Sevan Marine ASA Presentation of second quarter results 2013 Hotel Continental, Oslo, August 28, 2013 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 Floating Production (FPSO/FSO) Other Sevan Applications (LOGITEL) Topside and Process Technology (KANFA) Second Quarter Highlights 3
Strategic Framework New Core Area Process Applications FPSO/FSO Technology Studies, FEED, Technology KANFA Group License Agreements Develop technology Early phase studies, conceptual engineering and Topside design and…
Status ongoing projects (1) FPSO Sevan 1000 for the Goliat Field Sevans FPSO concept selected based on the harsh and sub-arctic Barents Sea environment Technology license agreement signed in 2009 ENI has licensed the right to…
Status ongoing projects (2) FPSO Sevan 400 for the Western Isles Field The Western Isles Project (Dana 65% and Cieco 35%) will develop two oil fields called Harris and Barra in the Northern North Sea, 160km east of the Shetlands and…
Status FEED studies FPSO Sevan 650 for the Catcher Field FPSO Sevan 650 for the Bream Field FEED Study (partly funded tender); Sub- FEED Study for the Bream Field is expected contractor to Teekay and with Premier Oil as to commence…
Contents Floating Production (FPSO/FSO) Other Sevan Applications (LOGITEL) Topside and Process Technology (KANFA) Second Quarter Highlights 8
Strategic Framework New Core Area Process Applications FPSO/FSO Technology Studies, FEED, Technology KANFA Group Licence Agreements Develop technology Early phase studies, conceptual engineering and Topside design and…
Sevan FAU Floating Accommodation Unit (1) Logitel Offshore - Status In Q2, Sevan entered into an agreement to sell the semi-completed Sevan hulls number 4 and 5 to Logitel Offshore. The total purchase price for the Hulls was USD…
Sevan FAU Floating Accommodation Unit (2) Logitel Offshore Status contd Sevan will earn a license fee of USD 5 million for each of the Hulls, payable 6 months after commencement of any charter for the respective units. A license…
Sevan FAU Floating Accommodation Unit (3) Sevan FAU Progress Hull 4 conversion May 2013 July 2013 12
Contents Floating Production (FPSO/FSO) Other Sevan Applications (LOGITEL) Topside and Process Technology (KANFA) Second Quarter Highlights 13
Strategic Framework New Core Area Process Applications FPSO/FSO Technology Studies, FEED, Technology KANFA Group Licence Agreements Develop technology Early phase studies, conceptual engineering and Topside design and…
KANFA Group Currently 67 employees throughout the KANFA Group The business model is to i) provide engineering services within the area of liquid- and gas processing, as well as process optimization, and ii) to provide process…
Process Technology - KANFA Engineering studies and Process Equipment Packages Leading KANFA is currently involved with various processing tenders for engineering studies (including house FEED studies) and process equipment…
Current Process Equipment Packages Produced Water Treatment system for Piranema Upgrade of separators (1st stage -, 2nd stage - & Test Separator) to 3ph production Produced Water Treatment System Slop water treatment system Chemical…
Current Process Equipment Packages Chemical Injection Package to Edvard Grieg Designed to store, distribute and inject chemicals into the topside/subsea systems Consists of 13 storage tanks, pumps for supply of the chemicals and…
Contents Floating Production (FPSO/FSO) Other Sevan Applications (LOGITEL) Topside and Process Technology (KANFA) Second Quarter Highlights 20
Highlights Operations o Revenue MUSD 6 higher than previous quarter, mainly due to increased activity in KANFA o Net burn rate in Q2 around MUSD 0.5 per month (as in Q1) for Sevan Marine (excluding license income), targeting…
Q2 2013 - P&L Unaudited figures in USD million Q2 13 Q1 13 Var. Comment - main driver Operating revenue 25,7 19,5 6,2 Increased activity KANFA Net one-offs Sevan 1.7 + EBITDA 3,6 0,3 3,3 KANFA improvement 1.4 Operating…
Q2 2013 Balance Sheet Unaudited figures in USD million Q2 2013 Q1 2013 Change Comment Sevan Capital Assets - 41 -41 Hulls sold to Logitel at book value Intangible assets 13 13 Deferred income tax assets 8 8 Loan 51 - 51 Loan to…
Q2 2013 Short Term Assets and Liabilities ONGC The receivable on ONGC was seen as the main remaining challenge among the Short Term Assets as of Q1 13 During Q2, Sevan Marine finalized negotiations with ONGC in India. The outcome…
Main Focus Going Forward Ongoing projects - Goliat and Western Isles Secure new license agreements together with Teekay (e.g. Catcher, Bream) directly with end clients (e.g. Sea Lion, Penguins, Fry) Secure new Concept and FEED…
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