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Q4 2006 RESULTS – Bw Offshore

Bw Offshore · Feb 27, 2007 · 30 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. Q4 2006 RESULTS – Bw Offshore – slide 1
    BW Offshore Limited Results Q4 2006 27 February 2007
  2. Q4 2006 RESULTS – Bw Offshore – slide 2
    Q4 2006 Financials
  3. Q4 2006 RESULTS – Bw Offshore – slide 3
    Income Statement MUSD Q4 06 Q4 05 2006 2005 Revenues 125.2* 12.5 450.8** 51.1 Operating expenses -113.0* -13.0 -407.3** -36.3 EBITDA 12.2 -0.5 43.5 14.7 EBIT 6.7 -3.8 17.0 6.3 Net financial items -1.1 -1.4 -5.6 -0.6 Profit before…
  4. Q4 2006 RESULTS – Bw Offshore – slide 4
    Balance sheet MUSD 31.12.06 30.09.06 31.12.05 Total non-current assets 440.6* 429.3 434.5 Total current assets 438.4* 411.4 52.3 TOTAL ASSETS 879.0 840.7 486.8 Total equity 383.4 383.4 -85.5 Total non-current liabilities 432.2 400.5…
  5. Q4 2006 RESULTS – Bw Offshore – slide 5
    Net cashflow MUSD Q4 06 Q4 05 2006 2005 Operating activities 5.7 24.6 -4.8 45.0 Investing activities -112.4 -151.1 -371.5 -242.2 Financing activities 28.1 130.6 377.6 201.5 Net change in cash* -78.6 4.1 1.3 4.3 Cash* at beginning…
  6. Q4 2006 RESULTS – Bw Offshore – slide 6
    Key financial figures Q4 06 Q4 05 2006 2005 Equity ratio 43.6% -17.6% 43.6% -17.6% ROE 0.9% 8.7% 1.2% -38.7% ROCE* 2.4% -16.1% 10.4% 33.6% NIBD (MUSD) 383.6 471.6 383.6 471.6 EPS (USD) 0.02 -5.30 0.02 2.41 Number of shares (K)…
  7. Q4 2006 RESULTS – Bw Offshore – slide 7
    Q4 2006 BW Offshore Limited
  8. Q4 2006 RESULTS – Bw Offshore – slide 8
    BW Offshore in brief Build own operate 6 FPSOs, 1 Arctic FSO, 3 conversion hulls Strong global position 650 employees Solid track-record - 11 projects delivered Solid project execution capabilities OSE listed since May…
  9. Q4 2006 RESULTS – Bw Offshore – slide 9
    A leading player 18 16 14 5 12 10 8 3 2 3 1 6 1 11 3 1 1 4 1 7 6 1 1 2 4 5 4 4 1 2 3 2 1 0 1 1 Aker FP SDRL / Fred.O lsen Petrojarl Maersk SBM Modec BWO ProSafe Sevan Teekay Bluewater FRO…
  10. Q4 2006 RESULTS – Bw Offshore – slide 10
    Strong track record Belokamenka 2004 Berge Hugin 1999 Russia UK Berge Okoloba Toru 2005 Nigeria Navion Munin 1997 Berge Helene 2006 China BW Enterprise 2007 Mauritania Berge Helene 2004 Mexico Sendje Ceiba 2002 Qatar…
  11. Q4 2006 RESULTS – Bw Offshore – slide 11
    Global presence Berge Helene Belokamenka Norway Latvia BW Nisa Yum KakNab Bermuda India Philippines Mexico BW Pioneer Sendje Berge Nigeria Malaysia Singapore BW LPG FPSO I Berge Okoloba Toru BW Carmen BW…
  12. Q4 2006 RESULTS – Bw Offshore – slide 12
    Strong contracted cash flow 2006 2010 2015 2020 2025 Belokamenka Sendje Berge Berge Helene Berge Okoloba Toru Yum KakNab BW Nisa BW Endeavour Confirmed Period Option Period 27 February 2007 13
  13. Q4 2006 RESULTS – Bw Offshore – slide 13
    YUM KAKNAB - first FPSO in GoM On schedule - left yard January 2007 On budget 600,000 B/D Oil Handling 200,000 B/D Oil Processing 2,500,000 bbls storage capacity Mooring by disconnectable turret Large and complex conversion with…
  14. Q4 2006 RESULTS – Bw Offshore – slide 14
    BWO/Prosafe background and value BW Offshore holds a 5.3% block of shares in Prosafe and a free option to acquire another 17.3%, putting BW Offshore in control of the largest block of Prosafe shares (22.6%). The rationale for this:…
