Modec, Inc. · TSE:6269

Modec — H1 2006 Earnings Presentation

29 slides from Modec's earnings presentation, Aug 18, 2006

  1. Slide 1: MODEC 2006 Half-Year Results

    MODEC & =HesehRACSH 2006 12 2006 8 18

  2. Slide 2: Agenda

    I. 2006 12 P. 3 II. P. 9 II. P/L P. 17 III. B/S C/F P. 22 IV. P. 26 V. 2006 12 P. 28 P. 2

  3. Slide 3: I. 2006 Interim Business Overview

    MODEC 1.2006 12 2006 P.

  4. Slide 4: Project progress: Shenzi TLP and Stybarrow FPSO

    2006 12 JVPC Rang Dong FSO BHPB Shenzi TLP GOM JVPC BHPB 9 + 1 5 2008 2008 3 2009 COSCO Shipyard Samsung Heavy Industries 350,000 bbl Storage; 60,000 bopd Inlet 100,000 bopd; 50 mmscfd Samsung COSCO BHPBP Stybarrow FPSO BHPBP 10 + 1 5 2008 1 Samsung Heavy Industries 900,000 bbl Storage; 80,000 bopd

  5. Slide 5: Amerada Hess Oveng TLP & Okume/Ebano TLP

    2006 12 Samsung Amerada Hess Oveng TLP & Okume/Ebano TLP Amerada Hess 2006 4 2006 12 25,000 bopd; 30 mmscfd Oveng TLP Okume/Ebano TLP P. 5

  6. Slide 6: KNOC Rong Doi FSO and Rang Dong FSO

    2006 12 KNOC Rong Doi FSO JVPC Rang Dong FSO 2006 3 2008 3 Yantai Raffles Shipyard COSCO Shipyard BHPB Shenzi TLP GOM 2008 Samsung Heavy Industries Petrobras PRA-1 FSO Yantai Samsung COSCO 2007 2 Jurong Jurong Shipyard Petrobras Espadarte Sul FPSO 2007 Jurong Shipyard BHPBP Stybarrow FPSO Amerada He

  7. Slide 7: NATCO (National Tank Company)

    2006 12 † ƒ FPSO † ƒ MODEC ƒ ƒ ƒ NATCO † NATCO (National Tank Company) ƒ NY (NATCO Group, Inc.) ƒ 1926 ƒ ƒ P. 7

  8. Slide 8: MODEC Servicos de Petroleo do Brasil award

    2006 12 2006 2006 4 MODEC Servicos de Petroleo do Brasil Ltda (MSPB ) "Company of the Year Award" (7th Re[ha]bilita Rio Award) P. 8

  9. Slide 9: 2006 FPSO/FSO market

    II. 2006 2006 FPSO/FSO CP SEMI 2006~2007 MODEC MODEC MODEC P. 9

  10. Slide 10: Project awards and competitors

    2006 2005 12 2006 2 Truong Son Song Doc FPSO Vietsovpetro Dragon FSO JVPC Rang Dong FSO BHPB Shenzi TLP MODEC, Inc. (Tokyo) MODEC Int’l LLC (Houston) Unocal Gendalo FPSO Shell BC10 FPSO Kerr-McGee/Norsk Hydro Chinook FPSO CNR Olowi FPSO ChevronTexaco Frade FPSO Shell Bonga SW/Aparo FPSO SBM P. 10

  11. Slide 11: FPSO/FSO contractors

    2006 FPSO/FSO MODEC (Japan/USA) Stybarrow FPSO Rang Dong FSO SBM (Netherlands/Monaco) Frade FPSO Bluewater (Netherlands) Ettrick FPSO Bergesen (Norway) Bilabri FPSO Saipem (Italy) Gimboa FPSO Nexen Ettrick FPSO (Bluewater) JVPC Rang Dong FSO (MODEC) Equator Exploration Bilabri FPSO (Bergesen) Chevro

