Sbm Offshore Nv · EURONEXT:SBMO
Sbm Offshore Nv — FY2006 Earnings Presentation
35 slides from Sbm Offshore Nv's earnings presentation, Mar 27, 2007
Slide 1: 2006 Annual Accounts Analysts Presentation
2006 ANNUAL ACCOUNTS ANALYSTS PRESENTATION MARCH 27, 2007 D. Keller, Managing Director & CEO / M. Miles, CFO
Slide 2: Disclaimer
DISCLAIMER Some of the statements contained in this presentation that are not historical facts are statements of future expectations and other forward-looking statements based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual
Slide 3: Highlights 2006
HIGHLIGHTS 2006 • Two new leased production units put into operation for Petronas and Petrobras • Hull for the Independence Hub Semi-Submersible oil and gas production unit delivered • New-Generation Deepwater Installation Vessel “Normand Installer” put into operation • Fourth project execution cent
Slide 4: Company Structure
COMPANY STRUCTURE SBM Offshore NV SCHIEDAM HOUSTON Gusto BV SBM Atlantia Marine Structure GustoMSC Inc Consultants (MSC) MONACO KUALA LUMPUR Single Buoy Moorings SBM Malaysia Sdn Bhd NKI Group 4 (Divestment in Progress)
Slide 5: Highlights 2006: Extended Well Test System Turkmenistan
HIGHLIGHTS 2006 Start of Production March 2006 Extended Well Test System - Petronas - Turkmenistan Mobile Offshore Production Unit Saparmirat Türkmenbasy MOPU Floating Storage & Offloading Vessel 5 Oguzhan
Slide 6: Highlights 2006: FPSO Capixaba
HIGHLIGHTS 2006 Start of Production May 2006 FPSO Capixaba - Golfinho - Petrobras - Brazil 6
Slide 7: Highlights 2006: Independence Hub Hull Delivery
HIGHLIGHTS 2006 Delivery of the Hull of the Independence Hub Deep-Draft Semi Submersible floating production system for Enterprise Products 7
Slide 8: Highlights 2006: Normand Installer
HIGHLIGHTS 2006 Start of Operations of New-Generation Deepwater Installation Vessel “Normand Installer” Particulars: LOA 123.65 m Breadth 28 m Min Draught 5.70 m Speed 16.8 knots Cargo Capacity 3,400 t 8 Total Generated Power 23 MW
Slide 9: Major Orders 2006
MAJOR ORDERS 2006 • Contracts with ExxonMobil for the fifteen year lease and operation of FPSOs for Mondo and for Saxi-Batuque in the Kizomba ‘C’ development area offshore Angola • Contract with Chevron for the turnkey supply, installation and three years operation of an FPSO for the Frade field off
Slide 10: Major Orders Early 2007
MAJOR ORDERS EARLY 2007 • Contract with Talisman Energy Norge AS for the five year lease of a MOPUstor for the re-development of the Yme field offshore Norway • Contract with Delba Perforadora Internacional from Brazil for the supply of a dynamically positioned Semi-Submersible Drilling Unit • Three
Slide 11: New FPSO Orders 2006
NEW FPSO ORDERS 2006 Mondo / Angola Frade / Brazil Supply to Chevron Saxi-Batuque / Angola BC-10 / Brazil Lease to ExxonMobil Lease to Shell (in joint venture with MISC) 11 (in joint venture with Sonangol)
Slide 12: New Orders 2006 & Early 2007: Turnkey Supply
NEW ORDERS 2006 & EARLY 2007 Turnkey Supply Dynamically Positioned Semi-Submersible Drilling Units for: Queiroz Galvao Perfuraçoes (QGP) and Odebrecht Drilling Service and Delba Perforadora Internacional 12
Slide 13: New Orders 2006: Lease
NEW ORDERS 2006 Lease Five year lease contract with Murphy for a Semi-Submersible oil and gas production facility for the Thunder Hawk field, Gulf of Mexico 13
Slide 14: New Orders Early 2007: Lease
NEW ORDERS EARLY 2007 Lease Five year lease contract with Talisman for a MOPUstor oil production and storage facility for the Yme field offshore Norway 14
Slide 15: Financial Overview 2006: Total Group
FINANCIAL OVERVIEW 2006 TOTAL GROUP In millions of US Dollars 31/12/2006 31/12/2005 Change Comment Turnover 1,990 1,519 31% Turnkey sales up; lease revenues stable Gross Margin 370 363 2% Turnkey and lease increases (%) (18.6%) (23.9%) offset 2005 FPSO Serpentina sale EBITDA 478 482 (1%) Turnkey and
Slide 16: Financial Overview 2006: Turnkey Systems & Services
FINANCIAL OVERVIEW 2006 TURNKEY SYSTEMS & SERVICES In millions of US Dollars 31/12/2006 31/12/2005 Change Comment FPSO Brasil share sale; Turnover 1,396 935 49% finance lease « turnover »; high general activity Gross Margin 181 183 Increased activity level offsets (1%) (%) (13.0%) (19.6%) FPSO Serpe
