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Q4 2007 EARNINGS CALL – Bw Offshore

Bw Offshore · Feb 15, 2008 · 28 slides

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Slides

  1. Q4 2007 EARNINGS CALL – Bw Offshore – slide 1
    BW Offshore Q4 2007 presentation 15 February 2008
  2. Q4 2007 EARNINGS CALL – Bw Offshore – slide 2
    BW Offshore overview Among the leading players in the floating production industry 1,000 employees Strong global position Three business segments: Floating production Technology Installation services Solid track-record 12 FPSO…
  3. Q4 2007 EARNINGS CALL – Bw Offshore – slide 3
    2007 - Developed a world class company Established in the FPSO top-tier segment Completed APL acquisition Delivery of the FPSO YUM KAKNAB to Pemex Contract award for the Chinook Cascade FPSO to Petrobras Another strong year…
  4. Q4 2007 EARNINGS CALL – Bw Offshore – slide 4
    Comments to the financial results Completed the final purchase price allocation related to the APL acquisition (IFRS 3) Restated previous quarters of 2007 Positive EBITDA effect on Q2 and Q3, negative EBITDA effect on Q4 Higher…
  5. Q4 2007 EARNINGS CALL – Bw Offshore – slide 5
    Income statement USD million Q4 07 Q3 07 Q4 06 2007 2006 Operating revenues 116.8 182.6 125.2 662.6 450.8 Operating expenses 102.7 140.1 113.0 557.7 407.3 Profit from associates 4.7 6.8 0.0 17.7 0.0 EBITDA 18.8 49.3 12.2 122.6…
  6. Q4 2007 EARNINGS CALL – Bw Offshore – slide 6
    Balance sheet USD million 31.12.07 30.09.07 31.12.06 Total non-current assets 2,701.5 2,573.9 514.4 Total current assets 288.0 399.7 438.4 Total assets 2,989.5 2,973.6 952.8 Total equity 1,511.1 1,530.4 383.4 Total non-current…
  7. Q4 2007 EARNINGS CALL – Bw Offshore – slide 7
    Cash flow USD million Q4 07 Q3 07 Q4 06 2007 2006 Operating activities 15.2 51.3 5.7 27.8 -4.8 Investing activities -206.6 196.4 -112.4 -664.2 -371.5 Financing activities 129.5 -184.2 28.1 634.9 377.6 Net change in cash -61.9…
  8. Q4 2007 EARNINGS CALL – Bw Offshore – slide 8
    Key financial figures Q4 07 Q3 07 Q4 06 2007 2006 Equity ratio 50.5% 51.5% 40.2% 50.5% 40.2% ROE -1.7% 2.1% 2.2% 4.9% 1.4% ROCE 1.0% 7.9% 1.6% 7.7% 5.6% NIBD (USDm) 901.1 744.6 383.6 901.1 383.6 EPS (USD) -0.04 0.03 0.02 0.12…
  9. Q4 2007 EARNINGS CALL – Bw Offshore – slide 9
    Floating production Higher costs in the start-up phase of YUM KAKNAB High tendering activity Provisions for trade receivables Increased internal capacity Geared for growth and new projects USD million Q4 07 Q3 07 Q4 06 2007 2006…
  10. Q4 2007 EARNINGS CALL – Bw Offshore – slide 10
    Chinook Cascade conversion status Signed conversion contract with Keppel Orders for long lead items placed in line with expectations Project on track 15 February 2008 11
  11. Q4 2007 EARNINGS CALL – Bw Offshore – slide 11
    Technology Record strong Q4 2007 EBITDA margins of 18.7% STP buoy for Aker FPSO and swivel for Maari project delivered Engineering on Reliance installation for Aker completed Continued growth in order backlog Q3 2007: USD 232…
  12. Q4 2007 EARNINGS CALL – Bw Offshore – slide 12
    Robust order backlog From contract award to delivery Installation, commissioning until production start 15 February 2008 13
  13. Q4 2007 EARNINGS CALL – Bw Offshore – slide 13
    Awarded three major technology orders Suez LNG Neptune offshore LNG terminal STL system Nexus II FPSO STP turret, swivel stack, SDS Maersk Peregrino FPSO STP turret, swivel stack StatoilHydro 15 February 2008 14
  14. Q4 2007 EARNINGS CALL – Bw Offshore – slide 14
