Cmb.tech Nv · EURONEXT:CMBT
Cmb.tech Nv — Euronav — Shareholder Meeting (May 2012)
31 slides from Cmb.tech Nv's shareholder meeting presentation, May 10, 2012
Slide 1: Shareholders' Meeting 10 May 2012
SHAREHOLDERS’ MEETING 10 MAY 2012 1
Slide 2: Agenda
Agenda 1. Key facts 2. Strategy 3. Tanker Market Demand Supply 4. Offshore Services market 5. Q&A 2
Slide 3: 1. Key Facts
PRESENTATION 1. KEY FACTS ITMMA 27 MARCH 2012 3
Slide 4: Public company with solid reference shareholders
Public company with solid reference Shareholders EURONAV Stock Exchange: EURONEXT Ticker: EURN Bloomberg: EURN BB Reuters: EURN.BR SAVERYS – LIVANOS Free Float Families 36.36% 39.29% -- 20.97% Major shareholders 4
Slide 5: A Focused Fleet
A Focused Fleet Vessel Type Cargo intake / Euronav owned TC-IN World Fleet vessel (Weighted) FSO 3 m bls 2 x 50% 101 V-PLUS 3.2 m bls 1 0 2 VLCC 2 m bls 12 7 incl. JV 571 11+ (2 x 1/2 in J/V) (weighted 3,85) SUEZMAX 1 m bls 22 (14 ice class) 436 (4x 1/2 in J/V) New Building 1 m bls 1 64 Suezmax Tota
Slide 6: Financing: Capital intensive business
Financing Capital intensive Business • Main Facility: USD 750M Maturity: 2018 Revolver of up to USD 250M • FSO Financing: USD 500M Maturity: 2017 • JV Vessels (4 Suezmax) Maturity: 2020 - 2021 • 2009 Facility: USD 300M Maturity: 2014 • Convertible bond in 2009 Maturity: 2015 USD 150M
Slide 7: 2. Strategy
2. Strategy 2. Strategy 7
Slide 8: A Balanced Strategy
A Balanced Strategy 2011/ YTD 2012 onhire days 2011 2012 543 1,689 13% 14% 2,247 6,148 53% 49% 1,421 4,639 34% 37% fix fix/ps spot fixed fixed-ps spot Break-even Of which OPEX VLCC $ 31,750 $ 8,800 Suezmax $ 26,600 $ 7,800 8
Slide 9: Time-Charters
Time-Charters 2012 2013 2014 2015 2016 2017 6 Suezmax time-charters 3 Suezmax time-charters 1 FSO 4 Suezmax time-charters 2 VLCCs 1 FSO 9
Slide 10: VLCC Average Earnings
VLCC Average Earnings 250.000 200.000 150.000 100.000 50.000 0 Source: Clarkson Research Services Limited 10
Slide 11: Suezmax Average Earnings
Suezmax Average Earnings 180.000 160.000 140.000 120.000 100.000 80.000 60.000 40.000 20.000 0 Source: Clarkson Research Services Limited 11
Slide 12: Large Tanker Supply
Large Tanker Tanker Supply supply 12
Slide 13: VLCC fleet development
VLCC fleet developement VLCC Fleet Development - Base Case Basis TUKA VLCC Database Fleet at DH SH NBs DH Exit SH Exit Total Exit SH to DH Growth Growth % year start 2007 483 322 161 29 1 21 22 4 7 1.4% 2008 490 354 136 42 3 35 38 3 4 0.8% 2009 494 396 98 53 2 31 33 3 20 4.0% 2010 514 450 64 60 2 42
Slide 14: Suezmax fleet development
Suezmax fleet development Suezmax Fleet Development Souce: Clarksons Fleet at DH SH NBs Total Exit Growth Growth % year start 2007 343 275 68 25 12 13 3.8% 2008 356 300 56 14 11 3 0.8% 2009 359 313 46 45 15 30 8.4% 2010 389 356 33 41 18 23 5.9% 2011 412 395 17 41 8 33 8.0% 2012 445 436 9 64 0 64 14.
