Interim Results 29 August 2013 New build jackup rig: Jindal Star 0 www.lamprell.com
Overview James Moffat, CEO Rig refurbishment: Noble rig 2
Agenda 1 Overview 2 Financial Review 3 Operational Review and Strategy 4 Summary and Outlook 5 Appendices www.lamprell.com 3
Overview Recovery on track Problem projects delivered or on track New senior management team and structure established and new ERP system being implemented Stabilised financial position; Refinancing secured Supply chain…
Fundamentally strong and sustainable business Lamprells core strengths are hard to replicate Good health and safety record with HSE a core value across Safety first approach the Group Leading market Strong track record of successful…
Financial Review Frank Nelson, CFO Liftboats: Seajacks Zaratan 6
Highlights H1 results ahead of expectations Revenue broadly flat at 521m (H1 2012: revenue 528m) Profit before tax 10.1m* (H1 2012: loss before tax 50.8m*) Net cash 151.1m (H1 2012: net debt 35.7m) Average monthly net cash of…
Summary P&L Return to profitability H1 2013 H1 2012 m m Revenue 521.0x 528.0x Gross margin 8.2%x (3.0%)x Operating profit / (loss)* 14.7x (37.8)x Profit / (loss) before tax* 10.1x (50.8)x Tax (0.5)x (0.3)x Exceptional costs…
Balance sheet Significant improvement in liquidity H1 2013 H1 2012 m m Total net assets 413.8 467.8 Tangible net assets 197.9 239.3 Gross cash 274.5 134.0 Free cash 197.8 32.6 Net cash/(debt) 151.1 (35.7) Land Rig…
Refinancing Refinancing provides security to 2016 181m facility maturing in June 2016 100m term loan ('Facility A') 60m term loan ('Facility B') 21m revolving credit facility ('RCF') Common set of financial covenants across the…
Financial summary A stable platform for sustainable growth Refinancing secured Robust reporting and financial planning in place Improved liquidity management Strong cash performance Financial performance ahead of expectations…
Operational Review and Strategy James Moffat, CEO Offshore platforms: North Sea operator 12
H1 2013 operational highlights High activity levels in H1 and strong execution Strong performance in offshore construction Several key projects successfully delivered: Windcarrier Bold Tern Greatships jackup rig Two major offshore…
Current activity Contract awards expected to accelerate in H2 2013 contract awards: Key contract awards / extensions New build jackup for Jindal Group 0.38bn 3 major rig refurbishment projects Current major project activity: 21% 8…
Bid pipeline Increased pipeline in our core markets Increasing bid pipeline in core Current pipeline of 4.6bn markets (Dec 12: 4.1bn) 2,800 2,400 Strong focus on pipeline conversion in H2 2013 2,000 1,600 Creating a balanced…
Core markets offer significant opportunities Safety, quality, technical and operational capabilities are key differentiators OFFSHORE RIGS OFFSHORE CONSTRUCTION Strong forecast drilling activity and global fleet metrics Increasing…
Focusing on our core competencies Established market positions and strong track record New build jackups Land rigs Established new build jackup rig capability Full land rig refurbishment services Leading non-Asian yard…
Long term value drivers Leveraging our core strengths to deliver sustainable growth Maintain our reputation for build quality and strong safety focus HSEQ World class approach to HSE Execution excellence Capitalise on significant…
Summary and outlook 2013 recovery on track Refinancing secured New organisation in place Operational and process improvements evidenced in H1 High level of tendering activity Significant opportunity to create value in our…
Appendices Rig refurbishment: Noble rig 20
Strategic timeline Oct-12 Nov-12 Feb-13 Mar-13 Jun-13 Jul-13 Departure of Announced Windcarrier II Divisional review H1 return to Completion of executive team expected delivered in line commenced profitability refinancing 105m loss…
Order book and bid pipeline Current order book of 1.1bn Current pipeline of 4.6bn 900 2,800 800 2,400 700 2,000 600 500 1,600 400 1,200 300 800 200 400 100 0 0 2 2 Newbuild Newbuild Offshore Rig Refurb Newbuild…
Current project summary 1.1bn order book Project Type Facility Delivery North Sea operator 5,217 tonne utility platform Jebel Ali Delivered Q1 2013 Nexen 5,353 tonne wellhead deck Jebel Ali Delivered Q2 2013 EDC1 (Caspian Sea) Le…
New lending covenants Gross debt/EBITDA 4.5x decreasing to 1.5xx Interest cover 1.75x increasing to 3.5x Minimum tangible net worth 160m increasing to 250m Capex levels sufficient for business plan www.lamprell.com 24
Lamprell facilities Leading footprint in the Gulf 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 -…
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