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H1 2013 RESULTS – Sbm Offshore

Sbm Offshore · Aug 7, 2013 · 41 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. H1 2013 RESULTS – Sbm Offshore – slide 1
    H1 2013 Results Presentation- August 2013 SBM Offshore 2013. All rights reserved. www.sbmoffshore.com
  2. H1 2013 RESULTS – Sbm Offshore – slide 2
    H1 2013 in Context IR - 07/08/2013 Directional view is a non-IFRS disclosure, which corrects the non-cash effects on revenue and earnings introduced by IFRS finance lease accounting 3
  3. H1 2013 RESULTS – Sbm Offshore – slide 3
    Agenda H1 2013 Review Project Direction H1 2013 Financials Outlook IR - 07/08/2013 4
  4. H1 2013 RESULTS – Sbm Offshore – slide 4
    Key Figures (in millions of US) IR - 07/08/2013 *Restated for comparison purposes 5
  5. H1 2013 RESULTS – Sbm Offshore – slide 5
    H1 2013 HSSE Results Frequency of recordable injuries higher than 2012, lost time injury frequency mainly impacted by an isolated altercation in the yard in China Frequency of potentially severe incidents reduced by 40% compared…
  6. H1 2013 RESULTS – Sbm Offshore – slide 6
    FPSOs Cidade de Maric & Cidade de Saquarema Generation 3 FPSOs Topside: 22,000 T Accelerated award process Delivery end 2015 and early 2016 H1 2013 Award IR - 07/08/2013 July 2013 7
  7. H1 2013 RESULTS – Sbm Offshore – slide 7
    FPSO OSX 2 Turnkey sale On time, on budget 97% paid at July 31, 2013 Delivery H2 2013 IR - 07/08/2013 July 2013 8
  8. H1 2013 RESULTS – Sbm Offshore – slide 8
    FPSO Cidade de Paraty 20 year lease contract On time, on budget More than 65% local content FPSO built in 34 months In production H1 2013 IR - 07/08/2013 July 2013 9
  9. H1 2013 RESULTS – Sbm Offshore – slide 9
    FPSO Stones 10 year lease contract Optional extensions up to 10 years Worlds deepest disconnectable FPSO; 2,896 meters in GOM Delivery date H1 2016 H2 2013 Award IR - 07/08/2013 July 2013 10
  10. H1 2013 RESULTS – Sbm Offshore – slide 10
    MOPU Deep Panuke First well gas on platform Operations Authorization (Production) issued by CNSOPB Final stages commissioning and start-up In production H2 2013 IR - 07/08/2013 July 2013 11
  11. H1 2013 RESULTS – Sbm Offshore – slide 11
    Core Projects on Track (ol) operating lease (fl) finance lease (t) turnkey Legacy Project In Progress/On Schedule Completed/On Hire IR - 07/08/2013 12
  12. H1 2013 RESULTS – Sbm Offshore – slide 12
    Yme Resolution Termination of existing agreements and arbitration procedures Platform to be decommissioned by Talisman by 2016; transported and scrapped by SBM Offshore All relevant costs have been provided for in 2012 US470…
  13. H1 2013 RESULTS – Sbm Offshore – slide 13
    Recapitalisation 10% Rights Issue at 10.07 per share in April 2013 97.7% take-up by existing shareholders HAL at 13.5% shareholding following the Rights Issue and December 2012 Private Placement IR - 07/08/2013 14
  14. H1 2013 RESULTS – Sbm Offshore – slide 14
    FPSO Awards in Review IR - 07/08/2013 15
  15. H1 2013 RESULTS – Sbm Offshore – slide 15
    Oil Production Dynamics Breakeven costs (IRR10%) Deep and ultra-deep water breakeven costs are competitive Average SBM Generation 3 FPSO production costs are below US5/bbl Sources: IEA, CERA, Total, Goldman Sachs,…
  16. H1 2013 RESULTS – Sbm Offshore – slide 16
    Agenda H1 2013 Review Project Direction H1 2013 Financials Outlook IR - 07/08/2013 17
  17. H1 2013 RESULTS – Sbm Offshore – slide 17
    Project Direction - Context SBM Offshore seeking to provide analysts and investors with clarity on business performance above and beyond statutory IFRS disclosure SBM Offshores business model combines turnkey sales, construction…
  18. H1 2013 RESULTS – Sbm Offshore – slide 18
    Operating Lease vs Finance Lease IR - 07/08/2013 19
  19. H1 2013 RESULTS – Sbm Offshore – slide 19
    Operating Lease vs Finance Lease IR - 07/08/2013 20
  20. H1 2013 RESULTS – Sbm Offshore – slide 20
    Directional Philosophy Directional Reporting + IFRS Adjustment = IFRS IR - 07/08/2013 Directional view is a non-IFRS disclosure, which corrects the non-cash effects on revenue and earnings introduced by IFRS finance lease…
  21. H1 2013 RESULTS – Sbm Offshore – slide 21
    Directional - The Way Forward Turnkey segment becomes a pure construction business. Revenue and Gross Margin consist of: Direct sales contracts (FPSO OSX 2, Turrets for Prelude, Quad 204 and Ichthys) Sales to JV partners (FPSO Cdd…
  22. H1 2013 RESULTS – Sbm Offshore – slide 22
