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Q2 2007 EARNINGS CALL – Bw Offshore

Bw Offshore · Aug 28, 2007 · 34 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. Q2 2007 EARNINGS CALL – Bw Offshore – slide 1
    BW Offshore Q2 2007 presentation 28 August 2007 A webcast of this presentation is available at www.bwoffshore.com
  2. Q2 2007 EARNINGS CALL – Bw Offshore – slide 2
    BW Offshore overview Among the leading players in the floating production industry 900 employees Strong global position Three business segments: Floating production, technology and installation services Solid track-record 12 FPSO…
  3. Q2 2007 EARNINGS CALL – Bw Offshore – slide 3
    Highlights Q2 2007 YUM KAKNAB successfully in operation LNG STL ship set contract from Daewoo Successful acquisition of APL Fully financed Full support from APLs management and organisation BW Peace conversion on track On time…
  4. Q2 2007 EARNINGS CALL – Bw Offshore – slide 4
    Income statement USD million Q2 07 Q1 07 Q2 06 2006 Operating revenues 265.51 97.82 204.23 450.84 Operating expenses -229.01 -89.32 -198.93 -407.34 Profit from associates 5.2 1.0 0.0 0.0 EBITDA 41.7 9.5 5.3 43.5 EBIT 34.7 4.0 -2.9…
  5. Q2 2007 EARNINGS CALL – Bw Offshore – slide 5
    Balance sheet USD million 30.06.07 31.03.07 30.06.06 31.12.06 Total non-current assets 2,113.8 1,498.1 432.0 440.6 Total current assets 810.2 694.9 285.2 438.4 Total assets 2,924.0 2,193.0 717.2 879.0 Total equity 1,546.1 1,392.5…
  6. Q2 2007 EARNINGS CALL – Bw Offshore – slide 6
    Cash flow USD million Q2 07 Q1 07 Q2 06 2006 Operating activities -46.8 11.0 5.7 -4.8 Investing activities -233.8 -426.0 -112.4 -371.5 Financing activities 192.5 500.0 28.1 377.6 Net change in cash -88.1 85.0 -78.6 1.3 Cash at…
  7. Q2 2007 EARNINGS CALL – Bw Offshore – slide 7
    Key financial figures Q2 07 Q1 07 Q2 06 2006 Equity ratio 53.1% 63.5% 51.4% 43.6% ROE 3.2% 1.9% -9.0% 1.4% ROCE 10.0% 2.6% -0.7% 6.3% NIBD (USDm) 992.1 616.0 210.8 383.6 EPS (USD) 0.06 0.11 -0.03 0.02 Number of shares (K)…
  8. Q2 2007 EARNINGS CALL – Bw Offshore – slide 8
    Floating production General operations performing well, but limited number of vessels in operation by Q2 2007 USD 26.1 million in profit on successful completion of YUM KAKNAB USD 8.3 million in provision regarding Berge Okoloba…
  9. Q2 2007 EARNINGS CALL – Bw Offshore – slide 9
    Technology Good operational performance Underlying EBITDA-margin 12.7% Reported figures include USD 1.7 million related to Nexus and non-recurring items Lower order intake in Q2 Order book by the end of quarter was USD 220…
  10. Q2 2007 EARNINGS CALL – Bw Offshore – slide 10
    Global presence Murmansk Norway Scotland Latvia France USA China Mexico Bermuda Philippines India Nigeria Malaysia Singapore Brazil BW Peace APL Markets BWO Units APL Offices BWO Offices Recruitment centers…
  11. Q2 2007 EARNINGS CALL – Bw Offshore – slide 11
    The growth opportunity Oil production Exploration Development Production value chain Oil service Drilling E&C Installation Oilfield FP Seismic systems sub sectors services The growth opportunity 28 August 2007 12
  12. Q2 2007 EARNINGS CALL – Bw Offshore – slide 12
    BW Offshore and APL Combining and maintaining two strong brand names BW Offshore is a leading FPSO provider APL is a technology leader in turret mooring technology and offshore terminals Creating new business opportunities…
  13. Q2 2007 EARNINGS CALL – Bw Offshore – slide 13
    Strong demand for installation services BW Offshore has established installation services company Substantial internal demand BW Offshores FPSOs APL turret, terminal and mooring deliveries Powerful combination of BW Offshore and…
  14. Q2 2007 EARNINGS CALL – Bw Offshore – slide 14
    Control of value chain Technology, Fabrication/ Vessel / Field Design & Installation Vessel ownership Construction Operation Engineering In-house Partly Outsourced 28 August 2007 15
  15. Q2 2007 EARNINGS CALL – Bw Offshore – slide 15
    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…
  16. Q2 2007 EARNINGS CALL – Bw Offshore – slide 16
    YUM KAKNAB in operation Successful operation since acceptance 30 June 2007 First oil 18 June 2007 100% uptime and 25 off-loadings to date Real life hurricane test FPSO operating on Ku-Maloob-Zaap (KMZ) field for Pemex Nominal…
  17. Q2 2007 EARNINGS CALL – Bw Offshore – slide 17
