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Q1 2007 INVESTOR PRESENTATION – Bw Offshore

Bw Offshore · May 7, 2007 · 30 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. Q1 2007 INVESTOR PRESENTATION – Bw Offshore – slide 1
    BW Offshore Q1 2007 presentation 7 May 2007 A webcast of this presentation is available at www.bwoffshore.com
  2. Q1 2007 INVESTOR PRESENTATION – Bw Offshore – slide 2
    Highlights Q1 2007 YUM KAKNAB leaves conversion yard (Singapore) in January Arrives Mexico in March BW Peace goes into conversion yard (Singapore) in January Acquired FPSO BW Carmen Proposed merger with APL Support from APLs…
  3. Q1 2007 INVESTOR PRESENTATION – Bw Offshore – slide 3
    Income statement USD million Q1 07 Q1 06 2006 2005 Revenues 97.8* 19.4 450.8** 51.1 Operating expenses 89.3* 12.2 407.3** 36.3 EBITDA 9.5 7.2 43.5 14.7 EBIT 4.0 2.6 17.0 6.3 Net financial items 26.9 -5.0 -5.6 -0.6 Profit before…
  4. Q1 2007 INVESTOR PRESENTATION – Bw Offshore – slide 4
    Balance sheet USD million 31.03.07 31.03.06 31.12.06 Total non-current assets 1,498.1* 482.6 440.6 Total current assets 694.9* 52.4 438.4 TOTAL ASSETS 2,193.0 535.0 879.0 Total equity 1,392.5 -89.4 383.4 Total non-current…
  5. Q1 2007 INVESTOR PRESENTATION – Bw Offshore – slide 5
    Cash flow USD million Q1 07 Q4 06 Q1 06 2006 Operating activities 11.0 5.7 -8.0 -4.8 Investing activities -426.0 -112.4 -52.7 -371.5 Financing activities 500.0 28.1 58.1 377.6 Net change in cash* 85.0 -78.6 -2.6 1.3 Cash* at…
  6. Q1 2007 INVESTOR PRESENTATION – Bw Offshore – slide 6
    Key financial figures Q1 07 Q4 06 2006 Equity ratio 63.5% 43.6% 43.6% ROE 3.8% 0.9% 1.2% ROCE 2.9% 2.4% 10.4% NIBD (USDm) 616.0 383.6 383.6 EPS (USD) 0.11 0.02 -0.02 Number of shares (K) 437,919 205,066 205,066 Shareprice (NOK)…
  7. Q1 2007 INVESTOR PRESENTATION – Bw Offshore – slide 7
    Q1 2007 BW Offshore Limited
  8. Q1 2007 INVESTOR PRESENTATION – Bw Offshore – slide 8
    BW Offshore is an experienced partner In the FPSO business since 1982 6 FPSOs, 1 Arctic FSO, 3 conversion hulls Strong global position 650 employees Solid track-record 11 projects delivered 3 projects in process Benefits…
  9. Q1 2007 INVESTOR PRESENTATION – Bw Offshore – slide 9
    Solid financial and industrial FPSO company OSE listed since May 2006 Market cap USD 1.8 billion Increased liquidity and growing investor interest Existing contracts generate solid cash flows Additional FPSOs will start operating…
  10. Q1 2007 INVESTOR PRESENTATION – Bw Offshore – slide 10
    Strong contracted cash flow 2006 2010 2015 2020 2025 Belokamenka Russia: Rosneft Sendje Berge Nigeria: Addax Berge Helene Mauritania: Woodside Berge Okoloba Toru Nigeria: Global Yum KakNab Mexico: Pemex BW Peace Nigeria: Peak…
  11. Q1 2007 INVESTOR PRESENTATION – Bw Offshore – slide 11
    Our fleet Berge Helene Belokamenka Norway Latvia BW Nisa Yum KakNab Bermuda India Philippines Mexico BW Pioneer Sendje Berge Nigeria Malaysia Singapore BW LPG FPSO I Berge Okoloba Toru BW Carmen BW Endeavour Units…
  12. Q1 2007 INVESTOR PRESENTATION – Bw Offshore – slide 12
    YUM KAKNAB first oil in Q2 2007 Ku-Maloob-Zaap (KMZ) field for Pemex Nominal contract value USD 1,073 million / 15 year firm contract Arrived in Mexico March 2007 First FPSO in GoM Large and complex conversion with proven technology…
  13. Q1 2007 INVESTOR PRESENTATION – Bw Offshore – slide 13
    BW Peace first oil in Q4 2007 Bilabri field offshore Nigeria Contract with Peak Petroleum and Equator Exploration Vessel at conversion yard (Sembawang - Singapore) On time on budget Completion per ultimo April: 58.2% Expected to…
  14. Q1 2007 INVESTOR PRESENTATION – Bw Offshore – slide 14
    High operational leverage Plan to employ USD 500 to USD 1,000 million in 2007 ROCE on or above 12% Indicative values FPSO project of USD 400 million Annual EBITDA USD 65 million NPV of USD 50 100 million Free capacity Highly…
