Sevan Marine ASA Presentation of fourth quarter results 2011 Shippingklubben, Oslo, February 22, 2011 Presented by: Carl Lieungh, CEO Kjetil Vangsnes, CFO 1
IMPORTANT INFORMATION THIS PRESENTATION AND ITS ENCLOSURES AND APPENDICES (HEREINAFTER JOINTLY REFERRED TO AS THE PRESENTATION) HAVE BEEN PREPARED BY SEVAN MARINE ASA (SEVAN OR THE COMPANY) EXCLUSIVELY FOR INFORMATION PURPOSES. THIS…
Contents Floating Production (FPSO/FSO) Topside and Process Technology (KANFA) Fourth Quarter Highlights 3
Sevan Marine strategic framework Potential new Focus on our Core Areas and Market Segment Process applications FPSO/FSO Technology Studies, FEED, Technology Hull No. 4 and 5 KANFA Group Licence Agreements Leverage our highly…
Ongoing projects FPSO Sevan 1000 for the Goliat Field Voyager upgrade project for the Huntington Field Entered into technology license agreement in Lump sum contract addendum for remaining 2009 ENI has licensed the right to build,…
Tendering focus: Concept- and FEED studies License contracts Concept FEED License Status: Significant interest for Sevans technology from clients post the restructuring Secured 16,000 mhrs in paid studywork so far in 2012…
Hull No. 4 and No. 5 Opportunities for growth Hull No. 4 Hull No. 5 Hull No. 4 includes a partially completed Hull No. 5 is less advanced, but the accommodation block structural steel work is essentially completed In discussions…
Sevan Marine and Teekay Lease opportunities Complementary skill set between Sevan Marine and Teekay Petrojarl, whereby Sevan represents new technology and innovation, and Teekay has the financial strength and operational excellence…
Technology Unique concepts to be further developed Icebreaking hull for Arctic FPSO with steel risers FLNG Concept Accommodation / Logistics hub FPSO bridge-linked to WHP Floating Powerplant 9
Contents Floating Production (FPSO/FSO) Topside and Process Technology (KANFA) Fourth Quarter Highlights 10
The KANFA Group: Business Areas Liquid processing Gas processing Process Improvement Process Process topsides topsides Process Process modules modules Equipment Equipment skids skids Oil train Water train Gas train…
Diversified mix of field sizes and processing challenges Field / unit size1) Share of projects2) 115 50 Future assumptions Small 27% 39% Less conversions, more newbuilds Increased need for field Medium 30% development…
Summary KANFA strategic position and focus areas strategy Target position Strategic focus areas Focus on the market for small Strengthen Further expand team of project Niche player project managers / medium process topsides…
Contents Floating Production (FPSO/FSO) Topside and Process Technology (KANFA) Fourth Quarter Highlights 14
Highlights Operations o Resolution of significant liabilities o Revenue and costs inline with management expectations Restructuring o New equity of USD 50m o Positive impact of debt restructuring (USD 255 million) o Voyageur as…
Q4 2011 Balance Sheet, Equity and Liabilities USDm 31.12.11 30.09.11 31.12.10 Share capital 34.6 16.6 16.6 Other equity 87.9 -190.4 791.5 Total shareholders' equity 122.5 -173.8 808.1 Minority Interest 0.8 0.8 0.7 Total equity 123.3…
Q4 2011 Financial Highlights 1/5 Operating revenue of USD 25.2m (USD 22.0m) o USD 3.2m higher than previous quarter due to higher project management and engineering services provided to the Goliat project and studies Operating…
Q4 2011 Financial Highlights 2/5 Tax income of USD 0.4m (tax expense of USD 1.7m) o Tax income due to reversal of non cash provisions for withholding tax Net loss from continuing operations of USD 12.6m (loss of USD 94.5m) Net…
Q4 2011 Financial Highlights 3/5 Total assets of continued operations USD 201.9m (USD 243.4m) Sevan capital assets of USD 92.0m (USD 110.0m) o Hulls 4 and 5. Impairment in Q4 due to VAT and customs risks in China o Should risks be…
Q4 2011 Financial Highlights 4/5 Total liabilities of continued operations USD 80.3m (USD 101.9m) Non current liabilities of USD 2.4m (USD 2.6m) o Largely retirement obligations Interest bearing debt of USD 30.4m (USD 41.1m) o…
Q4 2011 Financial Highlights 5/5 Other current liabilities of USD 47.5m (USD 58.1m) Short Term Liabilities Q3 Q4 Variance Trade creditors 4.4 2.4 -2.0 Trade accruals 7.3 4.3 -3.0 Hulls 4 and 5 12.5 8.6 -3.9 ONGC 10.9 2.4 -8.5…
Summary Amendment of Voyageur agreements and sale are only remaining restructuring items Restructuring has restored equity and given Sevan new capital to pursue opportunities Focus on two key projects - Goliat and Voyageur…
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