Full Year 2012 results presentation, 14 February 2013 SBM Offshore 2012. All rights reserved. www.sbmoffshore.com
SBM 2012 in context 99% 44% Change in Top Management FPSO Uptime in Fleet REVENUE UP 17% 17 Units in production 7 493 people 3 CHALLENGES 0.06 LTIFR 9.95% additional equity 7 t ender s US 1.7 bln out st andi ng new…
Agenda - 2012 Review - 2012 Financials - Outlook SBM Offshore 2012. All rights reserved. www.sbmoffshore.com
2012 Review SBM Offshore 2012. All rights reserved. www.sbmoffshore.com
Key Figures FY 2012 YE 2011 YE 2012 (In millions of US) Turnover EBIT EBIT before impairments, 3,695 provisions and 3,157 divestments 51 550 516 -341 Net Income Order portfolio Total orders 16,910 8,552 14,538 -75…
FPSO market: 2012 SBM review Planned Change in prospects develop. plan Delayed in 2 SBM's scope 7 Cancelled 20 2 20 Delayed not in SBM's Actual scope awards 9 Small 4 4 FPSOs New build 2 2 FPSOs 1 FPSO in scope 1…
2012 HSSE results improving Frequency of recordable injuries* improved by 25% Environmental Performance: ISO 14001 Certification maintained for fleet and extended to include OHSAS certification for Health & Safety More than 40% of the…
FPSO Cidade de Ilhabela- Project in China 4 million exposure hours without Lost Time Injury February 2013 SBM Offshore 2012. All rights reserved. www.sbmoffshore.com 9
Core project activity on track 2007 2008 2009 2010 2011 2012 2013 2014 2015 POC FPSO Cidade de Anchieta (ol) MOPU Deep Panuke (l) FPSO Cidade de Paraty (fl) FPSO OSX2 (t) FPSO NGoma (Xikomba) (fl) Turret FLNG (t) Turret Quad 204 (t)…
Cidade de Paraty - Brazil February 2013 August 2012 SBM Offshore 2012. All rights reserved. www.sbmoffshore.com 11
Large turrets - niche player February 2013 August 2012 SBM Offshore 2012. All rights reserved. www.sbmoffshore.com 12
Strong fleet performance Uptime: 99% Offloads: 440 February 2013 August 2012 SBM Offshore 2012. All rights reserved. www.sbmoffshore.com 13
Yme update Balance of our expectation: platform to be decommissioned Write-down of full book value, December 2012, for US 398mln US 200mln provision for settlement costs Agreement still under discussion with Talisman In the absence…
Financing US 1.7 billion project financing secured at attractive levels despite difficult lending market US 200 million already achieved in the non core assets disposal programme, US 128 million additional equity Balance sheet…
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Compliance In April 2012, the Company announced it had initiated an internal investigation into potentially improper sales practices. This investigation is being carried out by outside counsel and forensic accountants. The Company…
2012 Financials SBM Offshore 2012. All rights reserved. www.sbmoffshore.com 18
Financial Overview 2012 P&L Total Group (in millions of US) FY 12 FY 11 Variance Comment Turnover 3,695 3,157 17% Increase driven by Systems following last years orders Gross Margin 124 (161) NM Underlying improvements driven by…
Financial Overview Full Year 2012 Lease and Operate (in millions of US) FY 12 FY 11 Variance Comment Turnover 932 867 8% Driven by Aseng (1st oil November 2011) offset by lower revenue of vessels in conversion (Xikomba & Espadarte)…
Financial Overview Full Year 2012 Turnkey Systems (in millions of US) FY 12 FY 11 Variance Comment Turnover 2,482 1,989 25% Increase driven by Cidade de Ilhabela, NGoma and OSX contributions Gross Margin 348 339 3% Lower GM% mainly…
Financial Overview Full Year 2012 Turnkey Services (in millions of US) FY 12 FY 11 Variance Comment Turnover 281 302 -7% Lower third-party revenues due to low 2012 order intake and DI disposal Gross Margin 74 90 -17% (% Margin)…
De-risking the business: measures already in place Project complexity, scale and duration require additional safeguards Gate reviews before margins recognised at a level of at least 25% More conservative stance towards contingency…
Financial Overview Full Year 2012 Balance Sheet Total Group (in millions of US) FY 12 FY 11 Variance Comment Capital Expenditure 1,235 1,414 -13% FPSOs under construction & Finance lease invest. Debt 2,531 2,123 19% Net…
New disclosure Under IFRS, Lease & Operate backlog understated by US 3bln Enhanced reporting: additional information to improve transparency Mix of Finance Leases and Operating Leases (OL) in SBMs portfolio Finance Leases accelerate…
OL view of total backlog US 16.5 bln Lease & Operate backlog: OL view vs IFRS OL view IFRS 83% Turnkey backlog: OL view vs IFRS OL view IFRS 17% Lease & Operate 2013 2014 2015 Turnkey SBM Offshore 2012. All rights…
Outlook SBM Offshore 2012. All rights reserved. www.sbmoffshore.com
FPSO market outlook Field developments with FPSOs over the next 3 years 57 FPSO projects to be awarded, SBM will bid around 20 to obtain its targeted share 2 4 2 1 2 5 3 10 1 7 4 Lease 6 Sale 1 9 Lease or Sale February…
R&D Maintain our technological edge Focus on 3 areas: FPSOs Topsides Moorings SBM Offshore 2012. All rights reserved. www.sbmoffshore.com 30
2013: areas of focus Closure of legacy projects Selective bidding policy Investment in technological edge Restoring pride SBM Offshore 2012. All rights reserved. www.sbmoffshore.com 31
Outlook 2013 Delivery of Deep Panuke, Cidade de Paraty and OSX2 No dividend Turnover of approximately of US 4 bln, of which respectively US 1bln in Lease & Operate US 3bln in Turnkey 8% increase over 2012 SBM Offshore 2012.…
Q&A Session SBM Offshore 2012. All rights reserved. www.sbmoffshore.com
Notes SBM Offshore 2012. All rights reserved. www.sbmoffshore.com 34
SBM Offshore 2012. All rights reserved. www.sbmoffshore.com 35
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