SBM OFFSHORE N.V. ANALYST PRESENTATION Tony Mace (CEO) and Mark Miles (CFO) FULL-YEAR 2010 RESULTS
Content 2010 Review 2010 Financials Outlook page 3
Content 2010 Review page 4
Key Figures Full Year 2010 (In millions of US) Turnover EBIT Net Profit 3,056 362.4 276 2,957 293.4 230 FY 2009 FY 2010 FY 2009 FY 2010 FY 2009 FY 2010 New Orders Order Portfolio Dividend (in US) 4,532 11,502 0.71 3,740…
Developments 2010 Letter of Intent for a twenty year contract for FPSO Cidade de Paraty for the Lula Nordeste field in Brazil One year extensions for FPSO Kuito, FPSO Serpentina operations, FSO Unity operations and FPSO Xikomba…
Major Projects Delivered in 2010 Brazil Korea QGP - Drilling Rig no. 1 BP Skarv turret Delba - Drilling Rig no. 2 Brazil FPSO P-57 Brazil FPSO Capixaba page 7
Major Projects in Execution Singapore Woodside - FPSO Okha Noble Energy - Aseng Petrobras Petrobras - Baleia Azul FPSO Cidade de Paraty (Lula NE) Abu Dhabi Encana - Deep Panuke Delba - Drilling Rig Norway T.B.A. Hess…
SBM Offshore Lease Fleet Norway Equatorial Guinea MOPUstor / YME FPSO / Aseng Canada Asia MOPU / Deep Panuke FSO / Yetagun FPSO / Kikeh USA Semi-Sub / Thunder Hawk Congo FSO / Nkossa II Angola FPSO / Mondo Brazil FPSO / Saxi…
Remaining Duration of Lease Contracts Firm order portfolio on long term contracts with robust clients page 10
Content 2010 Financials page 11
Financial Overview Full Year 2010 Income Statement Total Group (in millions of US) 31/12/10 31/12/09 Change Comment % Turnover 3,056 2,957 3.4 65% Turnkey Systems, 26% Lease & Operate, 9% Turnkey Services Gross Margin 511 452 13.1…
Financial Overview Full Year 2010 Turnkey Systems (in millions of US) 31/12/10 31/12/09 Change Comment % Turnover 1,985 1,924 3.2 Finance leases US 681 million plus mainly Okha, P-57 & 3 rigs Gross Margin 270 187 44.4 Improved…
Financial Overview Full Year 2010 Turnkey Services (in millions of US) 31/12/10 31/12/09 Change Comment % Turnover 339 262 29.4 Evenly split Offshore Contracting vs. Mooring supply & services; 20% intersegment Gross Margin 75 70…
Financial Overview Full Year 2010 Lease and Operate (in millions of US) 31/12/10 31/12/09 Change Comment % Turnover 800 816 (1.9) Falcon & Oguzhan leases ended in 2009; First full year of Thunder Hawk in 2010 Gross Margin 166 195…
Financial Overview Full Year 2010 Ratios Total Group (in millions of US) 31/12/10 31/12/09 Change Comment % Capital Expenditure 519 656 (20.9) Excludes finance leases Debt 1,814 1,611 12.6 New US 750 million RCF, FPSO Aseng project…
Order Portfolio Backlog Full Year 2010 (in billions of US) 2011 2012 2013 2.7 1.3 1.2 Turnkey systems Turnkey Services Lease & Operate Total 2011 1.6 0.2 0.9 2.7 2012 0.4 - 0.9 1.3 2013 0.3 - 0.9 1.2 Beyond 2013 - - 6.3 6.3…
Content Outlook page 18
General Outlook Oil price ensures economic viability of oil field developments High bidding activity with good prospects for the Companys products Recovery in the number of awards in the FPSO sector FLNG prospects development…
Prospects by Region 1 3 1 2 1 2 2 2 8 5 3 7 6 1 5 2 Lease Sale Lease or Sale PHA page 20
Strategic Objectives Expand the Lease & Operate fleet Selective approach to Turnkey Systems sales Strong growth foreseen in Turnkey Services with planned investment in new vessel Maintain market leadership position for converted…
Financial Outlook 2011 Turnover to be in the same range as 2010; 90% secured from current backlog EBIT margin in Turnkey Systems in upper half of 5% - 10% range; excluding expected significant impact from finance leases EBIT margin…
SBM OFFSHORE N.V. ANALYST PRESENTATION Tony Mace (CEO) and Mark Miles (CFO) FULL-YEAR 2010 RESULTS Q & A
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