Slide 15: Tanker demand
Tanker demand Demand 15
Slide 16: World oil demand
World oil demand World Oil Demand in million bpd (Source - IEA) 90 Source: IEA 85 mbpd 80 75 1Q00 1Q01 1Q02 1Q03 1Q04 1Q05 1Q06 1Q07 1Q08 1Q09 1Q10 1Q11 16
Slide 17: World Oil Demand
World Oil Demand • Oil demand in 2011 fell 0.15 mbpd => 1.2 million bpd • IEA increased world oil demand 2012=> 1.2% • Demand mainly supported by non OECD countries.
Slide 18: Oil demand growing
Oil demand growing EURO India Oil Demand (IEA) China Oil Demand (IEA) mbpd mbpd 2008 2009 2010 2011 2012 2013 2008 2009 2010 2011 2012 2013 18
Slide 19: Oil demand falling
Oil demand falling Source: IEA
Slide 20: Crude Oil Price
Crude Oil Price qeSessSsssses| SSS SS ey SSS SSS sy SS SS SSS PSS SSS SSS SSS SSS SSS SSS 4-------------}--------- Brent 1Jun 11 © EURONAV The ocean is our enviro) Crude Oil Price - Last 12 Months 130 -------------------1------------------------------------p-----------------1--- 90 -+---------------
Slide 21: VLCC fleet growth nominal and speed adjusted
VLCC fleet growth nominal and speed adjusted 21
Slide 22: Euronav Offshore
EURO Furonav Offshore 22
Slide 23: Offshore Strategy
Offshore Strategy • 2012: Set up of a dedicated offshore department. • Focus on FpSO units (Floating Storage Offloading) with small (p) production topsides for platform fluids treatment • Select vessels from our trading fleet when: – Becoming more difficult to trade due to age restrictions (older VL
Slide 24: Market Overview
Market Overview • Annual growth 5-10% • Most FSO/FPSO contracts are extended into option periods • Alternatively redeployed on new contracts • The complexity and size of new FSO/FPSO are increasing • Leased vs Owned – 50/50 24
Slide 25: FSO/FPSO: The preferred solution
FSO/ FPSO The preferred Solution • Flexible, safe and proven solution • Generic or field specific • Deck space and deck load capacity • Storage Capacity • Self propelled marine unit Source: IMA 25
Slide 26: Business Development
Business Development • High activity level in all markets - Short term activity dominated by feed studies - 16 FSO/FPSO awards in 2011 - 6 FSO/FPSO awards YTD 2012 • Euronav is pursuing several projects, based on: - Financial return - Client relationship - Contractual terms and conditions - Field ro
Slide 27: Finding the right investment
Finding the right investment EURONAV PROJECT PRE QUALIFICATION + EXPERIENCE + CONVERSION OPERATION FINANCIAL CAPABILITY + PROJECT & RISK FINANCING MANAGEMENT + PROCUREMENT 27
Slide 28: Offshore Project Overview
Offshore Project Overview 28
Slide 29: In Operation
In Operation • FSO Asia and FSO Africa delivered to MOQ in 2010 • FSO characteristics: - Storage Capacity: minimum 2,400,000 barrels of dry oil for export - Stripped Water Capacity: minimum 200,000 barrels - Custody transfer to off-take tanker: 90,000 BPH - Discharge to export vessel every 2 to 3 da
Slide 30: In Tender Phase
In Tender Phase • Dagny and Heidrun project for Statoil in North Sea 2 FSO Suezmax size. • Replacement of FSO Ta’kuntah for Pemex in the GoM: FSO Africa or Vplus or VLCC size • Buque Tanque, for Pemex for Bay de Campeche Suezmax size 30
Slide 31: Thank you for listening
THANK YOU FOR LISTENING www.euronav.com 31