Lamprell plc Agenda Corporate overview Financial highlights Operational highlights New contract awards Operating markets Order book Bid pipeline Group strategy Financial review Conclusion Appendices 2
Lamprell plc Corporate Overview 3
Lamprell plc Financial Highlights Revenue: US 503.8m up 18.4% Operating profit: US 69.5m* up 149.1% (Pre one-off and before exceptional charge, US 49.1m up 76.0%) Net profit: US 66.6m* up 134.5% (Pre one-off and before exceptional…
Lamprell plc Operational Highlights Underlying performance in line with management expectations New contract awards in year amounting to US 1.2b All major contracts executed on schedule & on budget Bassdrill Alpha self erecting…
Lamprell plc Operational Highlights (cont) In advanced negotiations for the lease of a further 40,000 sqm in Hamriyah increasing total capacity to 550,000 sqm All other refurbishment and fabrication projects on time and on budget…
Lamprell plc New Contract Awards 600 New build jackups New contract awards 500 US 1.2b New build lif t boat s 400 m 300 200 100 Of f shore plat f orms Rig ref urb Ot her const ruct ion 0 7
Lamprell plc New Contract Awards (cont) Record year for new business amounting to US 1.2b Fred Olsen Contract awarded for US 320m to build two MSC Gusto NG9000 vessels Delivery Vessel 1 - Q2 2012 Vessel 2 - Q3 2012 Seajacks…
Lamprell plc New Contract Awards (cont) Eurasia Drilling Contract awarded for US 210m to build one new build LeTourneau designed Super 116E (Enhanced) Class design jackup rig Delivery Unit 1 - Q1 2013 Contract awards also received…
Lamprell plc Operating Markets New Build Jackups New build jackup market currently buoyant for premium jackups with emphasis on new equipment post Macondo Premium rigs required considering efficiency, complex high pressure high…
Lamprell plc Operating Markets Windfarm Sector UK offshore sector 14 windfarms are active or under construction 25 windfarms are in various stages of planning UK target to install 7500 turbines during next six years (Licence rounds…
Lamprell plc Operating Markets Construction FPSO market recovering in medium term but market still slow Offshore platform market for Middle East and India remains strong Recovering regional market for new build land rigs Newly…
Lamprell plc Operating Markets Jackup Refurbishment Jackup Rigs by location Middle East 120 Indian Ocean 28 Black Sea/Mediterranean 23 South East Asia 58 Rest of world 245 Total 474 Middle Easts leading jackup refurbishment…
Lamprell plc Order Book US 962m Key clients in 2010 700 National Drilling Company New build jackups Eurasia Drilling Company Limited 600 Fred Olsen Windcarrier AS Scorpion Rigs Limited Seajacks 3 Ltd 500 Rowan Drilling Noble…
Lamprell plc Bid Pipeline US 4.6billion Record bid pipeline Marketing across all construction sectors Key bid activity includes New build jackups Offshore platforms GTL project Process modules/FPSO Rig refurbishment Liftboats…
Lamprell plc Bid Pipeline US 4.6billion (cont) 1,800 New build jackups 1,600 1,400 1,200 1,000 m Offshore platforms 800 600 GTL FPSO/ Modules 400 Rig refurb Other construction Liftboats Barges 200 0 16
Lamprell plc Group Strategy Maintain focus on core activities New build construction of jackup drilling units New build construction of liftboats for offshore wind farms Rig refurbishment Construction of offshore structures FPSO…
Lamprell plc Group Strategy (cont) Reviewing appropriate M&A opportunities Regional targets Related and complementary businesses Regional expansion Agency agreements signed for Saudi Arabia, Khafji and Bahrain Other opportunities…
Lamprell plc Financial Review 19
Lamprell plc Summary Profit & Loss Turnover (US m) EPC performance reflects major project delivered in H1 741 2010 and new contract start-ups in H2 2010 504 426 Level of rig refurbishment in line with expectation for 2010 but slower…
Lamprell plc Balance Sheet 2009 2010 Non current assets (US m) Net capex spend of US 30m YE YE Non current assets 99.0 125.1 Current assets Current assets 307.2 473.3 Cash balance of US 210m Inventory decreased by US 34m Current…
Lamprell plc Cash Flow 2009 2010 Cash flow generated from operations impacted (US m) YE YE by increased profit for the period and new EPC Net earnings 28.4 66.6 projects Depreciation & amortisation 13.3 13.8 Working capital movements…
Lamprell plc Conclusion Group seeing a significant upturn in business activity Well positioned to secure opportunities Underpinned by strong commodity prices Securing contracts in line with strategic plan Maintaining focus on new…
Lamprell plc Appendices 24
Lamprell plc Core Values Continue to deliver projects on time and on budget Deliver projects of high quality and complexity Maintain strong customer relationships Maintain non-litigious relationships Focus on repeat business and…
Lamprell plc Board Structure Board structure Executive Directors Non-Executive Directors Nigel McCue CEO Jonathan Silver Non-Executive Chairman Scott Doak CFO Colin Goodall Senior Independent NED Chris Hand COO* Richard Raynaut…
Lamprell plc Dividend History Year Period Cents Pence 2006 Final 3.80c 1.93p 2007 Interim 5.00c 2.47p 2007 Final 12.25c 6.17p 2008 Interim 6.40c 3.48p 2008 Final 3.15c 2.18p 2009 Final 3.80c 2.55p 2010 Interim 3.80c 2.44p…
Lamprell plc Group Capacity In advanced negotiations for the lease of a Current Capacity further 40,000 sqm in Hamriyah Land (sqm) Quayside (m) Jebel Ali Free Zone 179,000 - Total Group capacity with Hamriyah fully Sharjah 36,000…
Lamprell plc Facility Development - Hamriyah US 55m spent to date on infrastructure US 28m committed to complete facility in 2011 New business opportunities created by Deep water (9m) Increased quayside access (1.25km) Large…
Lamprell plc Flexible Business Model Overview Highly variable cost base Key components of cost base in 2010 include Materials 33% (US 153m) Variable to revenue Sub-contractor 28% (US 129m) Variable to revenue Labour 26% (US 118m)…
Lamprell plc Flexible Business Model Focus Management focus on operational issues including Optimising administration and yard manpower YE 2009 YE 2010 Var Admin 909 925 2% Yard 3705 3551 (4%) Labour supply 656 741 13% Total 5270…
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