Sevan Marine ASA Presentation of first half results 2014 Hotel Continental, Oslo, 20 August 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 Second quarter highlights Floating Production (FPSO, FSO, FLNG) Other Applications (Drilling, Accommodation) Investments (Logitel, KANFA, KANFA Aragon) Financials Outlook 3
Highlights Increased activity within the FPSO/FSO market segment In April, Teekay signed a MOU with Xcite for a bridge-linked FSO solution on the Bentley field, based on the Sevan design This, together with studies on prospects such…
Events after balance sheet date Logitel Offshore: Another Floating Accommodation Unit ordered Teekay exercised the first of six options to build another FAU based on the Sevan design Thus expanding the current building programme to…
Contents Second quarter highlights Floating Production (FPSO, FSO, FLNG) Other Applications (Drilling, Accommodation) Investments (Logitel, KANFA, KANFA Aragon) Financials Outlook 6
Floating Production Other Applications Investments Sevans core technology FPSO FSO FLNG 7
Floating Production Other Applications Investments Proven technology: Sevan designed FPSOs Piranema Spirit Hummingbird Spirit Voyageur Spirit Field operator: Petrobras Field operator: Centrica Field operator: E.ON Field: Piranema…
Floating Production Other Applications Investments Sevan FPSOs current major prospects Bream Penguins Field operator: Premier Oil Field operator: Shell Field: Bream Field: Penguins Location: Norwegian NCS Location: Northern North…
Floating Production Other Applications Investments Sevan FSOs current major prospects Bentley Sea Lion Field operator: Xcite Field operator: Premier Oil Field: Bentley Field: Sea Lion Location: North Sea, UK Location: Falklands Sea…
Floating Production Other Applications Investments Sevan FLNG concept Marketing ongoing More than 20 FLNG projects Encouraging response from several IOCs Conceptual design completed Liquefaction technology: KANFA Topside…
Contents Second quarter highlights Floating Production (FPSO, FSO, FLNG) Other Applications (Drilling, Accommodation) Investments (Logitel, KANFA, KANFA Aragon) Financials Outlook 12
Floating Production Other Applications Investments Proven technology: Sevan designed Drilling Units Sevan Driller Sevan Brasil Sevan Louisiana Sevan Developer Field operator: Petrobras Field operator: Petrobras Field operator: LLOG…
Floating Production Other Applications Investments Proven technology: Sevan designed Accommodation Units Three Accommodation Units under construction Six FAU Options with the Cosco Shipyard Teekay Offshore Partner has completed…
Contents Second quarter highlights Floating Production (FPSO, FSO, FLNG) Other Applications (Drilling, Accommodation) Investments (Logitel, KANFA, KANFA Aragon) Financials Outlook 15
Floating Production Other Applications Investments Logitel Offshore Teekay has acquired Logitel with the intention to become a major player in the market for Floating Accommodation Units (FAUs) Hence representing a new business…
Floating Production Other Applications Investments Logitel Offshore contd Sevan is relieved from its exposure as intervening party under Logitel Offshores employment contract with Petrobras Repayment profile and maturity for the…
Floating Production Other Applications Investments KANFA Technip transaction - strategic rationale Technip has a global footprint and is one of the worlds leading oil & gas services groups The cooperation with KANFA is expected…
Floating Production Other Applications Investments KANFA KANFA has 50 employees, with main 49% 51% offices is in Asker, Norway Currently involved in the execution and 100% 54.3% delivery of process equipment packages for…
Floating Production Other Applications Investments KANFA Aragon A process technology company focusing on FLNG as well as traditional gas processes Patented FLNG liquefaction process based on an optimized dual nitrogen expander…
Floating Production Other Applications Investments KANFA Aragon Located in Bergen, Norway 50% 25 employees Has designed the 2.4 mtpa topside for the Sevan FLNG concept Involved with the dehydration (TEG) and vapour gas…
Contents Second quarter highlights Floating Production (FPSO, FSO, FLNG) Other Applications (Drilling, accommodation) Investments (Logitel, KANFA, KANFA Aragon) Financials Outlook 22
Q2 2014 Profit & Loss statement Unaudited figures in USD million Q2 14 Q1 14 Q2 13 Comment Operating revenue 27,4 24,6 25,7 Increased revenue KANFA Same activity level as Q1; one-off EBITDA 1,2 1,6 3,6 effects in Q2/13…
Q2 2014 Balance Sheet Unaudited figures in USD million 30.06.2014 31.03.2014 31.12.2014 30.06.2013 Comment Sevan Capital Assets - - - - Voyageur deconsolidated in Q2/13 Intangible assets 13 13 13 13 Related to KANFA Deferred income…
Contents Second quarter highlights Floating Production (FPSO, FSO, FLNG) Other Applications (Drilling, accommodation) Investments (Logitel, KANFA, KANFA Aragon) Financials Outlook 25
Outlook Generally positive for the FPSO/FSO market segment Increased focus on cost effective solutions should be an advantage for Sevan Tighter monitoring of capital expenditure may lead to longer tendering processes and postponements…
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