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Q4 2010 EARNINGS CALL – Sevan Marine

Sevan Marine · Feb 15, 2011 · 27 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. Q4 2010 EARNINGS CALL – Sevan Marine – slide 1
    Sevan Marine ASA Presentation of fourth quarter results 2010 Shippingklubben, Oslo, February 15, 2011 1
  2. Q4 2010 EARNINGS CALL – Sevan Marine – slide 2
    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…
  3. Q4 2010 EARNINGS CALL – Sevan Marine – slide 3
    Contents Highlights Fourth Quarter Floating Production (FPSO) Drilling Topside and Process Technology Market 3
  4. Q4 2010 EARNINGS CALL – Sevan Marine – slide 4
    Highlights Sevan Driller o Sevan Driller operations improving o 96% Technical Uptime last 30 days, Q1-11 till date 84% o Good motions; in accordance with expectations Strengthening of UDW drilling market o Concrete evaluation…
  5. Q4 2010 EARNINGS CALL – Sevan Marine – slide 5
    Q4 2010 - Profit and Loss Statement USDm Q4 10 Q3 10 2010 Q4 09 2009 Operating revenue 74,5 73,4 255,9 53,8 194,8 Operating expense -42,9 -54,9 -183,0 -65,7 -206,5 EBITDAFX 31,7 18,5 72,9 -11,9 -11,7 Operational foreign exchange…
  6. Q4 2010 EARNINGS CALL – Sevan Marine – slide 6
    Q4 2010 Balance Sheet, Assets USDm 31.12.10 30.09.10 31.12.09 Sevan Capital Assets 2 145,6 2 080,7 1 904,3 Other fixed assets 38,7 39,9 48,9 Intangible assets 13,6 13,7 14,7 Investments in associates 1,1 1,2 1,4 Deferred tax assets…
  7. Q4 2010 EARNINGS CALL – Sevan Marine – slide 7
    Q4 2010 Balance Sheet, Equity and Liabilities USDm 31.12.10 30.09.10 31.12.09 Share capital 16,6 16,6 16,6 Other equity 791,5 870,0 957,9 Total shareholders' e quity 808,1 886,6 974,5 Minority Interest 0,7 0,7 38,0 Total e quity…
  8. Q4 2010 EARNINGS CALL – Sevan Marine – slide 8
    Q4 2010 Financial Highlights 1/2 Operating revenue of USD 74.5m (USD 73.4m) o Improved Commercial Uptime on Sevan Driller o Compensation for loss in revenue under the original Shelley charter contract received from the Oilexco…
  9. Q4 2010 EARNINGS CALL – Sevan Marine – slide 9
    Q4 2010 Financial Highlights 2/2 Net financial loss of USD 58.8m (loss of USD 64.6m) o Net agio of USD 1.3m (disagio of USD 35.4m) mainly a result of unrealized agio on NOK- nominated bonds o Financial expense increased by USD 31.0m…
  10. Q4 2010 EARNINGS CALL – Sevan Marine – slide 10
    Financing USD 480m bank facility for Sevan Driller o Replacing existing USD 250m bank loan and NOK 1bn bond o Creating USD 50m+ in additional liquidity for corporate purposes o Expected drawdown during Q1-11 USD 1.6bn in new…
  11. Q4 2010 EARNINGS CALL – Sevan Marine – slide 11
    Contents Highlights Fourth Quarter Floating Production (FPSO) Drilling Topside and Process Technology Market 11
  12. Q4 2010 EARNINGS CALL – Sevan Marine – slide 12
    FPSO Sevan Piranema Q4-2010 performance: 93.3% Technical Uptime 6 days of downtime in relation to a planned shutdown for annual maintenance 86.7% Commercial Uptime Problems with the booster compressor expected resolved during first…
  13. Q4 2010 EARNINGS CALL – Sevan Marine – slide 13
    FPSO Sevan Hummingbird Q4-2010 performance: 99.9% Technical Uptime Commercial Uptime was 112.1% including bonus achieved for oil production Technical Uptime 99.2 % 98.2 % 98.6 % 99.7 % 99.9 % 96.0 % 96.8 % 96.0 % 97.0 % 97.0 %…
