Bumi Armada Bhd. · MYX:ARMADA
Bumi Armada Bhd — Investor Presentation (June 2014)
31 slides from Bumi Armada Bhd's investor presentation, June 2014
Slide 1: Bumi Armada Berhad Company Presentation
BUMI ARMADA BERHAD Company Presentation June 2014 “Knots Ahead of the Rest”
Slide 2: Disclaimer
Disclaimer This presentation includes information obtained from the Company and from publicly available sources. The contents of this presentation are based, in part, on certain assumptions obtained from the Company, its management, employees, agents, affiliates and/or from other sources. All inform
Slide 3: Vision, Mission and Core Values
Vision, Mission and Core Values Our Company’s Company s One Vision, One DNA Our Vision Core Values “To be the Trusted Offshore and Marine Energy Services Provider in Every Corner of the World” Customer Focus Hands- Hands-on Brutal Execution Openness Collaboration Our Mission People Commercial “To pr
Slide 4: BAB has evolved its business to offer an integrated suite of oil field services
BAB has evolved its business to offer an integrated suite of oil field services BAB core business: FPSO Pre- Pre-2000: Today Local Malaysian OSV player Pre-IPO >100kboe/d ~10 light vessels Pre-2000 No FPSOs ≥75kboe/d T&I OSV ≥50kboe/d Pre- Pre-IPO: Other services Premium (well interv.) Regional expa
Slide 5: The Bumi Armada success story
The Bumi Armada success story Bumi Armada success story Malaysian league Premier league Champions league ~10 years ago Today Tomorrow Predominantly Dramatic change of Expansion in new focused on the route to achieve business segments domestic market profitable growth and geographies 4
Slide 6: Bumi Armada at a glance
Bumi Armada at a glance BUSINESS STREAMS Floaters Floating Production, FPSO Storage and Offloading GDT Gas Development and Technology Services OSV Offshore Support Vessels T&I Transport and Installation OFS Oilfield Services SUPPORT UNITS Engineering and E&T Technology Major Projects AMO Asset Manag
Slide 7: Bumi Armada's integrated services offering
Bumi Armada’s integrated services offering BAB’s INTEGRATED SERVICES OFFERING THROUGHOUT THE OFFSHORE FIELD LIFECYCLE Surveying and Development / Production De-commissioning exploration Construction Oil extraction, Seismic surveying Installation of supply/storage and Removal6 of and drilling platfor
Slide 8: Increasing project and technical complexity
Increasing project and technical complexity Topsides Vessel Name Generation Vessel Size Weight Turret / Spread Armada Perkasa 1 Panamax <2,500 Spread Armada Perdana 2 Suezmax <5,000 Spread Armada Sterling 3 Aframax <7,500 Internal Suezmax <7,500 External Dis- Armada Clair 3 connectable Aframax <7,50
Slide 9: Firm and visible orderbook
Firm and visible orderbook FPSO contracts providing stable and visible cashflows for up to the next 30 years 2007 2010 2013 2016 2019 2022 2025 2028 2031 2034 2037 2040 2043 2046 FPSO Armada 5(F)+5(0) Perkasa FPSO ENI, Oyo Field, CAMAC, Oyo Field, Armada Nigeria Nigeria 10(F)+2(0) Perdana FPSO Armad
Slide 10: Target to be 4th largest FPSO player
Target to be 4th largest FPSO player Expanding FPSO operator with target to be the 4th largest by fleet size 18 16 Moved up 3 ranks since IPO in 2011 5 14 12 4 10 1 8 14 3 6 12 9 9 4 1 1 5 5 2 4 3 3 3 1 1 0 Existing vessels Expected new vessels Number of operational FPSOs by selected FPSO lease owne
Slide 11: From FPSOs to FLNG – Gas Development and Technology
