BW OFFSHORE Pareto Securities 20th Annual Oil & Offshore Conference CEO Carl K. Arnet
BW Offshore First FPSO built in 1982 Uptime Operates 16 FPSOs and 1 FSO in 12 countries Owns 14 FPSOs and 1 FSO 100% Global production of 700,000 boe/d 95% Five year average uptime of 98.3% 90% LTI (per million man-hours) of 0.45…
Financials EBITDA of USD 225 million in 1H 2013 Net debt and equity ratio USD million and percentage Net profit of USD 51 million in 1H 2013 Net debt (USD mill, LHS) Equity ratio (RHS) 2 000 40% Net debt of USD 1,650 million 1 800…
Order book Order book of USD 7.8 billion as of Total order book and clients 30 June 2013 USD 3.7 billion are firm contracts Average remaining contract length: 4.5 NOC 26% years firm and 4.5 years options 33% USD IOC/E&P 7.8 Long…
Technical milestones 38 FPSO/FSO projects delivered The first FPSO in the US Gulf of Mexico (BW Pioneer) The deepest moored FPSO at 2,500 meters (BW Pioneer) The worlds largest FPSO throughput with 600,000 bbl per day (YKN)…
Significant gas FPSO history LPG FPSO Berge Sisar / Troll Angola, 1982-2005 LPG FPSO Berge Okoloba Toru Nigeria, 2005-2009 Gas FPSO Cidade de So Mateus Brazil, 2009-2018+options Gas FPSO Joko Tole Indonesia. 2012-2022 +…
Contract 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: 2005-2014 Berge Helene FPSO Lease…
VALUE CREATION
Asset development FPSOs have a significant value after Upstream capital cost index current contract Technical life normally exceeds current 280 contract 90% of all FPSOs have been extended or 260 redeployed 240 Competitive…
Extensions and redeployments add to asset values BW Offshore opines that real asset values shall be calculated from the base case contract value plus a probability weighted average value of asset scenarios: Extension at current…
Extension and redeployment examples (I) Petrolia Nautipa Built 1974 converted to FPSO 1998 Operation 1998-2002 on the Kiame field for Ranger, Angola Redeployment 20022007 to Etame field for VAALCO, Gabon Extension 2007-2012…
Extension and redeployment examples (II) Berge Helene Built 1976 converted to FSO 2002 Operation for Maersk Oil, Quatar Converted to FPSO Redeployment 2006-2013 as FPSO for Woodside, Mauritania Extension 2013-2015 Sendje Berge…
Valuation examples BW Pioneer Firm contract until 2017 (options until 2020) Asset value USD 700 million based on risk weighted scenarios (extension, redeployment or scrap) BW Athena Firm contract until 2015 (options until 2020)…
Market status FPSO is the preferred solution for floating Existing floating production units production 7 FPSO awards YTD 64% FPSO 5 leases Semi 2 turnkey/EPC TLP 263 10-15 awards expected per year Spar units Other 17% 60%…
Capacity Increased execution capacity Project management and services Engineering Procurement Construction Solid financial capacity Extensions and redeployments New project(s) 5 September 2013 15
Market opportunities Belokamenka BW Athena BW Pioneer Yum KakNab BW Cidade de So Vicente BW Joko Tole Cidade de So Mateus Umuroa Polvo P-63* Espoir Ivoirien Berge Helene Sendje Berge Units Offices * EPC and O&M…
Investment case World-leading FPSO contractor with a diversified asset base Robust demand and growing fleet Stabile performance and long term revenue horizon Significant value potential in developing assets and system values in…
Q&A
Further information: www.bwoffshore.com IR contact: Kristian Flaten, Vice President IR and Corporate Finance kristian.flatenbwoffshore.com 5 September 2013 20
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