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BARCLAYS NEW YORK CONFERENCE – Subsea 7 Sa

Subsea 7 Sa · Sep 4, 2012 · 24 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. BARCLAYS NEW YORK CONFERENCE – Subsea 7 Sa – slide 1
    Barclays New York conference September 2012
  2. BARCLAYS NEW YORK CONFERENCE – Subsea 7 Sa – slide 2
    A pure play on subsea construction and services SURF Conventional Global footprint West Africa focus Growing market Strong market Experts in design, engineering, Local expertise fabrication, installation and Proven execution…
  3. BARCLAYS NEW YORK CONFERENCE – Subsea 7 Sa – slide 3
    Industry trends offshore, deeper, more complex Deeper waters and more challenging environments Growing size and complexity of EPIC contracts Shortage of resources in growing global market Local content requirements…
  4. BARCLAYS NEW YORK CONFERENCE – Subsea 7 Sa – slide 4
    Subsea 7s key assets 3-Dec-12 Page 5
  5. BARCLAYS NEW YORK CONFERENCE – Subsea 7 Sa – slide 5
    Market positioning Global leaders in Subsea 7 Technip Saipem EPIC EMAS-AMC McDermott Heerema Allseas Ocean Installer Regional/ Ocean eering Sapura Crest Mer maid niche COOEC Swiber Fugro Helix…
  6. BARCLAYS NEW YORK CONFERENCE – Subsea 7 Sa – slide 6
    Competitive advantage in SURF is multi-faceted BARRIER SCALE Access to capital Medium Vessels and onshore facilities Medium Technology Medium Engineering and project High management processes Market positioning High Knowhow,…
  7. BARCLAYS NEW YORK CONFERENCE – Subsea 7 Sa – slide 7
    Delivered good Q2 2012 results Three months Ended 30.Jun.12 30.Jun.11 In millions, unless indicated unaudited unaudited Good results reflect: Revenue 1,484 1,335 High activity levels in North and Norwegian Net operating income 246…
  8. BARCLAYS NEW YORK CONFERENCE – Subsea 7 Sa – slide 8
    Returns to shareholders 200m share buyback programme completed on 6 July - 8.6m shares acquired in aggregate (2.4% of total shares outstanding) 200m cash dividend paid 5 July - equivalent to 0.60 per share Veripos Inc.…
  9. BARCLAYS NEW YORK CONFERENCE – Subsea 7 Sa – slide 9
    Backlog Backlog remains close to record level Backlog progression m Backlog by execution Date 8,538 8,686 8,285 7,883 7,903 6,668 2014+ 2012 25% 31% 2013 44% Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 High level of…
  10. BARCLAYS NEW YORK CONFERENCE – Subsea 7 Sa – slide 10
    Market overview Growth opportunities in all major markets, albeit at differing paces: NSMC - North and Norwegian Seas: strong levels of tendering and activity AFGOM - West Africa: a number of major contracts expected to be awarded…
  11. BARCLAYS NEW YORK CONFERENCE – Subsea 7 Sa – slide 11
    Fleet investment programme on track Seven Borealis expected to commence operations on CLOV in Q4 Seven Inagha joined fleet, acquired 50% stake in Normand Oceanic Over 40 vessels - continue to enhance our fleet to drive profitable…
  12. BARCLAYS NEW YORK CONFERENCE – Subsea 7 Sa – slide 12
    Seven Borealis 3-Dec-12 Page 13
  13. BARCLAYS NEW YORK CONFERENCE – Subsea 7 Sa – slide 13
    Outlook We expect to deliver 2012 Adjusted EBITDA in-line with consensus expectations Looking further out: - NSMC: In the North and Norwegian Seas, we expect low margin contracts awarded in previous years to complete in 2012 -…
  14. BARCLAYS NEW YORK CONFERENCE – Subsea 7 Sa – slide 14
    Appendix 11-May-11 2-Nov-11 Page 15
  15. BARCLAYS NEW YORK CONFERENCE – Subsea 7 Sa – slide 15
    Financial guidance We expect to deliver 2012 Adjusted EBITDA in-line with consensus expectations - JV contribution flat year-on-year (excluding NKT Flexibles) Capex for 2012: 750m-800m - 450m on new vessel programme: Seven Inagha,…
  16. BARCLAYS NEW YORK CONFERENCE – Subsea 7 Sa – slide 16
    Major project progression Continuing projects 100m between 5% and 95% complete as at 30 June 2012 excl. long-term ship charters and Life-of-Field day-rate contracts. 0% 20% 40% 60% 80% 100% EGP3B (Nigeria) P55 Export (Brazil) Block…
  17. BARCLAYS NEW YORK CONFERENCE – Subsea 7 Sa – slide 17
    Backlog Backlog progression m 8,538 8,686 8,285 7,883 7,903 6,668 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Backlog by Award Date Backlog by Execution Date Backlog by Service Capability Backlog by Segment 2010 2014+ SURF…
  18. BARCLAYS NEW YORK CONFERENCE – Subsea 7 Sa – slide 18
    Operational performance Q2 2012 713m 308m 308 m 93m (8m) (8m) Revenue Revenue NOI NOI Revenue NOI 538m 85m 27m 308 m 147m Revenue NOI 113m (4)m (8m) Revenue NOI Revenue NOI Revenue NOI 3-Dec-12…
  19. BARCLAYS NEW YORK CONFERENCE – Subsea 7 Sa – slide 19
    Cash flow and balance sheet overview 1H 2012 Cash generated from operating activities: 124m - Net increase in operating assets: 309m Net cashflow from investing activities: 15m - capital expenditure of 338m: Seven Borealis, Seven…
  20. BARCLAYS NEW YORK CONFERENCE – Subsea 7 Sa – slide 20
    Income statement other details Three Three months months ended ended 30.Jun.12 30.Jun.11 In millions Unaudited Unaudited Administrative expenses (77) (97) Share of results of associates and joint ventures 33 34 Net operating…
  21. BARCLAYS NEW YORK CONFERENCE – Subsea 7 Sa – slide 21
    Segmental analysis Three months ended Total 30.Jun.12 NSMC AFGoM APME Brazil CORP operations Unaudited In millions Revenue 713 538 85 147 1 1,484 Net operating 93 113 27 (4) 17 246 income/(loss) Net interest expense (6) Other…
  22. BARCLAYS NEW YORK CONFERENCE – Subsea 7 Sa – slide 22
    Adjusted EBITDA The Group calculates adjusted earnings before interest, income taxation, depreciation and amortisation (Adjusted EBITDA) as net income plus finance costs, other gains and losses, taxation, depreciation and amortisation…
  23. BARCLAYS NEW YORK CONFERENCE – Subsea 7 Sa – slide 23
    Reconciliation of net operating income to Adjusted EBITDA Three Months Three Months Ended Ended In millions (except percentages) 30.Jun.12 30.Jun.11 Net operating income 246 210 Depreciation and amortisation 85 85…
  24. BARCLAYS NEW YORK CONFERENCE – Subsea 7 Sa – slide 24
    seabed-to-surface www.subsea7.com 10.01.11 3-Dec-12 Page 25

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