From FPSOs to FLNG – Gas Development and Technology LNG Production LNG Regasification LNG Transfer LNG Transfer PRODUCING REGION CONSUMING REGION 10
Slide 12: From volume to value – Offshore Support Vessels
From volume to value – Offshore Support Vessels A leading OSV player with global footprint First to build DP2 vessels in Malaysia (Steel on Water 1) Average age of c. 7 years for CLASS A and overall First deepwater Malaysia operations for Kikeh >50 OSVs First diesel electric MPSV in Malaysia – Armad
Slide 13: From T&I to SURF and Life-of-field services – Transport and Installation
From T&I to SURF and Life- Life-of- of-field services – Transport and Installation Services Integrated transport and installation services FPSO Mooring, Riser Installation and Hook- Hook-up Armada Hawk, SURF Armada Armada Installer, DLB Vessel Condor Offshore Pipelines and Platforms Installation Ins
Slide 14: Completing the integrated services offering – Oilfield Services
Completing the integrated services offering – Oilfield Services Bumi Armada oilfield services ... a new player in Well Services Oilfield Services (OFS) is dedicated to enhancing the ‘life of field’ recovery of our clients’ assets through intervention in all marine environments and with innovative fl
Slide 15: Technology creating value – Engineering and Technology
Technology creating value – Engineering and Technology Process and FEED In- In-house Turret and Mooring Expertise All topsides and marine technologies including oil, gas and water treatment Oil and gas gathering, exploration, stabilization and production Technology selection and project delivery for
Slide 16: Global Execution Local Delivery
Global Execution Local Delivery Integrated Offshore Oilfield Services Provider Kraken Field - FPSO Under Conversion Armada Installer, DLB FPSO Armada Sterling FPSO Armada TGT1 Armada Hawk RUSSIA Aberdeen UNITED KINGDOM London Astrakhan TURKMENISTAN Turkmenbashi UNITED STATES Ashgabat SAUDI Houston A
Slide 17: Integrated Offshore Oilfield Services Provider
Integrated Offshore Oilfield Services Provider ASSET MANAGEMENT FIELD AND DEVELOPMENT OPERATIONS Further, Deeper, Harsher, & Larger POST DRILLING OILFIELD TRANSPORT AND INSTALLATION SERVICES FLOATING FACILITIES 16
Slide 18: Strong and established relationships with multiple clients across the oil & gas value chain
Strong and established relationships with multiple clients across the oil & gas value chain PTT EXPLORATION AND PRODUCTION PUBLIC COMPANY LIMITED National Oil Companies International Oil Companies Independent Oil Companies 17
Slide 19: Experienced Management team – Corporate management
Experienced Management team with proven track record – Corporate management Hassan Assad Basma Kenneth Murdoch CEO / ED Chief Financial Officer Noval D'avila Paredes Jonathan Edward Duckett Vice President, Senior Vice President, Corporate HSSEQ Corporate Affairs Elias Michael Farah Lo Khien Ngoh Vic
Slide 20: Experienced Management team – Business Heads
Experienced Management team with proven track record – Business Heads Shaharul Rezza Hassan Andrew Day Lamshed Head of OSV Business / ED Senior Vice President, Floating Production Systems Adriaan Petrus van de Korput Peter James McDonnell Senior Vice President, Senior Vice President, Major Projects
Slide 21: CSR – Sustainability Index
CSR – Sustainability Index Bumi Armada was successfully included in the Dow Jones Sustainability Emerging Markets Index (DJSI Emerging Markets) for the second time in September 2013 Companies included in the list include Petrobras, Thai Oil PCL, Nestle Malaysia and Maybank 20
