Key events Q2 2009 EBITDA of USD 31.8 million BW Cidade de So Vicente approved and received first oil Operational performance 99.2% BW Pioneer conversion on track Selective bidding 1 September 2009 3
Q2 2009 FLOATING PRODUCTION 1 September, 2009 4
Operations Production uptime Production uptime Q2 2009: 99.2% 100.0 99.0 98.0 BW Cidade de So Vicente 97.0 96.0 Started operations 95.0 94.0 YUM KAKNAB 93.0 92.0 Planned technical upgrade 91.0 90.0 successfully completed…
BW Cidade de So Vicente Commenced operation 30th of April First FPSO on Tupi field 10 year contract with Petrobras (15 years including option) Extended well testing Production well closed in June to replace subsea equipment No…
BW Pioneer Conversion progress on track 82% per 31 July 2009 Last module delivered and lifted on board primo August Commissioning started in June Installation of buoy in US GoM completed 27th August FPSO ready for operation in Q1…
FPSO fleet overview 2007 2010 2015 2020 2025 Sendje Berge Nigeria: Addax 2011 (2013) Berge Helene Mauritania: Petronas 2013 (2021) Yum KakNab Mexico: Pemex 2022 (2025) BW Cidade de So Vicente Brazil: Petrobras 2019 (2024) BW…
Project execution on track 2007 2008 2009 2010 2011 Production systems Maari (STP) Nexus I (STP) Montara (STP) Chinook Cascade (STP) Peregrino (STP) Tupi (ETP) Terminal systems H2263 (LNG 5) H2270 (LNGRV 6) H2271 (LNGRV 7)…
Capacity adjustments initiated Staff reduction in line with expected demand going forward Long term outlook is positive Order inflow expected to pick up from end of 2009 Several named prospects being worked Backlog per 30 June…
Q2 2009 FINANCE 1 September, 2009 12
Floating Production Improved operations BW Cidade de So Vicente commence operation YUM KAKNAB expenses higher on completion of technical upgrade Operating expenses have gradually been reduced Settlement with underwriters for Berge…
Technology and Installation Services High activity level due to execution of order book Ongoing projects are progressing according to schedule Increased working capital as several large projects are close to completion Operating…
Income statement USD million Q2 09 Q1 09 Q2 08 2008 Operating revenue 114.9 99.3 124.8 474.3 Operating expenses -85.1 -70.8 -124.7 -433.8 Share of profit from associates 2.0 -39.2 -7.9 -45.7 Impairment charge of associates 0.0 0.0 -84.7…
Balance sheet Equity ratio 39.7% (43.3% adjusted for CIRR financing*) Net interest bearing debt USD 827.3 million USD million 30.06.09 31.03.09 31.12.08 Total non-current assets 2,019.0 1,943.4 1,962.7 Total current assets 305.4…
Financial outlook Cash at 30 June 2009 USD 43.7 million 1500 1250 Remaining capex is USD 170 million 1000 BW Offshore will receive additional cash 750 payments of USD 150 million from clients 500 Major variation orders and…
Q2 2009 OUTLOOK 1 September, 2009 18
FPSO contracts to pick up from Q4 2009 Most oil companies have cut E&P spending and projections 2009e: -8%, 2010e: -1% Several projects have been on hold 1 year without any FPSO award Expect market to start to move shortly NOC…
Profitable projects and low risk Floating Production: Invited to most tenders Costs are coming down Target good return FPSO projects Will not agree to undue contractual risk Capitalise on solid experience and track record…
Summary Timely deliveries Cost and execution control Operational stability World leading technology basis Funded for growth 1 September 2009 21
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