Bumi Armada Bhd. · MYX:ARMADA
Bumi Armada Bhd — Q1 2012 Earnings Presentation
21 slides from Bumi Armada Bhd's earnings presentation, May 28, 2012
Slide 1: Q1 2012 Results Briefing
Q1 2012 Results Briefing 28th May 2012 “Knots Ahead of the Rest”
Slide 2: Disclaimer
Disclaimer This document may contain statements of future expectations and 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, or e
Slide 3: The leading indicators are still positive
The leading indicators are still positive Source: Bloomberg Oil prices remain in positive territory above USD70 per barrel. The pull-back from over USD120/ barrel will deter speculators and reduce the likelihood of “over-heating”. Source: IEA 3
Slide 4: The leading indicators are still positive (cont.)
The leading indicators are still positive (cont.) Infield Systems The outlook for global offshore E&P Increasingly oil from deepwater, investment continues to be bullish. harsh environments. 4
Slide 5: Overview of our four business
Overview of our four business Enable effective project management and cost REVENUE DRIVERS control 1 2 3 4 5 6 Floating Production Offshore Transport Oilfield Fleet Storage and Offloading Support and Installation Services Services Engineering, Procurement Management Services (FPSO) Vessel (OSV) (T&I
Slide 6: Strategic focus: Further, Deeper, Harsher
Strategic focus for the business units FURTHER, DEEPER, POTENTIAL HARSHER Large Ultra- PLANNED FPSO Deep Water CURRENT Medium Deep FPSO Deep Water Small Mid FPSO Shallow Water Shallow 6 6
Slide 7: A Malaysia-based international offshore services provider
A Malaysia-based international offshore services provider Turkmenistan 1 office UAE 1 shore base 1 marketing office Turkmenistan UAE Armada Installer India MEXICO Office for JV with Forbes & 1 shore base AFRICA Company Limited 2 shore bases D1 FPSO Mexico 1 JV office Armada TGT 1 India Venezuela Nig
Slide 8: Our key strengths remain intact
Our key strengths remain intact A Malaysia-based international offshore services provider (3A strategy). Established and expanding FPSO operator (5 active contracts). A large and modern OSV fleet with cross-border operability (47 vessels). Established partnerships with customers as well as with the
Slide 9: Overview of the first quarter
Overview of the first quarter Q1 2012, revenue of RM335 million. First quarter net profit increased y-o-y to RM90 million. OSV fleet added one new 3000 DWT PSV (Armada 301), which was chartered to Petrobras in Brazil. She takes our total of OSV vessels in Brazil to three. The Armada Installer comple
Slide 10: Continuing our deep-water OSV fleet expansion
Continuing our deep-water OSV fleet expansion ARMADA TUAH 301 & 302 300 DWT PLATFORM SUPPORT VESSEL (PSV) AT301 Chartered to Petrobras on a 4-yr + 4x 1-yr contract, announced on 21st March 2012. Armada Tuah 301 Armada Tuah 302 ARMADA TUAH 107 & 108 12,000 BHP - DEEPWATER AHTS Acquired from Sanko Ste
Slide 11: FPSO update
FPSO update FPSO D1 – ARMADA STERLING IN DRY-DOCK FOR HULL PAINTING LEAVING DRY-DOCK FULLY PAINTED 11
Slide 12: T&I update
T&I update 800 MT CRANE HAS BEEN FULLY INSTALLED ARMADA HAWK Secured a USD200 million installation contract with Lukoil for the Filanovsky Field Development project , which was announced on 16th April 2012. More projects in the pipeline for the Armada Installer in the Caspian 12
Slide 13: OFS Focus
OFS Strategy …spearhead Bumi Armada’s move into Services • Extend, leverage Bumi Armada’s core competencies • Spearhead our extension into Services • Step by step approach, taking on selective partners & collaborative JV’s to capture space • Position us as a preferred Malaysia-based international in
Slide 14: Financial Performance
Financial Performance “Knots Ahead of the Rest”
Slide 15: Results overview – Q1 2012 vs. Q1 2011
Results overview – Q1 2012 vs. Q1 2011 Net Profit* 22% 27% Revenue 200.0 376.2 20% 150.0 0% -20% 335.1 100.0 82.1 89.7 -40% -60% 50.0 -80% Q1 2011 Q1 2012 - -100% Q1 2011 Q1 2012 Lower revenue from the OFS and T&I segments, higher revenue from the FPSO & OSV segments EBITDA Higher profit by 9.3% 500
Slide 16: Revenue composition by business unit
Revenue composition by business unit Revenue by business unit (RM m) Revenue composition by geographical % 400.0 100% 376.2 4% 7% 90% 350.0 3.7 79.1 80% 25% 32% 300.0 51.3 70% 73.9 250.0 60% 114.2 200.0 50% 36% 97.9 40% 44% 150.0 30% 100.0 165.9 20% 125.3 32% 50.0 10% 19% - 0% YTD March 2011 YTD Mar
Slide 17: Leverage and capitalization
Leverage and capitalization Net Debt / EBITDA(1) Gearing ratio 4.5x 6.0x 4.0x 4.0x 3.9x 5.1x 5.0x 4.9x 4.8x 3.4x 3.5x 3.0x 4.0x 2.5x 3.0x 2.0x 1.9x 2.0x 1.5x 2.0x 1.0x 0.9x 0.8x 1.0x 0.5x 0.0x 0.0x 2008 2009 2010 Q4 2011 Q1 2012 2008 2009 2010 Q4 2011 Q1 2012 Total debt of RM2.9b to shareholders fun
Slide 18: Order book
Order book As at 31 March 2012, the Group’s order book stood at RM7.0 billion. Upon expiration of the firm contract period, certain contracts contain extension options which are renewable on annual basis with a total potential contract sum of RM3.1 billion over the entire option periods. Firm contra
Slide 19: Outlook
Outlook “Knots Ahead of the Rest”
Slide 20: Outlook for BAB
Outlook for BAB FPSO Submitted bids for Cluster-7 (ONGC, India). Continue to bid on projects in Asia and Africa. OSV Expand the fleet – buy and build. Focus remains in Asia, Africa and Latin America. T&I Secure additional work for the Armada Installer with a view to maximising her utilisation in the
Slide 21: Q&A
Q&A ee BUMIARMADA “Knots Ahead of the Rest”