Earnings Presentation First Quarter 2013 May 16, 2013 12:00 noon UK time
Forward-looking statements Certain statements made in this announcement may include forward-looking statements. These statements may be identified by the use of words like anticipate, believe, estimate, expect, intend, may, plan,…
Delivered solid Q1 2013 results Results reflect: - Good performance in North and Norwegian Seas - strong project execution - commercial settlement with customer - partly mitigated by lower vessel utilisation (67% in Q1 2013 vs 82%…
Focused on building quality backlog Backlog progression ( million) Backlog by Award Date Backlog by Execution Date Backlog by Service Capability Backlog by Segment 2011 25% 2015+ NSC 26% SURF 44% 75% 2012 2013…
Strong order flow in Q1 2O13 - Western Isles contract for Dana Petroleum - 300 million - Mexico contract for Pemex - 140 million - Ehra North contract for Exxon value not disclosed - Oseberg Delta contract for Statoil - 160…
Market overview No apparent impact from oil price volatility on clients plans Tendering activity remains high Some industry projects around the world have been postponed for various reasons We remain positive about medium-term and…
Market overview Growth opportunities in all major markets, albeit at differing paces: NSC - North and Norwegian Seas: strong levels of tendering, EPIC model gaining traction AFGOM - West Africa: some long awaited projects…
Income statement key highlights Three months ended 31.Mar.13 31.Mar.12 In millions, unless otherwise indicated Unaudited Unaudited Revenue 1,467 1,458 Net operating income 154 153 Net income before taxes 158 147 Taxation (26)…
Territory performance Q1 2013 596m 85m Revenue NOI 529m 123m 15m 86m Revenue NOI 217m Revenue NOI (22)m Revenue NOI Note: excludes contribution from Corporate segment Page 9
Income statement supplementary details Three Three months months ended ended 31.Mar.13 31.Mar.12 In millions Unaudited Unaudited Administrative expenses (76) (92) Share of results of associates and joint ventures 16 (3) Net…
Overview of Q1 2013 cash flow Net cash generated from operating activities: 402m - decrease in net operating assets: 237m Net cashflow used in investing activities: 167m - capital expenditure of 183m: Simar Esperana, Seven Waves…
2013 financial guidance We expect both revenue and Adjusted EBITDA to show some progress - rate of progress tempered by: - delays in project awards and project postponements - vessel utilisation in the North Sea more in line with…
2013 outlook by Territory NSC: we expect levels of tendering to remain high with improved pricing, however - we expect the benefits of improved pricing to be somewhat mitigated by lower vessel utilisation: - return to more normal…
2013 outlook by Territory (continued) APME: we expect a gradual improvement in activity with - SapuraAcergy JV active in the offshore phase of Gumusut in Malaysia - both Gorgon projects in Australia moving into offshore phase…
Fleet upgrade programme since Jan 2011 Seven Waves joining fleet in 2014, new DSV joining fleet in 2015, new HCV joining fleet in 2016 Acergy Legend and Acergy Orion disposed of in Q1 2013 SURF Life-of-Field Conventional Vessels…
Subsea 7 technology focus Technology Category Specific Technology Types Deep water and Hybrid Steel Submerged Composite harsh environment Riser buoys Catenary Materials Towers Risers solutions Flexible Rigid Pipe Subsea…
Reel lay of Mechanically Lined Pipe (BuBi) BuBi Pipe Use of BuBi Mechanically Lined Pipe Brief offers significant savings compared with Description Corrosion Resistant Alloy (CRA) Worlds first award on a Petrobras Pre-…
Buoy Supported Riser (BSR) A submerged buoy anchored to the seabed Brief Steel Catenary Risers laid between seabed Description and buoy and flexible jumpers laid between buoy and FPSO The BSR is being installed on Guar-Lula…
Summary Good quarterly results 2013 guidance re-iterated Record backlog above 10bn Growth opportunities visible in all markets Some industry projects delayed or postponed We believe we are well positioned for the future with:…
Major project progression Continuing projects 100m between 5% and 95% complete as at 31 March 2013 excl. long-term ship charters and Life-of-Field day-rate contracts. * joint venture activity Page 21
Segmental analysis For the three months ended 31 March 2013 (in millions, Unaudited) AFGOM APME BRAZIL NSC CORP Total Revenue 528.9 123.4 216.8 595.7 2.3 1,467.1 Net operating income/(loss) from operations 86.0 14.5 (21.6) 84.8…
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 net operating income to Adjusted EBITDA Three Months Three Months Ended Ended 2013 2012 31 Mar 31 Mar For the period (in millions) Unaudited Unaudited Net operating income 154.2 153.2 Depreciation, amortisation…
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