Interim Results 28th August 2014 Nexen PUQ 0 www.lamprell.com
Agenda 1 Overview 2 Financial Review 3 Operational Review and Improvement Initiatives 4 Summary and Outlook 5 Appendices www.lamprell.com 2
Overview James Moffat, CEO Offshore platforms: Jalilah B 3
Overview Strong progress across the Group Continued strength in operational performance delivering improved margins Significant contract awards from major clients Completion of rights issue and commencement of Project Evolution…
Financial Review Joanne Curin, CFO Nexen PUQ 5
Financial summary Significant improvement in profitability H1 2014 H1 2013 m m Revenue* 632.3 506.6 Gross profit* 85.8 46.2 Gross margin % 13.6% 9.1% Operating profit * 53.4 19.2 Finance costs - net** (7.9) (7.6) Share of profit…
Gross Profit H1 2013 to H1 2014 H1 improvement driven by outstanding performance in project gross profit Gross margin H1 2013 vs H1 2014 100.0 90.0 80.0 8.7 70.0 2.8 7.1 60.0 4.4 50.0 11.6 15.7 40.0 12.5 30.0 20.0…
Balance sheet Significantly strengthened balance sheet 30 Jun 14 31 Dec 13 m m Total net assets 635.0 442.8 Tangible net assets 426.4 229.7 Gross cash 361.5 344.6 Available cash* 315.2 296.5 Net cash 280.6 183.8 Rights Issue…
Borrowings New working capital facility now in place Completion of refinancing on 11 August Total borrowings 30 Jun 141 31 Dec 13 31 Dec 12 31 Dec 11 Previous facilities now fully repaid m m m m New debt facilities will deliver:…
Financial Summary Continued financial recovery of the Group H1 closing backlog of 1.2bn (Dec 13: 0.9bn) Significantly improved balance sheet and liquidity Strong financial performance in H1 with earnings ahead of our…
Operational Review and Improvement initiatives James Moffat, CEO Offshore platforms: Leighton topsides & jackets 11
Key project update Focus on strong delivery of projects and operational improvements Excellent performance on recent project deliveries 5 major projects delivered in the year to date Commencement of work on major recent awards…
Market overview Wider market conditions continue to present opportunities and challenges Strong O&G fundamentals - worldwide oil consumption and production continues to rise Continued strong demand for shallow water drilling…
Bid pipeline remains strong Strong pipeline and high bidding activity Increasing bid pipeline in core markets of Bid pipeline of 4.9bn 4.9bn (Dec 13: 4.7bn) (bn) 3.2 Pipeline strength continues to build despite 2.8 significant…
Progress on organisational improvements Enhanced organisational strength combined with progress on core initiatives Completion of capital restructuring Strengthen and realign organisation Complete organisation realignment Yard…
Summary and Outlook Strong performance and solid bid pipeline H1 2014 profitability driven by high number of deliveries, project execution and contingency releases Recent contract wins with major clients demonstrate Lamprells high…
Appendices Fred.Olsen Windcarrier 17
Long term value drivers remain unchanged Leveraging our core strengths to deliver sustainable growth HSEQ Maintain our reputation for build quality and strong safety focus Focus Capitalise on significant opportunities in our core…
Order book and bid pipeline Current order book of 1.2bn Bid pipeline of 4.9bn 1.2 3.2 2.8 1.0 2.4 0.8 2.0 0.6 1.6 1.2 0.4 0.8 0.2 0.4 0.0 0.0 Newbuild Jack Offshore and Rig Refurb Newbuild Newbuild Offshore Rig 2…
Current project summary Project Type Facility Delivery NDC 3 Le Tourneau S116E Hamriyah Delivered - Q1 2014 NDC 4 Le Tourneau S116E Hamriyah Delivered - Q2 2014 Nexen 13,200 tonne PUQ deck Jebel Ali Delivered - Q2 2014 Seajacks -…
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