  12. Slide 12: CP Semi: Central Pontoon Semisubmersible

    CP SEMI † CP Semi: Central Pontoon Semisubmersible ƒ Conceptual Work Started June 2003 CP Semi 28000 ƒ Developed Designs: Location Water depth(ft) Payload(st) GOM 7,500 28,000 GOM 6,500 12,000 GOM 4,300 8,500 CP Semi 12000 GOM 7,000 5,500 ƒ Approved by ABS ƒ Model Tested – wind tunnel, wave basin, t

  13. Slide 13: Bidding projects 2006-2007

    2006~2007 Truong Son Song Doc FPSO (Vietnam) Nexen Knottyhead TLP (GOM) Lease (Conversion) EPCI Woodside Tiof TLP (Mauritania) Vietsovpetro Dragon FSO (Vietnam) Amerada Hess Pony TLP (GOM) EPCI EPCI (New Built) EPCI CNR Olowi FPSO (Gabon) Lease (Conversion) MODEC, Inc. (Tokyo) MODEC Int’l LLC (Houst

  14. Slide 14: MODEC fleet in operation

    MODEC Petronas Carigali Ruby FPSO (O&M) Note) Ruby FPSO was built by Prosafe CLJOC Su Tu Den FPSO (T/C) / JVPC Rang Dong FSO (T/C) T/C O&M BBC KNOC Rong Doi FSO (T/C) Vietsovpetro White Tiger FSO PEARL Jasmine FPSO (T/C) JHN Lufeng FSO PTTEP Bongkot FSO Amoco Liuhua FPSO MEDCO/MOECO Langsa FPSO (T/C

  15. Slide 15: FPSO/FSO fleet 2008

    MODEC ƒ 7 1 ƒ FPSO/FSO 5 2008 12 1 Under construction T/C O&M PEARL Jasmine FPSO (T/C) CLJOC Su Tu Den FPSO (T/C) MODEC, Inc. (Tokyo) MODEC Int’l LLC (Houston) MEDCO/MOECO Langsa FPSO (T/C) JVPC Rang Dong FSO (T/C) KNOC Rong Doi FSO (T/C) PEMEX Cantarell FSO (T/C) Petrobras PRA-1 FSO (T/C) Santos Mu

  16. Slide 16: Contract periods by unit

    MODEC 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 JVPC Rang Dong FSO - BHPBP Stybarrow FPSO - Petrobras Espadarte Sul FPSO - Petrobras PRA-1 FSO - KNOC Rong Doi FSO - PEARL Jasmine FPSO 50% CNR Baobab FPSO 50% Santos Mutineer-Exeter FPSO 4

  17. Slide 17: II. P/L

    MODEC IH. P/L _17

  18. Slide 18: Revenue and profit results

    † 100,000 ƒ KNOC Rong Doi FSO 80,000 ƒ Petrobras Espadarte Sul FPSO 80,000 66,751 71,614 ƒ Petrobras PRA-1 FSO 60,000 51,891 50,886 ƒ BHPBP Stybarrow FPSO ƒ Amerada Hess Oveng TLP & 40,000 33,057 30,649 Okume/Ebano TLP 21,788 20,000 ƒ BHPB Shenzi TLP † 0 03/6 03/12 04/6 04/12 05/6 05/12 06/6 06/12 ƒ

  19. Slide 19: Results by project

    200,000 80,000 71,614 166,538 66,751 150,000 60,000 51,891 50,886 86,949 109,084 33,057 54,974 100,000 40,000 57,864 81,758 30,649 63,461 39,422 21,788 43,678 59,204 50,141 50,000 32,839 58,555 20,000 28,323 25,560 5,637 11,203 24,717 55,044 14,774 2,535 27,118 1,210 22,935 29,684 22,578 14,166 0 2,

  20. Slide 20: Results by FPSO project

    6,000 5,408 4,500 † 4,000 3,701 ƒ CLJOC Su Tu Den FPSO CNR Baobab FPSO 3,190 2,614 ƒ ƒ Santos Mutineer-Exeter FPSO 2,000 1,539 PEARL Jasmine FPSO 1,495 920 ƒ 0 03/6 03/12 04/6 04/12 05/6 05/12 06/6 06/12 05/6-06/6 2003/6 2004/6 2005/6 2006/6 2005/12 33,057 30,649 21,788 50,886 133.6% 71,614 4,224 12

