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Q1 2011 EARNINGS CALL – Bw Offshore

Bw Offshore · May 24, 2011 · 33 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Q1 2011 EARNINGS CALL – Bw Offshore – slide 1
    BW Offshore Q1 2011 presentation 24 May 2011
  2. Q1 2011 EARNINGS CALL – Bw Offshore – slide 2
    Key events Q1 2011 EBITDA of USD 75.6 million FPSO BW Pioneer on dayrate Contract extensions for FPSO Espoir Ivorien and FSO Endeavor Dividend of USD 0.04 per share for Q1 2011 Completion of USD 2.4 billion credit facility…
  3. Q1 2011 EARNINGS CALL – Bw Offshore – slide 3
    STATUS
  4. Q1 2011 EARNINGS CALL – Bw Offshore – slide 4
    BW Offshore today Global headcount 1,900 Employees onshore and offshore Employing 25 nationalities 31% Onshore employees 69% Offshore employees Operations in 14 countries More than 30 projects delivered Onshore - functions…
  5. Q1 2011 EARNINGS CALL – Bw Offshore – slide 5
    Fleet Unit Type Contract 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Sendje Berge FPSO Lease Addax/Sinopec, Nigeria: 2005-2013 Berge Helene FPSO Lease Petronas, Mauritania: 2006-2013 (2021) Yum…
  6. Q1 2011 EARNINGS CALL – Bw Offshore – slide 6
    Operations Uptime Production uptime 100.0% Q1 2011 uptime of 94.5% * 98.0% 96.0% 5 year average uptime is 98.8% 94.0% 92.0% 90.0% HSSEQ performance 88.0% 86.0% 84.0% Lost Times Injuries ratio (LTI) of 0.9 82.0% 80.0% 2005…
  7. Q1 2011 EARNINGS CALL – Bw Offshore – slide 7
    BW Pioneer status FPSO on stand-by day rates Petrobras received approval from BOEMRE and US Coast Guard on 17 March BW Offshore received approval for start-up from Petrobras on 23 March Standby dayrates (95%) from 23 March…
  8. Q1 2011 EARNINGS CALL – Bw Offshore – slide 8
    Ningaloo Vision status Unit has resumed production at reduced capacity Reduced uptime in Q1 2011 Swivel and mooring system Permanent repairs of swivel and mooring planned for June Dialogue with client for potential topside…
  9. Q1 2011 EARNINGS CALL – Bw Offshore – slide 9
    FPSOs under construction BW Athena at Drydocks World, Dubai Progress 65% at end April and in line with plan New turret section included Ready for operation end Q4 2011 BW Joko Tole at Sembawang Shipyard, Singapore Progress 55% at…
  10. Q1 2011 EARNINGS CALL – Bw Offshore – slide 10
    EPC and management projects P-63/Papa Terra at COSCO Dalian Shipyard, China Progress 60% at end April and in line with plan Ship yard work will be completed in December 2011 Brazilian JV partner (QUIP) handling Brazil importation,…
  11. Q1 2011 EARNINGS CALL – Bw Offshore – slide 11
    FINANCE
  12. Q1 2011 EARNINGS CALL – Bw Offshore – slide 12
    Key takeaways Revenue on BW Pioneer recognised from end March No profit recognised for Ningaloo Vision in Q1 2011 All other operating units operating in line with expectations Lower contribution from Papa Terra due to cost…
  13. Q1 2011 EARNINGS CALL – Bw Offshore – slide 13
    P&L USD million Q1 11 Q4 10 Q1 10 2010 Operating revenue 193.5 255.8 57.7 549.3 Operating expenses -117.9 -216.9 -26.4 -382.2 Share of profit from associates 0.0 0.0 -10.7 -14.8 EBITDA 75.6 38.9 20.6 152.3 Depreciation -41.0 -44.3 -13.4…
  14. Q1 2011 EARNINGS CALL – Bw Offshore – slide 14
    Balance sheet Equity ratio 36.6% Net interest bearing debt USD 1,483.5 million USD million 31.03.11 31.12.10 31.03.10 Total non-current assets 3,310.3 3,287.4 2,113.5 Assets of disposal group held for sale 7.1 7.1 0.0 Total…
  15. Q1 2011 EARNINGS CALL – Bw Offshore – slide 15
