Sevan Marine ASA Presentation of first quarter results 2014 Hotel Continental, Oslo, 21 May 2014 Presented by: Carl Lieungh, CEO Kjetil Vangsnes, CFO 1
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…
Contents First quarter highlights Floating Production (FPSO, FSO, FLNG) Other Applications (Drilling, Accommodation) Investments (Logitel, KANFA/Technip, KANFA Aragon) Financials Outlook 3
Highlights o Operations Operating revenue (24.6 MUSD) was 5.1 MUSD higher than Q1 2013 EBITDA (1.6 MUSD) was 1.3 MUSD higher than Q1 2013 o Sales High tendering activities within the FPSO/FSO segment expected to materialize in FEED…
Events after balance sheet date o Technip acquired 49% of KANFA AS The transaction represents a successful conclusion of the stepwise growth plan for the KANFA Group Creates a platform for further growth wherby a co-operation with…
Contents First quarter highlights Floating Production (FPSO, FSO, FLNG) Other Applications (Drilling, Accommodation) Investments (Logitel, KANFA/Technip, KANFA Aragon) Financials Outlook 6
Floating Production Other Applications Investments Proven technology: Sevan designed FPSOs Piranema Spirit Hummingbird Spirit Voyageur Spirit Field operator: Field operator: Centrica Field operator: E.ON Petrobras Field: Chectnut…
Floating Production Other Applications Investments Sevan FPSOs current prospects Bream Penguins Field operator: Premier Oil Field operator: Shell Field: Goliat Field: Penguins Location: Norwegian CNS Location: Northern North Sea…
Floating Production Other Applications Investments Sevan FSOs current prospects Bentley Sea Lion Field operator: Xcite Field operator: Premier Oil Field: Bentley Field: Sea Lion Location: North Sea, UK Location: Falklands Sea Hull…
Floating Production Other Applications Investments Sevan FLNG concept o Conceptual design completed o Liquefaction technology: KANFA Aragons Dual Nitrogen Expansion o Liquefaction capacity: 2.4 mtpa o Storage capacity: 220,000…
Contents First quarter highlights Floating Production (FPSO, FSO, FLNG) Other Applications (Drilling, Accommodation) Investments (Logitel, KANFA/Technip, KANFA Aragon) Financials Outlook 11
Floating Production Other Applications Investments Proven technology: Sevan designed Drilling Units Sevan Driller Sevan Brasil Sevan Louisiana Sevan Developer Field operator: Petrobras Field operator: Petrobras Field operator: LLOG…
Floating Production Other Applications Investments Proven technology: Sevan designed Accommodation Units Two Accommodation Units under construction Logitel Offshore has entered into a 3 year charter contract with Petrobras…
Contents First quarter highlights Floating Production (FPSO, FSO, FLNG) Other Applications (Drilling, Accommodation) Investments (Logitel, KANFA/Technip, KANFA Aragon) Financials Outlook 14
Floating Production Other Applications Investments Logitel Offshore transaction o As holder of the convertible bond, Sevan has entered into a three-party agreement with: Teekay Offshore Partners LP as buyer Cefront Technology AS…
Floating Production Other Applications Investments Logitel Offshore transaction contd o Sevan is relieved from its exposure as intervening party under Logitel Offshores employment contract with Petrobras o Repayment profile and…
Floating Production Other Applications Investments KANFA Group stepwise growth plan 2014 Seek strategic partner with complementary competencies Diversified revenue mix between Enterprise value / revenue engineering, process…
Floating Production Other Applications Investments KANFA Group company structure before the Technip transation 100% 100% 54.3% 50% 18
Floating Production Other Applications Investments KANFA Group company structure after the Technip transation 49% 51% 100% 54.3% 50% 19
Floating Production Other Applications Investments KANFA Technip transaction - strategic rationale Technip has a global footprint and is one of the worlds leading oil & gas services groups o The cooperation with KANFA will…
Floating Production Other Applications Investments KANFA Technip transaction contd o KANFA has 50 employees, with main offices is in Asker, Norway o Currently involved in the execution and delivery of various process equipment…
Floating Production Other Applications Investments KANFA Aragon company profile A process technology company focusing on FLNG as well as more traditional gas processes o Patented FLNG liquefaction process based on an optimized…
Floating Production Other Applications Investments KANFA Aragon contd o Located in Bergen, Norway o Has currently 25 employees o Has designed the 2.4 mtpa topside for the Sevan FLNG concept o Currently involved with the…
Contents First quarter highlights Floating Production (FPSO, FSO, FLNG) Other Applications (Drilling, accommodation) Investments (Logitel, KANFA/Technip, KANFA Aragon) Financials Outlook 24
Q1 2014 Profit & Loss statement Unaudited figures in USD million (*) Q1 14 Q4 13 Q1 13 Comment 26% growth YOY; Operating revenue 24,6 31,2 19,5 Samsung settlement in Q4 13 YOY change due to increased EBITDA 1,6 1,1 0,3…
Q1 2014 Balance Sheet Unaudited figures in USD million 31.03.2014 31.12.2013 31.03.2013 Comment Sevan Capital Assets - - 41 Intangible assets 13 13 13 Related to KANFA Deferred income tax assets 8 8 8 Loan 60 60 - Loan to Logitel…
Contents First quarter highlights Floating Production (FPSO, FSO, FLNG) Other Applications (Drilling, accommodation) Investments (Logitel, KANFA/Technip, KANFA Aragon) Financials Outlook 27
Outlook o The outlook for the FPSO/FSO market segment is generally positive. However, tighter monitoring of capital expenditure may lead to longer tendering processes, and potentially, postponements of certain projects. Increased…
Loading...
