Slide 1: Q1 2016 Briefing
Q1 2016 Briefing 31st May 2016 “Knots Ahead of the Rest”
Slide 2: Disclaimer
Disclaimer This presentation may contain statements of future expectations an other forward-looking statements based on management’s and/or other information providers’ current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance, o
Slide 3: Agenda
Agenda 1. Operational Updates 2. Q1 2016 Financials 3. Outlook 4. Q&A
Slide 4: Operational Updates
Operational Updates 31st May 2016 “Knots Ahead of the Rest”
Slide 5: Operational overview for Q1 2016
Operational overview for Q1 2016 FPSO A key focus has been on the four new conversions – all progressing well. High average uptimes on our operating FPSOs which continue to produce over 100,000 barrel per day for our clients. The dispute with Woodside is now with the courts. OMS Some vessels
Slide 6: FPSO Project Updates as at Q1 2016 – Kraken
FPSO Project Updates as at Q1 2016 FPSO KRAKEN PROJECT • Client/Operator: EnQuest Plc. • Location: UKCS Block 9/02b, 400 km North East of Aberdeen and 40 km west of the Frigg Field. • Contract: Awarded 20th December 2013 worth USD2.2 billion. Fixed 8 years with options for 17 yearly extensions. • FP
Slide 7: FPSO Project Updates as at Q1 2016 – 15-06
FPSO Project Updates as at Q1 2016 FPSO 15-06 PROJECT • Client/Operator: ENI. • Location: Block 15/06, East Hub Field, Angola. • Contract: Awarded 20th August 2014 worth USD3.9 billion. Fixed 12 years with options for 8 yearly extensions. • FPSO Specification: 80,000bopd oil production and 1,800,000
Slide 8: FPSO Project Updates as at Q1 2016 – Madura
FPSO Project Updates as at Q1 2016 FPSO MADURA PROJECT • Client/Operator: Husky-CNOOC Madura Limited (HCML). • Location: Madura Strait East Java, about 65 km east of Surabaya and about 16km south of Madura Island, Indonesia. • Contract: Awarded 11th December 2014 worth USD1.3 billion. Fixed 10 years
Slide 9: FGS Project Updates as at Q1 2016
FGS Project Updates as at Q1 2016 FGS MALTA FSU PROJECT • Client/Operator: ElectroGas Malta Limited. • Location: LNG Receiving Terminal, Delimara, Malta. • Contract: Awarded 14th April 2014 worth USD300 million. Fixed 18 years and 2 months. • FSU specification: 10-150m3/hr sendout. Boil Out Gas sent
Slide 10: Q1 2016 Financials
Q1 2016 Financials “Knots Ahead of the Rest”
Slide 11: Key takeaways
Key takeaways EBITDA for Q1 2016 increased by 99.8% to RM251.5 million quarter-on-quarter from RM125.9 million in Q4 2015, but decreased by 12.4% year-on-year from RM287.0 million in Q1 2015. EBITDA margins in Q1 2016 improved to 58.4% from 50.2% in Q1 2015. The Group posted a net profit(1) for
Slide 12: Results Overview – Q1 2016 vs. Q4 2015
Results Overview – Q1 2016 vs. Q4 2015 (in RM’mil) Revenue EBITDA Net (Loss)/Profit (1) 589.0 -26.9% 251.5 +99.8% >100% 430.8 23.4 125.9 Q4 2015 Q1 2016 (85.1) Q4 2015 Q1 2016 Q4 2015 Q1 2016 Lower revenue due to: Increase of EBITDA due to: • Included in the PAT are the following • Lower contributio
Slide 13: Results Overview – YTD 2016 vs. YTD 2015
Results Overview – YTD 2016 vs. YTD 2015 (in RM’mil) Revenue EBITDA Net Profit (1) -24.7% 287.0 572.2 -12.4% 72.0 430.8 -67.5% 251.5 23.4 YTD 2015 YTD 2016 YTD 2015 YTD 2016 YTD 2015 YTD 2016 Lower revenue due to: Decrease of EBITDA due to: • Included in the PAT are the following • Lower contributio
Slide 14: Revenue composition by segments – Q1 2016 vs. Q4 2015
Revenue composition by segments – Q1 2016 vs. Q4 2015 (in RM’mil) Performance in established segments driven by the underlying activities FPSO & FGS OMS (1) 378.2 1.6% -42.7% 210.8 214.2 216.6 Q4 2015 Q1 2016 Q4 2015 Q1 2016 OMS revenue marginally higher due to: Lower revenue: • Higher contribution
Slide 15: Revenue composition by segments – YTD 2016 vs. YTD 2015
Revenue composition by segments – YTD 2016 vs. YTD 2015 (in RM’mil) Performance in established segments driven by the underlying activities FPSO & FGS OMS (1) 281.1 -23.8% 291.1 -25.6% 214.2 216.6 YTD 2015 YTD 2016 YTD 2015 YTD 2016 Lower revenue due to: Lower revenue due to: • Lower contribution fr
Slide 16: Revenue composition by geographical %
Revenue composition by geographical % Malaysia based international company continued expansion across key regions YTD 2015 YTD 2016 6% 6% 8% 11% 27% 24% 56% 62%
Slide 17: Order book as at March 2016
Order book as at 31 March 2016 As at 31 March 2016, the Group’s firm order book stood at RM24.2 bil compared to RM27.5 bil as at 31 December 2015. Upon expiration of the firm contract period, certain contracts contain extension options which are renewable on annual basis with a total potential contr
Slide 18: Outlook
Outlook “Knots Ahead of the Rest”
Slide 19: Outlook
Outlook Deliver the major projects in the second half of 2016. Focus on asset utilisation of the OMS fleet. Cost and productivity initiatives to continue. Improvement in oil price appears to be positive for the industry going forward. Active on prospect identification and prequalification
Slide 20: Q&A
Q&A Be BUMIARMADA Ss as WV “Knots Ahead of the Rest”