BW Offshore and APL to join forces 21 February 2007
BWO and APL to join forces BW Offshore Limited and APL ASA are joining forces Combining and maintaining two strong brand names BW Offshore is a leading FPSO provider APL is the technology leader in turret mooring technology and…
Merging two cultures with a strong vision The combination is supported by both management teams and Board of Directors Two compatible cultures that will continue to work independently in the market and join forces to conquer new…
The offer Voluntary offer Choice between settlement in cash and BW Offshore shares or pure share settlement Exchange ratio: 3.0249 BWO shares per APL share Cash settlement price: NOK 85 per APL share Up to 40% cash settlement…
A fair price 90.0 Share price target Offer price = NOK 85 85.0 ABG Sundal Collier 90.00 Pareto Securities 85.00 First Securities 83.00 Offer price (current BWO price) = NOK 83* 80.0 APL share price (before announcement) SEB…
Valuation perspectives A fair exchange ratio A P L/ B WO 3.10x APL/BWO = 3.0249 Offer 2.90x 2.70x 2.50x 2.30x 2.10x 1.90x 1.70x 1.50x M ay-06 Jun-06 Jul-06 A ug-06 Sep-06 Oct-06 N o v-06 D ec-06 Jan-07 A P L/B…
Historical premiums Premium based on pre-announcement APL share price Share Premium Premium price (offer price*) (current BWO price**) Close Friday 2 February 67.25 26 % 23 % Average 1 month 60.62 40 % 37 % Average 2 months 55.33…
Industry perspective Underinvestment in the oil & gas industry over the last 20 30 years Increased outsourcing by national oil cos and mid-caps All-time-high demand for oilfield services Opportunity to share in production upside Oil…
APL and BWO in the value chain Oil Production Exploration Development Production Value Chain Oil Service Oilfield FP Seismic Drilling E&C Installation Sub Sectors services systems The growth opportunity for the combined…
Positive E&P spending outlook Weak Reserve Replacement... ... And Rising Capital Intensity... Majors finding it more difficult to replace reserves F&D costs increasing as the size of new finds decreases 200% 1000 Reserves Replacement…
creating all-time high 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…
FPSO fleet to reach 200 units by 2010 20 Year Development of the Worldwide FPSO fleet (no. units as of end year) 180 165 160 140 120 108 of FPSOs 100 100 90 83 80 70 76 67 60 53 46 40 36 24 28 31 19 20 21 20 11…
Growth opportunity Yum KakNab experience Disconnectable turret technology First FPSO in GoM Leading technology On schedule and budget Proven A combined company will be in pole position to take upcoming contracts in US GoM and…
Global presence Murmansk Norway Scotland Latvia France BW Nisa USA Bermuda China India Philippines Mexico Nigeria Malaysia Malaysia Singapore Brazil APL Offices BWO Offices BWO Units Recruitment centers
BWO and APL - the road ahead To become the preferred partner in cost efficient offshore development Taking pole position in the floating production market Mid to large scale projects Enhance product offering Attractive employer…
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