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Q1 2008 EARNINGS CALL – Bw Offshore

Bw Offshore · May 16, 2008 · 17 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. Q1 2008 EARNINGS CALL – Bw Offshore – slide 1
    BW Offshore Q1 2008 presentation 16 May 2008
  2. Q1 2008 EARNINGS CALL – Bw Offshore – slide 2
    Highlights EBITDA amounted to USD 15.8 million Result negatively affected by non-cash financial items Awarded LoI from Petrobras for BW Peace Awarded LoI from StatoilHydro for BW Carmen Turret and swivel contract for Maersk…
  3. Q1 2008 EARNINGS CALL – Bw Offshore – slide 3
    Income statement USD million Q1 08 Q4 07 Q1 07 2007 Operating revenues 108.3 116.8 97.8 662.6 Operating expenses 101.7 102.7 89.3 557.7 Profit from associates 9.2 4.7 1.0 17.7 EBITDA 15.8 18.8 9.5 122.6 EBIT1 6.3 6.7 4.0…
  4. Q1 2008 EARNINGS CALL – Bw Offshore – slide 4
    Balance sheet USD million 31.03.08 31.03.07 31.12.07 Total non-current assets 2,745.4 1,563.7 2,708.6 Total current assets 315.2 694.9 288.0 Total assets 3,060.6 2,258.6 2,996.6 Total equity 1,477.5 1,392.5 1,511.1 Total…
  5. Q1 2008 EARNINGS CALL – Bw Offshore – slide 5
    Cash flow USD million Q1 08 Q4 07 Q1 07 2007 Operating activities 27.9 15.2 -393.7 179.3 Investing activities -80.9 -206.6 -21.3 -815.6 Financing activities 73.8 129.5 500.0 634.8 Net change in cash 20.8 -61.9 85.0 -1.5…
  6. Q1 2008 EARNINGS CALL – Bw Offshore – slide 6
    Key financial figures Q1 08 Q4 07 Q1 07 2007 Equity ratio 48.3% 50.4% 63.5% 50.4% ROE -4.2% -1.7% 1.9% 5.0% ROCE -1.5% 0.7% 5.7% 7.5% NIBD (USDm) 968.7 934.4 532.4 934.4 EPS (USD) -0.08 -0.04 0.11 0.12 Number of shares (m)…
  7. Q1 2008 EARNINGS CALL – Bw Offshore – slide 7
    Floating production High uptime and solid performance on all FPSOs in operation except for YUM KAKNAB Negative effect on results from YUM KAKNAB Production capacity with limited redundancy returned in April Full capacity to be…
  8. Q1 2008 EARNINGS CALL – Bw Offshore – slide 8
    FPSO All units on contracts 2006 2010 2015 2020 2025 Belokamenka (FSO) Russia: Rosneft Sendje Berge Nigeria: Addax Berge Helene Mauritania: Woodside/Petronas Berge Okoloba Toru Nigeria: Global Yum KakNab Mexico: Pemex BW Pioneer…
  9. Q1 2008 EARNINGS CALL – Bw Offshore – slide 9
    BW Pioneer for Petrobras on track Vessel delivered in January Currently at yard for marine upgrades Vessel to arrive at Keppel in July for FPSO conversion Project on schedule and in line with expectations Start up in Q1 2010…
  10. Q1 2008 EARNINGS CALL – Bw Offshore – slide 10
    BW Peace obtains attractive contract First production unit on Petrobras giant Tupi field Fast track delivery with start up first half of 2009 10 year firm period and 5 years option period Will undergo some upgrades and…
  11. Q1 2008 EARNINGS CALL – Bw Offshore – slide 11
    BW Carmen secures employment LoI with StatoilHydro for the Bressey field on the UK sector To operate as Anti Pollution Testing Vessel (APTV) Start up in August 2008 The FPSO is available for new opportunities by end 2008 Several…
  12. Q1 2008 EARNINGS CALL – Bw Offshore – slide 12
    World wide FPSO prospects Chuck Devon US GoM Tupi Pilot BMG Petrobras Anzon Brazil Australia Papa Terra TSB Petrobras Kangean Brazil Indonesia CM/Caravela Block A Petrobras Chevron/CNPA Brazil Cambodia Espadarte 3 HSD/HST…
  13. Q1 2008 EARNINGS CALL – Bw Offshore – slide 13
    Technology and Installation Successful completion of the mooring installation campaign for the Aker FPSO and subsea equipment in India Delays of the Maari/Montara and Wenchang/Xijiang FPSOs resulting in higher costs Completed hook…
  14. Q1 2008 EARNINGS CALL – Bw Offshore – slide 14
    Robust order backlog Robust order backlog and high bidding activity April 2008: USD 430 million Promising outlook for installation contracts Targeting three campaigns in 2009 From contract award to delivery Installation,…
  15. Q1 2008 EARNINGS CALL – Bw Offshore – slide 15
    Status FLNG Detailed feasibility study with NOC sponsor Concept developed with international partners DNV has confirmed no show-stoppers Selected Mustang Engineering as topside partner Attractive economics with good returns to all…
  16. Q1 2008 EARNINGS CALL – Bw Offshore – slide 16
    Positioned for further growth Focus on organic growth Target to win one large FPSO contract in 2008 Target to secure USD 500 million order intake for technology Target to secure three installation campaigns for 2009 Prosafe AGM…
  17. Q1 2008 EARNINGS CALL – Bw Offshore – slide 17
    16 May 2008 18

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