Sevan Marine ASA Presentation of third quarter results 2010 Shippingklubben, Oslo, November 10, 2010 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 Highlights Third Quarter Floating Production (FPSO) Drilling Topside and Process Technology Market 3
Highlights Operations improving o Piranema continues to improve on Commercial Uptime and opex reduction o Sevan Driller good uptime in October, but downtime in Q3/Q4 due to defects on equipment o Motions and technology performing…
Q3 2010 Financial Highlights 1/2 Operating income of USD 73.4m (USD 58.2m) o Higher income mainly a result of Sevan Driller commencing operations in end of June, improvements to Commercial Uptime for FPSO Sevan Piranema and increase…
Q3 2010 Financial Highlights 2/2 Net financial loss of USD 64.6m (gain of USD 0.7m) o Net foreign exchange loss of USD 35.4m (gain of USD 25.2m) mainly a result of unrealized disagio on NOK-denominated bonds o Financial expense…
Q3 2010 Balance Sheet, Equity and Liabilities USDm 30.09.10 31.06.10 30.09.09 31.12.09 Share capital 16,6 16,6 16,6 16,6 Other equity 870,0 935,2 999,8 957,9 Total shareholders' equity 886,6 951,9 1 016,4 974,5 Minority Interest 0,7…
Financing Activities 1/2 Refinance of Hummingbird bond o USD 200m bond issued in August o Extension in maturity from 2011 to 2015 o Use of proceeds: Purchase of Centricas 20% share in Hummingbird Repurchase USD 135m bond at…
Financing Activities 2/2 Financing of Voyageur upgrade and Sevan Driller II construction completed o Voyageur: New bank facility of USD 230m USD 150m replacing existing facility USD 80m for upgrade o Sevan Driller II: Bank…
Contents Highlights Third Quarter Floating Production (FPSO) Drilling Topside and Process Technology Market 12
FPSO Sevan Piranema Q3-2010 performance: 99.4% Technical Uptime 94.0% Commercial Uptime Unit performance and operating expense continued to improve during the quarter. Daily operating expense reduced to KUSD 68 (KUSD 71 second…
FPSO Sevan Hummingbird Q3-2010 performance: 91.6% Technical Uptime Commercial Uptime was 98.3% including bonus achieved for oil production Technical Uptime reduced due to eight days of planned downtime in relation to annual…
FPSO Sevan Voyageur Decommissioning of the Shelley field commenced in July 2010. The FPSO departed from the field in August FPSO upgrade work has commenced at the Nymo yard in Arendal, Norway Charter contract E.ON Ruhrgas for the…
Sevan 1000 Goliat FPSO Project progress according to plan o License model contract o Project Services Contract Sevan provides selected key project positions. Offices in London and Ulsan o Revenue Utilization for third quarter was…
FPSO Sevan no. 4 and 5 The hull for FPSO Sevan 300 no. 5 has been relocated to Coscos Nantong Shipyard The hull for FPSO Sevan 300 no. 4 will be relocated to Coscos Nantong Shipyard during Q4 Construction to be completed at Cosco…
Contents Highlights Third Quarter Floating Production (FPSO) Drilling Topside and Process Technology Market 18
Sevan Driller Motions and technology confirmed Q3-2010 performance: 36.9% Technical Uptime. 37.2% Commercial Uptime Motions and technology performance in accordance with expectations 96.1% Technical Uptime in October, but downtime…
Status Drilling Units Sevan Driller II o Launched at the COSCO Shipyard in Qidong in August o Module fabrication to elevate block construction from 24.5 to 36.5 meters ongoing o Progressing according to plan and schedule Third…
Contents Highlights Third Quarter Floating Production (FPSO) Drilling Topside and Process Technology Market 21
KANFA Activity Picking Up - But no firm orders yet for KANFA - KANFA Aragon continues work for Flex/Samsung The independent FPSO process specialist Strong track record Primary focus on design & engineering of Process simulation,…
Contents Highlights Third Quarter Floating Production (FPSO) Drilling Topside and Process Technology Market 23
FPSO Market Steady growth and high utilization Units Utilization Source: Pareto Research, ODS Petrodata, June 2010 24
Positioning the Company High study activity o New studies awarded in third quarter o More than 15 studies awarded last 18 months o Includes Statoil, Chevron, BG, Det norske and Lundin Alternative contract models o Joint…
Focus Areas and Strategy - Summarizing o Operations improving o Financing plan almost complete o Securing employment for the Companys assets o Positioning the Company in the market place 27
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