SBM OFFSHORE N.V. ANALYST PRESENTATION Tony Mace (CEO) and Mark Miles (CFO) HALF-YEAR 2011 RESULTS
Content Half-Year 2011 Review Half-Year 2011 Financials Outlook page 3
Half-Year 2011 Review page 4
Key Figures Half Year 2011 (In millions of US) Turnover EBITDA EBIT 1,461 360 236 1,378 293 146 - 214 H1 2010 H1 2011 H1 2010 H1 2011 H1 2010 H1 2011 Net profit New orders Order portfolio 199 12,405 2,350 2,279 10,908…
Highlights Contracts awarded and supply phase started for OSX2 FPSO and for Shells Prelude FLNG and BPs Quad204 Turrets FPSO Cidade de Paraty for the Lula Nordeste field in Brazil Twenty-year lease and operate contract signed US 1…
Yme - MOPUstor - Talisman Norway Dispute on sums due upon sail away from Abu Dhabi Dispute on costs related to changed installation method Dispute on reimbursable basis in Norway New reimbursable agreement under which Talisman…
Deep Panuke - MOPU Encana - Canada Dispute on change orders and disruption claim Court case in Nova Scotia Increase of amount of work to complete in Canada Departure Abu Dhabi to suit transport vessel availability and installation…
Major Lease Projects in Execution Singapore 15 years lease and operate contract Departure from Singapore to Equatorial Guinea is forecasted in Q3 First oil expected before year-end 2011 Noble Energy FPSO Aseng Singapore…
Major Lease Projects in Execution Singapore Relocation: 18 years lease and operate contract Disconnected in April 2011 First oil planned in Second Half of 2012 Petrobras FPSO Espadarte 2nd relocation contract for Petrobras…
Major Supply Projects in Execution Singapore Turnkey supply contract OSX new client in Brazil Engineering and procurement started Singapore refurbishment and conversion OSX Brasil FPSO OSX2 Australia Turnkey contract…
Major Supply Projects in Execution TBA Turnkey supply contract Up to 15 years agreement First FLNG project 12 months FEED completed Shell - Turret FLNG- Prelude - Australia TBA Turnkey supply contract FEED completed…
Major Projects in Execution Abu Dhabi Canada Delba - Drilling Rig Encana - Deep Panuke Norway Woodside - FPSO Okha Talisman - Yme page 14
Remaining Duration of Lease Contracts Firm order portfolio on long term contracts with robust clients page 15
Underlying Performance Turnover increased by 6% for the first half of 2011 EBITDA increased by 23% for the first half of 2011 Net profit of US 199 million, more than doubled compared to last year Order intake increased by 3% for the…
Financial Overview First Half 2011 P&L Total Group (in millions of US) 30/06/11 30/06/10 Change Comment Turnover 1,461 1,378 6% 62% Turnkey Systems, 31% Lease & Operate, 7% Turnkey Services Gross Margin (128) 220 N/M Impairment…
Financial Overview First Half 2011 Turnkey Systems (in millions of US) 30/06/11 30/06/10 Change Comment Turnover 896 862 4% Noble Aseng FPSO, Petrobras Cidade de Paraty FPSO Gross Margin 165 90 83% Good results from recent projects…
Financial Overview First Half 2011 Turnkey Services (in millions of US) 30/06/11 30/06/10 Change Comment Turnover 114 134 (15%) Slow start to the year Gross Margin 24 33 (27%) Low occupancy of installation (%) (21.0%) (24.9%) vessels…
Financial Overview First Half 2011 Lease and Operate (in millions of US) 30/06/11 30/06/10 Change Comment Turnover 456 392 16% FPSO P-57 first oil in December 2010; Brazilian bonuses (particularly Capixaba, not earned in H1 2010)…
Financial Overview First Half 2011 Ratios Total Group (in millions of US) 30/06/11 31/12/10 Change Comment Capital Expenditure 431 519 (12m) 52% Yme, Deep Panuke and Baleia 283 (6m) Azul projects Debt 2,294 1,815 26% Increased…
Financing capacity Net gearing increased, but within acceptable level Solvency ratio well above bank covenant level Principal parameter is Net Debt: EBITDA ratio Older project loans - use unadjusted EBITDA Revolving Credit Facility…
Order Portfolio (in billions of US) 2012 2013 1.6 2.2 2.0 Turnkey Systems Turnkey Services Lease & Operate Total 2011 1.0 0.2 0.4 1.6 2012 1.1 0.1 1.0 2.2 2013 1.1 - 0.9 2.0 Beyond 2013 0.3 - 6.3 6.6 Total 3.5 0.3 8.6…
Half-Year 2011 Review Half-Year 2011 Financials Outlook page 25
Short Term Prospects Ghana UK Russia FPSO FPSO - Fram FPU (Gas) - Shtokman Tullow Oil Shell Gazprom Brazil Nigeria FPSO - Peregrino II Statoil DW CALM - Egina Total FLNG - Tupi Petrobras Indonesia FPSO - Siri FLNG - Masela…
Financial Outlook 2011 Turnover around 5% above 2010; fully secured from current backlog EBIT margin in Turnkey Systems solidly in 10% - 15% range; including impact from finance leases EBIT margin in Turnkey Services within 15% - 20%…
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