Slide 1: Half-Year Results 2007 Analysts Presentation
HALF-YEAR RESULTS 2007 ANALYSTS PRESENTATION AUGUST 29, 2007 1
Slide 2: Company Structure
COMPANY STRUCTURE SBM Offshore NV All of the following companies are 100% owned by SBM Offshore NV SCHIEDAM HOUSTON Gusto BV SBM Atlantia Inc Marine Structure GustoMSC Inc Consultants (MSC) BV MONACO KUALA LUMPUR Single Buoy Moorings Inc SBM Malaysia Sdn Bhd 2
Slide 3: Highlights First Half 2007
HIGHLIGHTS FIRST HALF 2007 • Half-Year Results: Net profit US$ 139 million; Full-Year Outlook: Net profit around US$ 265 million • Delivery of the Mono-Column TLP for BHP for Neptune field in Gulf of Mexico • Completion of the Flash Gas Compression Barges for AGIP KCO for Kashagan field in Kazakhsta
Slide 4: Highlights First Half 2007 - BHP SeaStar TLP Neptune
HIGHLIGHTS FIRST HALF 2007 BHP - SeaStar® TLP - Neptune - Installed 4
Slide 5: Highlights First Half 2007 - AGIP KCO Kashagan
HIGHLIGHTS FIRST HALF 2007 AGIP KCO - Kashagan Three Compression Barges - Completed 5
Slide 6: Highlights First Half 2007 - FPSO Kikeh
HIGHLIGHTS FIRST HALF 2007 Murphy - FPSO Kikeh - Installed 6
Slide 7: Highlights First Half 2007 - Gravity Actuated Pipe
HIGHLIGHTS FIRST HALF 2007 Murphy - Gravity Actuated Pipe (GAP) - Kikeh - Installed 7
Slide 8: Highlights First Half 2007 - P-53 Turret
HIGHLIGHTS FIRST HALF 2007 Internal Turret for the P-53 FPSO of Petrobras - Completed 8
Slide 9: New Orders First Half 2007
NEW ORDERS FIRST HALF 2007 • Contract with Talisman for a 5 year lease of a MOPUstor for the re- development of the YME field in Norway • Contract with TPOT for the design and supply of an external Turret for an FSO for operation in the Su Tu Vang field in Vietnam • Contract with Delba Perforadora I
Slide 10: New Orders - Lease
NEW ORDERS FIRST HALF 2007 Lease Five year lease contract with Talisman for a MOPUstor oil production and storage facility for the Yme field offshore Norway 10
Slide 11: New Orders - Turnkey Supply
NEW ORDERS FIRST HALF 2007 Turnkey Supply Dynamically Positioned Semi-Submersible Drilling Unit for: Delba Perforadora Internacional 11
Slide 12: Remaining Durations of Lease Contracts
REMAINING DURATIONS OF LEASE CONTRACTS 12
Slide 13: Turnkey Supply
TURNKEY SUPPLY Backlog and Completed Major Orders 13
Slide 14: Major Orders in Progress
MAJOR ORDERS IN PROGRESS ExxonMobil - Mondo FPSO - Kizomba “C” 14
Slide 15: FPSO Prospects
FPSO PROSPECTS Nsiko Bonga SW Egina Agip/Eni Bosi Chevron Shell Total OML 120/121 ExxonMobil Nigeria Nigeria Nigeria Nigeria Nigeria Cantarell Blackbird & Tua Pemex Premier Oil Mexico Vietnam Jubarte P-57 Petrobras Cossack Brazil Woodside Australia Tambau - Urugua Petrobras Brazil Block-18 Block-31
Slide 16: Non-FPSO Prospects
NON-FPSO PROSPECTS Gas MOPU MOPUstor MOPUstor FSO / Turret FSRU Deep Panuke Dong Energy Froy Bouri Cyprus Encana Hejre, Denmark Pertra Agip EAC FSRU Agip KCO (Components) Kashagan New York Compression barges TLP (Hull) PONY Turret HESS Ruby / Pearl Petronas FSRU (Components) Semi / TLP California Ma
Slide 17: FPSO Lease Contractors
FPSO LEASE CONTRACTORS Units in Operation or Under Construction 17
Slide 18: Financial Overview Mid 2007 - Total Group
FINANCIAL OVERVIEW MID 2007 TOTAL GROUP In millions of US Dollars 30/6/2007 30/6/2006 Change Comment Turnkey sales doubled; Turnover 1,388 823 69% lease revenues also up Gross Margin 220 173 27% Growth mainly from (lower (%) (15.8%) (21.0%) margin) Turnkey EBITDA 269 219 23% Growth mainly from (lowe
Slide 19: Financial Overview Mid 2007 - Turnkey Systems & Services
FINANCIAL OVERVIEW MID 2007 TURNKEY SYSTEMS & SERVICES In millions of US Dollars 30/6/2007 30/6/2006 Change Comment High general activity; finance Turnover 1,055 541 95% lease “turnover” Gross Margin 120 82 46% High volumes; Finance leases (%) (11.4%) (15.1%) EBITDA 77 46 67% High volumes; Finance l
Slide 20: Financial Overview Mid 2007 - FPSO Lease and Operate
FINANCIAL OVERVIEW MID 2007 FPSO LEASE AND OPERATE In millions of US Dollars 30/6/2007 30/6/2006 Change Comment Full 6 months of FPSO Turnover 334 282 18% Capixaba & Turkmenistan Gross Margin 100 91 10% Expanding fleet; FPSO Falcon (%) (30.0%) (32.3%) bonus in 2006 EBITDA 192 173 11% Expanding fleet
Slide 21: Financial Overview Mid 2007 - Total Group
FINANCIAL OVERVIEW MID 2007 TOTAL GROUP In millions of US Dollars 30/6/2007 30/6/2006 Change Comment Capital Expenditure 219 225 (3%) Finance leases Mondo/Saxi Long-Term Debt 1,009 911 11% Accelerating investments Net Liquidities 228 227 - Net Debt 781 685 14% Share Price € 28.30 20.84 36% Increase
Slide 22: Outlook 2007
OUTLOOK 2007 FINANCIAL • Net Profit US$ 265 million • EBIT US$ 305 million • EBITDA US$ 555 million • Capital Expenditure US$ 750 million ACTIVITIES • Start of operation of the Kikeh FPSO for Murphy Oil in Malaysia (August 2007) • Start of operation of the Mondo FPSO for ExxonMobil in Angola (Decemb
Slide 23: Strategy
STRATEGY • Grow the Group organically with yearly double-digit EPS increase • Develop innovative technical solutions, in particular for deepwater technology and in the gas sector • Expand the lease business model to cover more products and geographical areas • Maintain a position of leader in the Gr
Slide 24: Questions & Answers
QUESTIONS & ANSWERS Technology Creating