Sevan Marine ASA Presentation of third quarter results 2013 Hotel Continental, Oslo, November 20, 2013 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, FLNG) Other Applications (Drilling, Accomodation, etc.) Process Technology (KANFA) Third Quarter Highlights 3
Strategic Framework Other Process Floating Production Applications Technology MODU, FAU, EOR etc. FPSO, FSO, FLNG KANFA Group Develop solutions Early phase studies, conceptual engineering and Topside design and based on…
Sevan FPSOs under Construction FPSO Sevan 1000 for the Goliat FPSO Sevan 400 for the Western Isles Field Sevans FPSO concept selected for the harsh Located in the Northern North Sea, 160km and sub-arctic Barents Sea environment east…
Sevan FPSOs Current Hot Prospects FPSO Sevan 650 for the Catcher Field FPSO Sevan 650 for the Bream Field Sevan being sub-contractor to Teekay and Sevan being sub-contractor to Teekay and with Premier Oil as end client with Premier…
Contents Floating Production (FPSO, FSO, FLNG) Other Applications (Drilling, Accomodation, etc.) Process Technology (KANFA) Third Quarter Highlights 8
Strategic Framework Other Process Floating Production Applications Technology MODU, FAU, EOR etc. FPSO, FSO, FLNG KANFA Group Develop solutions Early phase studies, conceptual engineering and Topside design and based on…
A Partner based approach for new Concepts GTW Gas To EOR Wire Enhanced (Offshore powerplant) Oil Recovery ICE MODU Icebreaking Mobile hull for Offshore Arctic Drilling Unit FDPSO Floating Drilling Production…
Sevan FAU Floating Accomodation Unit (1) Logitel Offshore - Status In Q2, Sevan entered into an agreement to sell the semi-completed Sevan hulls number 4 and 5 to Logitel Offshore. The total purchase price for the Hulls was USD 41…
Sevan FAU Floating accomodation Unit (2) Logitel Offshore Status contd The total USD 60 million credit has been structured as a bullet loan, with a 3 per cent coupon. The loan can be converted, upon certain conditions, by Sevan, into…
Contents Floating Production (FPSO, FSO, FLNG) Other Applications (Drilling, Accomodation, etc.) Process Technology (KANFA) Third Quarter Highlights 13
Strategic Framework Other Process Floating Production Applications Technology MODU, FAU, EOR etc. FPSO, FSO, FLNG KANFA Group Develop solutions Early phase studies, conceptual engineering and Topside design and based on…
KANFA Growth Strategy FUTURE Seek strategic partner with complementary competencies Diversified revenue mix between Enterprise value / revenue engineering, process equipment PRESENT packages and process modules Grow the top…
KANFA - Process Equipment Packages KANFA has secured process equipment packages with a total value of approx. 300 MNOK in 2013 Market outlook for 2014 remains favourable in terms of securing more engineering studies and…
Contents Floating Production (FPSO, FSO, FLNG) Other Applications (Drilling, Accomodation, etc.) Process Technology (KANFA) Third Quarter Highlights 18
Highlights Operations o Revenue in line with the previous quarter Continued growth in KANFA (+ MUSD 1.9) Sevan revenue reduced through unpaid bid work and less paid studies (- MUSD 1.5) o EBITDA reduced due to a bad debt provision…
Q3 2013 - P&L Unaudited figures in USD million Q3 13 Q2 13 Var. Comment - main driver KANFA increased 1.9, Sevan Operating revenue 26,1 25,7 0,4 reduced 1.5 Related to a bad debt provision EBITDA 2,8 3,6 -0,8 in KANFA…
Q3 2013 Balance Sheet Unaudited figures in USD million Q3 2013 Q2 2013 Change Comment Sevan Capital Assets - - Intangible assets 13 13 Deferred income tax assets 8 8 Loan 60 51 9 Increased loan to Logitel Other non-current assets 2…
Q3 2013 Outstanding Issues Payment from ONGC (MUSD 3.3) expected Q1 14 Piranema fine provision made Performance guarantee for Sevan Drilling towards Petrobras (guarantee for Sevan Drilling towards lenders was released in…
Main Focus Going Forward Operation Continue to support the projects under construction i.e. Goliat and Western Isles Sales Secure FPSO license agreements with Teekay Secure license agreements directly with Oil Companies Secure…
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