Sevan Marine ASA Results Fourth Quarter 2014 Oslo, 25 February 2015 Carl Lieungh, CEO Reese McNeel, CFO
Sevan Marine Debt free - cash in excess of USD 27 million Large unutilized tax losses - in excess of NOK 3.5 billion Asset light and technology heavy - no vessel ownership Strong partners - Teekay and Technip Multiple…
Highlights Floating Production Other Applications Investments Fourth Quarter Highlights Financials Outlook Page 4
Q4 Highlights EBITDA (USD Million) Floating Production: Q4 2014 FY 2014 High workload for Goliat, Western Isles and Logitel Number of studies for FSO, FPSO and Drilling Final Western Isles fixed license payment in Q4 Variable…
After balance sheet date Kanfa AS awared USD 50 million EPC LOA for FPSO Yinson Production in Q1 Arendal Spirit successfully delivered in Q1 2015 with USD 10 million payment expected in August 2015 Several prospects postponed or…
Highlights Floating Production Other Applications Investments Floating Production (FPSO, FSO, FLNG) Financials Outlook Page 7
Sevans core technology FPSO FSO FLNG Page 8
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 Under transportation to…
Sevan FPSOs: Main prospects Continuing work on several studies and tenders for upcoming FPSO prospects, like the potential FPSOs for the Bream (Vette) and Penguin fields Several prospects have been postponed or delayed in 2015 due…
Sevan FSOs: Main prospects Continuing work on several studies and tenders for FSO prospects, like the potential FSOs for the Bentley and Culzean fields Some of these prospects have also met challenges due to the low oil price and…
Sevan FPSOs: Future FPSO opportunities SEVAN FDPSO SEVAN SCR FPSO FWPSO Concept study Concept developed for a Study proposal completed on a Sevan non-disconnectable prepared to explore FDPSO deepwater FPSO the possibility of…
Sevan FLNG and Offloading concepts Sevan FLNG Unit The concept has been developed on a generic basis as far as we want at this stage. Further development will be in connection with a concrete project Several oil companies and…
Highlights Floating Production Other Applications Investments Other Applications with Partners Financials (Drilling, Accommodation) 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 Accommodation Units Three Accommodation Units One delivered and two under construction Six FAU Options with the Cosco Shipyard one exercised The FAU Arendal Spirit was delivered in February 2015…
Logitel agreement structure FAU 1 10 MUSD loan repayment due August 2015* 8 10 MUSD variable compensation (license and interest)** 3 4 MUSD engineering and site support revenue*** FAU 2 & 3 2 x 10 MUSD loan repayment* 10 12 MUSD…
Highlights Floating Production Other Applications Investments Investments (KANFA, KANFA Aragon) Financials Outlook Page 18
KANFA 60 employees 49% 51% A process technology company focusing on process equipment packages and modules as well as studies and FEEDs together with Technip 100% 54.3% Traditional process equipment packages and modules include:…
LOA for EPC Contract FPSO Yinson Production Estimated duration of 15 months with a contract value of approximately USD 50 million The FPSO Yinson Production will be deployed at the recently sanctioned Offshore Cape Three Points Block…
KANFA Aragon 30 employees 50% A process technology company focusing on FLNG as well as traditional gas processing 50% Patented FLNG liquefaction process based on an optimized dual nitrogen expander cycle Traditional gas…
Highlights Floating Production Other Applications Investments Financials Financials Outlook Page 22
Q4 Net Result USD 17.0 million in non-cash charges during 2014 Net Result (USD Million) quarter Write down of Kanfa Goodwill of USD 5.9 million Write down of deferred tax asset of USD 8.0 million NOK 3.5 billion in tax losses…
Q4 Cash Flow USD 3.4 million decline in cash in Q4 2014 Cash Flow (USD Million) Negative working capital movement, largely Kanfa Foreign exchange effect USD (13.9) million decline in cash during 2014 Negative results of topside…
Q4 2014 Profit & Loss statement Unaudited figures in USD million Q4 14 Q3 14 Q4 13 Comment Q4 vs Q3 Reduced revenue in Sevan from Dana license expiry offset by increase in Operating revenue 25,2 25,2 31,2 Kanfa revenue Kanfa AS…
Highlights Floating Production Other Applications Investments Outlook Financials Outlook Page 27
Outlook The FPSO/FSO market Despite the current low oil price environment and consequently delayed project sanctions, we remain positive with regards the FPSO/FSO market segment Increased focus on cost effective solutions should be an…
Outlook The Topside Process Systems market The co-operation with Technip with regards to KANFA is expected to open a larger market in terms of project size and geographic reach The recent award of 4 process modules for the FPSO Yinson…
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