    Cash and funding Cash at 31 March 2011 USD 344.1 million Run-rate EBITDA on current portfolio is USD 500 million Including BW Athena and BW Joko Tole Seven year secured loan of USD 2.4 billion Refinancing of corporate debt Loan…
  16. Q1 2011 EARNINGS CALL – Bw Offshore – slide 16
    OUTLOOK
  17. Q1 2011 EARNINGS CALL – Bw Offshore – slide 17
    Competition Number of active FPSO contractors reduced from 30 to less than 10 since 2008 Actual FPSO contracting capacity limited to a handful of players BW Offshore, SBM and Modec represent 60% of actual capacity Proven track…
  18. Q1 2011 EARNINGS CALL – Bw Offshore – slide 18
    Market Letter of Intent for FSO in Vietnam expired without reaching a firm agreement High activity level in all markets Short term activity dominated by feed studies 7 FPSO awards so far in 2011 Expect number of awards to pick up…
  19. Q1 2011 EARNINGS CALL – Bw Offshore – slide 19
    Quarterly dividend payments The approval of BW Offshores first dividend is an important milestone for the company in its objective to achieve class leading shareholder return based on share price performance and dividend payments BW…
  20. Q1 2011 EARNINGS CALL – Bw Offshore – slide 20
    Summary Predictable cash flow from existing assets Annual run rate EBITDA of USD 500 million Order book of USD 8 billion backed by solid counterparties Quarterly dividend payments initiated Dividend yield of 7.2% (annualised on…
  21. Q1 2011 EARNINGS CALL – Bw Offshore – slide 21
    Q&A
  22. Q1 2011 EARNINGS CALL – Bw Offshore – slide 22
    24 May 2011 23
  23. Q1 2011 EARNINGS CALL – Bw Offshore – slide 23
    APPENDIX
  24. Q1 2011 EARNINGS CALL – Bw Offshore – slide 24
    Global footprint Belokamenka BW Pioneer Endeavor Yum KakNab Ningaloo Vision BW Cidade de So Vicente Umuroa Cidade de So Mateus Polvo Espoir Ivoirien Berge Helene Sendje Berge Units Offices Crew centers Abo Azurite…
  25. Q1 2011 EARNINGS CALL – Bw Offshore – slide 25
    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…
  26. Q1 2011 EARNINGS CALL – Bw Offshore – slide 26
    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…
  27. Q1 2011 EARNINGS CALL – Bw Offshore – slide 27
    Units on contract in operation Ningaloo Vision, FPSO Apache, Australia 63,000 bpd oil processing 80 mmscfd gas compression 620,000 bbls storage Disconnectable turret Espoir Ivorien, FPSO CNR, Ivory Coast 40,000 bpd oil…
  28. Q1 2011 EARNINGS CALL – Bw Offshore – slide 28
    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…
  29. Q1 2011 EARNINGS CALL – Bw Offshore – slide 29
    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…
  30. Q1 2011 EARNINGS CALL – Bw Offshore – slide 30
    Units on contract - project OSX-1, FPSO OSX, Brazil 42,000 bpd liquid processing 40,000 bpd oil processing 60,000 pbd water injection 53 mmscfd gas compression 950,000 bbls storage Turret mooring BW Joko Tole (TSB), FPSO…
  31. Q1 2011 EARNINGS CALL – Bw Offshore – slide 31
    Units on contract - project P-63 (Papa Terra), FPSO Petrobras, Brazil 2,200,000 bbls storage capacity Ex BW Nisa (ULCC) 24 May 2011 32
  32. Q1 2011 EARNINGS CALL – Bw Offshore – slide 32
    Conversion candidates BW Ara VLCC 2,000,000 bbls storage capacity Takama VLCC 1,900,000 bbls storage capacity 24 May 2011 33
  33. Q1 2011 EARNINGS CALL – Bw Offshore – slide 33
    Q2 2011: 30 August 2011 Further information: www.bwoffshore.com IR contact: Kristian Flaten, VP Finance & IR kristian.flatenbwoffshore.com 24 May 2011 34

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