Earnings Presentation First Quarter 2014 30 April 2014 12:00 noon UK time
Forward-looking statements Certain statements made in this announcement may include forward-looking statements. These statements may be identified by the use of words like anticipate, believe, could, estimate, expect, forecast, intend,…
Q1 2014 summary HIGHLIGHTS FINANCIAL OPERATIONAL ORDER IN-TAKE Improved Revenue Global vessel Strong order financial result increased 14% utilisation of 79%, backlog at 11.6 from prior year from prior year up from prior year billion…
Quality backlog - good spread by geography and contract mix Backlog progression ( billions) 11.8 11.8 11.6 10.2 10.4 9.1 8.7 8.3 8.1 Q1'12 Q2'12 Q3'12 Q4'12 Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Backlog by Award Date Backlog by…
Income statement key highlights Three months ended 31 Mar 14 31 Mar 13 In millions, unless otherwise indicated Revenue 1,668 1,467 Net operating income (NOI) 166 154 Income before taxes 173 158 Taxation (36) (26) Net income…
Territory performance Q1 2014 AFGOM Brazil 669m 231m 77m 19m Revenue NOI Revenue NOI APME NSC 558m 205m 73m 11m Revenue NOI Revenue NOI Note: excludes contribution from Corporate segment Page 6
Income statement supplementary details Three months ended In millions 31 Mar 14 31 Mar 13 Administrative expenses (81) (76) Share of net income of associates and joint ventures 16 16 Net operating income 166 154 Finance costs…
Overview of Q1 2014 cash flow millions Cash and cash equivalents at 31 Dec 2013 650 Includes decrease in net operating Net cash generated from operating activities 257 assets of 70m Includes capital expenditure of 288m Net cash flow…
Summary balance sheet 31 Mar 31 Dec 31 Mar 31 Dec In millions 2014 2013 In millions 2014 2013 Assets Equity & Liabilities Non-current assets Total equity 6,728 6,612 Goodwill 2,609 2,585 Non-current liabilities Property, plant and…
2014 financial guidance No change to previously communicated guidance (repeated below), other than lower expected effective tax rate Group revenue expected to increase from 2013 level Adjusted EBITDA expected to increase moderately from…
Capital expenditure for on-going vessel new-build programme1 millions 161 Total = 1.9 billion (E) 600 557 410 190 Up to 31 Dec 2013 2014 E 2015 E 2016 E Forecast Actual spend to date Note: 1 Includes four PLSVs being…
Fleet investments to meet growth objectives: Vessels under construction Ship Vessel Type Rationale Operational Seven Waves Under 5-year contract with 2nd Quarter 2014 Petrobras Pipelay Support Vessel (PLSV) Seven Sun Under 5-year…
Market overview Tendering activity is high; however, the timing of some large contract awards remains uncertain SURF: strong tendering activity in the North Sea, Africa, Gulf of Mexico and Asia Life-of-Field: strong demand,…
2014 outlook AFGOM Africa SURF: high tendering activity in West and East Africa; timing of large project market awards remains uncertain Conventional: lack of short-term visibility on timing of IOCs activity growth in Nigeria Gulf…
2014 outlook Brazil Guar-Lula NE project: good operational progress thus far in 2014 All four buoys to be fully installed by end of Q2 Riser installation and other offshore operations to be completed by late Q4 The Seven Waves…
2014 outlook NSC SURF: High level of tendering activity; timing of large project market awards remains somewhat uncertain Our technology remains a key differentiator: strong interest from operators for our Bundle solution…
Addressing our clients needs Helping to reduce the cost of our clients projects Early engagement to define optimal technical and cost-effective options Technology-driven solutions Focus on fit-for-purpose engineering without…
Summary Good start to 2014, with increased revenue, Adjusted EBITDA, net income and EPS in Q1 compared to the prior year first quarter Strong order backlog of 11.6 billion at end of first quarter Brazil turnaround on track,…
Appendix Page 19
Major project progression Continuing projects 100m between 5% and 95% complete as at 31 March 2014 excl. PLSVs and Life-of-Field day-rate contracts Line 60 (Mexico) CLOV (Angola) West Franklin (UK) Laggan Tormore UK) G1-GS15…
Segmental analysis For the three months ended 31 March 2014 In millions AFGOM APME BRAZIL NSC CORP TOTAL Revenue 669 205 231 558 5 1,668 Net operating income/(loss) from ops 77 11 19 73 (14) 166 Finance income 4 Other gains and losses 8…
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…
Reconciliation of Adjusted EBITDA Net operating income to Adjusted EBITDA Three Months Ended Three Months Ended For the period (in millions) 31 Mar 2014 31 Mar 2013 Net operating income 166 154 Depreciation, amortisation and…
Gorgon heavy lift and umbilicals - Australia Located 130km off the northwest coast of Western Australia The Gorgon project is one of the world's largest natural gas projects Heaviest and deepest subsea lifts in the history of…
CLOV Block 17 - Angola Technology-rich SURF project High local content with Sonamet fabrication facility Successful deployment of the Seven Borealis to install 40km of pipe-in-pipe production, 60km of water injection, 32km of gas…
Aasta Hansteen gas field - Norway Technology-rich SURF project 1,200m water depth, deepest in North Sea 300km off northern Norway, harsh environment First SCRs (x4) in the Norwegian Sea, manufactured at Vigra spoolbase First…
Rigid pipelay/heavy lift assets 1 1 1 1 Owned and operated by a joint venture Page 28
Diving Support Vessels 1 1 Formerly Seven Havila Page 29
Construction/vertical flex-lay assets 1 1 2 1 1 Long-term charter 2 Long-term charter from a vessel-owning joint venture Page 30
Construction/horizontal flex-lay assets 1 2 2 1 Formerly the Seven Sisters 2 Long-term charter Page 31
Life-of-Field/Light Construction Vessels 1 2 2 2 3 2 1 Long-term charter from a vessel-owning joint venture 2 Long-term charter 3 Call-out contract Page 32
Other assets Jack-up vessel Trenching vessel 1 and over 175 ROVs 1 Long-term charter Page 33
Under construction Construction/Vertical Flex-lay Vessels Diving Support Vessel Page 34
Vessel Divestments from 2011 to the end of Q1 2014 Rigid Pipelay / Construction: Jun 2011 Sep 2011 Jan 2013 DSV: Construction / Horizontal Flex-lay: Jan 2013 Aug 2013 LOF / Light Construction: Aug 2011 Feb 2013 Page…
Terminated Long Term Vessel Charters from 2011 to the end of Q1 2014 DSV: May 2011 LOF / Light Construction: Dec 2012 Jan 2014 Jan 2014 Mar 2014 Page 36
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