BW Offshore Pareto Oil and Offshore Conference 1 September 2011
Who is BW Offshore Leading position in a FPSO market set for growth Demonstrated capability to undertake the most demanding projects Demonstrated cost and execution control Demonstrated long term operational stability…
BW Offshore key facts Global headcount 1,900 Employees onshore and offshore 31 % Onshore employees Operations in 14 countries 69 % Offshore employees More than 30 projects delivered Onshore - functions Operating fleet of 13…
BW Offshores background LPG market entry LNG market entry BW Gas listing as pure Leading owner in the LPG, gas carrier company LNG, VLCC, Product Tanker and Offshore segments Leader in crude and Founded by gas shipping markets…
BW Offshore in the upstream value chain SEISMIC DRILLING DEVELOPMENT PRODUCTION BUSINESS ENGINEERING CONSTRUCTION PRODUCTION DE- DEVELOPMENT PROCUREMENT INSTALLATION COMMISSIONING COMMISSIONING CONTRACT 1 September 2011 6
FPSO the preferred solution Floating production units - installed Others 8 3% Semi 42 17% Spar18 8% FPSO Flexible, safe and proven solution TLP 22 155 9% 63% Generic and field specific sections Deck space and deck…
Increased complexity drives cost level Sendje Berge (2005) BW Pioneer (2011) Benign water Hurricanes Spread moored Turret moored Simple topside Quick disconnect 140 m water depth Fluid swivel Investment x 6 2,500 m water depth 1…
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…
Market overview Annual growth 5-10% Number of FPSOs globally Most FPSO contracts are extended into the option period alternatively redeployed on profitable new contracts The complexity and size of new FPSOs are increasing…
Competition FPSO lease fleet Number of active FPSO contractors reduced from 30 to less than 10 since 2008 Actual FPSO contracting capacity limited to a handful of players BW Offshore, SBM and Modec represent 60% of actual…
FPSO projects by country (next five years) Region / Country of FPSO projects Region / Country of FPSO projects Africa Europe Nigeria 11 UK 8 Angola 9 Norway 2 Ghana 5 Italy 2 Others 5 Total Europe 12 Total Africa 30 North America…
High interest for options and redeployments BW Offshore is negotiating extensions with several clients High oil price makes tail production profitable Average oil price at contract award for BW Offshores fleet is USD 55 120 4…
Asset development ABO (Nigeria) 2nd and last 12 months contract extension from ENI on ABO exercised (running to April 2013) ENI has indicated that they will require services beyond 2013 Sendje Berge (Nigeria) On-going life…
Financial highlights 2011 financial performance in line with expectations Operating revenues of USD 422 million in H1 2011 EBITDA of USD 163 million in H1 2011 Solid balance and funding Total assets of USD 3.8 billion with equity…
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…
Contracted EBITDA growth Run rate EBITDA of existing contracts is USD 500 million 140 125 120 93.4 100 80 60 40 20 0 Operational EBITDA (MUSD) 1 September 2011 17
Investment highlights The worlds second largest FPSO company 15 FPSOs & 2 FSOs Proven project execution capabilities; more than 30 projects since 1982 Resources and capabilities to take on new projects in an expanding market…
Summary and outlook E&P spending is high and increasing FPSO is the preferred solution for offshore and deep water oil developments around the world BW Offshore is in a leading position to take part in the growth BW Offshore has…
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