Earnings Presentation Third Quarter 2012 November 19, 2012 12:00 noon UK time
Delivered good Q3 2012 results Good results reflect: - Record vessel utilisation at 88% - High activity levels in North and Norwegian Seas; albeit mitigated by - execution of lower margin contracts awarded in previous years - High…
Backlog Backlog of 8.1billion: - high level of tendering creates opportunity for further growth - we remain focused on building quality backlog - nearly 1.3bn of announced new contracts so far in Q4 Backlog progression m…
Market overview No apparent impact from macro-economic uncertainty on client activity Strong momentum among clients to bring new reserves into production project delays are a feature, but we expect high level of bidding activity to…
Market overview Growth opportunities in all major markets, albeit at differing paces: APME - pricing conditions remain more challenging than in other territories - expect projects to come to market award in early 2013 Brazil -…
Income statement key highlights Ten Nine months Three months Ended months ended ended 30.Sep.12 30.Sep.11 30.Sep.12 30.Sep.11 In millions, unless indicated unaudited unaudited unaudited Unaudited Revenue 1,744 1,432 4,686 4,059…
Operational performance Q3 2012 847m 105m Revenue NOI 506m 52m (2)m Revenue NOI 338m 125m 1m Revenue NOI Revenue NOI 19-Nov- Page 8 12
Income statement other details Three Three months months ended ended 30.Sep.12 30.Sep.11 In millions Unaudited Unaudited Administrative expenses (98) (95) Share of results of associates and joint ventures 12 52 Net operating…
Cash flow and balance sheet overview YTD 2012 Cash generated from operating activities: 320m - increase in net operating assets: 381m Net cashflow used in investing activities: 145m - capital expenditure of 460m: Seven Borealis,…
2012 financial guidance We expect to deliver 2012 Adjusted EBITDA in-line with consensus expectations Other financial guidance - administrative expenses: circa 360m (excluding integration costs) - integration costs: circa 30m -…
Initial thoughts on 2013 We remain positive about medium and long term market prospects but we expect that the outlook in 2013 will be tempered by: delays in project awards in 2012, which has deferred execution of some projects post…
Initial thoughts on 2013 by territory NSC: levels of tendering remain high with improved pricing, however: some backlog acquired late in 2012, such that associated offshore activity will largely be in 2014 and beyond Q1 2012…
Fleet upgrade programme since Jan 2011 Seven Borealis will be operational on CLOV before year end Introducing our new Brazilian PLSV Seven Waves SURF Conventional Life-of-Field Divest / Release Renewables * Owned by SHL…
Summary Good quarterly results 2012 Adjusted EBITDA expected to be in-line with consensus Contract award momentum building in Q4, expectation of major contracts awarded to market in coming months Growth opportunities visible in…
Appendix 11-May-11 2-Nov-11 Page 16
Major project progression Continuing projects 100m between 5% and 95% complete as at 30 Sept 2012 excl. long-term ship charters and Life-of-Field day-rate contracts. * joint venture activity 19-Nov- Page 17 12
Backlog Backlog progression m Backlog by Award Date Backlog by Execution Date Backlog by Service Capability Backlog by Segment 2012 2011 19% SURF AFGoM 2010 42% 2014+ 75% NSC 35% 21% 34% 33%…
Segmental analysis For the three months ended 30 September 2012 Total continuing (in millions) AFGoM APME BRAZIL NSC CORP operations Revenue 505.7 51.9 337.7 847.4 0.9 1,743.6 Net operating income/(loss) from operations 125.1 (1.8)…
Adjusted EBITDA The Group calculates adjusted earnings before interest, income taxation, depreciation and amortisation (Adjusted EBITDA) as net income plus finance costs, other gains and losses, taxation, depreciation and amortisation…
Reconciliation of net operating income to Adjusted EBITDA Three Months Three Months Nine Months Ten Months Ended Ended Ended Ended 2012 2011 2012 2011 30 Sep 30 Sep 30 Sep 30 Sep For the period (in millions) Unaudited Unaudited…
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