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H1 2014 EARNINGS CALL – Sbm Offshore

Sbm Offshore · Aug 6, 2014 · 31 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. H1 2014 EARNINGS CALL – Sbm Offshore – slide 1
    1H 2014 Presentation 6 August 2014 SBM Offshore 2014. All rights reserved. www.sbmoffshore.com
  2. H1 2014 EARNINGS CALL – Sbm Offshore – slide 2
    1H 2014 in Review 99% IFRS 0.06 Directional(1) Fleet Revenue Revenue LTIFR US1,729 mn Uptime Up 29% NGoma Kikeh US1.85 bn Floating brownfield lifting project completed financing Solutions extension delivered US21.5…
  3. H1 2014 EARNINGS CALL – Sbm Offshore – slide 3
    Agenda 1H 2014 Review Macro View 1H 2014 Financials Outlook 4
  4. H1 2014 EARNINGS CALL – Sbm Offshore – slide 4
    Total Overview (US millions) Lease & Operate Turnkey Other Revenue Directional(1) IFRS 2,797 2,164 1,729 1,634 2,275 1,744 1,208 1,146 521 488 522 419 1H 2014 1H 2013(2) 1H 2014 1H 2013(2) EBIT Directional(1) IFRS…
  5. H1 2014 EARNINGS CALL – Sbm Offshore – slide 5
    Compliance Findings of internal investigation published April 2, 2014 Progress achieved in dialogue with relevant authorities Provision of US240 million taken in 1H14 financial statements More information on progress of the…
  6. H1 2014 EARNINGS CALL – Sbm Offshore – slide 6
    HSSE Results Two fatalities regrettably occurred HSSE Results in 1H14 0,6 Recordable injury and lost time injury frequency improved by 35% 0,5 and 40% compared to 2013 Injury Frequency Potentially severe incident 0,4…
  7. H1 2014 EARNINGS CALL – Sbm Offshore – slide 7
    Agenda 1H 2014 Review Macro View 1H 2014 Financials Outlook 8
  8. H1 2014 EARNINGS CALL – Sbm Offshore – slide 8
    Enduring Appeal of Deepwater The Next Phase of the Cycle Deepwater Project Costs Three key supply growth buckets Marine Transportation 5% U.S. Shale Oil Plateau by 2020 FPSO Iraq Outlook uncertain 12% Deepwater Secular growth…
  9. H1 2014 EARNINGS CALL – Sbm Offshore – slide 9
    Whats Changed 2000-2012 2013 & Beyond Rapid growth in the Deepwater frontier Experience from past (complex) projects Technology & local capabilities stretched to Improved upfront project scoping / more the limit; poorly…
  10. H1 2014 EARNINGS CALL – Sbm Offshore – slide 10
    FPSO Awards Historical and Estimated Awards 2014-2015 Commentary 16 Market Estimates 10-14 awards per year 14 13 12 12 12 SBMs View 10 12 awards in 2014 and 13 awards in 2015 10 5 awarded through 1H 2014 8 7 20 awards…
  11. H1 2014 EARNINGS CALL – Sbm Offshore – slide 11
    Pre-Award Activity 16 15 Ex: Carryover of 2 14 projects from 2010 13(1) to 2011 (across all project types) 12 10 10 10 8 7 6 4 2 0 2011 2012 2013 2014E 2015E Turret ITT FPU FEED/ITT Petrobras ITT Previous Year…
  12. H1 2014 EARNINGS CALL – Sbm Offshore – slide 12
    Agenda 1H 2014 Review Macro View 1H 2014 Financials Outlook 13
  13. H1 2014 EARNINGS CALL – Sbm Offshore – slide 13
    IFRS 10 & 11 Impact Assessment (US billions) Production Units Financial Consolidation Brazil Old 8 9 Angola 22 Units Rest of the World Old Out In New 5 Brazil New 6 Angola 15 Units 9 Proportional NKossa II Saxi…
  14. H1 2014 EARNINGS CALL – Sbm Offshore – slide 14
    IFRS 10 & 11 Directional Changes (US billions) Production Units Financial Consolidation Brazil Out Old 8 9 Angola 22 Units Rest of the World Old New 5 Brazil New 8 9 Angola 22 Mostly Units 20% Capixaba Proportional…
  15. H1 2014 EARNINGS CALL – Sbm Offshore – slide 15
    Underlying Directional(1) Performance (US millions) Directional(1) Revenue Directional(1) Gross Margin Directional(1) EBIT 352 15 337 1.729 225 184 1H 2014 -41 Reported Exceptional items Underlying Reported Exceptional…
  16. H1 2014 EARNINGS CALL – Sbm Offshore – slide 16
    Turnkey P&L (US millions) Directional(1) 1H 2014 1H 2013* Variance Revenue 1,208 1,146 62 Gross Margin 199 245 (46) EBIT 107 177 (70) Depreciation, amortisation and impairment 7 7 EBITDA 114 184 (70) * Restated for…
