Modec, Inc. · TSE:6269
Modec — H1 2005 Earnings Presentation
23 slides from Modec's earnings presentation, Aug 19, 2005
Slide 1: =HmetMRANS
=HmetMRANS 4 2005 12 2005 8 19 Jl
Slide 2: . P/L P.
. 2005 12 P. 3 . P/L P. 11 . B/S C/F P. 18 . P. 22 P. 2
Slide 3: . 2005 2005 2005 P.
. 2005 12 2005 2005 P. 3
Slide 4: Project status: KNOC Rong Doi FSO, Petrobras Espadarte Sul FPSO
2005 12 KNOC Rong Doi FSO Petrobras Espadarte Sul FPSO KNOC Korea National Oil Corporation Petrobras 7 + 1 30 8 + 1 2006 2007 Yantai Raffles Shipyard Jurong Shipyard 300,000 bbl Storage; 18,000 bopd Inlet 1,600,000 bbl Storage; 100,000 bopd Petrobras PRA-1 FSO Petrobras 20 2007 1 Jurong Shipyard 2,2
Slide 5: Project status: Santos Mutineer-Exeter, CNR Baobab, PEARL Jasmine
2005 12 Santos Mutineer-Exeter FPSO 2005 3 2005 4 CNR Baobab FPSO 2005 5 2005 8 PEARL Jasmine FPSO 2005 6 Amerada Hess Oveng & Okume/Ebano TLPs 2006 2Q P. 5
Slide 6: Pioneer Olowi FPSO, Chevron Tombua/Landana FSO and other projects
2005 12 2005 2004 12 2005 2 Pioneer Resources Olowi FPSO Vietsovpetro Bavi FSO Replacement Chevron Tombua/Landana FSO Unocal Gendalo FPSO BHPBP Shenzi TLP GOM FEED MODEC, Inc. MODEC Int’l LLC (Tokyo) (Houston) PEMEX KuMaZa N2 Generation Barge PEMEX KuMaZa FPSO Bergesen BHPBP Stybarrow FPSO Chevron F
Slide 7: Vietsovpetro FSO Replacement, Olowi FPSO, Gendalo FPSO
Vietsovpetro FSO Replacement Pioneer Resources Olowi FPSO Unocal Gendalo FPSO Chevron Tombua/Landana FSO IMC FPSO / MODEC, Inc. (Tokyo) MODEC Int’l LLC (Houston) PEMEX KuMaZa N2 Generation Barge BHPBP Stybarrow FPSO IMC FPSO Chevron Frade FPSO Woodside Vincent FPSO / Shell BC10 FPSO IMC FPSO BHPBP P
Slide 8: Petrobras
2005 1 10 500 3 5 5 Petrobras P. 8
Slide 9: Fleet of FPSO and FSO units in operation
CLJOC Su Tu Den FPSO (T/C) Petronas Carigali Ruby FPSO (O&M) O&M Note) Ruby FPSO: Contractor-Prosafe T/C Vietsovpetro White Tiger FSO PEARL Jasmine FPSO (T/C) JHN Lufeng FSO PTTEP Bongkot FSO Amoco Liuhua FPSO Anadarko Marco Polo TLP MEDCO/MOECO Langsa FPSO (T/C) El Paso Energy Prince TLP MODEC, Inc
Slide 10: Charter contract timeline, Aug. 2005
Petrobras Espadarte Sul FPSO Petrobras PRA-1 FSO KNOC Rong Doi FSO Santos Mutineer-Exeter FPSO CNR Baobab FPSO CLJOC Su Tu Den FPSO Shell Bijupira-Salema FPSO Petronas Carigali Ruby FPSO MEDCO/MOECO Langsa FPSO Nexen Buffalo FPSO PEARL Jasmine FPSO PEMEX Cantarell FSO ConocoPhillips Elang/Kakatua FP
Slide 11: ale
11 —! ™™ ale
Slide 12: Revenue and profit trends
80,000 66,751 60,000 55,000 51,891 40,000 33,057 30,649 21,788 14,774 42,000 35.2% 20,000 6,106 12,000 50.9% 0 03/6 03/12 04/6 04/12 05/6 05/12 2003/6 2004/6 2005/6 04-05 ( ) 2004/12 33,057 30,649 21,788 28.9% 51,891 4,224 12.8% 2,601 8.5% 4,174 19.1% 60.5% 7,338 14.1% 2,148 6.5% 702 2.3% 2,098 9.6%
Slide 13: 80,000 80,000 66,751 66,751 60,000 60,000 51,891 51,891 40,000 33,057 57,864 40,000 33,057 30,649
80,000 80,000 66,751 66,751 60,000 60,000 51,891 51,891 40,000 33,057 57,864 40,000 33,057 30,649 30,649 39,422 21,788 21,788 20,000 28,323 20,000 25,560 14,774 4,558 8,176 3,956 9,148 6,106 0 0 03/6 03/12 04/6 04/12 05/6 03/6 03/12 04/6 04/12 05/6 67.8% 85.7% 86.7% 83.4% 76.0% 28.0% 13.8% 12.2% 12.