    Agenda H1 2013 Review Project Direction H1 2013 Financials Outlook IR - 07/08/2013 23
  23. H1 2013 RESULTS – Sbm Offshore – slide 23
    Financial Overview June 30, 2013 Turnkey P&L (in millions of US) *Restated for comparison purposes Directional Revenue up 29% reflecting high activity levels EBIT margin 15% vs 7% in H1 2012 (includes introduction POC…
  24. H1 2013 RESULTS – Sbm Offshore – slide 24
    Financial Overview June 30, 2013 Turnkey P&L (in millions of US) *Restated for comparison purposes Add back of non-cash deemed revenue and margin of SBM share in FPSO under finance lease IR - 07/08/2013 Directional…
  25. H1 2013 RESULTS – Sbm Offshore – slide 25
    Financial Overview June 30, 2013 Turnkey P&L (in millions of US) *Restated for comparison purposes Directional IFRS Revenue up 29% reflecting high activity Revenue up 43% reflecting high activity levels levels on FL…
  26. H1 2013 RESULTS – Sbm Offshore – slide 26
    Financial Overview June 30, 2013 Lease & Operate P&L (in millions of US) *Restated for comparison purposes Directional Revenue up 14%, mainly Anchieta EBIT affected by US300 mln charges (Yme, Deep Panuke) Underlying…
  27. H1 2013 RESULTS – Sbm Offshore – slide 27
    Financial Overview June 30, 2013 Lease & Operate P&L (in millions of US) *Restated for comparison purposes Non-cash adjustments mainly related to Aseng FL contract Downward revenue adjustment, compensating accelerated…
  28. H1 2013 RESULTS – Sbm Offshore – slide 28
    Financial Overview June 30, 2013 Lease & Operate P&L (in millions of US) *Restated for comparison purposes Directional IFRS Revenue up 14%, mainly Anchieta Revenue up 13%, mainly Anchieta EBIT affected by US300 mln…
  29. H1 2013 RESULTS – Sbm Offshore – slide 29
    Financial Overview June 30, 2013 Group P&L (in millions of US) *Restated for comparison purposes Directional revenue up 24% US270 mln charge for Yme settlement and US30 mln Deep Panuke charge Directional EBIT(excluding Yme…
  30. H1 2013 RESULTS – Sbm Offshore – slide 30
    Underlying Directional Performance in millions of US + 6% *Restated for comparison purposes IR - 07/08/2013 Directional view is a non-IFRS disclosure, which corrects the non-cash effects on revenue and earnings…
  31. H1 2013 RESULTS – Sbm Offshore – slide 31
    2013 Group Results Group Balance Sheet (in millions of US) *Restated for comparison purposes IR - 07/08/2013 32
  32. H1 2013 RESULTS – Sbm Offshore – slide 32
    2013 Group Results Group Ratios (in millions of US) *Restated for comparison purposes IR - 07/08/2013 33
  33. H1 2013 RESULTS – Sbm Offshore – slide 33
    Development of Group Cash Position Group Cash Flow (in millions of US) IR - 07/08/2013 34
  34. H1 2013 RESULTS – Sbm Offshore – slide 34
    FPSO NGoma Project Financing US600 mln project loan secured Maturity: 1 year pre completion / 7 years post completion fully amortised term loan Weighted Average Cost of Debt: 4.7% H2 2013 Financing Obtained IR - 07/08/2013…
  35. H1 2013 RESULTS – Sbm Offshore – slide 35
    Divestment Update Sale and lease back of Monaco real estate COOL hose technology sold SBM Installer being evaluated for sale IR - 07/08/2013 July 2013 36
  36. H1 2013 RESULTS – Sbm Offshore – slide 36
    Directional Backlog US22.4 bn Lease & Operate backlog: Directional vs IFRS 1.4 1.2 Directional 1.0 IFRS in US bn 0.8 0.6 0.4 0.2 0.0 US18.7 bn Turnkey backlog: Directional vs IFRS 3.0 Directional 2.5 IFRS 2.0…
  37. H1 2013 RESULTS – Sbm Offshore – slide 37
    Agenda H1 2013 Review Project Direction H1 2013 Financials Outlook IR - 07/08/2013 38
  38. H1 2013 RESULTS – Sbm Offshore – slide 38
    Technology - Focus Areas FPSO Complexity (Generation 3) Advanced Mooring Technology Process Intensification FLNG Turret IR - 07/08/2013 39
  39. H1 2013 RESULTS – Sbm Offshore – slide 39
    FPSO Market Outlook Field developments requiring FPSOs over the next 3 years More than 50 FPSO projects currently expected to be awarded SBM will focus on 20 projects to obtain its targeted share North America Other 1 Asia 3…
  40. H1 2013 RESULTS – Sbm Offshore – slide 40
    H2 2013 Outlook Continue strengthening Balance Sheet post Rights Issue No dividend over 2013 Sale of non-core assets ongoing Contracts executed for FPSO Cidade de Maric, FPSO Cidade de Saquarema and FPSO Stones Delivery of Deep…
  41. H1 2013 RESULTS – Sbm Offshore – slide 41
    Q&A Session SBM Offshore 2013. All rights reserved. www.sbmoffshore.com IR - 07/08/2013 42

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