Full Year Results 26th March 2014 Nexen PUQ 0 www.lamprell.com
Agenda 1 Overview 2 Financial Review 3 Operational Review and Strategy 4 Summary and Outlook 5 Appendices www.lamprell.com 2
Overview James Moffat, CEO Rig refurbishment: Noble rig 3
Overview A year of significant operational and financial progress Return to profitability Senior management team in place Robust operational performance, world class safety and quality record Strategy review completed and…
Financial summary Return to profitability FY 2013 FY 2012 m m Revenue* 1,091.8 1,025.9 Gross profit* 115.3 (27.7) Gross margin % 10.6% (2.7)% Operating profit / (loss)* 52.9 (90.2) Continuing profit / (loss) before exceptionals…
Movement in net profit 2012 to 2013 Improved operational efficiency and reduced overhead 60.0 8 (4) (5) 40.0 5 36 20 20.0 7 116 (111) - Amount in US Millions (20.0) (40.0) (60.0) (80.0) (100.0)…
Balance sheet Improving liquidity FY 2013 FY 2012 m m Total net assets 442.8 406.1 Tangible net assets 229.7 186.2 Gross cash 344.6 263.4 Available cash* 296.5 148.2 Net cash 183.8 104.1 Strong operating cash flow and…
Borrowings The level of the Groups borrowings continues to reduce Current FY 2013 FY 2012 FY 2011 m m m m Total borrowings 110.0 160.8 159.3 251.1 Continued repayment of the Groups borrowings Mandatory repayment of borrowings…
Outlook Maintaining strong financial discipline Year end backlog of 0.9bn (Dec 12: 1.2bn) FY14 revenues expected to be marginally lower than FY13 Given our visibility and our current pipeline we expect FY15 revenues to be broadly…
Operational Review and Strategy James Moffat, CEO Offshore platforms: North Sea operator 11
Key project update Focus on strong delivery of projects and operational enhancements All projects progressing well, on budget, and are expected to achieve timely deliveries 7 major projects successfully delivered Current major…
Market overview Wider market conditions continue to present opportunities and challenges Future oil production requirements Strong O&G fundamentals - worldwide oil consumption and production continues to rise Continued strong…
Bid pipeline remains strong Strong pipeline and high bidding activity Bid pipeline of 4.7bn Increasing bid pipeline in core markets of 4.7bn (Jun 13: 4.6bn) 2.4 2.0 Strong focus on pipeline conversion, including recruitment of…
Strategic review Detailed review of strategy undertaken and being implemented Ticket to the Productivity Cost reduction game & Efficiency Growth through core markets and New Build Modular fixed related LNG / FPSO jackup rigs…
Focus on organisational improvements Enhance margins in our core markets Strengthen and realign organisation Improved project scheduling Yard workflow, layout and process improvements Productivity and efficiency enhancements…
Long term value drivers Leveraging our core strengths to deliver sustainable growth HSEQ Maintain our reputation for build quality and strong safety focus Focus Capitalise on significant opportunities in our core markets…
Summary and Outlook Improved performance and opportunities for future growth Group successfully delivered in 2013 Continued strengthening of performance against our core KPIs Opportunities identified to further improve yard…
Appendices Rig refurbishment: Noble rig 19
Order book and bid pipeline Current order book of 0.9bn Bid pipeline of 4.7bn 800 2.4 700 2.0 600 1.6 500 400 1.2 300 0.8 200 0.4 100 0 0.0 Newbuild Newbuild Offshore Rig Refurb Newbuild Offshore Rig 2 Land rigs…
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