Skip to main content Q4 2010 EARNINGS CALL – Bw Offshore Investor Presentation | Shale Experts
Loading...
Pm

Q4 2010 EARNINGS CALL – Bw Offshore

Bw Offshore · Feb 22, 2011 · 31 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 – Bw Offshore – slide 1
    BW Offshore Q4 2010 presentation 22 February 2011
  2. Q4 2010 EARNINGS CALL – Bw Offshore – slide 2
    Highlights Q4 2010 EBITDA of USD 87.6 million excluding non-recurring items Acquisition of Prosafe Production completed Received payment of USD 531.5 million for the sale of the APL division Uptime of 98.6% after downtime on…
  3. Q4 2010 EARNINGS CALL – Bw Offshore – slide 3
    STATUS
  4. Q4 2010 EARNINGS CALL – Bw Offshore – slide 4
    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…
  5. Q4 2010 EARNINGS CALL – Bw Offshore – slide 5
    Backlog and counterparties USD 8.2 billion backlog Robust counterparties 9,000 8,000 7,000 6,000 35 % 5,000 Option Petrobras 4,000 Fixed Other NOCs * 3,000 53 % 2,000 Independents ** 1,000 MUSD- Revenue 12 % *…
  6. Q4 2010 EARNINGS CALL – Bw Offshore – slide 6
    Operations Q4 2010 uptime of 98.6% Production uptime 100.0% 5 year average uptime is 99.0% 99.0% 98.0% Ningaloo Vision downtime in part of 97.0% Q4 2010 and Q1 2011 96.0% 95.0% Caused by swivel and mooring system 94.0% 93.0%…
  7. Q4 2010 EARNINGS CALL – Bw Offshore – slide 7
    Projects (I) FPSO BW Pioneer for Petrobras Disconnect system and hook-up of flow lines completed Unit ready for production Start of day rate payments under discussion FPSO BW Athena for Ithaca Energy - Drydocks World, Dubai…
  8. Q4 2010 EARNINGS CALL – Bw Offshore – slide 8
    Projects (II) FPSO BW Joko Tole (TSB) for Kangean Energy - Sembawang, Singapore Structural work and steel replacement ongoing, detailed engineering being completed Progress 37% per end January and in line with plan FPSO P-63 (Papa…
  9. Q4 2010 EARNINGS CALL – Bw Offshore – slide 9
    Integration and synergies Goals Business as usual on all units Move to one business-platform Progress Carve out of APL organisation completed Singapore organisation integrated and relocated Integration of regional offices…
  10. Q4 2010 EARNINGS CALL – Bw Offshore – slide 10
    FINANCE
  11. Q4 2010 EARNINGS CALL – Bw Offshore – slide 11
    Key takeaways Consolidated accounts Prosafe Production consolidated from and including Q4 2010 Purchase Price Allocation (PPA) analysis of Prosafe Production performed Booked net impairment charges of USD 85.0 million APL division…
  12. Q4 2010 EARNINGS CALL – Bw Offshore – slide 12
    P&L USD million Q4 10 Q3 10 Q4 09 2010 2009 Operating revenue 255.8 139.0 57.7 549.3 219.9 Operating expenses -216.9 -59.7 -26.4 -382.2 -112.5 Share of profit from associates 0.0 -16.4 -10.7 -14.8 -6.1 EBITDA 38.9 62.9 20.6 152.3 101.3…
  13. Q4 2010 EARNINGS CALL – Bw Offshore – slide 13
    Balance sheet Equity ratio 37.5% Existing loan facilities classified as short-term debt due to refinancing Net interest bearing debt USD 1,401.5 million USD million 31.12.10 30.09.09 31.12.09 Total non-current assets 3,287.4…
  14. Q4 2010 EARNINGS CALL – Bw Offshore – slide 14
    Cash status Cash at 31 December 2010 USD 228.2 million Operating cash flow USD 140.1 million in Q4 2010 Repayment of USD 370.2 million in interest bearing debt Run-rate EBITDA on current portfolio is USD 500 million Includes BW…
  15. Q4 2010 EARNINGS CALL – Bw Offshore – slide 15
    Refinancing Refinancing of BW Offshore and Prosafe Productions corporate debt Seven year secured loan of USD 2.4 billion syndication completed Predictable terms and flexibility for both growth and dividend Completing loan…
  16. Q4 2010 EARNINGS CALL – Bw Offshore – slide 16
    OUTLOOK
  17. Q4 2010 EARNINGS CALL – Bw Offshore – slide 17
    Focus and strategic direction Market demand supports accretive organic growth Existing portfolio enables quarterly dividend payments Continue to play an active part in further industry consolidation 22 February 2011 18
  18. Q4 2010 EARNINGS CALL – Bw Offshore – slide 18
    Dividend and shareholder return BW Offshore proposes new dividend policy to AGM in May 20-25% of EBITDA Quarterly payments BW Offshore has as an objective to generate competitive long-term total shareholder returns. This return…
  19. Q4 2010 EARNINGS CALL – Bw Offshore – slide 19
    Market Increasing activity levels in all markets Final contract negotiations for Bien Dong FSO in Vietnam Target selection criteria Financial return Client/field robustness Technical complexity Country and regulatory…
  20. Q4 2010 EARNINGS CALL – Bw Offshore – slide 20
    Q&A Capital Markets Day Oslo - 22 March Singapore - 29 March 22 February 2011
  21. Q4 2010 EARNINGS CALL – Bw Offshore – slide 21
    22 February 2011 22
  22. Q4 2010 EARNINGS CALL – Bw Offshore – slide 22
    APPENDIX
  23. Q4 2010 EARNINGS CALL – Bw Offshore – slide 23
    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…
  24. Q4 2010 EARNINGS CALL – Bw Offshore – slide 24
    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…
  25. Q4 2010 EARNINGS CALL – Bw Offshore – slide 25
    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…
  26. Q4 2010 EARNINGS CALL – Bw Offshore – slide 26
    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…
  27. Q4 2010 EARNINGS CALL – Bw Offshore – slide 27
    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…
  28. Q4 2010 EARNINGS CALL – Bw Offshore – slide 28
    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…
  29. Q4 2010 EARNINGS CALL – Bw Offshore – slide 29
    Units on contract - project P-63 (Papa Terra), FPSO Petrobras, Brazil 2,200,000 bbls storage capacity Ex BW Nisa (ULCC) 22 February 2011 30
  30. Q4 2010 EARNINGS CALL – Bw Offshore – slide 30
    Conversion candidates BW Ara VLCC 2,000,000 bbls storage capacity Takama VLCC 1,900,000 bbls storage capacity 22 February 2011 31
  31. Q4 2010 EARNINGS CALL – Bw Offshore – slide 31
    Further information: www.bwoffshore.com IR contact: Kristian Flaten, VP Finance & IR kristian.flatenbwoffshore.com 22 February 2011 32

From the store

Browse maps, data & reports in the Shale Experts store