Earnings Presentation Second Quarter 2014 31 July 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,…
Strong second quarter both operationally and financially FINANCIAL OPERATIONAL NEW BUILDS Revenue increased 13% Good overall project The Seven Waves built from prior year second execution within cost estimates; quarter started…
Backlog and order in-take Backlog ended Q2 at 11.2 billion, consistent with previous guidance Order intake in Q2: 1.6 billion, which included contracts below 50m value and escalations on existing contracts New awards announced:…
Income statement key highlights Three months ended 30 Jun 14 30 Jun 13 In millions, unless otherwise indicated Revenue 1,905 1,681 Net operating income (NOI) 350 41 Income before taxes 362 20 Taxation (98) (33) Net…
Territory performance Q2 2014 AFGOM Brazil 661m 265m 85m 57m Revenue NOI Revenue NOI APME NSC 732m 243m 156m 22m Revenue NOI Revenue NOI Note: excludes contribution from Corporate segment Page 6
Income statement supplementary details Three months ended In millions 30 Jun 14 30 Jun 13 Administrative expenses (67) (66) Share of net income of associates and joint ventures 27 62 Net operating income 350 41 Net finance…
Overview of 1H 2014 cash flow millions Cash and cash equivalents at 31 Dec 2013 650 Includes decrease in net operating Net cash generated from operating activities 716 assets of 151m Includes capital expenditure of 428m Net cash…
Summary balance sheet 30 Jun 31 Dec 30 Jun 31 Dec In millions 2014 2013 In millions 2014 2013 Assets Equity & Liabilities Non-current assets Total equity 6,843 6,612 Goodwill 2,649 2,585 Non-current liabilities Property, plant and…
Full year 2014 financial guidance No change to previously communicated guidance for the year Group revenue expected to increase from 2013 level Adjusted EBITDA expected to increase moderately from that achieved in 2013 after adding…
Capital expenditure for on-going vessel new-build programme1 millions Total = 2.0 billion (E) 267 640 557 300 210 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 (commenced operations (PLSV) mid…
Market overview SURF: Uncertainty on timing of SURF project awards remains a feature of the market as IOCs continue to focus on capex discipline Life-of-Field: Demand for Life-of-Field remains strong, particularly in the UK sector of…
Market outlook Africa SURF: Tendering in West and East Africa remains high but timing of market awards remains uncertain One large project in Egypt, which had been cancelled by the operator in 2013, may be awarded to market late…
Market outlook APME SURF: Emerging deep-water prospects in Asia with potential market awards for large projects in Indonesia and India Market award of large SURF projects unlikely near-term in Australia as local development costs…
Market outlook Brazil Territory financial turn-around on track Good operational progress on the Guar-Lula NE project since the beginning of the year; all four buoys fully commissioned and completion of riser installation expected by…
Market outlook North Sea and Canada SURF: Good level of tendering activity in the UK Statoil expected to postpone capex projects in Norway until 2015 Our technology remains a key differentiator Strong interest from operators for our…
Addressing clients needs in a capex-constrained environment Our approach: Engage early with our clients to design cost-effective solutions Focus on fit-for-purpose engineering without compromising risk profile Our engineering…
Summary A strong quarter both operationally and financially 24% Adjusted EBITDA margin Good overall project execution and significant progress on the Guar- Lula project in Brazil High Group vessel utilisation at 91% High order…
Appendix Page 20
Major project progression Continuing projects 100m between 5% and 95% complete as at 30 June 2014 excl. PLSVs and Life-of-Field day-rate contracts CLOV (Angola) Delta S2 (Norway) G1-GS15 (India) Laggan Tormore (UK) Knarr (Norway)…
Segmental analysis For the three months ended 30 June 2014 In millions AFGOM APME BRAZIL NSC CORP TOTAL Revenue 661 243 265 732 4 1,905 Net operating income from ops 85 22 57 156 30 350 Finance income 9 Other gains and losses 10 Finance…
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) 30 Jun 2014 30 Jun 2013 Net operating income 350 41 Depreciation, amortisation and mobilisation…
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 30
Diving Support Vessels 1 1 Formerly Seven Havila Page 31
Construction/vertical flex-lay assets 1 1 2 1 1 Long-term charter 2 Long-term charter from a vessel-owning joint venture Page 32
Construction/horizontal flex-lay assets 1 2 2 1 Formerly the Seven Sisters 2 Long-term charter Page 33
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 34
Other assets Jack-up vessel Trenching vessel 1 and over 175 ROVs 1 Long-term charter Page 35
Under construction Construction/vertical Flex-lay Vessels Diving Support Vessel Page 36
Vessel Divestments from 2011 to the end of Q2 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 Q2 2014 DSV: May 2011 LOF / Light Construction: Dec 2012 Jan 2014 Jan 2014 Mar 2014 Page 38
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