Sevan Marine ASA Presentation of second quarter results 2012 Shippingklubben, Oslo, August 29, 2012 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) Second Quarter Highlights 3
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) Voyageur upgrade project for the Huntington Field Onshore completion in its final stages. Actual Sail Away planned during September 2012. Further activities under preparation are mooring and…
Status ongoing projects (3) 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 ongoing projects (4) Concept study for FPSO Sevan 1000 for Skrugard/Havis Field Location Norwegian Barents Sea License partners: Statoil (operator), ENI, Petoro Large similarities with Goliat field development. Sevan…
Hulls No. 4 and No. 5 Hulls No. 4 and 5 Hull No. 4 includes a partially completed accommodation block. Hull No. 5 is less advanced, but the structural steel work is essentially completed. In discussions with several oil…
Market Outlook of floating production units delivered (1980-2020E) Key drivers 52 Long term increase in 43 E&P spending 32 Increased share of 27 27 production from deep 24 24 22 water 21 21 20 19 17 14 14 13 13 10…
Sevan Marine Strategic Framework Potential new Focus on our Core Areas and Market Segment Process applications FPSO/FSO Technology Studies, FEED, Technology Hulls No. 4 and 5 KANFA Group Licence Agreements Leverage our…
The Sevan design offers a wide variety of application areas FPSO/ FSO Drilling rig Accommodation Power & Gas Other Geostationary no UDW capabilities Excellent motion Unique LNG tank Power production Arctic FPSO swivel/ turret…
Contents Floating Production (FPSO/FSO) Topside and Process Technology (KANFA) Second Quarter Highlights 12
Status KANFA Currently 51 (48) employees throughout the KANFA Group. Revenue in line with budget and significantly higher than last year. Currently involved with several engineering and paid studies. Tendering for FPSO…
Attractive processing market Market development, 2010 2016 Total market values based on FPSO deliveries and assumed prices BNOK / year 30 Annual growth1) 2010 - 2016 Heavy oil 25 15-20 % Utility systems 20 Water…
KANFA has an ambition to become a leading processing house Leading processing house Diversified revenue mix (engineering, modules, topsides) Robust financial performance, profitable throughout the cycle Broad geographic…
Contents Floating Production (FPSO/FSO) Topside and Process Technology (KANFA) Second Quarter Highlights 16
Highlights Operations o Revenue and costs inline with management expectations o Normalized net burn rate in Q2 was approximately MUSD 0.5 per month o Current net burn rate is in the range MUSD 0.0 0.5 per month Restructuring o…
Q2 2012 Balance Sheet, Equity and Liabilities USDm 30.06.12 31.03.12 30.06.11 31.12.11 Share capital 34.6 34.6 16.6 34.6 Other equity 103.7 97.8 108.8 87.9 Total shareholders' equity 138.4 132.4 125.4 122.5 Minority Interest 1.2 1.0…
Q2 2012 Financial Highlights Trade and other receivables of USD 37.0m (USD 39.9m) Short Term Receivables Q2 2012 Q1 2012 Variance Trade receivables 22.8 25.0 -2.2 Provision for bad debt -0.5 -0.5 0.0 ONGC 8.0 8.0 0.0 Accrued…
Q2 2012 Financial Highlights Other current liabilities of USD 39.6m (USD 44.4m) Short Term Liabilities Q2 2012 Q1 2012 Variance Trade creditors 1.7 2.9 -1.2 Trade accruals 2.6 3.0 -0.4 Hulls 4 and 5 8.6 8.6 0.0 ONGC 1.0 2.4…
Main Focus Going Forward Voyageur sail away mid-September Skrugard FEED Study DANA License and Service Contracts Well positioned for new projects Full focus on hulls no. 4 and 5 Growth plan for KANFA Continue to reduce…
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