Subsea 7 S.A. · OSL:SUBC
Subsea 7 — Q1 2007 Earnings Presentation
12 slides from Subsea 7's earnings presentation, Oct 27, 2007
Slide 1: Subsea 7 Inc. Earnings Presentation, Quarter Ended 31 March 2007
Subsea Partner Of Choice Subsea 7 Inc. Earnings Presentation Quarter Ended 31 March 2007 11/08/26 1
Slide 2: Financial Highlights
Subsea Partner Of Choice Financial Highlights Three months ended 31/03/2007 31/03/2006 In USD millions Unaudited Unaudited Revenue 475.9 398.8 Adjusted EBITDA 62.5 60.4 Net operating profit 45.6 44.9 Profit before tax 45.9 50.5 Net profit attributable to equity shareholders 32.4 33.6 Earnings per sh
Slide 3: Operational Performance by Region: North Sea and Africa
Subsea Partner Of Choice Operational Performance by Region North Sea Africa Quarter Ended 31 March Quarter Ended 31 March 200 160 163 140 118 136 150 120 100 87 80 $M 100 $M 60 40 23 50 26 23 20 (2) 0 0 -20 Revenue Profit Before Tax Revenue Profit Before Tax 2007 2006 2007 2006 • High level of activ
Slide 4: Operational Performance by Region: Brazil and Gulf of Mexico
Subsea Partner Of Choice Operational Performance by Region Brazil Gulf of Mexico Quarter Ended 31 March Quarter Ended 31 March 128 40 37 140 32 120 30 100 77 80 $M $M 20 60 8 40 10 6 20 3 1 0 0 Revenue Profit Before Tax Revenue Profit Before Tax 2007 2006 2007 2006 • First pipelay phase of PDEG proj
Slide 5: Operational Performance by Region: Asia Pacific
Subsea Partner Of Choice Operational Performance by Region Asia Pacific Quarter Ended 31 March 70 58 60 50 40 33 $M 30 20 15 10 2 0 Revenue Profit Before Tax 2007 2006 • First offshore phase of the Murphy Kikeh project successfully completed • Offshore phases of the BHP Stybarrow and TUI development
Slide 6: Backlog at Q1 2006 & Q1 2007
Subsea Partner Of Choice Backlog at Q1 2006 & Q1 2007 By Region By Contract Type $3,809 M $3,809 M 600 113 130 806 2,266 $1,445 M $1,445 M 167 100 87 2,160 526 483 1,543 919 608 31 March 2006 31 March 2007 31 March 2006 31 March 2007 North Sea Brazil GoM AP Africa Lum p Sum Day Rate 11/08/26 6
Slide 7: Backlog at 31 March 2007 by Year of Execution
Subsea Partner Of Choice Backlog at 31 March 2007 by Year of Execution Year of Execution $3,809 M 378 486 2,266 1,035 890 576 367 1,543 77 31 March 2007 2007 2008 2009 2010 - 2014 Lum p Sum Day Rate 11/08/26 7
Slide 8: Cash Flows
Subsea Partner Of Choice Cash Flows Year to date 31/03/2007 31/03/2006 (Amounts in USD 1,000) Unaudited Unaudited Net profit 32,396 33,568 Non-cash income statement items 32,865 29,882 Changes in working capital 5,265 (56,596) Cash generated from operations 70,526 6,854 Purchase of property, plant a
Slide 9: Balance Sheet
Subsea Partner Of Choice Balance Sheet At 31/03/2007 At 31/03/2006 At 31/12/2006 (Amounts in USD 1,000) Unaudited Unaudited Audited Assets Non-current assets 756,737 444,319 683,158 Cash and short term deposits 84,358 65,766 86,585 Other current assets 606,211 455,879 502,472 Current assets 690,569
Slide 10: Shareholders' Equity
Subsea Partner Of Choice Shareholders’ Equity Year to date 31/03/2007 31/03/2006 (Amounts in USD 1,000) Unaudited Unaudited Shareholders' equity at start of period 531,936 288,678 Share issues 165 23,495 Result for the period 32,396 33,568 Share based payment 444 164 Currency translation differences
Slide 11: Adjusted EBITDA
Subsea Partner Of Choice Adjusted EBITDA Reconciliation of net profit attributable to equity shareholders to Adjusted EBITDA Three months ended 31/03/2007 31/03/2006 (Amounts in USD 1,000 except percentages) Unaudited Unaudited Net profit attributable to equity shareholders 32,396 33,568 Adjustments
Slide 12: Summary
Subsea Partner Of Choice Summary • Activity levels high in the quarter • Project delays experienced in the fourth quarter 2006 now overcome • Good operational performance in all regions in the quarter • New build vessel deliveries remain on schedule • Market outlook remains strong 11/08/26 12