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Earnings Presentation Q@ 2015 – Subsea 7 Sa

Subsea 7 Sa · Jul 29, 2015 · 43 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. Earnings Presentation Q@ 2015 – Subsea 7 Sa – slide 1
    Earnings Presentation Second Quarter 2015 29 July 2015 12:00 noon UK time
  2. Earnings Presentation Q@ 2015 – Subsea 7 Sa – slide 2
    Jean Cahuzac, CEO Page 3
  3. Earnings Presentation Q@ 2015 – Subsea 7 Sa – slide 3
    Q2 2015 highlights FINANCIAL OPERATIONAL ORDER IN-TAKE OUTLOOK Revenue Good execution Order backlog Challenging 1.4 billion contributed to 7.2 billion business driving strong environment 0.9 billion Adjusted financial results…
  4. Earnings Presentation Q@ 2015 – Subsea 7 Sa – slide 4
    Business Unit performance overview Northern Hemisphere Southern Hemisphere and Life of Field and Global Projects Significant progress on Significant progress on Erha Montrose, Aasta Hansteen and North, OFON 2, Lianzi and Martin…
  5. Earnings Presentation Q@ 2015 – Subsea 7 Sa – slide 5
    Q2 Backlog and order intake Backlog of 7.2 billion as at 30 June 2015, 0.9 billion order intake No material foreign exchange impact during the quarter Announced awards: Maria, offshore Norway; Seven Seas PLSV, offshore Brazil…
  6. Earnings Presentation Q@ 2015 – Subsea 7 Sa – slide 6
    2015 Business Unit outlook Northern Hemisphere and Life of Field North Sea continues to be significantly impacted by the low oil price, particularly offshore Norway Gulf of Mexico is active but highly competitive Life of Field…
  7. Earnings Presentation Q@ 2015 – Subsea 7 Sa – slide 7
    Ricardo Rosa, CFO Page 8
  8. Earnings Presentation Q@ 2015 – Subsea 7 Sa – slide 8
    Income statement key highlights In millions, unless otherwise indicated. Three months ended 30 June 15 30 June 14(1) Unaudited Unaudited Revenue 1,352 1,905 Net operating income (NOI) 169 351 Income before taxes 137 363 Taxation…
  9. Earnings Presentation Q@ 2015 – Subsea 7 Sa – slide 9
    Income statement Cost breakdown In millions. Three months ended 30 June 2015 Resizing Reported Underlying charge Operating expense (1,119) (84) (1,035) Administrative expense (79) (16) (63) Total (1,198) (100) (1,098) 100…
  10. Earnings Presentation Q@ 2015 – Subsea 7 Sa – slide 10
    Business Unit performance Northern Hemisphere and Life of Field Southern Hemisphere and Global Projects Q2 2015 Q2 2015 707m 642m 105m 131m Revenue NOI Revenue NOI Northern Hemisphere and Life of Field Southern Hemisphere…
  11. Earnings Presentation Q@ 2015 – Subsea 7 Sa – slide 11
    Summary of H1 2015 cash flow millions Cash and cash equivalents at 31 Dec 2014 573 Includes decrease in net operating Net cash generated from operating activities 219 liabilities of 195m Includes capital expenditure of Net cash flow…
  12. Earnings Presentation Q@ 2015 – Subsea 7 Sa – slide 12
    Capital expenditure for vessel new-build programme(1) vessels under construction at 6 5 4 0 year end 262 millions 557 544 Forecast 348 Actual spend 230 to date Upto 31 Dec 2013 2014 2015 E 2016 E (1)Comprises four…
  13. Earnings Presentation Q@ 2015 – Subsea 7 Sa – slide 13
    New-build vessels joining our fleet Pipelay support vessels (PLSVs) Diving Support Vessel (DSV) Heavy Construction Vessel contracted on 5 year term to Petrobras (HCV) Vessel name Delivery Vessel name Delivery Vessel name Delivery…
  14. Earnings Presentation Q@ 2015 – Subsea 7 Sa – slide 14
    Cost reduction programme on track 2,500 workforce reduction by early 2016 Annualised cost saving of around 400 million 100 million charge recognised in Q2 related to the resizing Forecast further charge of up to 40 million, mostly…
  15. Earnings Presentation Q@ 2015 – Subsea 7 Sa – slide 15
    Active fleet management plan 2014 2015 2016 Additions Seven Waves(1) Seven Rio(1) Seven Sun(1) Seven Cruzeiro(1) Seven Arctic Seven Kestrel Removals Owned stacked or Seven Osprey sold Seven Discovery Rockwater 1 Seven Polaris…
  16. Earnings Presentation Q@ 2015 – Subsea 7 Sa – slide 16
    Financial guidance for 2015 Group revenue expected to decrease significantly from record level in 2014 Adjusted EBITDA margin expected to decrease compared to 2014 Other net income related guidance: Administrative expenses: 280-300…
  17. Earnings Presentation Q@ 2015 – Subsea 7 Sa – slide 17
    Jean Cahuzac, CEO Page 18
  18. Earnings Presentation Q@ 2015 – Subsea 7 Sa – slide 18
    Lowering the cost of deepwater oil Early engagement Innovation Simplification Standardisation Page 19
  19. Earnings Presentation Q@ 2015 – Subsea 7 Sa – slide 19
    Increasing our reach through industry alliances Page 20
  20. Earnings Presentation Q@ 2015 – Subsea 7 Sa – slide 20
    Collaborate on the Concept, Pre-FEED and FEED Engineering to inject know-how and technology at the key early phases of a project Page 21 28-Jul-15 Page 21
  21. Earnings Presentation Q@ 2015 – Subsea 7 Sa – slide 21
