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Q3 2008 EARNINGS CALL – Bw Offshore

Bw Offshore · Nov 13, 2008 · 18 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. Q3 2008 EARNINGS CALL – Bw Offshore – slide 1
    BW Offshore Q3 2008 presentation 13 November 2008
  2. Q3 2008 EARNINGS CALL – Bw Offshore – slide 2
    Highlights Contracted order portfolio - healthy Strong order inflow for Technology & Installation Received variation orders for ongoing FPSO conversions Conversions - on track Operating profit positive before non-cash charges…
  3. Q3 2008 EARNINGS CALL – Bw Offshore – slide 3
    Q3 2008 FLOATING PRODUCTION 13 November, 2008 4
  4. Q3 2008 EARNINGS CALL – Bw Offshore – slide 4
    Operations High production uptime Production uptime Jan - Oct 2008: 99.9% 100.0 99.0 98.0 YUM KAKNAB 97.0 96.0 Oil uptime (Jan Oct 2008) 99.7% 95.0 94.0 Gas uptime improving 93.0 92.0 Berge Okoloba Toru out of production…
  5. Q3 2008 EARNINGS CALL – Bw Offshore – slide 5
    FPSO fleet overview Order backlog USD 2.8 billion 2006 2010 2015 2020 2025 Belokamenka (FSO) Russia: Rosneft fixed until 2019 Sendje Berge Nigeria: Addax 2011 (+2 yrs) Berge Helene Mauritania: Petronas 2013 (+8 yrs) Berge Okoloba…
  6. Q3 2008 EARNINGS CALL – Bw Offshore – slide 6
    Conversions on track BW Cidade de Sao Vicente (Petrobras) Tupi/Brazil Start up first half 2009 BW Pioneer (Petrobras) Chinook Cascade/US GoM Start up first quarter 2010 BW Endeavour (ROC/Anzon) BMG/Australia: Letter of Intent…
  7. Q3 2008 EARNINGS CALL – Bw Offshore – slide 7
    Q3 2008 TECHNOLOGY & INSTALLATION 13 November, 2008 8
  8. Q3 2008 EARNINGS CALL – Bw Offshore – slide 8
    Increased order intake and backlog Order intake during Q3 2008 was USD 158 million Includes only signed contracts Order backlog by end Q3 2008 was USD 412 million 450 200 400 180 350 160 140 300 120 250 100 200 80 150…
  9. Q3 2008 EARNINGS CALL – Bw Offshore – slide 9
    Projects on track 2005 2006 2007 2008 2009 2010 2011 Production systems Nexus I (STP) Montara (STP) Chinook Cascade (STP) Nexus II (STP) Peregrino (STP) Tupi (ETP) Pazflor OLS (BTL) Basker Manta (STP) STP equipment for FLNG (H1761) STP…
  10. Q3 2008 EARNINGS CALL – Bw Offshore – slide 10
    Q3 2008 FINANCE 13 November, 2008 11
  11. Q3 2008 EARNINGS CALL – Bw Offshore – slide 11
    Floating Production BW Carmen on contract Stable performance from the operating units YUM KAKNAB on track USD million Q3 08 Q2 08 YTD 08 YTD 07 2007 Operating revenue 48.2 43.2 135.1 393.9 442.3 Operating expenses -38.9 -56.4…
  12. Q3 2008 EARNINGS CALL – Bw Offshore – slide 12
    Technology & Installation High activity level Non-cash impairment charges Nexus Floating Production USD 68.8 million Goodwill USD 167.8 million Adjusted EBITDA margin 9.5% USD million Q3 08 Q2 08 YTD 08 YTD 07 2007 Operating…
  13. Q3 2008 EARNINGS CALL – Bw Offshore – slide 13
    Income statement Recurring EBITDA from core business: USD 19.0 million Recurring EBIT from core business: USD 7.8 million USD million Q3 08 Q2 08 YTD 08 YTD 07 2007 Operating revenue 114.8 124.8 347.9 545.8 662.6 Operating…
  14. Q3 2008 EARNINGS CALL – Bw Offshore – slide 14
    Balance sheet Equity ratio 50.4% Net interest bearing debt USD 445 million USD million 30.09.08 30.06.08 31.12.07 Total non-current assets 2,016.9 2,208.5 2,721.6 Total current assets 428.9 581.5 288.0 Total assets 2,445.8…
  15. Q3 2008 EARNINGS CALL – Bw Offshore – slide 15
    Cash and facilities Net cashflow from operating activities USD 29 million Cash USD 195 million Strong funding under USD 1,500 million facility Drawn 642 mill per Q3 2008 1500 Favourable terms 1250 Remaining capex on contracted…
  16. Q3 2008 EARNINGS CALL – Bw Offshore – slide 16
    Q3 2008 OUTLOOK 13 November, 2008 17
  17. Q3 2008 EARNINGS CALL – Bw Offshore – slide 17
    Contracted cashflow growth EBITDA improvement from 2009 Stabilising operating performance New contracted FPSOs commence operation in 2009 and 2010 Selective bidding for attractive projects Financial capabilities will be utilised…
  18. Q3 2008 EARNINGS CALL – Bw Offshore – slide 18
    13 November 2008 19

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