Full Year Results 2014 19 March 2015 Nexen PUQ and wellhead 0 www.lamprell.com
Agenda 1 Highlights 2 Financial Review 3 Operational Review and Market Environment 4 Summary and Outlook 5 Appendices www.lamprell.com 2
Highlights Jim Moffat, CEO Offshore platforms: Jalilah B
2014: a year of significant progress on every level Strong financial position: Net profit* Exceptional financial performance Improved underlying margins on the back of strong 93.2m operational performance Net Cash Significantly…
Financial Review Tony Wright, Deputy CFO Greatdrill Chaaru 5 www.lamprell.com
2014 Financial highlights Strong profitability driven by operational performance Flat revenue at 1,085m (2013: 1,073m) EBITDA almost doubled to 137m (2013: 76m) Significantly improved EBITDA margin of 12.6% (2013: 7.1%)…
Outstanding financial performance Material improvement in profitability FY 2013 to FY 2014 Strong project execution resulted in improved margins Cost savings from overhead reductions and early results of Project Evolution…
Strong cash position Significant contribution from the rights issue and sale of Inspec At working capital sweet spot at end 2013; draw on working capital in 2014 due to phasing Cash position to improve in H1 before trending downwards…
Significantly strengthened balance sheet Financial firepower to support strategy implementation Proceeds from Rights Issue to fund Project Evolution (underway) Committed facilities enable greater commercial flexibility Significant…
Financial Summary Robust financial position in challenging times Strong financial performance in 2014 with earnings ahead of initial expectations Improved operational performance a major driver FY closing backlog of 1.2bn (Dec…
Operational Review and Market Environment James Moffat, CEO Offshore platforms: Leighton topsides & jackets 11 www.lamprell.com
High levels of activity in 2014 Improved operational performance and business development Nine major orders delivered: Order book (bn) As at 31 December 2014 Largest rig conversion completed All legacy projects now delivered Land…
Bid pipeline remains strong Extensive pipeline of 5.2bn at 31 December 2014 New awards in 2014 (bn) Extensive pipeline, diversified across regions and products Clear evidence of market softening affecting bidding and awards 1.4…
Challenging market environment Long-term fundamentals remain strong Oil price slide impacted capex budgets globally Ageing current global jackup fleet The full impact remains unclear: Approximately 30% of the global jackup fleet…
Well positioned to weather the storm Culture of continuous improvement Ahead of the game to stay competitive: Project Evolution conceived last year, with implementation progressing well Early rewards from cost savings programme…
Summary and Outlook Strong performance and extensive bid pipeline Strong 2014 profitability driven by construction phasing (with nine completions), improved project execution and cost savings New marketing strategy delivered major…
Appendices Fred.Olsen Windcarrier
World class safety performance Continuous improvement in safety record Strong platform for future performance 0.96 0.93 0.93 0.89 Total Number of DAFWC & Recordable Incidents 0.81 0.75 0.74 0.67 0.63 Incident Frequency…
Driving forward with our Strategy Path to long-term sustainable growth RESULTS GROWTH REVENUES PROFITS DIVIDENDS FABRICATION BUSINESS Rig Land New Build Offshore Onshore LNG STREAMS Refurb Rigs Jackups Topsides Modules FPSOs…
Operational efficiency and cost reduction Capital investment includes Significant savings delivered through New welding processes Optimising facility and equipment utilization Automated equipment and enhanced processes Improved yard…
Revenue split by business segment Revenue dominated by jackups but strategy in place to diversify Slow year for offshore construction Land Rigs a growing contributor As at 31 December 2014 (m) As at 31 December 2013 (m) New…
Current project summary Project Type 2014 1H 2015 2H 2015 1H 2016 2H 2016 1H 2017 NDC 6 Le Tourneau S116E NDC 7 Le Tourneau S116E NDC 8 Le Tourneau S116E Jindal 2 Le Tourneau S116E Greatship 2 Le Tourneau S116E…
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