Agenda 1 Highlights 2 Financial Review 3 Operational Review and Strategy 4 Summary and Outlook 5 Appendices www.lamprell.com 2
Highlights Jim Moffat, CEO Shelf 1 - Hamriyah
1H2015: stable performance in downturn 1H Highlights Strong project execution Net profit* World class safety performance 20.3m High levels of activity in the yards Net Cash Healthy revenue coverage 316.3m Bid Pipeline Strong…
Financial Review Tony Wright, CFO Petrofac UZ750 5 www.lamprell.com
1H 2015 financial highlights Performance in line with expectations More normalised performance in 1H following an exceptional year in 2014 Strong weighting towards 2H due to phasing in construction cycles Revenue at 351.4m…
Steady financial performance Return to more normalised levels after an exceptional year in 2014 Return to more normalised performance after an exceptional year Impact from construction phasing with several projects in early stages…
Strong cash position maintained Well positioned to face challenging markets Strong net cash position due to inflows, mainly from completed projects Cash position to trend downwards in 2H as projects progress Most of the Project…
Strong balance sheet maintained Solid platform for growth Improved collection with trade and other receivables down to 329.5m (YE2014: 398.7m) Increase in shareholder equity due to higher retained earnings Significant headroom to…
Summary Sustained financial performance amid market downturn Solid financial performance in 2015 after an exceptional year in 2014 Demonstrates underlying health of the business Operational performance remains the main driver…
Operational Review and Strategy Jim Moffat, CEO High level of activity in Hamriyah 11 www.lamprell.com
High levels of activity Busy yards and intense marketing efforts Three major orders delivered on time and on budget to Order book (m) Jindal, Greatship and NDC As at end 1H 2015 Petrofac modules progressing 42.2 10.8 Further…
Strong bid pipeline in challenging markets Pipeline maintained at 5.2bn at end 1H2015 Oil & gas industry downturn continuing Bid pipeline (m) As at end 1H 2015 Industry impact remains unclear: Significant project delays and 97 130…
Strategy to withstand the downturn Refining and adapting the strategy Strategy being refined: To ensure the earlier developed strategy is appropriate in the current environment Aimed at enabling the business to face the challenges…
Strengthening competitive position Project Evolution : delivering efficiencies and productivity improvements Completed: Work in progress: Semi-automatic welding Blasting and painting process 3D robotic beam cutting line Sharjah layout…
Summary and Outlook On track to deliver in challenging market Financial performance in line with expectations: Driven by strong operational performance Follows a year of exceptional performance Heavy weighting to 2H due to…
Appendices 17 ENSCO 140 www.lamprell.com
Driving forward with our Strategy www.lamprell.com 18
Solid base: world-class safety record Strong foundation for remaining competitive 0.74 0.67 2013 0.63 0.55 Total DAFWC & Recordable Incidents Incident Frequency Rates 2014 0.48 0.44 0.42 0.39 0.35 0.33 0.32 0.31 0.33…
Financial summary Consistent performance H1 2015 H1 2014 m m Revenue* 351.4 632.3 Gross profit* 40.8 85.8 Gross margin % 11.6% 13.6% Operating profit * 26.9 53.4 Finance costs - net** (7.1) (7.9) Share of profit of equity…
Revenue split by business segment Revenue dominated by jackups Slow year for offshore construction Refurbishment slow-down 1H2015 m 1H2014 m 32.2 39.2 23.7 17.7 New Build Rigs 61.9 19.9 Rig Refurbishment 36.7 351.4…
Current project summary Project Type 2014 1H 2015 2H 2015 1H 2016 2H 2016 1H 2017 NDC 9 Le Tourneau S116E NDC 7 Le Tourneau S116E NDC 8 Le Tourneau S116E Petrofac UZ750 Process modules Ensco 1 Le Tourneau S116E Ensco 2…
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