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Q3 2011 EARNINGS CALL – Sevan Marine

Sevan Marine · Nov 9, 2011 · 28 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. Q3 2011 EARNINGS CALL – Sevan Marine – slide 1
    Sevan Marine ASA Presentation of third quarter results 2011 Shippingklubben, Oslo, November 9, 2011 Presented by: Carl Lieungh, CEO Reese McNeel, CFO 1
  2. Q3 2011 EARNINGS CALL – Sevan Marine – slide 2
    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…
  3. Q3 2011 EARNINGS CALL – Sevan Marine – slide 3
    Contents Status of Sevan Marine restructuring Third Quarter Highlights Floating Production (FPSO) Topside and Process Technology 3
  4. Q3 2011 EARNINGS CALL – Sevan Marine – slide 4
    Restructuring of Sevan Marine on track Agreement with bondholders and Teekay Corporation on 18 October Majority of bondholders have agreed to vote in favour of the agreement during Bondholders Meetings on 10 November Restructuring…
  5. Q3 2011 EARNINGS CALL – Sevan Marine – slide 5
    Restructuring agreement Teekay to invest USD 25m in new equity Co-operation and service agreements Divested New Sevan Marine FPSO Sevan Piranema Shares in Sevan Drilling Design and technology FPSO Sevan Voyageur Goliat…
  6. Q3 2011 EARNINGS CALL – Sevan Marine – slide 6
    New equity issue and ownership structure after the restructuring Teekay will provide USD 25m in new equity Ownership structure after restructuring1) against receiving an ownership share of 40% o Subscription price of NOK 0.0670 /…
  7. Q3 2011 EARNINGS CALL – Sevan Marine – slide 7
    Indicative restructuring timeline and summary of key conditions Bondholders meetings scheduled on 10 Nov 2011 Extraordinary general meeting (EGM) scheduled on 14 Nov 2011 Sale of Piranema and Hummingbird FPSOs, Teekay Placement…
  8. Q3 2011 EARNINGS CALL – Sevan Marine – slide 8
    Summary of co-operation with Teekay Sevan Marine will continue to pursue concept studies, engineering and license agreements on its own Sevan Marine and Teekay will enter into a service agreement at market rates for the mutual…
  9. Q3 2011 EARNINGS CALL – Sevan Marine – slide 9
    Overview of Sevan Marine following the restructuring Design and technology Goliat licence contract Hull No. 4 and 5 KANFA Group Unique and cost Blueprint for a license Two partially Top-side design and efficient design model…
  10. Q3 2011 EARNINGS CALL – Sevan Marine – slide 10
    Sevan Marine key principles going forward Retain and develop engineering know-how and technology Develop a growth strategy for the KANFA Group Capture full value Investment discipline and cost consciousness of Sevans design…
  11. Q3 2011 EARNINGS CALL – Sevan Marine – slide 11
    Contents Status of Sevan Marine restructuring Third Quarter Highlights Floating Production (FPSO) Topside and Process Technology 11
  12. Q3 2011 EARNINGS CALL – Sevan Marine – slide 12
    Highlights Restructuring o Assumption of going concern based on agreement with Teekay which remains subject to approval by shareholders and Bondholders at Bondholders Meeting o Restatement of financials to reflect FPSOs as…
  13. Q3 2011 EARNINGS CALL – Sevan Marine – slide 13
    Expected future impacts of Teekay Transaction per 30 September 2011 USD 177m - Gains on debt remission from Piranema, Hummingbird and Unsecured USD 6.25m - Capital increase from debt-to-equity conversion of Unsecured USD 25m -…
  14. Q3 2011 EARNINGS CALL – Sevan Marine – slide 14
    Q3 2011 - Profit and Loss Statement USDm Q3 11 Q2 11 YTD 2011 Q3 10 2010 Operating income 22.0 32.1 74.8 19.1 71.8 Operating expense -35.5 -23.1 -76.8 -12.7 -64.2 EBITDAFX -13.5 9.0 -2.0 6.5 7.7 Operational foreign exchange gain/(loss)…
