Slide 1: 2009 Half-Year Financial Results Analyst Presentation
2009 HALF-YEAR FINANCIAL RESULTS ANALYST PRESENTATION AUGUST 20, 2009
Slide 2: I. 2009 Half-Year Highlights
I. 2009 HALF-YEAR HIGHLIGHTS 2009 PROJECTS IN PROGRESS . . . . . . . . . . . . . . . . . . . 3 2009 PROJECT IN OPERATION . . . . . . . . . . . . . . . . . . . 4 FPSO/FSO TIME CHARTER / O&M PROJECTS . . . . . . . 5 FPSO/FSO TIME CHARTER / O&M PERIOD . . . . . . . . . . 6 PROJECTS CONSTRUCTION PERIOD
Slide 3: 2009 Projects in Progress
2009 PROJECTS IN PROGRESS BHP Pyrenees FPSO FPSO Cidade de Santos MV20 (Opportunity Gas #2 FPSO) First Oil : planned in 4Q 2009 First Oil : planned in 2010 EPC + O&M EPCI + Time Charter BP Angola PSVM FPSO First Oil : planned in 2011 EPCI COSCO Dalian Samsung COSCO Zhoushan Tullow Jubilee FPSO FPSO
Slide 4: 2009 Project in Operation: FPSO Cidade de Niteroi MV18
2009 PROJECT IN OPERATION FPSO Cidade de Niteroi MV18 (Petrobras Opportunity Oil FPSO) First Oil : Achieved in February 2009 EPCI + Time Charter Charter Period : 9 years + 6 one-year options Jabuti Field (Brazil) 4
Slide 5: FPSO/FSO Time Charter / O&M Projects
FPSO/FSO TIME CHARTER / O&M PROJECTS FPSO MV 8 FPSO Jasmine FPSO Song Doc FSO Rang FSO Rong Doi Langsa Venture Venture MV7 Pride MV19 Dong MV17 MV12 (T/C) (T/C) (T/C) (T/C) (T/C) FSO Ta’Kuntah (T/C) FSO Cidade de Macae MV15 (T/C) FPSO Cidade de Niteroi MV18 (T/C) FPSO Cidade do Ri d Rio de JJaneiro
Slide 6: FPSO/FSO Time Charter / O&M Period
FPSO/FSO TIME CHARTER / O&M PERIOD Time Charter Contract O&M Contract Fixed period Option period Fixed period Option period 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 FPSO Cidade de Angra g dos Reis MV22 ＊ 15y y Tullow Jubilee F
Slide 7: Projects Construction Period
PROJECTS CONSTRUCTION PERIOD FPSO/FSO EPC Period TLP 2007 2008 2009 2010 FPSO Cidade de Angra dos Reis MV22 BP Angola PSVM FPSO COSCO Dalian Yantai Tullow Jubilee FPSO Samsung FPSO Cidade de Santos MV20 BHP Pyrenees FPSO COSCO Zhoushan FPSO Song Doc Pride MV19 FPSO Cidade de Niteroi MV18 FSO Rang Do
Slide 8: II. 2009 Half-Year Financial Results
II. 2009 HALF-YEAR FINANCIAL RESULTS PROFIT & LOSS ...............................9 SALES BY SERVICE TYPES . . . . . . . . . . . . . . . . . . . . . 10 ORDINARY INCOME . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 NET INCOME . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Slide 9: Profit & Loss
PROFIT & LOSS (Mil. JPY) SALES 2Q 4Q 200,000 144,040 143,669 150,000(E) 150,000 99,149 96,244 100,000 71,614 72,948 64,110 50,886 50,000 21 788 21,788 0 2005 2006 2007 2008 2009 (Mil JPY) (Mil. 2005 2Q 2006 2Q 2007 2Q 2008 2Q 2009 2Q Variance Sales 21,788 50,886 72,948 64,110 96,244 + 32,134 + 50.1%
Slide 10: Sales by Service Types
SALES BY SERVICE TYPES Other SALES EPCI (Mil. JPY) Lease, Charter and O&M 150,000 SALES from EPCI • Petrobras Opportunity Oil FPSO (FPSO Cidade de Niteroi MV18) • BHP Pyrenees FPSO • Petrobras Tupi Pilot FPSO (FPSO Cidade de Angra dos Reis MV22) • Tullow Jubilee FPSO 100,000 • Petrobras Opportunity
Slide 11: Ordinary Income
ORDINARY INCOME ORDINARY INCOME & ORDINARY INCOME BEFORE ORDINARY INCOME DERERRED PROFITS ADJUSTMENT ORDINARY INCOME ORDINARY INCOME bef ore def erred prof its adjustment 2Q 4Q (Mil. JPY) (Mil. JPY) 10,000 10 000 10,000 9 027 9,027 7,828 5,885 7,828 5,600 5,408 5,146 4,664 5,000 4,445 5,000 5,408 2,
