Lamprell plc Agenda Corporate overview Financial highlights Operational highlights New contract awards Operating markets Order book Bid pipeline Site development Group strategy Financial review Conclusion Appendices 2
Lamprell plc Corporate Overview 3
Lamprell plc Financial Highlights Revenue: US 189.3m down 27.2% Operating profit: US 41.1m* up 31.7% (Pre one-off net gain US 20.7m down 33.7%) Net profit: US 39.7m* up 25.6% (Pre one-off net gain US 19.3m down 38.9%) Net margin…
Lamprell plc Operational Highlights Underlying performance in line with management expectations New contract awards in period amounting to US 894m Execution of major contracts on schedule & on budget Bassdrill Alpha self erecting…
Lamprell plc Operational Highlights (cont) All other th refurbishment f bi h t and d ffabrication b i ti projects j t on time and on budget 2010 LTI frequency rate per million man-hours of 1.29 compared to construction industry…
Lamprell plc New contract awards Record p period for contract awards amounting g to US 894m Fred Olsen Contract awarded for US 320m to build two MSC Gusto NG9000 vessels Delivery Vessel 1 - Q2 2012 Vessel 2 - Q3 2012 Seajacks…
Lamprell plc New contract awards (cont) Options included in new contract awards Fred Olsen (US 320m +) Option 1 exercise date by February 2011 Option 2 exercise date by August 2011 Seajacks (US 129m) Option 1 exercise date by June…
Lamprell plc New contract awards 500 Liftboats/Windfarm New contract awards 450 US 894m 400 350 New build jackup 300 m 250 200 150 100 Offshore platforms 50 Rig refurb Other construction 0 9
Lamprell plc Operating Markets Windfarm Sector UK offshore sector 14 windfarms are active or under construction 25 windfarms are in various stages of p planningg UK target to install 7500 turbines during next six years (Licence…
Lamprell plc Operating Markets Construction New build jackup market currently weak except for regional NOCs and specialist markets FPSO market recovering slowly Offshore platform market for Middle East and India remains strong…
Lamprell plc Operating Markets Jackup Rigs Jackup Rigs by location Middle East 119 Indian Ocean 33 Black Sea/Mediterranean 21 South East Asia 55 Rest of world 232 Total 460 Middle East Eastss leading jackup refurbishment…
Lamprell plc Order Book US 836m Key clients in H1 2010 500 Fred Olsen Windcarrier AS New build lif tboats 450 Scorpion Rigs Limited Rowan Drilling 400 Noble Drilling Limited 350 Nabors Drilling International New build jackup…
Lamprell plc Bid Pipeline US 3.1billion High bid pipeline Marketing across all construction sectors Key bid activity numbers of proposals Liftboats Liftb t 7 Process modules/FPSO 7 GTL/FLNG projects 1 Offshore platforms 10 New…
Lamprell plc Bid Pipeline US 3.1billion (cont) 800 Liftboats/Windfarm 700 600 Modules/FPSO GTL/FLNG projects 500 Offshore platforms m 400 New build jackup 300 Other construction 200 Rig refurb New build land rigs 100…
Lamprell plc Site Development - Hamriyah US 36m spent to date on Phase 1 infrastructure US 25m committed to Phase 2 to complete by Q1 2011 New business opportunities created by Deep water (9m) Increased quayside access (1.25km)…
Lamprell plc Site Development - Thailand Regional R i l marketing k ti iin progress ffor jjackup k refurbishment and offshore construction Limited jjackup p refurbishment activity y reflecting g continued weak SE Asian market…
Lamprell plc Strategy Maintain focus on core activities New build construction of jackup drilling units New build construction of liftboats for offshore wind farms Ri refurbishment Rig f bi h t Construction of offshore structures…
Lamprell plc Financial Review 19
Lamprell plc Summary Profit & Loss Turnover (US m) One-off adjustment j re Riginvest g of US 20.4m net of 318 additional provisions 260 189 Strong EPC performance with major project delivered in H1 2010 H1-08 H1-09 H1-10…
Lamprell plc Balance Sheet 2009 2010 Non current assets (US m) YE H1 Net capex spend of US 15m Non current assets 99.0 114.4 Current assets Current assets 307.2 359.4 Cash balance of US 110m Trade & other receivables increased by…
Lamprell plc Cash Flow 2009 2010 Cash flow generated from operations (US m) H1 H1 impacted by increased profit for the period and Net earnings 31.6 39.7 new EPC projects Depreciation & amortisation 6.5 6.3 g capital Working p…
Lamprell plc Cash Flow M i t i sufficient Maintain ffi i t levels l l off working ki capital it l Ensure client payment surety Capital expenditure program in line with investment plan Maintain sufficient level of funded…
Lamprell plc Conclusion Actively marketing across all business sectors and within the region Securing contracts in line with strategic plan Maintaining focus on new build jackups for NOCs OC Developing offshore windfarm sector…
Lamprell plc Appendices 25
Lamprell plc Core Values Continue to deliver projects on time and on budget Deliver projects of high quality and complexity Maintain strong customer relationships Maintain non-litigious non litigious relationships Focus on…
Lamprell plc Board Structure Board structure Executive Directors Non-Executive Directors Nigel McCue CEO Jonathan Silver Non-Executive Chairman Scott Doak CFO Colin Goodall Senior Independent NED Richard Raynaut Independent NED…
Lamprell plc Dividend History Year Period Cents Pence 2006 Final 3.80c 1.93p 2007 Interim 5.00c 2.47p 2007 Final 12.25c 6.17p 2008 I Interim i 6 40 6.40c 3 48 3.48p 2008 Final 3.15c 2.18p 2009 Final 3 80c 3.80c 2 55p…
Lamprell plc Group Capacity Total Group capacity post Hamriyah Current Capacity Increase in quayside from 708m to Land (sqm) Quayside (m) 1,768m (+150%) Jebel Ali Free Zone 179,000 - Increase in land from 313,000sqm to Sharjah 36,000…
Lamprell plc Flexible Business Model Overview Highly variable cost base Key components of cost base in H1 2010 include Materials 23% (US 41m) Variable to revenue Sub contractor Sub-contractor 25% (US 44m) Variable to revenue Labour…
Lamprell plc Flexible Business Model Focus Management focus on operational issues including Optimising administration and yard manpower YE 2009 H1 2010 Var Admin 908 923 2% Yard 3706 3619 (2%) Labour supply 656 211 (68%) Total 5270…
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