Earnings Presentation First Quarter 2015 29 April 2015 12:00 noon UK time
Jean Cahuzac, CEO Page 3
Q1 2015 highlights FINANCIAL OPERATIONAL ORDER IN-TAKE OUTLOOK First quarter Global vessel Order backlog Challenging revenue 1.2bn utilisation of declined to business 68% 7.6bn environment Adjusted persists EBITDA of Good…
Business Unit performance overview Northern Hemisphere Southern Hemisphere and Life of Field and Global Projects Substantially completed the Significant progress on several Knarr project offshore Norway projects, some of which are…
Q1 Backlog and order in-take Backlog of 7.6 billion as at 31 March 2015 Includes 0.4bn adverse foreign exchange impact during the first quarter 1.0 billion of new awards and project escalations Backlog by Execution Date Backlog by…
Ricardo Rosa, CFO Page 7
Income statement key highlights In millions, unless otherwise indicated. Three months ended 31 Mar 15 31 Mar 14(1) Unaudited Unaudited Revenue 1,181 1,668 Net operating income (NOI) 176 160 Income before taxes 211 168 Taxation…
Income statement supplementary details In millions, unless otherwise indicated Three months ended 31 Mar 15 31 Mar 14 (1) Unaudited Unaudited Administrative expenses (70) (81) Share of net income of associates and joint ventures…
Business Unit performance Q1 2015 Northern Hemisphere and Life of Field Southern Hemisphere and Global Projects Revenue Revenue 996m 666m 617m 562m Q1 15 Q1 14 Q1 15 Q1 14 Northern Hemisphere and Life of Field Southern…
Summary of Q1 2015 cash flow millions Cash and cash equivalents at 31 Dec 2014 573 Includes decrease in net operating Net cash used in operating activities (78) liabilities of 347m Includes capital expenditure of Net cash flow used…
Capital expenditure for vessel new-build programme(1) vessels under construction at 6 5 4 0 year end 139 millions 557 544 561 Forecast Actual spend to date 170 Upto 31 Dec 2013 2014 2015 E 2016 E (1)Comprises four PLSVs…
Financial guidance for 2015 2015 guidance is unchanged: Group Revenue expected to decrease significantly from record level in 2014 Adjusted EBITDA margin expected to decrease compared to 2014 Other net income related guidance:…
Jean Cahuzac, CEO Page 14
Market outlook Environment remains challenging with reduced spending by clients driven by the lower oil price Award activity remains subdued, but some large project awards to the market still expected in 2015 Reduced market…
Reducing our costs Reducing capacity, retaining capability Acted early having seen signs of slowdown in late 2013 Headcount reduced from 14,000 to 13,000 in 2014 Up to 10 vessels identified for potential release (chartered vessels)…
2015 Business Unit outlook Northern Hemisphere and Life of Field Mature field development in North Sea significantly impacted by the low oil price Limited number of project market awards expected in 2015, particularly offshore Norway…
Summary Solid start to 2015 helped by phasing of projects, good execution and cost discipline Tendering activity continues but timing of new awards remains highly uncertain Cost reduction measures progressing as planned, while…
Q&A Page 19
Appendix Page 20
Main projects in portfolio 2015-2016 Catcher, Premier Aasta Hansteen, Statoil Clair Ridge, BP Martin Linge, Total Montrose, Talisman Knarr, BG International Western Isles, Dana LOF, Statoil Mariner, Statoil Hebron OLS ,…
Major project progression Continuing projects 100m between 5% and 95% complete as at 31 March 2015 excluding PLSV and Life of Field day-rate contracts Gorgon HLTI (Australia) Guar-Lula NE (Brazil) Heidelberg (GOM) Enochdhu…
Segmental analysis For the three months ended 31 March 2015 Northern Southern In millions (unaudited) Hemisphere and Hemisphere and Corporate TOTAL LOF GP Revenue 562.0 617.1 2.2 1,181.3 Net operating income 47.9 118.2 10.2…
Reconciliation of Adjusted EBITDA Net operating income to Adjusted EBITDA Three Months Ended Three Months Ended For the period (in millions) 31 Mar 2015 31 Mar 2014(1) Net operating income 176.3 160.4 Depreciation, amortisation and…
Summary balance sheet 31 Mar 31 Dec 31 Mar 31 Dec 2015 2014 2015 2014 In millions Unaudited Audited In millions Unaudited Audited Assets Equity & Liabilities Non-current assets Total equity 5,550 5,562 Goodwill 1,289 1,322…
One of the worlds most versatile fleets Assets Onshore infrastructure of pipeline spoolbases, fabrication and operations support yards Page 27
Rigid pipelay/heavy lift assets (1) (1) (1) (1) Owned and operated by a joint venture Page 28
Diving Support Vessels (1) (1) Formerly Seven Havila Page 29
Construction/vertical flex-lay assets (1) (1) (2) (1) (1) Long-term charter (2) Long-term charter from a vessel-owning joint venture Page 30
Life of Field/Light Construction Vessels (1) (2) (2) (2) (3) (2) 2 (1) Long-term charter from a vessel-owning joint venture (2) Long-term charter (3) Call-out contract Page 32
Other assets Jack-up vessel Trenching vessel (1) and over 175 ROVs (1) Long-term charter Page 33
Under construction Construction/vertical Flex-lay Vessels Diving Support Vessel Page 34
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