Earnings Presentation Second Quarter 2012 August 9, 2012 12:00 noon UK time
Delivered good Q2 2012 results Good results reflect: - High activity levels in North and Norwegian Seas; albeit mitigated by - poor weather early in quarter - execution of lower margin contracts awarded in previous years - High…
Backlog Backlog of 8.3billion: - remains close to record level - high level of tendering creates opportunity for further growth - focused on building quality backlog Backlog progression m 8,538 8,686 8,285 7,883 7,903…
Returns to shareholders 200m share buyback programme completed on 6 July - 8.6m shares acquired in aggregate (2.4% of total shares outstanding) 200m cash dividend paid 5 July - equivalent to 0.60 per share Veripos Inc.…
Market overview No apparent impact from oil price volatility and macro-economic uncertainty on client activity Strong momentum among clients to bring new reserves into production high level of bidding activity to translate to market…
Market overview Growth opportunities in all major markets, albeit at differing paces: APME - Pricing conditions remain more challenging than other territories - Expect projects to come to market award later this year Brazil -…
Income statement key highlights Seven Six months Three months Ended months ended ended 30.Jun.12 30.Jun.11 30.Jun.12 30.Jun.11 In millions, unless indicated unaudited unaudited unaudited Unaudited Revenue 1,484 1,335 2,942 2,627…
Operational performance Q2 2012 713m 308m 308 m 93m (8m) (8m) Revenue Revenue NOI NOI Revenue NOI 538m 85m 27m 308 m 147m Revenue NOI 113m (4)m (8m) Revenue NOI Revenue NOI Revenue NOI 9-Aug-12…
Income statement other details Three Three months months ended ended 30.Jun.12 30.Jun.11 In millions Unaudited Unaudited Administrative expenses (77) (97) Share of results of associates and joint ventures 33 34 Net operating…
Cash flow and balance sheet overview 1H 2012 Cash generated from operating activities: 124m - Net increase in operating assets: 309m Net cashflow from investing activities: 15m - capital expenditure of 338m: Seven Borealis, Seven…
2012 financial guidance We expect to deliver 2012 Adjusted EBITDA in-line with consensus expectations - JV contribution flat year-on-year (excluding NKT Flexibles) Capex for 2012: 750m-800m - 450m on new vessel programme: Seven…
Outlook We expect to deliver 2012 Adjusted EBITDA in-line with consensus Looking further out: - NSMC: In the North and Norwegian Seas, we expect low margin contracts awarded in previous years to complete in 2012 - AFGOM: delay in…
Fleet investment programme on track Seven Borealis expected to commence operations on CLOV in Q4 Seven Inagha joined fleet, acquired 50% stake in Normand Oceanic Over 40 vessels - continue to enhance our fleet to drive profitable…
Seven Borealis 9-Aug-12 Page 15
Summary Good quarterly results 2012 Adjusted EBITDA expected to be in-line with consensus Expectation of major contracts awarded to market in coming months Growth opportunities visible in all markets, albeit at differing paces…
Appendix 11-May-11 2-Nov-11 Page 17
Major project progression Continuing projects 100m between 5% and 95% complete as at 30 June 2012 excl. long-term ship charters and Life-of-Field day-rate contracts. 0% 20% 40% 60% 80% 100% EGP3B (Nigeria) P55 Export (Brazil) Block…
Backlog Backlog progression m 8,538 8,686 8,285 7,883 7,903 6,668 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Backlog by Award Date Backlog by Execution Date Backlog by Service Capability Backlog by Segment 2010 2014+ SURF…
Segmental analysis Three months ended Total 30.Jun.12 NSMC AFGoM APME Brazil CORP operations Unaudited In millions Revenue 713 538 85 147 1 1,484 Net operating 93 113 27 (4) 17 246 income/(loss) Net interest expense (6) Other…
Adjusted EBITDA The Group calculates adjusted earnings before interest, income taxation, depreciation and amortisation (Adjusted EBITDA) as net income plus finance costs, other gains and losses, taxation, depreciation and amortisation…
Reconciliation of net operating income to Adjusted EBITDA Three Months Three Months Ended Ended In millions (except percentages) 30.Jun.12 30.Jun.11 Net operating income 246 210 Depreciation and amortisation 85 85…
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