Subsea 7 S.A. · OSL:SUBC
Subsea 7 — Q3 2006 Earnings Presentation
17 slides from Subsea 7's earnings presentation, Oct 24, 2006
Slide 1: Subsea 7 Inc. Earnings Presentation, Quarter Ended 30 September 2006
Subsea Partner Of Choice Subsea 7 Inc. Earnings Presentation Quarter Ended 30 September 2006 1 AB-X-PR-00307 24 October 2006
Slide 2: Highlights Q3 2006
Subsea Partner Of Choice Highlights Q3 2006 • Good project execution particularly in North Sea and West Africa. • Continued high level of vessel and equipment utilisation. • Backlog at 20 October 2006 is approximately $3.7 billion of which $2.3 billion is day rate contracts. • Long term contract sec
Slide 3: Operational Performance by Region: North Sea
Subsea Partner Of Choice Operational Performance by Region North Sea Nine Months Ended 30th Quarter Ended 30th September September 584 600 400 350 500 451 300 231 400 250 188 $M 300 $M 200 150 200 135 66 100 61 35 100 50 0 0 Revenue Profit Before Tax Revenue Profit Before Tax 2006 2005 2006 2005 • H
Slide 4: Operational Performance by Region: West Africa
Subsea Partner Of Choice Operational Performance by Region West Africa Nine Months Ended 30th Quarter Ended 30th September September 335 300 350 300 252 250 250 200 200 $M 150 $M 150 100 81 80 100 68 50 23 50 17 5 0 0 Revenue Profit Before Tax Revenue Profit Before Tax 2006 2005 2006 2005 • Lobito T
Slide 5: Operational Performance by Region: Brazil
Subsea Partner Of Choice Operational Performance by Region Brazil Quarter Ended 30th September Nine Months Ended 30th September 193 140 200 120 150 100 90 80 61 100 $M 60 32 $M 40 50 20 (10) (3) (9) (6) 0 0 (20) (50) Revenue Profit Before Tax Revenue Profit Before Tax 2006 2005 2006 2005 • Long term
Slide 6: Operational Performance by Region: Gulf of Mexico
Subsea Partner Of Choice Operational Performance by Region Gulf of Mexico Nine Months Ended 30th Quarter Ended 30th September September 70 65 65 50 45 60 40 50 35 30 40 $M 25 21 $M 30 20 16 15 20 12 9 10 4 3 10 5 0 0 Revenue Profit Before Tax Revenue Profit Before Tax 2006 2005 2006 2005 • Independe
Slide 7: Operational Performance by Region: Asia Pacific
Subsea Partner Of Choice Operational Performance by Region Asia Pacific Nine Months Ended 30th Quarter Ended 30th September September 100 92 80 90 70 80 60 70 63 50 60 40 $M 50 $M 30 20 21 40 20 30 10 3 3 20 9 10 0 0 0 (10) Revenue Profit Before Tax Revenue Profit Before Tax 2006 2005 2006 2005 • Po
Slide 8: Vessel Fleet: Construction & Pipelay
Subsea Partner of Choice VESSEL FLEET – 11 OWNED, 11 CHARTERED Construction & Pipelay Owned Chartered Kommandor 3000 Toisa Perseus Subsea Viking Lochnagar Nordica TBN (Q2, 2007) Normand Seven (Q3, 2007) Skandi Navica Seven Oceans (Q2, 2007) New TBN for Shell Skandi Neptune USC 6 year Agreement 8 Sev
Slide 9: Diving Support
Subsea Partner of Choice Diving Support Owned Chartered Pelican New DSV for Shell Toisa Polaris USC 6 year Agreement (Q1, 2009) Rockwater 1 Rockwater 2 9
Slide 10: ROV & Survey Support
Subsea Partner of Choice ROV & Survey Support Owned Chartered KSS Seisranger KSS 2000 Amazonia Salgueiro 10 AB-X-PR-00293BM
Slide 11: Backlog at Q3 2005, Q3 2006 & 20 October 2006
Subsea Partner Of Choice Backlog at Q3 2005, Q3 2006 & 20 October 2006 By Region By Contract Type $3,716 M $3,716 M $3,466 M $3,466 M 684 684 148 107 148 107 2,237 689 1,987 439 $1,623 M $1,623 M 443 350 136 2,088 2,088 47 506 1,479 1,479 1,273 491 30th Sep 2005 30th Sep 2006 20th Oct 2006 30th Sep
Slide 12: Backlog as at 20 October 2006 by Year of Execution
Subsea Partner Of Choice Backlog as at 20 October 2006 by Year of Execution Year of Execution $3,716 M 419 2,237 1,305 475 806 124 1,479 245 285 57 20th Oct 2006 2006 2007 2008 2009 - 2014 Lum p Sum Day Rate 12
Slide 13: Financial Highlights
Subsea Partner Of Choice Financial Highlights Three months ended Year to date 30-Sep-06 30-Sep-05 30-Sep-06 30-Sep-05 In USD millions (unless otherwise stated) Unaudited Unaudited Unaudited Unaudited Revenue from continuing operations 414.6 340.8 1,275.6 931.2 EBITDA 90.0 48.6 235.0 122.5 Profit bef
Slide 14: Cash Flows
Subsea Partner Of Choice Cash Flows Year to date 30/09/2006 30/09/2005 (figures in USD 1,000) Unaudited Unaudited Net profit including discontinued operations 132,477 25,442 Non-cash income statement items 115,500 90,900 Changes in working capital (173,409) 22,338 Purchase of property, plant and equ
Slide 15: Balance Sheet
Subsea Partner Of Choice Balance Sheet 30/09/2006 30/09/2005 31/12/2005 (figures in USD 1,000) Unaudited Unaudited Audited Assets Non-current assets 586,110 397,595 419,238 Cash and short term deposits 140,772 53,972 64,917 Other current assets 519,057 441,311 396,775 Current assets 659,829 495,283
Slide 16: Shareholders' Equity
Subsea Partner Of Choice Shareholders’ Equity Shareholders' equity 30/09/2006 30/09/2005 31/12/2005 (figures in USD 1,000) Unaudited Unaudited Audited Shareholders' equity at start of period 288,678 286,454 286,454 Share issues 24,235 16,600 31,045 Purchase of own shares (13,573) - (1,066) Spin-off
Slide 17: Summary
Subsea Partner Of Choice Summary • Strong financial performance underpinned by good project execution • High level of project activity and asset utilisation • $2.5 billion of contracts awarded since 30 June 2006. Backlog now $3.7 billion approximately • Market outlook remains positive for the forese