Slide 17: Financial Overview 2006: FPSO Lease and Operate
FINANCIAL OVERVIEW 2006 FPSO LEASE AND OPERATE In millions of US Dollars 31/2/2006 31/12/2005 Change Comment Turnover 594 585 2% FPSO Capixaba & Turkmenistan offset FPSO Serpentina sold H2 2005 Gross Margin 189 180 5% Excellent bonus levels; new (%) (31.8%) (30.8%) units in service EBITDA 367 347 6%
Slide 18: Financial Overview 2006: Total Group
FINANCIAL OVERVIEW 2006 TOTAL GROUP In millions of US Dollars 31/12/2006 31/12/2005 Change Comment Capital Expenditure 309 399 (22%) Finance leases Mondo/Saxi New loans Capixaba, Kikeh less Long-Term Debt 925 949 (3%) debt repayments FPSO Brasil share sale; good cash Net Liquidities 340 145 x 2.3 fl
Slide 19: Impact Reclassification Kizomba 'C' Leases
IMPACT RECLASSIFICATION KIZOMBA ‘C’ LEASES Yearly Turnover, EBIT and EBITDA differentials resulting from the reclassification of the operating lease (baseline) into a finance lease 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 After 2015 Turnover EBIT EBITDA Impact 2006 • Turnover up by US$ 100
Slide 20: Outlook 2007
OUTLOOK 2007 FINANCIAL • Net Profit US$ 260 million • EBIT US$ 300 million • EBITDA US$ 550 million • Capital Expenditure US$ 800 million (subject to lease classification) ACTIVITIES • Start of operation of the FPSO Kikeh for Murphy Oil in Malaysia (May 2007) • No units from the lease fleet expected
Slide 21: SBM's Lease Fleet
SBM’s LEASE FLEET MOPU/FSO FPSO Semi-Sub FPSO FPSO Diyarbekir FSO FSO Roncador Thunder Hawk Falcon Aquila P-A Yetagun MOPUstor Yme FPSO FPSO Marlim Sul Rang Dong FPSO FPSO Golfinho Tantawan FPSO FPSO Espadarte Kikeh FPSO FPSO FPSO FPSO FPSO LPG FPSO FSO FPSO 21 BC-10 Mondo Saxi Xikomba Kuito Sanha N
Slide 22: Remaining Durations of Lease Contracts
REMAINING DURATIONS OF LEASE CONTRACTS 22
Slide 23: Turnkey Supply
TURNKEY SUPPLY Backlog Major Orders 23
Slide 24: FPSO Construction in Progress
FPSO CONSTRUCTION IN PROGRESS Murphy - FPSO Kikeh 24
Slide 25: Major Orders in Progress: BHP SeaStar TLP
MAJOR ORDERS IN PROGRESS BHP - SeaStar® TLP - Neptune 25
Slide 26: Major Orders in Progress: Gravity Actuated Pipe
MAJOR ORDERS IN PROGRESS Murphy - Gravity Actuated Pipe (GAP) - Kikeh 26
Slide 27: Major Orders in Progress: Deepwater Export Buoys
MAJOR ORDERS IN PROGRESS BP / Greater Plutonio - Chevron / Agbami - Total / Akpo Deepwater Export Buoys and Anchoring Systems Buoy 27 Suction Piles
Slide 28: Major Orders in Progress: Internal Turret P-53
MAJOR ORDERS IN PROGRESS Internal Turret for the P-53 FPSO of Petrobras 28
Slide 29: FPSO Prospects
FPSO PROSPECTS Nsiko Bonga SW Usan Bosi Mumbai High Chevron Shell Total ExxonMobil ONGC Ruby / Pearl Nigeria Nigeria Nigeria Nigeria India Petronas Chinook Vietnam Petrobras Song Doc USA Truong Song Vietnam Jubarte P-57 Gendalo Petrobras Chevron Brazil Indonesia Generic FPSO Bukit Tua Petrobras Cono
Slide 30: Non-FPSO Prospects
NON-FPSO PROSPECTS Gas MOPU TLP MOPUstor FSO / Turret FSRU Deep Panuke Woodside Froy Bouri Cyprus Encana Tiof Pertra Agip EAC Turret FSRU Ruby / Pearl (Components) Petronas New York Broadwater Semi / TLP Malikai Shell FSRU (Components) Turret California PM3 Woodside Talisman (MISC) TLP FSO Knottyhea
Slide 31: FPSO Lease Contractors
FPSO LEASE CONTRACTORS Units in Operation or Under Construction 31
Slide 32: SBM's Competitive Edge
SBM’s COMPETITIVE EDGE • Cumulative experience of over 135 years of FPSO/FSO operation • All required engineering disciplines available within the Company • Large pool of experienced project managers • Flexibility with four execution centres • Construction outsourced • Own ultra-deepwater installati
Slide 33: SBM Gas & Power
SBM GAS & POWER Floating Production, Liquefaction, Storage and Offloading Unit Medium size offshore LNG production, 33 storage and offloading system
Slide 34: 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 product line through technology development into adjacent areas • Focus lease activities on the Majors and N
Slide 35: Questions & Answers
2006 ANNUAL ACCOUNTS ANALYSTS PRESENTATION MARCH 27, 2007 35 QUESTIONS & ANSWERS