Highlights Q4 2011 EBITDA of USD 72.8 million Ningaloo Vision sold to Apache in January 2012 Construction completed on BW Athena and BW Joko Tole Final phase of commissioning before sail-away EPC project P-63/Papa Terra under…
STATUS
Operations Fleet uptime Production uptime 100.0% Q4 2011 uptime of 98.9% 98.0% 96.0% 5 year average uptime is 98.4% 94.0% 92.0% 90.0% Excellent HSSEQ performance 88.0% 86.0% Lost time injuries (LTI) < 1.0 84.0% 82.0% BW…
Fleet overview U nit T yp e C o nt r act 2009 2 0 10 2 0 11 2 0 12 2 0 13 2 0 14 2 0 15 2 0 16 2 0 17 2 0 18 2 0 19 2020 2021 2022 2023 2024 2025 Sendje Berge FPSO Lease Addax/Sinopec, Nigeria: 2005-2013 Berge Helene FPSO Lease…
Ningaloo Vision FPSO Ningaloo Vision sold to Apache* in January 2012 Price of USD 185 million on an as is where is basis Extensive offshore repair work during 2011 due to technical problems from the conversion BW Offshore will…
FPSOs under construction I BW Athena at Drydocks World, Dubai Construction completed Finalising minor punch list items Commissioning work ongoing Preparing for sail-away 14 February 2012 8
FPSOs under construction - II BW Joko Tole at Sembawang Shipyard, Singapore Construction completed Finalising minor punch list items Commissioning work ongoing Preparing for sail-away Mobilising for final installation campaign…
EPC project P-63/Papa Terra at COSCO Dalian Shipyard, China Progress 90% at end January 7 million man hours completed without LTI Extended yard stay to facilitate integration of QUIP topside modules Planned sail-away Q2 2012 14…
FINANCE
Key takeaways Purchase price allocation (PPA) finalised APL sale finalised Ningaloo Vision sold Impairment of USD 138.5 million (non-cash) 14 February 2012 12
Balance sheet Equity ratio 32.4 % Net interest bearing debt USD 1,702.4 million USD million 31.12.11 30.09.11 31.12.10 Total non-current assets 3 009.6 3 359.0 3 274.8 Assets of disposal group held for sale 185.0 7.1 7.1 Total…
Secure cashflow Run rate EBITDA of existing contracts is USD 465 million Long term contracted cash flow with strong counterparties Order book of USD 7.1 billion in revenue Average contract length is 10 years including options (firm…
Funding and dividends Available funds under existing facilities for projects and fleet extensions Targeting USD 250-275 million project finance facility for BW Joko Tole Balance growth and quarterly dividend distribution Dividend…
Investments in fixed assets Development of project returns BW Joko Tole capex in line with plan BW Athena capex above plan Additional investment supported by positive development in the North Sea Total 2011 investments in assets of…
OUTLOOK
Selected opportunities next 12 months Project Name Operator Country Indicated award Western Isles FPSO Dana UK-North Sea Q2 2012 Campos FSO BG Brazil Q2 2012 Fram FPSO Shell UK-North Sea Q3 2012 Kudu FPU Tullow Namibia Q3 2012…
From cottage industry to large scale development solutions Sendje Berge (2005) BW Pioneer (2011) Benign water Hurricanes Spread moored Turret moored Simple topside Quick disconnect 140 m water depth Fluid swivel 2,500 m water depth…
The cost challenge Upstream Capital Cost Index Upstream Operating Cost Index 250 250 225 225 200 200 175 175 150 150 125 125 100 100 75 75 50 50 Source: IHS CERA / BW Offshore 14 February 2012 21
The long term return solution - I FPSO companies have taken too much risk and costs Construction Operation Strengthen commercial focus in all phases of asset ownership Business development Project Operation Redeployment Pursue…
The long term return solution - II Strengthening project execution Standardise engineering and execution Improve project control Operational improvement initiatives on all units Benchmark operational performance Improve…
Summary Completing two major projects and three start-ups in first half 2012 Growing run rate EBITDA from USD 300 million to USD 465 million High market activity Strengthening project planning and execution capability Continue…
Q&A
14 February 2012 26
APPENDIX 14 February 2012 27
Units on contract in operation Sendje Berge, FPSO Sinopec, Nigeria 60,000 bpd oil processing 55 mmscfd gas compression 2,000,000 bbls storage Spread mooring Yum KakNab, FPSO Pemex, Mexico 600,000 bpd oil handling 200,000…
Units on contract in operation Belokamenka, FSO Sovkomflot, Russia 2,400,000 bbls storage Cargo heating system Spread mooring BW Pioneer, FPSO Petrobras, US 80,000 bpd oil processing 25.6 mmscfd gas export 600,000 bbls…
Units on contract in operation Ningaloo Vision, FPSO Apache, Australia 63,000 bpd oil processing Unit is sold 80 mmscfd gas compression BW Offshore to operate 620,000 bbls storage unit for up to 9 months Disconnectable turret…
Units on contract in operation Umuroa, FPSO AWE, New Zealand 50,000 bpd oil processing 25 mmscfd gas compression 775,000 bbls storage Turret mooring Abo, FPSO Agip, Nigeria 44,000 bpd oil processing 44 mmscfd gas…
Units on contract in operation Azurite, FDPSO Murphy, Congo 40,000 bpd oil processing 18 mmscfd gas compression 1,400,000 bbls storage Spread mooring Cidade de So Mateus, FPSO Petrobras, Brazil 35,000 bpd oil processing 353…
Units on contract - project OSX 1, FPSO - completed OSX, Brazil 42,000 bpd liquid processing 40,000 bpd oil processing 60,000 pbd w ater injection 53 mmscfd gas compression 950,000 bbls storage Turret mooring BW Joko Tole…
Units on contract - project P-63/Papa Terra, FPSO Petrobras, Brazil 2,200,000 bbls storage capacity Ex BW Nisa (ULCC) 14 February 2012 34
Further information: www.bwoffshore.com IR contact: Kristian Flaten, Vice President IR and Corporate Finance kristian.flaten[a]bwoffshore.com 14 February 2012 35
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