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Q2 2012 EARNINGS CALL – Bw Offshore

Bw Offshore · Aug 30, 2012 · 22 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Q2 2012 EARNINGS CALL – Bw Offshore – slide 1
    BW Offshore Q2 2012 presentation 30 August 2012
  2. Q2 2012 EARNINGS CALL – Bw Offshore – slide 2
    Highlights Q2 2012 EBITDA of USD 26.9 million Papa Terra project USD 50 million in negative contribution BW Athena and BW Joko Tole accepted and in operation Contract extensions for Petrleo Nautipa and Berge Helene…
  3. Q2 2012 EARNINGS CALL – Bw Offshore – slide 3
    OPERATION
  4. Q2 2012 EARNINGS CALL – Bw Offshore – slide 4
    Operational highlights Uptime HSSEQ performance 100.0% 98.0% Lost time injuries (LTI) < 1.0 96.0% 94.0% Fleet uptime 92.0% 90.0% Q2 2012 uptime of 98.1% 88.0% 86.0% Petrleo Nautipa contract extension 84.0% 82.0% 80.0% Firm…
  5. Q2 2012 EARNINGS CALL – Bw Offshore – slide 5
    Fleet actions and performance Re-classification programs with Three units are approaching extensive steel replacement, end of contracts and option equipment renewals and periods. Potential for further various upgrades have extensions…
  6. Q2 2012 EARNINGS CALL – Bw Offshore – slide 6
    BW Athena Accepted by client on 8 June Three year firm contract Options for additional five years Start-up in line with expectations, but some running-in problems related to utility systems Source: Ithaca 30 August 2012 7
  7. Q2 2012 EARNINGS CALL – Bw Offshore – slide 7
    BW Joko Tole Accepted by client on 31 May Ten year firm contract Options for additional four years Start-up better than expectations and 100% uptime from first day 30 August 2012 8
  8. Q2 2012 EARNINGS CALL – Bw Offshore – slide 8
    O&M contract with Statoil, Brazil Reimbursable operation and maintenance contract for the FPSO Peregrino Firm period until 2018 Options until 2033 BW Offshore will take over operation after a six month transition period Statoil…
  9. Q2 2012 EARNINGS CALL – Bw Offshore – slide 9
    Fleet overview U ni t Typ e C o nt r act 2009 2 0 10 2 0 11 2 0 12 2 0 13 2 0 14 2 0 15 2 0 16 2 0 17 2 0 18 2 0 19 2 02 0 2 0 21 20 2 2 2 02 3 2 0 24 2025 Sendje B erge FPSO Lease A ddax/ Sinopec, Nigeria: 2005-2013 Berge Helene FPSO…
  10. Q2 2012 EARNINGS CALL – Bw Offshore – slide 10
    Papa Terra project status STATUS Progress 98% at end July 2012 Planned start-up July 2013 Main issues: Current contract loss USD 25 mill Commissioning of boiler for propulsion No allowance made for LD in projected Minimize carry…
  11. Q2 2012 EARNINGS CALL – Bw Offshore – slide 11
    FINANCE
  12. Q2 2012 EARNINGS CALL – Bw Offshore – slide 12
    Financial highlights Q2 2012 EBITDA of USD 26.9 million Negative contribution from P-63 (Papa Terra) project BW Athena and BW Joko Tole contribution in June Insurance settlement related to Ningaloo Vision Last installment of USD…
  13. Q2 2012 EARNINGS CALL – Bw Offshore – slide 13
    P&L USD million Q2 12 Q1 12 Q2 11 2011 Operating revenue 222.5 217.5 228.6 846.2 Operating expenses -195.9 -148.4 -141.7 -534.0 Share of profit from associates 0.3 0.1 0.0 -0.3 EBITDA 26.9 69.2 86.9 311.9 Depreciation -53.5 -43.6…
  14. Q2 2012 EARNINGS CALL – Bw Offshore – slide 14
    Balance sheet Equity ratio 31.2 % Net interest bearing debt USD 1,754.6 million USD million 30.06.12 31.03.12 30.06.11 31.12.11 Total non-current assets 3 067.9 3 055.1 3 334.1 3 009.6 Assets of disposal group held for sale - -…
  15. Q2 2012 EARNINGS CALL – Bw Offshore – slide 15
    Debt and installment profile Gross debt of USD 1,863.6 million per 30 June 2012 Gross debt (USD million) Installments (USD million) 2000 500 1800 450 400 1600 Bond 350 Bond 1400 Petroleo CIRR 300 1200 Nautipa Petroleo…
  16. Q2 2012 EARNINGS CALL – Bw Offshore – slide 16
    Orderbook Orderbook of USD 7.9 billion Whereof USD 4.2 billion are firm contracts New orders of USD 900 million in Q2 High value cashflow and backlog from solid counterparties Orderbook (USD million) Clients 8 000 7 000 NOC…
  17. Q2 2012 EARNINGS CALL – Bw Offshore – slide 17
    MARKET & SUMMARY
  18. Q2 2012 EARNINGS CALL – Bw Offshore – slide 18
    Market Limited number of contract awards during first half 2012 Number of future field developments remains high, but low short term bidding activity Continue disciplined approach to pricing and terms FPSO supply and demand…
  19. Q2 2012 EARNINGS CALL – Bw Offshore – slide 19
    Selected opportunities Indicated Project Name Operator Country award Madura FPSO CNOOC Indonesia Q4 2012 Ayatzil-Tekel FPSO Pemex Mexico Q1 2013 Catcher FPSO Premier Oil UK North Sea Q2 2013 Ande Ande FPSO AWE Indonesia Q2 2013…
  20. Q2 2012 EARNINGS CALL – Bw Offshore – slide 20
    Summary Completing Papa Terra project has top priority Focus on operations on existing units Negotiating potential extensions Continue market activities 30 August 2012 21
  21. Q2 2012 EARNINGS CALL – Bw Offshore – slide 21
    Q&A 22 Picture:: Petrobras
  22. Q2 2012 EARNINGS CALL – Bw Offshore – slide 22
    Further information: www.bwoffshore.com IR contact: Kristian Flaten, Vice President IR and Corporate Finance kristian.flaten[a]bwoffshore.com 30 August 2012 23

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