Slide 12: Net Income
NET INCOME (Mil. JPY) NET INCOME 2Q 4Q 6,000 4,499 4 000 4,000 3,213 3,305 1,878 2,100(E) 2,000 1,500 1,434 1,068 1,168 1,357 0 2005 2006 2007 2008 2009 Exchange Rate 118.07 119.12 114.16 91.04 90.00(E) (Mil JPY) (Mil. 2005 2Q 2006 2Q 2007 2Q 2008 2Q 2009 2Q Variance Sales 21,788 50,886 72,948 64,11
Slide 13: Orders by Service Types
ORDERS BY SERVICE TYPES Other ORDERS EPCI Lease, Charter and O&M 2008 350,000 • BP Angola PSVM FPSO • Petrobras Opportunity pp y Gas #2 FPSO (FPSO Cidade de Santos MV20) 300,000 • Tullow Jubilee FPSO • Petrobras Tupi Pilot FPSO (FPSO Cidade de Angra dos Reis MV22) 250,000 2009 2Q Accept the addition
Slide 14: Order Backlogs by Service Types
ORDER BACKLOGS BY SERVICE TYPES Other ORDER BACKLOGS Equity Method Portion ORDER BACKLOGS Lease, Charter and O&M (Mil. JPY) EPCI (Mil. JPY) (Lease, Charter and O&M) Lease, Charter and O&M 400,000 300,000 179,554 300,000 168,218 200,000 99,413 221,487 113,040 158,794 200,000 133,792 82,689 48,894 77
Slide 15: Cash Flow
CASH FLOW CASH FLOW Cash Flow from Operating Activities (Mil. JPY) Cash Flow from Investing Activities Cash Flow from Financing Activities 30,000 28,794 19,003 20,000 11,878 11,716 11,867 10,000 8,201 5490 3 811 3,811 1,548 0 -498 -10,000 -6,960 -9,887 9 887 -9,291 9 291 -20,000 -20,043 -21,549 -30,
Slide 16: Key Financial Figures
KEY FINANCIAL FIGURES (Mil. JPY) 2004 2005 2006 2007 2008 2009 2Q Operating profit 3,779 3,895 3,494 6,959 1,973 501 Depreciation and amortization 635 1 116 1,116 662 1 656 1,656 1 619 1,619 662 Amortization of consolidated differences 26 26 26 26 26 137 Collection of lease receivable (Cantarell FSO
Slide 17: Gross Operating Profit Stated in US$
GROSS OPERATING PROFIT STATED IN US$ GROSS OPERATING PROFIT STATED IN US$ (Mil. US$) 150 100 50 0 2005 2006 2007 2008 2009(E) Consolidated SPC Unrealized 17
Slide 18: Forecast for FY2009
FORECAST FOR FY2009 SALES EPCI Time Charter O&M 200,000 Fixed period Option period Fixed p period Option p p period 144,040 143,669 150,000 150,000 ((Mil. JPY) 99,149 100,000 2006 2007 2008 2009 2010 2011 71,614 51,891 FPSO Cidade de Angra dos Reis MV22 50,000 BP Angola PSVM FPSO Tullow Jubilee FPSO
Slide 19: Sales & Net Income Stated in US$
SALES & NET INCOME STATED IN US$ FINANCIAL RESULTS STATED IN US$ 50 2,500 40 2 000 2,000 Net Income (Mil. US$) Sales (Mil.. US$) 30 1,500 20 1,000 10 500 0 0 2005 2006 2007 2008 2009(E) Net Income Unrealized Profit Sales 19
Slide 20: III. Market Review & Prospects
III. MARKET REVIEW & PROSPECTS 2009 MAJOR PROSPECTIVE PROJECTS. . . . . . . . . . . . . . . . 21 PROJECT LOCATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 FPSO SONG DOC PRIDE MV19 20
Slide 21: 2009 Major Prospective Projects
2009 MAJOR PROSPECTIVE PROJECTS ChevronTexaco Enterprise Block 14 FPSO Semi-Production (Angola) (Golf of Mexico) Hess Pony TLP (Gulf of Mexico) Petrobras Tupi No.2/No.3 FPSO (Brazil) Petrobras Papa Terra TLP (Brazil) BP Block 18 & 31 Talisman Thang Long KEI Kangean FPSO FPSO FPSO (Indonesia) (Angola
Slide 22: Project Locations
PROJECT LOCATIONS FSO FSO Rong Doi FSO Rang FPSO FSO Nanhai FPSO Nanhai FPSO Kakap FPSO Anoa Marco Polo Vietsovpetro 01 MV12 Dong MV17 Cuulong MV9 Sheng Kai Sheng Li Natuna Natuna Prince TLP TLP FPSO Shenzi TLP Song Doc Pride MV19 FPSO FSO Jasmine Ta’Kuntah Venture MV7 FSO FSO Cidade Pathumabaha de