    Selected for first FPSO in US GoM BW Offshore selected by Petrobras for the Chinook Cascade oil fields First FPSO in US GoM Includes FPSO conversion, installation and operation Final agreement subject to approval by Petrobras and its…
  18. Q2 2007 EARNINGS CALL – Bw Offshore – slide 18
    BW Peace several contract options Status Bilabri field offshore Nigeria Initial contract with Peak Petroleum and Equator Exploration BW Offshore terminated contract and activated security package in August 2007 Completed on time and…
  19. Q2 2007 EARNINGS CALL – Bw Offshore – slide 19
    LNG - North East Gateway APL in the final completion phase of the NEG EPCI contract Supply and installation of two LNG STL buoys Excelerate Energy LNG delivery to Boston area Successful project proceeding safely according to plan…
  20. Q2 2007 EARNINGS CALL – Bw Offshore – slide 20
    Expanding product offerings LNG FPSO (FLNG) Containments systems LNG Process Logistic systems Conversion candidates Nexus FPSOs Harsh environment BW Offshore owns 49,7% Management of Marketing Project Operation 28 August…
  21. Q2 2007 EARNINGS CALL – Bw Offshore – slide 21
    High operational leverage Floating production: Promising prospects Plan to employ USD 500 - 1,000 million annually ROCE on or above 12% Indicative values for USD 400 million project Annual EBITDA USD 65 million NPV of USD 100…
  22. Q2 2007 EARNINGS CALL – Bw Offshore – slide 22
    Record high FPSO demand Froy Petra 9/2b Nautical Mariner Chevron Donan Maersk 21/27a Venture Husky Oil Rosebank Chevron Hlvik Providence Trestakk Statoil Kambuna Serica Energy Bukat ENI Goliath ENI Snohvit Statoil Bukit Tua…
  23. Q2 2007 EARNINGS CALL – Bw Offshore – slide 23
    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…
  24. Q2 2007 EARNINGS CALL – Bw Offshore – slide 24
    28 August 2007 25
  25. Q2 2007 EARNINGS CALL – Bw Offshore – slide 25
    Strong contracted cash flow 2006 2010 2015 2020 2025 Belokamenka (FSO) Russia: Rosneft Sendje Berge Nigeria: Addax Berge Helene Mauritania: Woodside Berge Okoloba Toru Nigeria: Global Yum KakNab Mexico: Pemex Chinook Cascade* US:…
  26. Q2 2007 EARNINGS CALL – Bw Offshore – slide 26
    Units on contract Sendje Berge Addax, Nigeria 60,000 B/D Oil Processing 55 MSCF/D Gas Compression 2,000,000 bbls storage capacity Spread mooring Berge Helene Woodside, Mauritania 100,000 B/D Liquids Processing 75,000 B/D Oil…
  27. Q2 2007 EARNINGS CALL – Bw Offshore – slide 27
    Units on contract Berge Okoloba Toru Global, Nigeria 10,000 B/D Propane/Butane 75,000 m3 storage capacity Spread mooring Belokamenka Rosneft, Russia 2,400,000 bbls storage capacity Spread mooring Cargo heating system…
  28. Q2 2007 EARNINGS CALL – Bw Offshore – slide 28
    FPSOs awaiting contract BW Carmen Contract expected from Q1 2008 40,000 B/D liquids handling capacity 25,000 B/D processing capacity 50,000 bbls storage capacity DP Purchased 22 February 2007 BW Peace 45,000 B/D Oil…
  29. Q2 2007 EARNINGS CALL – Bw Offshore – slide 29
    Conversion candidates BW Nisa BW Pioneer BW LPG FPSO I ULCC (322.000 dwt) Suezmax (155.000 dwt) VLGC (70.938 cbm) 2,200,000 bbls storage capacity 1,200,000 bbls storage capacity Built 1977 in France One of few large hulls suitable…
  30. Q2 2007 EARNINGS CALL – Bw Offshore – slide 30
    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) for for FSO…
  31. Q2 2007 EARNINGS CALL – Bw Offshore – slide 31
    Projects in execution 2005 2006 2007 2008 2009 2010 Production systems KMZ (STP) Wenchang (STP) Xijang (STP) Maari (STP) Vincent (STP) Puffin (STP) Nexus (STP) Montara (STP) Reliance (STP) Reliance (Installation) Terminal systems North…
  32. Q2 2007 EARNINGS CALL – Bw Offshore – slide 32
    STP production systems 17 STPs completed or under delivery 2 projects 2009-2011 Chinook/Cascade (BWO USA) 2009 Nexus I (Nexus Floating Production - ) 2009 MA 1 FPSO (Aker Floating Production India) 2008 Montara (TPOT Australia)…
  33. Q2 2007 EARNINGS CALL – Bw Offshore – slide 33
    STL LNG terminal systems 13 systems completed or under delivery 10 ships set for LNG tankers Two terminal projects with three STL buoys 28 August 2007 34
  34. Q2 2007 EARNINGS CALL – Bw Offshore – slide 34
    Read more about us www.bwoffshore.com www.apl.no 28 August 2007 35

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