  21. Slide 21: Results by project (continued)

    ( ) ( ) 4,000 3,213 3,100 3,000 2,230 04/6 04/12 05/6 05/12 06/6 2,029 2,000 895 1,355 407 1,211 1,093 1,500 14 31 1,175 1,473 502 1,005 1,068 1,000 814 881 1,324 768 262 590 2,132 2,575 1,806 2,313 2,904 0 03/6 03/12 04/6 04/12 05/6 05/12 06/6 06/12 05/6-06/6 2003/6 2004/6 2005/6 2006/6 2005/12 33,

  22. Slide 22: III. B/S and C/F

    MODEC Il. B/S) C/F CF P. 22

  23. Slide 23: Balance sheet: assets

    05/12-06/6 05/6 05/12 06/6 06/6 72,743 34,385 107,129 10,529 25,061 31,811 6,749 05/12 48,832 55,866 12,063 16,409 10,328 6,081 104,698 498 2,237 1,911 326 05/6 37,753 28,057 65,811 10,821 255 23,728 23,472 04/12 42,700 23,820 66,521 3,840 4,867 4,964 97 04/6 46,187 21,547 67,735 37,753 48,832 72,74

  24. Slide 24: Balance sheet: liabilities and equity

    05/12-06/6 05/6 05/12 06/6 6,447 18,889 23,302 4,412 06/6 67,317 39,811 107,129 16,335 27,960 27,190 769 05/12 65,047 39,650 104,698 1 2,784 3,107 3,005 101 05/6 39,653 26,157 65,811 5,353 6,473 6,730 257 04/12 42,842 23,678 66,521 30,921 56,431 60,230 3,798 7,023 6,478 5,213 1,265 04/6 48,950 18,78

  25. Slide 25: Cash flow

    CF 05/6-06/6 CF 04/6 05/6 06/6 14,489 615 2,614 1,539 1,074 6,207 06/6 1,140 268 497 332 165 31,811 778 323 471 1,202 730 3,742 05/6 1,221 404 4,693 7,058 2,365 10,529 1,946 333 281 615 5,503 9,374 2,911 4,264 4,806 9,070 04/6 3,892 13,885 753 849 690 158 20,000 0 20,000 40,000 4,907 2,829 14,530 11

  26. Slide 26: IV. Financial indicators

    IV. Amerada Hess Oveng TLP & Okume/Ebano TLP P. 26

  27. Slide 27: Financial indicators: EBITDA, ROE, ROA

    05/6-06/6 03/6 04/6 05/6 06/6 05/12 2,148 702 2,098 1,272 826 3,895 1,316 268 497 332 165 1,116 - 13 13 13 0 26 CFI 711 747 966 1,267 301 1,991 EBITDA 4,175 1,730 3,574 2,884 690 7,029 144 446 572 1,517 945 2,167 131 695 850 1,233 383 2,190 (MV10 ) - - - 476 476 1,216 EBITDA 4,450 2,871 4,996 6,110

  28. Slide 28: V. 2006 Topics: KNOC Rong Doi FSO Naming Ceremony

    V. 2006 12 KNOC Rong Doi FSO Naming Ceremony July 1, 2006 Yantai Raffles Shipyard, People’s Republic of China P. 28

  29. Slide 29: 2006 Forecast

    2006 12 100,000 80,000 71,614 75,000 66,751 56,540 51,891 50,000 54,974 44,738 57,864 39,422 † 25,000 11,449 14,166 13 8,176 9,148 0 ƒ 2002 2003 2004 2005 2006 2005 +2.6 † 2005 51.4 58 6,000 5,408 † 110 4,500 2005 118 07 3,893 3,701 4,000 3,190 3,213 3,100 2,029 2,230 2,000 1,690 0 2002 2003 2004 20

MODEC — H1 2006 Earnings Presentation on 6ix