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Q2 2011 EARNINGS CALL – Bw Offshore

Bw Offshore · Aug 30, 2011 · 33 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 2011 EARNINGS CALL – Bw Offshore – slide 1
    BW Offshore Q2 2011 presentation 30 August 2011
  2. Q2 2011 EARNINGS CALL – Bw Offshore – slide 2
    Highlights Q2 2011 EBITDA of USD 86.9 million Contract extension for FPSO Abo Planned repairs of Ningaloo Vision successfully completed and production resumed Dividend of USD 0.04 per share for Q2 2011 30 August 2011 3
  3. Q2 2011 EARNINGS CALL – Bw Offshore – slide 3
    STATUS
  4. Q2 2011 EARNINGS CALL – Bw Offshore – slide 4
    Operations Uptime Production uptime 100.0% Q2 2011 uptime of 98.1% 98.0% 96.0% 99.6% ex Ningaloo Vision* 94.0% 92.0% 5 year average uptime is 98.7% 90.0% 88.0% 86.0% FPSO BW Pioneer on stand-by day 84.0% 82.0% rate 80.0%…
  5. Q2 2011 EARNINGS CALL – Bw Offshore – slide 5
    Ningaloo Vision status The previously announced repairs have been carried out successfully During the shutdown certain upgrades to equipment that had caused excessive downtime previously in the year was carried out Swivel seal…
  6. Q2 2011 EARNINGS CALL – Bw Offshore – slide 6
    Fleet U ni t T yp e C o nt r act 2 0 0 9 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 2020 2021 2022 2023 2024 2025 Sendje Berge FPSO Lease Addax/ Sinopec, Nigeria: 2005-2013 Berge Helene FPSO Lease Petronas, M…
  7. Q2 2011 EARNINGS CALL – Bw Offshore – slide 7
    FPSOs under construction BW Athena at Drydocks World, Dubai Progress 90% at end July and in line with plan All modules arrived at yard , completing integration work and piping Unit ready for operation end Q4 2011 BW Joko Tole at…
  8. Q2 2011 EARNINGS CALL – Bw Offshore – slide 8
    EPC and management projects P-63/Papa Terra at COSCO Dalian Shipyard, China Progress 70% at end July in line with plan Final dry dock will be completed in September BW Offshores scope at yard is expected to be completed early…
  9. Q2 2011 EARNINGS CALL – Bw Offshore – slide 9
    FINANCE Picture with the courtesy of OSX
  10. Q2 2011 EARNINGS CALL – Bw Offshore – slide 10
    Key takeaways Operational EBITDA of USD 93.4 million Reported EBITDA adjusted for negative MTM values of FX hedges All units operating in line with plans BW Pioneer on standby day rate in full quarter No profit recognised for…
  11. Q2 2011 EARNINGS CALL – Bw Offshore – slide 11
    P&L USD million Q2 11 Q1 11 Q2 10 2010 Operating revenue 228.6 193.5 74.6 549.3 Operating expenses -141.7 -117.9 -55.4 -382.2 Share of profit from associates 0.0 0.0 0.1 -14.8 EBITDA 86.9 75.6 19.3 152.3 Depreciation -45.6 -41.0 -13.2…
  12. Q2 2011 EARNINGS CALL – Bw Offshore – slide 12
    Balance sheet Equity ratio 36.5% Net interest bearing debt USD 1,587.8 million USD million 30.06.2011 31.03.11 31.12.10 Total non-current assets 3 345.5 3 310.3 3 287.4 Assets of disposal group held for sale 7.1 7.1 7.1 Total…
  13. Q2 2011 EARNINGS CALL – Bw Offshore – slide 13
    Contracted EBITDA growth Growth in EBITDA in line with guiding Run rate EBITDA of existing contracts is USD 500 million 140 125 120 100 93.4 80 60 40 20 0 Operational EBITDA (MUSD) 30 August 2011 14
  14. Q2 2011 EARNINGS CALL – Bw Offshore – slide 14
    Secure cashflow High earnings visibility based on contracted cashflow Order book of USD 8.0 billion in revenue Order book of USD 5.0 billion in EBITDA Average contract length is 10.2 years including options (firm 5.5 years) Solid…
  15. Q2 2011 EARNINGS CALL – Bw Offshore – slide 15
    Cash and funding Cash at 30 June 2011 USD 233.4 million Remaining cash outflow on existing projects is USD 250 million Includes BW Athena, BW Joko Tole and P-63 Seven year secured loan of USD 2.4 billion USD 1,700 million term…
  16. Q2 2011 EARNINGS CALL – Bw Offshore – slide 16
    OUTLOOK
  17. Q2 2011 EARNINGS CALL – Bw Offshore – slide 17
