Sevan Marine ASA Presentation of fourth quarter results 2012 Hotel Continental, Oslo, February 27, 2013 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 Floating Production (FPSO/FSO) Topside and Process Technology (KANFA) Fourth Quarter Highlights 3
Status ongoing projects (1) FPSO Sevan 1000 for the Goliat Field Voyageur Spirit for the Huntington Field Sevans FPSO concept selected based on Hook-up of the 12 anchors on the the harsh and sub-arctic Barents Sea Huntington field was…
Status ongoing projects (2) FPSO Sevan 400 for the Western Isles Field FPSO Sevan 650 for the Catcher Field The Western Isles Project includes the FEED Study (partly funded tender); Sub- development of two oil fields in the Northern…
Hulls No. 4 and No. 5 Hulls No. 4 and 5 The impairment assessment as of Q4/2012 resulted in a further total write-down of USD 51m. Managements replacement cost value was supported by an external assessment, and the updated total…
Key Advantages with the Sevan FPSO/FSO 7
Market outlook Concept and FEED studies Sevan is currently involved with various tenders for FEED studies. These include redeployment of existing unit (Hummingbird), potential new lease applications (together with Teekay), and…
Market outlook Sevan Business Model (Conceptual) 80,0 Direct Sale (2027) 70,0 Lease (2026) Direct Sale (2025) 60,0 Lease (2024) Direct Sale (2023) 50,0 Lease (2022) Direct Sale (2021) 40,0 Lease (2020) Direct Sale…
Contents Floating Production (FPSO/FSO) Topside and Process Technology (KANFA) Fourth Quarter Highlights 10
KANFA targets EPC projects to leverage engineering resources and execution competence Currently 66 employees throughout the KANFA Group. The business model is to i) provide engineering services within the area of liquid- and gas…
Process Technology - KANFA Engineering studies and Process packages KANFA is currently involved with various tenders for engineering studies (including FEED studies) and process equipment packages. Market outlook for 2013 remains…
Market outlook Current Process Equipment Packages I. FPSO Piranema Spirit EPCI of PWT II. Edvard Grieg Chemical Injection + MEG Package III. Edvard Grieg Fresh Water Skid 13
KANFA has an ambition to become a leading processing house Leading processing house Diversified revenue mix (engineering, modules, topsides) Robust financial performance, profitable throughout the cycle Broad geographic…
Contents Floating Production (FPSO/FSO) Topside and Process Technology (KANFA) Fourth Quarter Highlights 15
Highlights Operations o Revenue and costs influenced by settlement of a cancelled sub-contract for the Flex LNG project (MUSD 17.6/MUSD 16.1, respectively). o Net burn rate in Q4 was in the range MUSD 0.5 1.0 per month which was…
Q4 2012 Balance Sheet, Assets USDm 31.12.12 30.09.12 31.12.11 Sevan Capital Assets 41.0 92.0 92.0 Other fixed assets 1.0 0.7 0.9 Intangible assets 12.7 12.5 11.5 Investments in associates 0.0 0.0 0.0 Deferred income tax assets 8.2…
Q4 2012 Balance Sheet, Equity and Liabilities USDm 31.12.12 30.09.12 31.12.11 Share capital 34.6 34.6 34.6 Other equity 57.7 108.1 87.9 Total shareholders' equity 92.3 142.7 122.5 Minority Interest 2.0 1.6 0.8 Total equity 94.3 144.3…
Q4 2012 Short Term Receivables Trade and other receivables of USD 50.6m (USD 38.1m) Q4 2012 Q3 2012 Variance Trade receivables 31,6 22,1 9,5 Provision for bad debt 0,0 0,0 0,0 ONGC 8,0 8,0 0,0 Accrued Income 8,1 3,6 4,5…
Q4 2012 Short Term Liabilities Other current liabilities of USD 59.3m (USD 39.9m) Q4 2012 Q3 2012 Variance Trade creditors 18,7 2,5 16,2 Trade accruals 3,3 2,2 1,1 Hulls 4 and 5 11,2 10,4 0,8 ONGC 1,0 1,0 0,0 Restructuring and…
Q4 2012 Deferred Tax Asset USD 8.2m (USD 0.0m) (ref NOTE 8 DEFERRED TAX ASSETS) The total tax advantage in the Sevan Group companies as at Q4 2012 is in the range between USD 180 million to USD 190 million. This tax advantage…
Main Focus Going Forward Ongoing projects Goliat Voyageur Spirit Western Isles Secure top line and margin new license agreements together with Teekay (indirect lease) directly with end clients Secure new Concept and FEED…
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