Sevan Marine ASA Presentation of fourth quarter results 2013 Hotel Continental, Oslo, February 26, 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 Fourth Quarter Highlights Floating Production (FPSO, FSO, FLNG) Other Applications (Drilling, Accommodation, etc.) Investments Financials Outlook 3
Highlights Operations o Operating revenue was USD 5.1 million higher than previous quarter o Mainly due to a settlement with Samsung on the Flex LNG project ( USD 4.8 million) o Operating expense was USD 6.5 million higher than…
Contents Fourth Quarter Highlights Floating Production (FPSO, FSO, FLNG) Other Applications (Drilling, Accommodation, etc.) Investments Financials Outlook 5
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 FPSO Current Prospects A number of FPSO prospects have been identified among several potential clients Bream Penguins Fry FDPSO 7
Floating Production Other Applications Investments Sevan FSO Current Prospects Currently working with Teekay Shuttle and Offshore on potential prospects FSO FSO FSO with bridge to Prod. Platform FSO close to Prod.…
Floating Production Other Applications Investments Sevan FLNG Concept Main Features No turret, no swivel SPB or membrane cargo containment system Dual Nitrogen expansion or MR liquefaction technology 220,000 m LNG Topside…
Contents Fourth Quarter Highlights Floating Production (FPSO, FSO, FLNG) Other Applications (Drilling, Accommodation, etc.) Investments Financials Outlook 10
Floating Production Other Applications Investments Proven technology: Sevan designed units Sevan Driller Sevan Brasil Sevan Louisiana Sevan Developer Field operator: Petrobras Field operator: Petrobras Field operator: LLOG Design:…
Floating Production Other Applications Investments A partner based approach to new concept development Drilling Accommodation EOR Gas-to-Wire UDW capabilities Excellent motion Excellent motion Excellent motion Optimised…
Contents Fourth Quarter Highlights Floating Production (FPSO, FSO, FLNG) Other Applications (Drilling, Accommodation, etc.) Investments Financials Outlook 13
Floating Production Other Applications Investments Status on Logitel Offshore Two Floating Accommodation Units (FAUs) under construction at the Cosco Yard in China Sevan holds a convertible bond of USD 60 million. The bond has…
Floating Production Other Applications Investments Status on Logitel Offshore Logitel Offshore has entered into a 3 year charter contract with Petrobras commencing end 2014 for the provision of an accommodation unit Logitel is…
Floating Production Other Applications Investments Status on KANFA Group 4 new process equipment packages secured in Q4 (total amount approx. 40 MNOK) KANFA has secured process equipment packages with a total value of approx.…
Floating Production Other Applications Investments KANFA Growth Strategy FUTURE Seek strategic partner with complementary competencies Diversified revenue mix between Enterprise value / revenue engineering, process…
Contents Fourth Quarter Highlights Floating Production (FPSO, FSO, FLNG) Other Applications (Drilling, Accomodation, etc.) Investments Financials Outlook 18
Q4 2013 Profit & Loss statement Unaudited figures in USD million Q4 13 Q3 13 Var. Comment - main driver Sevan increased 1.3 (license income 1.0), KANFA increased Operating revenue 31,2 26,1 5,1 3.8 (Flex LNG 4.8), Sevan reduced…
Q4 2013 Balance Sheet Unaudited figures in USD million Q4 2013 Q3 2013 Change Comment Sevan Capital Assets - - Intangible assets 13 13 Deferred income tax assets 8 8 Loan 60 60 - Loan to Logitel Other non-current assets 4 2 2…
Q4 2013 Outstanding Issues Agreement with ONGC signed in January. Payment expected within Q1 14 (MUSD 3) Piranema fine provision reduced in Q4 (MUSD 1) Performance guarantee for Sevan Drilling towards Petrobras (guarantee for…
Contents Fourth Quarter Highlights Floating Production (FPSO, FSO, FLNG) Other Applications (Drilling, Accommodation, etc.) Investments Financials Outlook 22
Outlook Operation Continue to support the projects under construction, i.e. Goliat and Western Isles Sales Secure FPSO, FSO and FLNG studies Secure FPSO/FSO license agreements with Teekay Secure license agreements directly with…
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