    Improved return on investment through increased production, enhanced recovery and reduced cost The alliance between OneSubsea and Subsea 7 creates a single interface to optimise the project and accelerate first oil. o Subsurface…
  22. Earnings Presentation Q@ 2015 – Subsea 7 Sa – slide 22
    Subsea 7: Priorities for driving the business forward Work with clients and industry partners to reduce costs Reduce capacity medium-term Offer competitive solutions for new awards Insist on an acceptable project risk profile…
  23. Earnings Presentation Q@ 2015 – Subsea 7 Sa – slide 23
    Q&A Page 24
  24. Earnings Presentation Q@ 2015 – Subsea 7 Sa – slide 24
    Appendix Page 25
  25. Earnings Presentation Q@ 2015 – Subsea 7 Sa – slide 25
    Main projects in portfolio 2015-2016 Catcher, Premier Western Isles, Dana Martin Linge, Total Montrose, Talisman Aasta Hansteen, Statoil Laggan Tormore, Total Oseberg Delta, Statoil West Franklin 2, Total Knarr, BG USC & Pipelay,…
  26. Earnings Presentation Q@ 2015 – Subsea 7 Sa – slide 26
    Major project progression Continuing projects 100m between 5% and 95% complete as at 30 June 2015 excluding PLSV and Life of Field day-rate contracts Heidelberg (GOM) OFON 2 (Nigeria) Lianzi Surf (Angola) Lianzi Topside (Angola)…
  27. Earnings Presentation Q@ 2015 – Subsea 7 Sa – slide 27
    Income statement supplementary details In millions Three months ended 30 Jun 15 30 Jun 14 (1) Unaudited Unaudited Administrative expenses (79) (67) Share of net income of associates and joint ventures 14 27 Net operating income…
  28. Earnings Presentation Q@ 2015 – Subsea 7 Sa – slide 28
    Adjusted EBITDA Adjusted earnings before interest, taxation, depreciation and amortisation (Adjusted EBITDA) is a non-IFRS measure that represents net income before additional specific items that are considered to impact the comparison…
  29. Earnings Presentation Q@ 2015 – Subsea 7 Sa – slide 29
    Reconciliation of Adjusted EBITDA Net operating income to Adjusted EBITDA Three Months Ended Three Months Ended For the period (in millions) 30 Jun 2015 30 Jun 2014(1) Net operating income 168.8 350.8 Depreciation, amortisation and…
  30. Earnings Presentation Q@ 2015 – Subsea 7 Sa – slide 30
    Segmental analysis For the three months ended 30 June 2015 Northern Southern In millions (unaudited) Hemisphere and Hemisphere and Corporate TOTAL LOF GP Revenue 642.2 706.5 3.5 1,352.2 Net operating income 104.9 130.7 (66.8)…
  31. Earnings Presentation Q@ 2015 – Subsea 7 Sa – slide 31
    Summary balance sheet 30 Jun 31 Dec 30 Jun 31 Dec 2015 2014 2015 2014 In millions Unaudited Audited In millions Unaudited Audited Assets Equity & Liabilities Non-current assets Total equity 5,775 5,562 Goodwill 1,328 1,322…
  32. Earnings Presentation Q@ 2015 – Subsea 7 Sa – slide 32
    One of the worlds most versatile fleets Assets Onshore infrastructure of pipeline spoolbases, fabrication and operations support yards Page 33
  33. Earnings Presentation Q@ 2015 – Subsea 7 Sa – slide 33
    Rigid pipelay/heavy lift assets (1) (1) (1) (1) Owned and operated by a joint venture Page 34
  34. Earnings Presentation Q@ 2015 – Subsea 7 Sa – slide 34
    Diving support assets (1) (1) Formerly Seven Havila Page 35
  35. Earnings Presentation Q@ 2015 – Subsea 7 Sa – slide 35
    Construction/vertical flex-lay assets (1) (1) (2) (1) (1) Long-term charter (2) Long-term charter from a vessel-owning joint venture Page 36
  36. Earnings Presentation Q@ 2015 – Subsea 7 Sa – slide 36
    Construction/horizontal flex-lay assets (1) (2) (2) (1) Formerly Seven Sisters (2) Long-term charter Page 37
  37. Earnings Presentation Q@ 2015 – Subsea 7 Sa – slide 37
    Life of Field/Light Construction Vessels (1) (2) (2) (2) (3) (2) 2 (1) Long-term charter from a vessel-owning joint venture (2) Long-term charter (3) Call-out contract Page 38
  38. Earnings Presentation Q@ 2015 – Subsea 7 Sa – slide 38
    Other assets Jack-up vessel Trenching vessel (1) and over 175 ROVs (1) Long-term charter Page 39
  39. Earnings Presentation Q@ 2015 – Subsea 7 Sa – slide 39
    8 owned vessels to leave the active fleet by early 2016 Rigid pipelay/ heavy lift vessels Diving support vessels Jack-up vessel Life of Field/ Light Construction Vessel Page 40
  40. Earnings Presentation Q@ 2015 – Subsea 7 Sa – slide 40
    4 chartered vessels to leave the active fleet by early 2016 Construction/vertical flex-lay Vessels Life of Field/ Light Construction Vessels or Page 41
  41. Earnings Presentation Q@ 2015 – Subsea 7 Sa – slide 41
    Under construction Construction/vertical Flex-lay Vessels Delivery due Q1 2016 Delivery due Q4 2016 Delivery due Q4 2015 Delivery due Q2 2016 Diving Support Vessel Delivery due Q1 2016 Page 42
  42. Earnings Presentation Q@ 2015 – Subsea 7 Sa – slide 42
    Our operational facilities Page 43
  43. Earnings Presentation Q@ 2015 – Subsea 7 Sa – slide 43
    Page 44

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