unless otherwise indicated Three months ended Six months ended 30 June 13 30 June 12 30 June 13 30 June 12 Administrative expenses (66) (77) (141) (169) Share of net income of…
Overview of 1H 2013 cash flow millions Cash and cash equivalents at 31 Dec 2012 1,288 Net cash generated from operating Decrease in net operating assets 465 activities of 313m Capital expenditure of 335m: Seven Net cashflow used in…
2013 financial guidance Excluding the 300m Guar-Lula loss provision, we expect to deliver progress in Adjusted EBITDA compared to 2012 Other net income related guidance administrative expenses: 330-350 million share of net income of…
2013 outlook by Territory NSC AFGOM AFGOM Normal seasonal vessel utilisation expected Good progress expected on recently in Q4 awarded backlog (Ehra North, Lianzi) offshore phase in 2014 & 2015 For backlog built in late 2012/early…
2013 outlook by Territory Brazil APME AFGOM Guar-Lula project is in the offshore SapuraAcergy JV active in the offshore installation phase. Progress will be impacted phase of Gumusut in Malaysia by weather until Q4. Project remains…
New build vessels Pipelay Support Vessels - Dive Support Vessel - Seven Heavy Construction Vessel Seven Waves, PLSV 2, 3 and 4 Kestrel Delivery 2014-16 Delivery 2015 Delivery 2016 550t top tension 18-man twin bell 600t heave…
Technology focus Technology Category Specific Technology Types Steel Deep water and harsh Hybrid Riser Submerged Composite Catenary environment solutions Towers buoys Materials Risers Rigid Pipe Flexible Pipe Subsea Vessels…
Technology focus - towed bundles Brief Application Partners Description Towed integrated Mainly North Numerous assembly of Sea subsea technology flowlines and production companies service systems tie partnering us lines/control…
Summary Results in NSC, AFGOM and APME driven by good project execution Guar-Lula project in offshore installation phase Excluding the 300m Guar-Lula loss provision, we expect to deliver progress in Adjusted EBITDA compared to 2012…
Appendix Page 17
Major project progression Continuing projects 100m between 5% and 95% complete as at 30 June 2013 excl. long-term ship charters and Life-of-Field day-rate contracts. Block 31 PSVM (Angola) Jasmine (North Sea) Gumusut* (Malaysia)…
Segmental analysis For the three months ended 30 June 2013 In millions, Unaudited AFGOM APME BRAZIL NSC CORP TOTAL Revenue 669.2 141.9 159.0 704.7 5.7 1,680.5 Net operating income/(loss) from ops 133.4 32.9 (293.6) 135.7 32.2 40.6…
Adjusted EBITDA Adjusted earnings before interest, taxation, depreciation and amortisation (Adjusted EBITDA) is a non-IFRS measure that represents net income before additional specific items that are considered to impact the comparison…
Reconciliation of Adjusted EBITDA Net operating income to Adjusted EBITDA Three Months Ended Three Months Ended For the period (in millions) 30 June 2013 Unaudited 30 June 2012 Unaudited Net operating income 40.6 246.4 Depreciation,…
Where we operate Page 22
A full range of subsea services Page 23
Aasta Hansteen Gas Field - Norway Technology-rich SURF project 1200m water depth, deepest in North Sea 300 km off northern Norway, harsh environment 1st SCRs (x4) in the Norwegian Sea, manufactured at Vigra spool base 1st…
Gorgon Heavy lift and Umbilicals - Australia Located 130km off the northwest coast of Western Australia The Gorgon project is one of the world's largest natural gas projects Heaviest and deepest subsea lifts in Subsea 7s history…
CLOV Block 17 - Angola Technology-rich SURF project High local content with Sonamet fabrication facility Successful deployment of Seven Borealis to install 40km of pipe-in-pipe production, 60km of water injection, 32km of gas…
Technology focus - Hybrid riser tower (HRT) Total CLOV Prospect (1200msw) (2000msw) Brief Application Partners 1440Te Description Tower The HRT is Numerous key assembly of applicable to technology multiple most future companies…
Technology focus - Buoy supported riser (BSR) Brief Application Partners Description A submerged The BSR is Numerous buoy anchored being installed technology to the seabed. on Guar-Lula companies NE project in partnering us…
Technology focus - High-performance pipe-in-pipe Brief Application Partners Description A pipe-in-pipe Subsea ITP - exclusive system pipelines agreement providing high which require thermal high thermal insulation for…
Technology focus - Reel-lay of mechanically lined pipe (BuBi) BuBi Pipe Brief Application Partners Description Use of BuBi Worlds first BUTTING - Mechanically award on a exclusive Lined Pipe Petrobras Pre- agreement offers Salt…
Technology focus - Autonomous inspection vehicle (AIV) Brief Application Partners Description A game changing Can be Seebyte inspection deployed from technology system FPSO comprising an (avoiding the autonomous need for a…
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