Sevan Marine ASA Results First Half 2015 Oslo, August 19, 2015 Carl Lieungh, CEO Reese McNeel, CFO Page 1
Sevan Marine Investment Highlights Debt free - cash of USD 30 million Large unutilized tax losses - in excess of NOK 3.5 billion Asset light and technology heavy - no vessel ownership, license fee and engineering revenue model…
Highlights Floating Production Other Applications Investments Second Quarter Highlights Financials Outlook Page 4
Q2 2015 Highlights EBITDA (USD Million) Q2 2014 Q1 2015 Q2 2015 Floating Production: 2,0 1,7 Headcount and other cost reduction implemented 1,2 1,0 Decline in revenue (lower activity) only partially 0,0 Q2 Q1 Q2 compensated…
Investigation Arises out of allegations and most recently criminal charges in Brazil against former Sevan Marine employee and agent Mr. Raul Schmidt Felippe Junior in the Brazilian authorities investigation into corrupt activities…
Strategic Review Process Pareto Securities has, as previously announced, been retained as advisor to the Company in order to look into a broad range of strategic alternatives, with the objective to take Sevan to the level in terms of…
Growing global fleet of cylindrical floaters 12 Sevan units currently in operation or under construction 5 Floating Production Units (FPSOs) Piranema Spirit Hummingbird Spirit Voyageur Spirit Goliat Western Isles 4 Drilling…
Highlights Floating Production Other Applications Investments Floating Production (FPSO, FSO, FLNG) Financials Outlook Page 9
Sevan FPSOs: Ongoing projects Goliat Western Isles Field operator: ENI Field operator: Dana Petroleum Location: Sub-arctic Barents Sea Location: North Sea, UK Hull size: Sevan 1000 Hull size: Sevan 400 The Goliat FPSO has now…
FPSO and FSO market and prospects Sevan is well positioned in the current market with a technology that can deliver substantial cost savings versus alternatives During the second quarter we have been working on several studies and…
Sevan FLNG concept Sevan FLNG Sevan is providing a cost efficient offshore FLNG solution No turret and swivel Membrane or SPB cargo containment system Capacity for many risers Being considered by several major oil companies for…
Sevan FPSOs: Future FPSO opportunities SEVAN SCR FPSO SEVAN FWPSO SEVAN FDPSO Bridge linked FSO/FPSO Concept for a non-disconnectable Concept for Floating Workover Production Concept for Floating Drilling, Production and Concept…
Highlights Floating Production Other Applications Investments Other Applications Financials (Drilling, Logitel) Outlook Page 14
Proven technology: Sevan designed drilling units Sevan Driller Sevan Brasil Sevan Louisiana Sevan Developer Field operator: Petrobras Field operator: Petrobras Field operator: LLOG Design: Sevan 650 Field: Pre-salt Brazil Field:…
Proven technology: Sevan designed Logitel Units Three Units One delivered and two under construction Six Options with the Cosco Shipyard one exercised, one has expired, 4 remaining The Arendal Spirit was delivered in February 2015…
Highlights Floating Production Other Applications Investments Investments (KANFA, KANFA Aragon) Financials Outlook Page 17
KANFA A process technology company focusing on delivering on an EPC basis process equipment 49% 51% packages and modules as well as studies and FEEDs together with Technip Traditional process equipment packages and 100% 54.3%…
KANFA Aragon 50% A process technology company focusing on FLNG as well as traditional gas processing packages, also on an EPC basis Patented FLNG liquefaction process based on an optimized 50% dual nitrogen expander cycle Poor…
Highlights Floating Production Other Applications Investments Financials Financials Outlook Page 20
Q2 2015 Net Result 2014 and Q2 2015 Net Result (USD Million) USD 37m non-cash impairment of Logitel Offshore 5,0 convertible loan and accrued interest in Q2 2015 0,0 Q2 Q3 Q4 Q1 Q2 -5,0 Topside and Process segment performance…
Q2 2015 Cash Flow Positive cash flow quarter, driven by changes in working 2014 and Q2 2015 Cash Flow (USD Million) capital, including first OCTP down payment 7,5 USD 30.3 million in cash at end Q2 2015 Majority of cash (USD 28.6…
Q2 2015 Profit & Loss statement Unaudited figures in USD million Q2 15 Q1 15 Q2 14 Comment Lower activity in Floating Production (USD 2.4m). Improved Topside and Process workload from OCTP project (USD 2.7m). Greater inter-company…
Q2 2015 Balance Sheet Unaudited figures in USD million 30.06.2015 31.03.2015 30.06.2014 Comment Intangible assets 7 7 13 Goodwill related to Topside and Process segment Deferred income tax assets - - 8 Loan 15 50 60 Long term portion…
Highlights Floating Production Other Applications Investments Outlook Financials Outlook Page 25
Logitel Offshore update Variable USDm Fixed paym ent Total Status Arendal Spirit delivered in February and on charter in Q2 2015 paym ent* Delivered Q115 USD 10m fixed payment received in August 2015 Arendal Spirit 10 8 18 Delivered…
Outlook The FPSO/FSO market Increased focus on cost effective solutions should be an advantage for Sevan Workload on current projects (Goliat and Western Isles) and studies declining, with utilization still high in part due to…
Outlook The Topside Process Systems market OCTP project progressing well Chemical injection package LOI for Johan Sverdrup field Improved workload in Kanfa Aragon Further cost reduction measures cannot be ruled out Cost Reduction…
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