Slide 14: Results by project: Petrobras Espadarte Sul FPSO, KNOC Rong Doi FSO
100,000 30,000 86,949 75,000 63,461 20,000 50,141 50,000 29,684 27,118 22,935 10,000 25,000 11,203 8,874 5,637 2,902 0 0 03/6 03/12 04/6 04/12 05/6 03/6 03/12 04/6 04/12 05/6 60,000 Petrobras Espadarte Sul FPSO 40,000 59,204 KNOC Rong Doi FSO 20,000 32,839 Petrobras Espadarte Sul FPSO 24,7
Slide 15: Results by project: Amerada Hess TLP, Santos Mutineer-Exeter FPSO
119,642 200,000 120,000 160,534 92,482 36,563 150,000 90,000 83,220 86,506 36,563 120,105 114,055 36,440 99,510 39,772 37,796 100,000 39,772 36,440 60,000 37,796 40,554 52,452 123,970 83,078 50,000 30,000 14,809 14,809 80,332 77,615 43,448 48,709 56,042 61,713 37,643 25,745 0 0 03/6 03/12 04/6 04/12
Slide 16: 5,000 4,500 3,701 3,190 2,614 2004/6 2005/6 2,500 1,495 14 1,175 920 881 768
5,000 4,500 3,701 3,190 2,614 2004/6 2005/6 2,500 895 407 1,495 14 1,175 920 881 768 2,132 1,806 0 03/6 03/12 04/6 04/12 05/6 05/12 2003/6 2004/6 2005/6 04-05 ( ) 2004/12 33,057 30,649 21,788 28.9% 51,891 4,224 12.8% 2,601 8.5% 4,174 19.1% 60.5% 7,338 14.1% 2,148 6.5% 702 2.3% 2,098 9.6% 198.8% 3,77
Slide 17: CNR Baobab FPSO
3,000 2,500 2,230 CNR Baobab FPSO 2,029 2,000 1,500 1,005 1,000 814 0 03/6 03/12 04/6 04/12 05/6 05/12 2003/6 2004/6 2005/6 04-05 ( ) 2004/12 33,057 30,649 21,788 28.9% 51,891 4,224 12.8% 2,601 8.5% 4,174 19.1% 60.5% 7,338 14.1% 2,148 6.5% 702 2.3% 2,098 9.6% 198.8% 3,779 7.3% 146 796 1,064 33.7%
Slide 18: B/S and C/F
. B/S C/F CF P. 18
Slide 19: Balance sheet: assets
04/12- 04/6 04/12 05/6 05/6 05/6 37,753 28,057 46,187 42,700 37,753 4,946 9,699 14,061 10,529 3,531 04/12 42,700 23,820 16,590 14,059 12,063 1,995 0 165 498 333 04/6 46,187 21,547 15,238 9,783 10,821 1,037 0 25,000 50,000 75,000 4,658 4,630 3,840 790 21,547 23,820 28,057 4,237 FPSO 5,940 5,606 5,504
Slide 20: Balance sheet: liabilities and equity
04/12- 04/6 04/12 05/6 05/6 05/6 39,653 24,457 39,724 34,909 30,921 3,988 14,408 10,255 6,447 3,808 04/12 42,842 22,285 15,628 12,663 16,335 3,672 1 6,875 6,652 2,784 3,867 04/6 48,950 16,109 2,810 5,337 5,353 15 0 25,000 50,000 75,000 9,225 7,932 8,732 799 7,560 6,345 7,023 677 1,665 1,587 1,708 12
Slide 21: Cash flow
CF CF 04/6 05/6 615 2,614 1,998 268 497 229 778 323 471 148 3,742 05/6 404 4,693 5,097 1,221 10,529 1,946 333 2,280 5,503 2,911 4,264 7,175 9,374 753 849 95 04/6 3,892 4,907 2,829 2,077 13,885 244 658 413 15,000 10,000 5,000 0 5,000 10,000 15,000 366 1,543 1,176 1,207 149 1,057 CF 5,503 778 4,725 CF
Slide 22: . P.
. P. 22
Slide 23: Financial indicators: EBITDA, ROE, ROA
03/6 04/6 05/6 04/12 2,148 702 2,098 1,395 3,779 1,316 268 497 229 635 - 13 13 - 26 CFI 711 747 966 219 1,594 EBITDA 4,175 1,730 3,574 1,844 6,034 144 446 572 126 651 131 695 850 155 1,456 EBITDA 4,450 2,871 4,995 2,124 8,141 419 323 471 148 685 36 165 399 234 390 455 488 870 382 1,075 EBITDA 9.8 5.