2012 Financial Results 21 March 2013 New build jackup rig: Greatdrill Chaaya 0 www.lamprell.com
Agenda and Overview James Moffat, CEO Rig refurbishment: Noble rig 2
Agenda 1 Overview 2 Financial Review 3 Operational Update 4 Outlook and Summary 5 Appendices www.lamprell.com 3
New team John Kennedy James Moffat Non-Executive Chief Executive Chairman Officer Peter Whitbread Frank Nelson Executive Chief Director Financial Officer www.lamprell.com 4
2012 challenges Problem projects Management structure and systems Deteriorating financial position New build liftboat: Windcarrier 2 Rapid growth phase Supply chain issues FSA investigation New build jackup rig: EDC 1…
Overcoming challenges Key Achievements Problematic projects delivered or on track Stabilised financial position, refinancing progressing New senior management team and structure in place Review of management systems…
Financial Review Frank Nelson, CFO New build liftboat: Seajacks Zaratan 7
Financial review - highlights Revenue reduced by 8.9% to 1.05bn Loss before tax 105.0m* (2011: Profit before tax 74.0m*) Average monthly Net Debt reduced by 90m to 54m** Net cash 104.1m at year end (2011: Net debt 101.7m)…
Financial review summary P&L 2012 2011 m m Revenue 1,045.5 1,147.9 Gross margin* (1.9)% 11.6% Operating (loss)/profit** (84.5) 90.2 Net finance costs (21.5) (16.2) (Loss)/profit before tax** (105.0) 74.0 Net (loss)/profit…
Movement in net cash/(debt) m www.lamprell.com 10
Financial review summary balance sheet 2012 2011 m m Total net assets 406.1 533.9 Tangible net assets 186.2 303.0 Gross cash 263.4 149.4 Free cash 148.2 43.9 Net cash/(debt) 104.1 (101.7) Land Rig Services: Weatherford new…
Financial review - summary Liquidity position significantly improved Working capital controls enhanced 13 week daily forecast process Focus on debt and acceleration of milestones Deferral of discretionary capex Key vendor…
Operational Update Peter Whitbread, Executive Director Offshore platforms: North Sea operator 13 www.lamprell.com
Operational highlights Despite challenging year, completed: 7 new build projects: 3 jackup rigs, 2 wind farm installation vessels, 2 land rigs Over 20 upgrade and refurbishment projects Threefold increase in offshore construction…
New contract awards and current activity New contract awards 1.3bn 2012 contract awards include: 3 new build jackups Seajacks Hydra 0.03 0.10 North Sea process modules Multiple rig refurbishment projects 0.16 2013 contract…
Order book and bid pipeline Current order book of 1.3bn Current pipeline of 4.1bn 1200 2,000 1,800 1000 1,600 1,400 800 1,200 600 1,000 800 400 600 400 200 200 0 0 2 Newbuild Newbuild Offshore Rig Refurb Newbuild…
Outlook and Summary James Moffat, CEO New build jackup rig: Greatdrill Chaaya 17
Our key markets Opportunities Challenges Jackup competition Jackup rigs Commercial pressure from Far Eastern Strong ongoing demand (9%* of global market) competitors Refurbishment Political pressures Strong regional position…
Summary 2013 recovery year Renewed focus on key strengths Maintained competitiveness despite challenging year: Order book 1.3bn Bidding pipeline 4.1bn Operational and process improvements underway Financial position…
Appendices Rig refurbishment: Noble rig 20
Current project summary Project Type Facility Delivery North Sea operator 5,217 tonne utility platform Jebel Ali Q1 2013 Nexen 4,000 tonne wellhead deck Jebel Ali Q3 2013 EDC1 (Caspian Sea) Le Tourneau S116E Hamriyah Q3 2013 North Sea…
Management biographies Peter Whitbread James Moffat Frank Nelson Executive Chief Executive Chief Financial Director Officer Officer Appointed as Executive Director for Corporate Appointed as an Executive Director and the…
Lamprell facilities 1. Hamriyah Sharjah, UAE 2. Port Khalid Sharjah, UAE 3. Jebel Ali Dubai, UAE 4. Dubai Investments Park Dubai, UAE 5. Jubail Saudi Arabia 6. West Shuaiba - Kuwait www.lamprell.com 23
Group capacity Land (sqm) Quayside (m) Headcount** UAE Hamriyah 365,000 1,440 4,000 Sharjah 210,000 760 1,800 Jebel Ali 178,849 - 2,500 Dubai 30,000 - 2,600 Other Saudi Arabia* 148,969 - 300 Kuwait 10,000 - 100 Total…
Historical development 1974 1989 1996 2006 2008 2011 2013 Established First accommodation Oilfield Listed on Listed on Acquisition Delivered FOWC in Dubai rig conversion Engineering London AIM London of MIS Bold Tern commenced Stock…
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