    Strong demand at improved terms Strong demand in all markets More than 200 potential FPSO projects evaluated by clients world-wide High activity in all regions Limited number of active FPSO companies Track record in engineering,…
  18. Q2 2011 EARNINGS CALL – Bw Offshore – slide 18
    High interest for options and redeployments BW Offshore is negotiating extensions with several clients: Abo (Nigeria) Sendje Berge (Nigeria) Espoir Ivorien (Ivory Coast) Petrleo Nautipa (Gabon) High oil price makes tail production…
  19. Q2 2011 EARNINGS CALL – Bw Offshore – slide 19
    Summary Predictable cash flow from existing assets Annual run rate EBITDA of USD 500 million Order book of USD 8 billion backed by solid counterparties Quarterly dividend payments Current yield at 8.3 % Resources and capabilities…
  20. Q2 2011 EARNINGS CALL – Bw Offshore – slide 20
    Q&A
  21. Q2 2011 EARNINGS CALL – Bw Offshore – slide 21
    30 August 2011 22
  22. Q2 2011 EARNINGS CALL – Bw Offshore – slide 22
    APPENDIX
  23. Q2 2011 EARNINGS CALL – Bw Offshore – slide 23
    BW Offshore today Global headcount 1,900 Employees onshore and offshore Operations in 14 countries 31 % Onshore employees 69 % Offshore employees More than 30 projects delivered Operating fleet of 13 FPSOs and 2 Onshore -…
  24. Q2 2011 EARNINGS CALL – Bw Offshore – slide 24
    Global footprint Belokamenka BW Pioneer Endeavor Yum KakNab Ningaloo Vision BW Cidade de So Vicente Umuroa Cidade de So Mateus Polvo Espoir Ivoirien Berge Helene Sendje Berge Units Offices Crew centers Abo Azurite…
  25. Q2 2011 EARNINGS CALL – Bw Offshore – slide 25
    Units on contract in operation Sendje Berge, FPSO Sinopec, Nigeria 60,000 bpd oil processing 55 mmscfd gas compression 2,000,000 bbls storage Spread mooring Yum KakNab, FPSO Pemex, Mexico 600,000 bpd oil handling 200,000…
  26. Q2 2011 EARNINGS CALL – Bw Offshore – slide 26
    Units on contract in operation Belokamenka, FSO Sovkomflot, Russia 2,400,000 bbls storage Cargo heating system Spread mooring BW Pioneer, FPSO Petrobras, US 80,000 bpd oil processing 25.6 mmscfd gas export 600,000 bbls…
  27. Q2 2011 EARNINGS CALL – Bw Offshore – slide 27
    Units on contract in operation Ningaloo Vision, FPSO Apache, Australia 63,000 bpd oil processing 80 mmscfd gas compression 620,000 bbls storage Disconnectable turret Espoir Ivorien, FPSO CNR, Ivory Coast 40,000 bpd oil…
  28. Q2 2011 EARNINGS CALL – Bw Offshore – slide 28
    Units on contract in operation Umuroa, FPSO AWE, New Zealand 50,000 bpd oil processing 25 mmscfd gas compression 775,000 bbls storage Turret mooring Abo, FPSO Agip, Nigeria 44,000 bpd oil processing 44 mmscfd gas…
  29. Q2 2011 EARNINGS CALL – Bw Offshore – slide 29
    Units on contract in operation Azurite, FDPSO Murphy, Congo 40,000 bpd oil processing 18 mmscfd gas compression 1,400,000 bbls storage Spread mooring Cidade de So Mateus, FPSO Petrobras, Brazil 35,000 bpd oil processing 353…
  30. Q2 2011 EARNINGS CALL – Bw Offshore – slide 30
    Units on contract - project OSX 1, FPSO OSX, Brazil 42,000 bpd liquid processing 40,000 bpd oil processing 60,000 pbd water injection 53 mmscfd gas compression 950,000 bbls storage Turret mooring BW Joko Tole (TSB), FPSO…
  31. Q2 2011 EARNINGS CALL – Bw Offshore – slide 31
    Units on contract - project P-63 (Papa Terra), FPSO Petrobras, Brazil 2,200,000 bbls storage capacity Ex BW Nisa (ULCC) 30 August 2011 32
  32. Q2 2011 EARNINGS CALL – Bw Offshore – slide 32
    Conversion candidates BW Ara VLCC 2,000,000 bbls storage capacity Takama VLCC 1,900,000 bbls storage capacity 30 August 2011 33
  33. Q2 2011 EARNINGS CALL – Bw Offshore – slide 33
    Further information: www.bwoffshore.com IR contact: Kristian Flaten, Vice President IR and Corporate Finance kristian.flaten[a]bwoffshore.com 30 August 2011 34

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