  14. Q4 2010 EARNINGS CALL – Sevan Marine – slide 14
    FPSO Sevan Voyageur FPSO upgrade work has commenced at the Nymo yard in Arendal, Norway o Modification of existing process facilities to handle more gas and install two gas compression trains for gas export and gas lift o The…
  15. Q4 2010 EARNINGS CALL – Sevan Marine – slide 15
    Sevan 1000 Goliat FPSO Project progress according to plan o License model contract Limited risk and no capex investment o Project Services Contract Sevan provides selected key project positions. Offices in London and Ulsan o…
  16. Q4 2010 EARNINGS CALL – Sevan Marine – slide 16
    FPSO Sevan no. 4 and 5 The hulls are located to Cosco Shipyard - construction to be completed upon contract Only limited of no further equity needed to complete units Several contract opportunities FPSO Sevan no. 4 FPSO Sevan…
  17. Q4 2010 EARNINGS CALL – Sevan Marine – slide 17
    Contents Highlights Fourth Quarter Floating Production (FPSO) Drilling Topside and Process Technology Market 17
  18. Q4 2010 EARNINGS CALL – Sevan Marine – slide 18
    Sevan Driller Q4-2010 performance: 53.0% Technical Uptime 53.1% Commercial Uptime Downtime during fourth quarter due to defects on the locking system on the BOP Good motions; in accordance with expectations Q1-2011 performance:…
  19. Q4 2010 EARNINGS CALL – Sevan Marine – slide 19
    Sevan Driller II o Module fabrication to elevate block construction from 24.5 to 36.5 meters completed and integrated with the main hull o Living quarter and drill floor fabrication ongoing. Scheduled for integration with main hull…
  20. Q4 2010 EARNINGS CALL – Sevan Marine – slide 20
    Contents Highlights Fourth Quarter Floating Production (FPSO) Drilling Topside and Process Technology Market 20
  21. Q4 2010 EARNINGS CALL – Sevan Marine – slide 21
    KANFA Activity Picking Up The independent FPSO process specialist Strong track record Primary focus on design & engineering of Process simulation, design topsides and engineering Independent of suppliers, customers and technology…
  22. Q4 2010 EARNINGS CALL – Sevan Marine – slide 22
    Contents Highlights Fourth Quarter Floating Production (FPSO) Drilling Topside and Process Technology Market 22
  23. Q4 2010 EARNINGS CALL – Sevan Marine – slide 23
    FPSO MARKET OVERVIEW - Significant Number of FPSO Awards Expected FPSO contracts* by award year FPSO newbuild forecast 30 35 Estimates Possible Cancelled/Delayed Planned Firm 30 25 Tendering 25 20 18 20 15 8 15 7 12…
  24. Q4 2010 EARNINGS CALL – Sevan Marine – slide 24
    FPSO MARKET OVERVIEW - Sevan Well Positioned in Strong Growth Regions FPSO demand by region FPSO demand by operator 35 Possible Sevan key Planned 30 30 7 markets Tendering Possible Planned 25 25 Tendering 5 20 20 15 15…
  25. Q4 2010 EARNINGS CALL – Sevan Marine – slide 25
    FPSO MARKET OVERVIEW - FPSO Fleet FPSO fleet status FPSO owners ( units) 160 138 140 18 120 Newbuilds 16 100 Operating 14 80 12 10 60 8 40 6 26 4 20 10 5 5 2 0 0 SBM Offshore Modec Prosafe…
  26. Q4 2010 EARNINGS CALL – Sevan Marine – slide 26
    Summary o Sevan Driller operations improving o Concrete evaluation of IPO for ultra deepwater drilling business o Utilize growth opportunities in the FPSO market 26
  27. Q4 2010 EARNINGS CALL – Sevan Marine – slide 27
    27

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