Slide 22: Order book as at 31 March 2014
Order book as at 31 March 2014 Including Eni Angola Block 15/06 LOI contract indicative value of RM9.5bn (US$2.9bn), total order book increases to RM31.7 billion Firm contract period Optional extension period The breakdown of order book with firm contract period The breakdown of order book with opti
Slide 23: Strong organic growth since IPO
Strong organic growth since IPO Historical orderbook (RM’ bil) bil) 35 31.7 30 25 22.1 22.2 1.6 1.5 20 3.4 3.9 15 12.2 12.7 11.8 10.3 10.1 10.6 10.5 10.7 1.4 1.8 10 1.3 10 1.3 1.1 1.7 1.6 1.5 2.2 2 2.2 1.3 1.5 1.4 1.9 1.8 2 17.1 16.8 2.1 5 7.5 8.6 8.5 8.7 7.3 7.1 7.1 6.8 7.2 0 Q3-11 Q4-11 Q1-12 Q2-1
Slide 24: Sector and geographical diversified income stream with a strong back bone business (FPSO)
Sector and geographical diversified income stream with a strong back bone business (FPSO) Diversified and growing revenues 5 Year Revenue CAGR: 32% 5 Year EBITDA CAGR: 27% T&I FPSO 31.3% 5 Year Net profit CAGR: 24% 24% 38% RM in millions OSV 30.7% 2,500 2,073 2,000 1,659 1,544 1,241 FY 2013 revenue:
Slide 25: Bumi Armada has the leading EBITDA margin amongst peers
Bumi Armada has the leading EBITDA margin amongst peers 2013 EBITDA margins Integrated Specialists Marine- Marine-centric EPIC- EPIC-centric Field Solutions FPSO OSV 50% 49% 48% 33% 12% 9% 17% 28% 29% 20% 26% 16% 16% 13% 12% 12% 11% 7% 8% 3% Saipem Subsea 7 Bumi Armada Technip Dialog Fred Olsen Bour
Slide 26: Continued efficient balance sheet and orderbook growth
Continued efficient balance sheet and orderbook growth Net capital raised and gearing Capex NTA and ROIC Orderbook (RM mn) (RM mn) (RM mn) 7.9% (RM bn) 0.9x 0.9x 7.2% 6.5% 22 0.7x 4,379 1,301 3,373 3,766 +121% 3,541 1,109 2,242 894 11 2,106 10 1,482 1,133 – 1,178 FY2011 FY2012 FY2013 Total FY2011 FY
Slide 27: Leverage and capitalization
Leverage and capitalization Net Debt / EBITDA(1) Gearing ratio(2) (2) 4.0x 5.1x 3.9x 4.9x 4.8x 3.4x 4.0x 3.2x 2.3x 1.9x 1.8x 1.0x 0.9x 0.9x 0.7x 0.7x 2008 2009 2010 2011 2012 2013 Q1 2014 Pro (3) 2008 2009 2010 2011 2012 2013 Q1 2014 Pro (3) forma forma (1) Calculated based on LTM as of Q1 2014 EBIT
Slide 28: BAB's 2020: From Volume to Value
BAB’s 2020: From Volume to Value FUEL “GROWTH” ENGINE SYNERGIC EXPANSION SUSTAIN THE GROWTH Floaters OSV T&I OFS “Further, Deeper, Harsher” “Infrastructure” “Well lifecycle support” FPSO Focus on Maintain position Prioritize light, ‘riserless’ intervention premium vessels in the Caspian Selectively
Slide 29: Executing on this strategy will improve the overall positioning of Bumi Armada
Executing on this strategy will improve the overall positioning of Bumi Armada BA core business: Pre- Pre-2000: BAB 2020? Local Malaysian OSV player Floaters Today ~10 light vessels No FPSOs Pre-IPO FLNG & FSRU OFS & Pre-2000 Construction Pre- Pre-IPO: >100Kboe Services OSV FPSO Regional expansion i
Slide 30: Why Bumi Armada
Why Bumi Armada 1 Established and successful global operations with presence in 19 countries in five continents 7 2 Sound company Reputable, highly fundamentals which profitable and unites strong expanding world scale financial performance FPSO owner operator metrics 6 3 A large, modern and Experien
Slide 31: Thank you
Thank you “Knots Ahead of the Rest”
Bumi Armada Berhad — Investor Presentation (June 2014) on 6ix