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Q2 2008 INVESTOR PRESENTATION – Bw Offshore

Bw Offshore · Aug 29, 2008 · 22 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 2008 INVESTOR PRESENTATION – Bw Offshore – slide 1
    BW Offshore Q2 2008 presentation 29 August 2008
  2. Q2 2008 INVESTOR PRESENTATION – Bw Offshore – slide 2
    BW Offshore overview Top tier player within floating production Strong global position Extensive in-house engineering, project management and operation capabilities 1,200 employees Three business segments Floating production…
  3. Q2 2008 INVESTOR PRESENTATION – Bw Offshore – slide 3
    Recent highlights Strong order intake Awarded LoI for FPSO in Australia Awarded LoA for BTL system in Angola Awarded three major installation campaigns Conversions on track FPSO BW Carmen accepted by StatoilHydro No significant…
  4. Q2 2008 INVESTOR PRESENTATION – Bw Offshore – slide 4
    All conversions on track BW Cidade de Sao Vicente (Petrobras) Tupi/Brazil Start up first half 2009 Ex BW Peace BW Pioneer (Petrobras) Chinook Cascade/US GoM Start up first quarter 2010 BW Endeavour (Anzon) BMG/Australia Start up…
  5. Q2 2008 INVESTOR PRESENTATION – Bw Offshore – slide 5
    Focus on project execution Proven project execution model Experience transferred from project to project In-house technology for mooring and turret/swivel systems Key positions managed by in-house staff Operational experience…
  6. Q2 2008 INVESTOR PRESENTATION – Bw Offshore – slide 6
    Focus on project execution Experience data provide high certainty on required quantities Secure key components and long lead items prior to bid Substantial pool of suppliers EPC contracts Singapore yards 7
  7. Q2 2008 INVESTOR PRESENTATION – Bw Offshore – slide 7
    FPSO fleet overview Order backlog USD 2.2 billion (including options, excluding LoIs) 2006 2010 2015 2020 2025 Belokamenka (FSO) Russia: Rosneft Sendje Berge Nigeria: Addax Berge Helene Mauritania: Petronas Berge Okoloba Toru*…
  8. Q2 2008 INVESTOR PRESENTATION – Bw Offshore – slide 8
    Technology contract overview Order backlog USD 409 million (excluding LoI/LoAs) From contract award to delivery Installation, commissioning until production start 1 September 2008 9
  9. Q2 2008 INVESTOR PRESENTATION – Bw Offshore – slide 9
    Successful expansion of services Several installation campaigns awarded in 2008 LNG terminal, Neptune FPSO, Peregrino FPSO, BMG Loading system, Statfjord Delivering full turn-key solutions Technology products delivered at site…
  10. Q2 2008 INVESTOR PRESENTATION – Bw Offshore – slide 10
    Financial comments Recurring EBITDA from core business: USD 20.4 million Reported EBITDA 34.5 Share of profit from associates -7.9 Impairment charge -84.7 Gain on sale of shares 127.0 Provisions for doubtful debt -11.3 Other…
  11. Q2 2008 INVESTOR PRESENTATION – Bw Offshore – slide 11
    Income statement USD million Q2 08 Q1 08 Q2 07 2007 Operating revenues 124.8 108.3 265.5 662.6 Operating expenses -124.7 -101.7 -229.0 -557.7 Profit from associates1 -7.9 9.2 5.2 17.7 EBITDA 34.5 15.8 41.7 122.6 EBIT1 23.4 4.8…
  12. Q2 2008 INVESTOR PRESENTATION – Bw Offshore – slide 12
    Balance sheet USD million 30.06.08 31.03.08 31.12.07 Total non-current assets 2,208.5 2,756.9 2,721.6 Total current assets 581.5 315.2 288.0 Total assets 2,790.0 3,072.1 3,009.6 Total equity 1,509.6 1,473.5 1,508.2 Total…
  13. Q2 2008 INVESTOR PRESENTATION – Bw Offshore – slide 13
    Cash flow USD million Q2 08 Q1 08 Q2 07 2007 Operating activities 1.7 27.9 -46.8 179.3 Investing activities 577.1 -80.9 -233.8 -815.6 Financing activities -307.8 73.8 192.5 634.8 Net change in cash 271.0 20.8 -88.1 -1.5…
  14. Q2 2008 INVESTOR PRESENTATION – Bw Offshore – slide 14
    Key financial figures Q2 08 Q1 08 Q2 07 2007 EBITDA margin 27.6% 14.6% 47.0% 29.2% Equity ratio 54.1% 48.3% 53.0% 50.4% ROE 2.7% -3.8% 3.2% 4.9% ROCE 4.7% -1.0% 10.6% 7.4% NIBD (USDm) 370.2 968.4 998.2 934.4 EPS (USD) 0.08…
  15. Q2 2008 INVESTOR PRESENTATION – Bw Offshore – slide 15
    Floating production Start up costs on YUM KAKNAB affecting results Measures have been taken to resume stable operations Deviation in oil specification is expected to result in significant modification Continued high operating costs…
  16. Q2 2008 INVESTOR PRESENTATION – Bw Offshore – slide 16
    Technology & Installation Services Projects on track Major projects include Peregrino, Neptune, Chinook Cascade and Nexus Strong order inflow Successful start up of BW Offshore Installation Services Two campaigns already completed…
  17. Q2 2008 INVESTOR PRESENTATION – Bw Offshore – slide 17
    Strong and visible FPSO demand 35 30 25 Other 20 TLP Spar 15 Semi FSO FPSO 10 5 0 2009e 2010e 2011e 2012e Year of installation Source: ODS-Petrodata 1 September 2008 18
  18. Q2 2008 INVESTOR PRESENTATION – Bw Offshore – slide 18
    Deepwater E&P budgets increasing Planning and budgeting price for oil (Brent Blend) 80,0 70,0 60,0 50,0 40,0 30,0 20,0 10,0 Potential deepwater reserves 0,0 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2% 7% 28 % Potential…
  19. Q2 2008 INVESTOR PRESENTATION – Bw Offshore – slide 19
    Expanding geographical presence US Norway Singapore Houston Oslo & Arendal BW Offshore operating headquarters 1 September 2008 20
  20. Q2 2008 INVESTOR PRESENTATION – Bw Offshore – slide 20
    Positioned for the future Complete service offering FPSO Oil LPG - LNG World class mooring technology Terminals and transfer systems Installation Solutions driven Total risk control Cost leadership Presence in all…
  21. Q2 2008 INVESTOR PRESENTATION – Bw Offshore – slide 21
    Achievements Key business targets already met Win one large FPSO contract in 2008 Secure USD 500 million order intake for technology Secure three installation campaigns for 2009 Profitable sale of Prosafe shares Refinance corporate…
  22. Q2 2008 INVESTOR PRESENTATION – Bw Offshore – slide 22
    1 September 2008 23

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