  15. Q1 2007 INVESTOR PRESENTATION – Bw Offshore – slide 15
    Q1 2007 FPSO market
  16. Q1 2007 INVESTOR PRESENTATION – Bw Offshore – slide 16
    Easy oil is history Underinvestment in the oil & gas industry over the last 20 - 30 years Negative reserve/replacement ratio Strong cash flow and aggressive E&P spending - All-time-high demand for oilfield services Easy oil is…
  17. Q1 2007 INVESTOR PRESENTATION – Bw Offshore – slide 17
    FPSO still early in the cycle 12,000 Other areas Far East 10,000 Northern Europe West Africa South America USA 8,000 20% CAGR 19% 1,000 bbl/day 13% 12% 6,000 1995-2015 2000-2015 2005-2015 2005-2010 4,000…
  18. Q1 2007 INVESTOR PRESENTATION – Bw Offshore – slide 18
    Identified demand for 109 floaters 30 25 20 11 15 12 7 10 11 14 14 5 5 10 8 4 4 4 3 0 2 er Z ca e oM il ia N az p th As fri ro / G ia Br /o t-A Eu l ra…
  19. Q1 2007 INVESTOR PRESENTATION – Bw Offshore – slide 19
    Strong order flow expected 140 120 100 80 85 60 70 40 20 30 25 0 Low High Redeployment New IMA estimates 95 to 115 FPSO orders over the next five years Includes FPSO contracts that have not yet reached the bureaus…
  20. Q1 2007 INVESTOR PRESENTATION – Bw Offshore – slide 20
    FPSO fleet to reach 200 units by 2010 180 165 160 140 120 108 116 of FPSOs 100 100 90 80 70 76 83 67 60 53 46 40 28 31 36 19 20 21 24 20 11 13 13 13 6 0 6 E 19 5 19 6 19 7 19 8 19 9 19 0 19 1 19 2…
  21. Q1 2007 INVESTOR PRESENTATION – Bw Offshore – slide 21
    Q1 2007 Business and prospects
  22. Q1 2007 INVESTOR PRESENTATION – Bw Offshore – slide 22
    Record high FPSO demand Froy Petra 9/2b Nautical Mariner Chevron Donan Maersk 21/27a Venture Hlvik Providence Rosebank Chevron Huizhou CNOOC Weizhou CNOOC Goliath ENI Skarv BP Kambuna Serica Energy Casade BHP Khmer Basin…
  23. Q1 2007 INVESTOR PRESENTATION – Bw Offshore – slide 23
    Positioned for new contracts Actively pursuing new projects FPSO conversions Petrobras (US GoM) Petrobras (Brazil) 3 tenders of interest expected in 2007 LNG/Oil FPSO SB 305 Malaysia Oil FPSO for undisclosed projects BW Carmen…
  24. Q1 2007 INVESTOR PRESENTATION – Bw Offshore – slide 24
    Brazil Petrobras demands several FPSOs Worlds largest FPSO client Five tenders in 2007 E&P investments 2007 2011 USD 45 billion Petrobras seeking additional partners for large projects Leverage on Pemex position Bid and project…
  25. Q1 2007 INVESTOR PRESENTATION – Bw Offshore – slide 25
    US GoM Chinook/Cascade opens market BW Offshore is in pole position to take upcoming contracts in US GoM YUM KAKNAB experience First FPSO in GoM Disconnectable turrets Leading technology Proven track record 7 May 2007 26
  26. Q1 2007 INVESTOR PRESENTATION – Bw Offshore – slide 26
    Gas joint venture with Petronas BW Offshore has an unique experience with gas FPSOs 3 LPG projects delivered LNG - Stranded gas Limited competition Petronas / MISC JV Strategic cooperation Joint venture to ensure national…
  27. Q1 2007 INVESTOR PRESENTATION – Bw Offshore – slide 27
    BW Offshore and APL Combining and maintaining two strong brand names BW Offshore is a leading FPSO provider APL is the technology leader in turret mooring technology and offshore terminals APL will continue to sell its technology…
  28. Q1 2007 INVESTOR PRESENTATION – Bw Offshore – slide 28
    FPSO merger creates attractive synergies BW Offshore holds a 24.3% block of shares in Prosafe The investment reflects BW Offshores general consolidating strategy Proposed dividend will generate USD 45 million annually to BW Offshore…
  29. Q1 2007 INVESTOR PRESENTATION – Bw Offshore – slide 29
    BW Offshore - growth and value BW Offshore is focusing on maximising shareholder values Strong focus on organic growth Winning more and larger contracts with increased profitability Actively pursuing several large projects…
  30. Q1 2007 INVESTOR PRESENTATION – Bw Offshore – slide 30
    7 May 2007 31

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