  15. Q4 2006 RESULTS – Bw Offshore – slide 15
    Q4 2006 The FPSO market
  16. Q4 2006 RESULTS – Bw Offshore – slide 16
    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…
  17. Q4 2006 RESULTS – Bw Offshore – slide 17
    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…
  18. Q4 2006 RESULTS – Bw Offshore – slide 18
    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…
  19. Q4 2006 RESULTS – Bw Offshore – slide 19
    FPSO fleet to reach 200 units by 2010 20 Year Development of the Worldwide FPSO fleet (no. units as of end year) 180 165 160 140 120 108 116 of FPSOs 100 100 90 83 80 70 76 67 60 53 46 40 28 31 36 20 21 24 20 11 13…
  20. Q4 2006 RESULTS – Bw Offshore – slide 20
    US GoM growth opportunity Yum KakNab experience Disconnectable turret technology First FPSO in GoM Leading technology On schedule and budget Proven BW Offshore will be in pole position to take upcoming contracts in US GoM 27…
  21. Q4 2006 RESULTS – Bw Offshore – slide 21
    Brazil - Petrobras Worlds largest FPSO client E&P investments 2007 2011 USD 45 billion Petrobras seeking additional partners for large projects Leverage on Pemex position Bid and project teams established 27 February 2007 22
  22. Q4 2006 RESULTS – Bw Offshore – slide 22
    Unique gas FPSO expertise Strong drivers for gas FPSO Limited competition Unique experience Petronas/MISC JV - strategic cooperation since 2005 Joint venture to ensure national contractor status 183 gas fields discovered (22…
  23. Q4 2006 RESULTS – Bw Offshore – slide 23
    Q4 2006 BWO and APL to join forces
  24. Q4 2006 RESULTS – Bw Offshore – slide 24
    Combining forces to ride the next wave BW Offshore and APL are joining forces to capture a larger share of a significantly growing market Combining and maintaining two strong brand names BW Offshore is a leading FPSO provider APL…
  25. Q4 2006 RESULTS – Bw Offshore – slide 25
    Compatible cultures with a shared vision Combination supported by management teams and Boards of Directors Conquering new frontiers whilst maintaining independence in the market place Full utilisation of human resources…
  26. Q4 2006 RESULTS – Bw Offshore – slide 26
    Taking advantage of industry trends Strong growth in number of oil companies developing offshore fields National Independents Market characterized by Smaller fields Technically challenging developments Limited financial…
  27. Q4 2006 RESULTS – Bw Offshore – slide 27
    The growth opportunity Oil Production Exploration Development Production Value Chain Oil Service Seismic Drilling E&C Installation Oilfield FP Sub Sectors services systems The growth opportunity for the combined company…
  28. Q4 2006 RESULTS – Bw Offshore – slide 28
    Global presence Murmansk Norway Scotland Latvia France BW Nisa USA Bermuda China India Philippines Mexico Nigeria Malaysia Malaysia Singapore Brazil APL Markets APL Offices BWO Offices BWO Units Recruitment…
  29. Q4 2006 RESULTS – Bw Offshore – slide 29
    BWO and APL the road ahead To become the preferred partner in cost efficient offshore development Taking pole position in the floating production market Active consolidator Creating shareholder value Winning more and larger…
  30. Q4 2006 RESULTS – Bw Offshore – slide 30
    27 February 2007 31

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