Sevan Marine ASA Presentation of first quarter results 2013 Hotel Continental, Oslo, May 29, 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) Topside and Process Technology (KANFA) First Quarter Highlights 3
Sevan Marine Restructuring Completed FPSO Voyageur Spirit upgrade project for the Huntington Field On 2 May 2013, title to the Unit, together with all of the shares in Sevan Production UK Limited (SPUKL), was transferred by Sevan…
Status ongoing projects (1) FPSO Sevan 1000 for the Goliat Field Sevans FPSO concept selected based on the harsh and sub-arctic Barents Sea environment Technology license agreement signed in 2009 ENI has licensed the right to…
Status ongoing projects (2) FPSO Sevan 400 for the Western Isles Field The Western Isles Project (Dana 65% and Cieco 35%) will develop two oil fields called Harris and Barra in the Northern North Sea, 160km east of the Shetlands…
Status FEED studies FPSO Sevan 650 for the Catcher Field FPSO Sevan 650 for the Bream Field FEED Study (partly funded tender); Sub- FEED Study for the Bream Field is expected contractor to Teekay and with Premier Oil as to commence…
Market outlook Sevan Business Model (Conceptual) 80,0 Direct Sale (2027) 70,0 Lease (2026) Direct Sale (2025) 60,0 Lease (2024) Direct Sale (2023) 50,0 Lease (2022) Direct Sale (2021) 40,0 Lease (2020) Direct Sale…
Sevan Marine Strategic Framework New Focus on our Core Areas and Market Segment Process Applications FPSO/FSO Technology Studies, FEED, Technology KANFA Group License Agreements Develop technology Early phase studies,…
Sevan FAU Floating Accommodation Unit (1) Logitel Offshore - Deal structure Sevan has entered into an agreement to sell the semi-completed Sevan hulls number 4 and 5 (the Hulls) on an as-is, where-is basis to Logitel Offshore…
Sevan FAU Floating Accommodation Unit (2) Logitel Offshore - Deal structure Logitel Offshore is a stand-alone company established in cooperation with Sevan and is 100% owned by CeFront Logitel Offshore has entered into…
Sevan FAU Floating Accommodation Unit (3) Sevan FAU Technical-/project specifications Based on Sevan 300 design, 490 beds 24 months delivery time DnV Class and compliance with international and national rules and regulations…
World Fleet Based on Sevan Technology 5 Floating Production Units (FPSOs) 4 Drilling Units 2 Accomodation Units 13
Contents Floating Production (FPSO/FSO) Topside and Process Technology (KANFA) First Quarter Highlights 14
KANFA targets Process Equipment Packages to leverage engineering resources and execution competence Currently 68 employees throughout the KANFA Group The business model is to i) provide engineering services within the area of liquid-…
Process Technology - KANFA Engineering studies and Process Equipment Packages KANFA is currently involved with various tenders for engineering studies (including FEED studies) and process equipment packages So far this year…
Current Process Equipment Packages (examples) Chemical Injection Package Designed to store, distribute and inject chemicals into the topside/subsea systems Consists of 13 storage tanks, pumps for supply of the chemicals and…
Contents Floating Production (FPSO/FSO) Topside and Process Technology (KANFA) First Quarter Highlights 19
Highlights Operations o Revenue somewhat lower than previous quarters, mainly due to less reimbursed engineering services o Continued focus on increased profitability and reduction of overhead o Net burn rate in Q1 MUSD 0.6 per…
Q1 2013 - P&L Unaudited figures in USD million Q1 13 Q4 12 Var. Comment - main driver Operating revenue 19,5 36,8 -17,3 Samsung settlement in Q4 12 (MUSD 17.5) EBITDA 0,3 -2,5 2,8 Higher license fees in Q1 13 (MUSD 2.5)…
Q1 2013 Balance Sheet and Pro Forma Pro Forma Unaudited figures in USD million Q1 2013 Adj. Q1 2013 Comment Sevan Capital Assets 41 41 - Hulls sold to Logitel May 24th 2013 Intangible assets 13 13 Deferred income tax assets 8 8…
Q1 2013 Short Term Assets and Liabilities Remaining challenges Assets o ONGC MUSD 8 Liabilities o Piranema provision MUSD 5.4 Note: See press release and Q1 2013 interim report dated May 28, 2013 for a more detailed…
Main Focus Going Forward Ongoing projects, i.e. Goliat and Western Isles Secure new license agreements together with Teekay (e.g. Catcher, Bream) directly with end clients Secure new Concept and FEED studies Continue the…
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