    Status FLNG Concept developed with international partners Offshore LNG is technically feasible DNV has confirmed no show-stoppers FEED studies ongoing Good returns to all stakeholders Expect contract within 15 months Delivery…
  15. Q4 2007 EARNINGS CALL – Bw Offshore – slide 15
    Record high FPSO demand 250 206 200 186 166 154 63 19 41 Fleet size 150 14 120 14 18 28 101 30 100 84 87 71 75 120 126 129 117 113 50 0 2001 2002 2003 2004 2005 2006 2007E 2008E 2009E 2010E Firm…
  16. Q4 2007 EARNINGS CALL – Bw Offshore – slide 16
    Targeting contracts for several majors 18 Other 16 FSO 14 Semi 12 TLP No. of projects Spar 10 FPSO 8 6 4 2 0 I l l gy n P il ex n l ro EN el as ta ps e a a…
  17. Q4 2007 EARNINGS CALL – Bw Offshore – slide 17
    Positioned for further growth Strong focus on organic growth Win more and larger contracts with increased profitability Expand product offering Solid contracted cash flow Expect strong growth in EBITDA going forward Strong demand…
  18. Q4 2007 EARNINGS CALL – Bw Offshore – slide 18
    15 February 2008 19
  19. Q4 2007 EARNINGS CALL – Bw Offshore – slide 19
    Floating production: Fleet overview 2006 2010 2015 2020 2025 Belokamenka (FSO) Russia: Rosneft Sendje Berge Nigeria: Addax Berge Helene Mauritania: Woodside/Petronas Berge Okoloba Toru Nigeria: Global Yum KakNab Mexico: Pemex…
  20. Q4 2007 EARNINGS CALL – Bw Offshore – slide 20
    Units on contract Sendje Berge Addax, Nigeria 60,000 bopd processing 55 mmsfd gas compression 2,000,000 bbls storage Spread mooring Berge Helene Woodside, Mauritania 100,000 bpd liquids processing 75,000 bopd processing…
  21. Q4 2007 EARNINGS CALL – Bw Offshore – slide 21
    Units on contract Berge Okoloba Toru Global, Nigeria 10,000 bpd propane/butane 75,000 m3 storage Spread mooring Belokamenka Rosneft, Russia 2,400,000 bbls storage Cargo heating system Spread mooring BW Pioneer…
  22. Q4 2007 EARNINGS CALL – Bw Offshore – slide 22
    FPSOs awaiting contract BW Carmen 40,000 bpd liquids handling capacity 25,000 bopd processing capacity 50,000 bbls storage capacity DP BW Peace 45,000 bopd oil processing 25.6 mmscfd gas compression 1,000,000 bbls storage…
  23. Q4 2007 EARNINGS CALL – Bw Offshore – slide 23
    Conversion candidates BW Nisa ULCC (322.000 dwt) 2,200,000 bbls storage capacity One of few large hulls suitable for conversion Attractive for large scale FPSO projects Storage contract with 180 days cancellation BW Endeavour…
  24. Q4 2007 EARNINGS CALL – Bw Offshore – slide 24
    Track record, FPSO VESSEL TYPE FIRST LOCATION CUSTOMER OIL Berge Sisar LPG FPSO 1982 Cabinda, Angola Chevron Berge Troll LPG FPSO 1989 Cabinda, Angola Chevron Texaco Navion Munin Oil FPSO 1997 Lufeng field, South China Sea Statoil…
  25. Q4 2007 EARNINGS CALL – Bw Offshore – slide 25
    Track record, STP production systems 17 STPs completed or under delivery Nexus II (Nexus Floating Production - ) 2010 Peregrino FPSO (Maersk Contractors - ) 2009 Chinook/Cascade (BWO USA) 2009 Nexus I (Nexus Floating Production - )…
  26. Q4 2007 EARNINGS CALL – Bw Offshore – slide 26
    Track record, STL LNG terminal systems 13 systems completed or under delivery 10 ships set for LNG tankers Three terminal projects with five STL buoys 15 February 2008 27
  27. Q4 2007 EARNINGS CALL – Bw Offshore – slide 27
    Technology: Turn key solutions Production systems Terminal systems Submerged Turret Production Submerged Turret Loading (STL) for (STP) for FPSO LNG and Shuttle Tankers Submerged Turret Loading (STL) Single Anchor Loading (SAL)…
  28. Q4 2007 EARNINGS CALL – Bw Offshore – slide 28
    15 February 2008 29

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