  15. Q3 2011 EARNINGS CALL – Sevan Marine – slide 15
    Q3 2011 Balance Sheet, Assets USDm 30/09/11 30/06/11 31/12/10 Sevan Capital Assets 110.0 914.0 2,145.6 Other fixed assets 1.2 6.2 38.7 Intangible assets 13.1 13.6 13.6 Investments in associates 0.0 143.3 1.1 Deferred tax assets 0.0…
  16. Q3 2011 EARNINGS CALL – Sevan Marine – slide 16
    Q3 2011 Balance Sheet, Equity and Liabilities USDm 30/09/11 30/06/11 31/12/10 Share capital 16.6 16.6 16.6 Other equity -190.4 108.8 791.5 Total shareholders' equity -173.8 125.4 808.1 Minority Interest 0.8 0.7 0.7 Total equity…
  17. Q3 2011 EARNINGS CALL – Sevan Marine – slide 17
    Q3 2011 Impacts of Teekay Transaction Impairments and accounting losses USD 284.8m o USD 162.1m FPSOs o USD 3.6m Other fixed assets o USD 24.0m Operating income / expense o USD 15.3m Deferred Tax Assets o USD 79.8m Drilling…
  18. Q3 2011 EARNINGS CALL – Sevan Marine – slide 18
    Q3 2011 Financial Highlights 1/2 Operating revenue of USD 22.0m (USD 32.1m) o USD 10.1m lower than previous quarter due to revenue recognition of USD 12.0m in second quarter relating to design fee towards Sevan Drilling Operating…
  19. Q3 2011 EARNINGS CALL – Sevan Marine – slide 19
    Q3 2011 Financial Highlights 2/2 Tax expense of USD 1.7m (USD 34.3m) o The reduction from previous quarter is mainly a result of USD 33.1m impairment of previously capitalized Deferred Tax Assets conducted in second quarter 2011…
  20. Q3 2011 EARNINGS CALL – Sevan Marine – slide 20
    Contents Status of Sevan Marine restructuring Third Quarter Highlights Floating Production (FPSO) Topside and Process Technology 20
  21. Q3 2011 EARNINGS CALL – Sevan Marine – slide 21
    FPSO Sevan Piranema and FPSO Sevan Hummingbird FPSO Sevan Piranema FPSO Sevan Hummingbird Q3-2011 performance: Q3-2011 performance: 98% Technical Uptime 97% Technical Uptime Due to some short duration shut downs 2 days of…
  22. Q3 2011 EARNINGS CALL – Sevan Marine – slide 22
    FPSO Sevan Voyageur FPSO upgrade work for the Huntington field includes: o Modification of existing process facilities to handle more gas and install two gas compression trains for gas export and gas lift o The modification also…
  23. Q3 2011 EARNINGS CALL – Sevan Marine – slide 23
    Licence agreement with ENI for Goliat project License agreement ENI has licensed FPSO Sevan 1000 for Goliat field in Barents Sea the right to build, own and operate Sevan 1000 FPSO Sevan Marine receive a monthly licence fee for…
  24. Q3 2011 EARNINGS CALL – Sevan Marine – slide 24
    Hull No. 4 and No. 5 Opportunities for growth Hull No. 4 Hull No. 5 Hulls located at Cosco Shipyard, China Sevan 300 design Potential contracts being actively discussed, including a sale / license agreement for hull no. 5…
  25. Q3 2011 EARNINGS CALL – Sevan Marine – slide 25
    Contents Status of Sevan Marine restructuring Third Quarter Highlights Floating Production (FPSO) Topside and Process Technology 25
  26. Q3 2011 EARNINGS CALL – Sevan Marine – slide 26
    KANFA Independent design and engineering group Top-side design and engineering services Process simulation Top-side design and engineering 50% 100% Separation, gas FPSO gas handling, water systems treatment and heavy…
  27. Q3 2011 EARNINGS CALL – Sevan Marine – slide 27
    Summary Sevan Marine aims to complete the restructuring in December 2011 Sevan Marine will be substantially net debt free after the proposed restructuring Impairments and losses resulting from agreement accounted for in Q3 2011…
  28. Q3 2011 EARNINGS CALL – Sevan Marine – slide 28
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