  17. H1 2014 EARNINGS CALL – Sbm Offshore – slide 17
    Lease & Operate P&L (US millions) Directional(1) 1H 2014 1H 2013* Variance Revenue 521 488 33 Gross Margin 152 (153) 305 EBIT 139 (164) 303 Depreciation, amortisation and impairment 129 140 (11) EBITDA 268 (24) 292 *…
  18. H1 2014 EARNINGS CALL – Sbm Offshore – slide 18
    Group P&L (US millions) Directional(1) 1H 2014 1H 2013* Variance Revenue 1,729 1,634 95 Gross Margin 352 92 260 Overheads (153) (100) (53) Other operating income (240) (240) EBIT (41) (8) (33) Depreciation, amortisation…
  19. H1 2014 EARNINGS CALL – Sbm Offshore – slide 19
    Overheads Breakdown (US millions) Expense Bridge 175 15 153 150 37 125 100 100 75 50 25 0 1H 2013 One-off Items Incl. Underlying Variation 1H 2014 Improvement Programmes(1) Increase mostly driven by…
  20. H1 2014 EARNINGS CALL – Sbm Offshore – slide 20
    Group Balance Sheet (US millions) 30-Jun-14 31-Dec-13(1) Variance Comment Property, plant and equipment 2,013 2,055 (41) Modest capex compared to depreciation Investments in associates and other Redemption of Aseng and Cidade…
  21. H1 2014 EARNINGS CALL – Sbm Offshore – slide 21
    Development of Group Cash Position (US millions) Cash Flow Bridge 2.500 84 -1,430 118 4 1.260 30 2.000 1.500 1.000 554 -602 500 208 -72 154 0 Cash Cash from New Loans Equity Investment Other Real Estate…
  22. H1 2014 EARNINGS CALL – Sbm Offshore – slide 22
    Group Loans & Borrowings (US millions) 1H14 vs. FY13 Debt Summary Comparison 6.000 5.000 4.456 4.000 3.608 3.180 3.000 2.632 2.000 1.000 0 1H14 1H14 FY13 FY13 IFRS Proportional IFRS Proportional Bridge Loans…
  23. H1 2014 EARNINGS CALL – Sbm Offshore – slide 23
    Directional(1) Backlog (US billions) US 21.5 bn (as of June 30, 2014) 1H14 Revenue Lease & Operate Backlog Remaining Backlog 1,5 1,0 0,5 0,0 19.4 bn 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024…
  24. H1 2014 EARNINGS CALL – Sbm Offshore – slide 24
    Funding Undrawn Credit Facilities + Cash = US1,093 mn Deep Panuke: US400 mn bridge to USPP Cidade de Maric project finance: US1.45 bn Average cost of debt: 1H14 4.2% vs. FY13 5.3% IR - 06/08/2014 25
  25. H1 2014 EARNINGS CALL – Sbm Offshore – slide 25
    Financial Ratios (US millions) 30-Jun-14 31-Dec-13(1) Change Comment Bridge loan for Cidade de Maric, Cidade Debt 4,456 3,608 24% de Saquarema and Deep Panuke Cash 154 208 -26% Separate slide Increased debt load for…
  26. H1 2014 EARNINGS CALL – Sbm Offshore – slide 26
    Agenda 1H 2014 Review Macro View 1H 2014 Financials Outlook 27
  27. H1 2014 EARNINGS CALL – Sbm Offshore – slide 27
    Scheduled for Delivery Vessel arrived at offshore site in Angola Lifting campaign completed at Paenal Delivery expected in 3Q14 FPSO NGoma (12 year L&O contract) Topside integration continues at Brasa yard Delivery…
  28. H1 2014 EARNINGS CALL – Sbm Offshore – slide 28
    Project Overview Project 2011 2012 2013 2014 2015 2016 POC Type(1) 30/06/14 Percentage of Completion FPSO NGoma…
  29. H1 2014 EARNINGS CALL – Sbm Offshore – slide 29
    Floating Solutions Current: Focus on top-end segment FPSOs Turret Moorings Turnkey Sale or Lease & Operate Future: Leverage core competencies Floating LNG (FLNG) Semisubmersible & TLP production units IR - 06/08/2014 30
  30. H1 2014 EARNINGS CALL – Sbm Offshore – slide 30
    2014 Guidance Directional(1) Revenue guidance confidently reiterated: US3.3 billion Turnkey: US2.3 billion Lease & Operate: US1.0 billion As the market develops, the Company will adapt accordingly Demand-driven management of…
  31. H1 2014 EARNINGS CALL – Sbm Offshore – slide 31
    Q&A SBM Offshore 2014. All rights reserved. www.sbmoffshore.com SBM Offshore 2014. All rights reserved. www.sbmoffshore.com

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