Subsea 7 S.A. · OSL:SUBC
Subsea 7 — Q4 2006 Earnings Presentation
15 slides from Subsea 7's earnings presentation, February 2007
Slide 1: Subsea 7 Inc. Earnings Presentation, Quarter Ended 31 December 2006
Subsea Partner Of Choice Subsea 7 Inc. Earnings Presentation Quarter Ended 31 December 2006 08/11/26 1
Slide 2: Highlights Q4 2006
Subsea Partner Of Choice Highlights Q4 2006 • Operational activity high but progress adversely affected by bad weather and a Divers strike in the North Sea. • Award of Shell BC10 contract in Brazil valued at USD 275 million. • Commitment made to build North Sea Spool Base. • Bidding activity remains
Slide 3: Operational Performance by Region: North Sea
Subsea Partner Of Choice Operational Performance by Region North Sea Year Ended 31st December Quarter Ended 31st December 761 800 400 350 700 581 600 300 500 250 177 $M 400 $M 200 130 300 150 140 200 77 100 11 100 50 5 0 0 Revenue Profit Before Tax Revenue Profit Before Tax 2006 2005 2006 2005 •Nort
Slide 4: Operational Performance by Region: West Africa
Subsea Partner Of Choice Operational Performance by Region West Africa Year Ended 31st December Quarter Ended 31st December 400 377 357 300 350 250 300 200 250 $M 150 $M 200 104 150 100 73 100 42 33 50 16 50 5 0 0 Revenue Profit Before Tax Revenue Profit Before Tax 2006 2005 2006 2005 •No significan
Slide 5: Operational Performance by Region: Brazil
Subsea Partner Of Choice Operational Performance by Region Brazil Quarter Ended 31st December Year Ended 31st December 140 350 300 120 107 300 100 250 80 56 200 147 $M 60 $M 150 40 100 4 1 20 50 (6) (3) 0 0 (20) (50) Revenue Profit Before Tax Revenue Profit Before Tax 2006 2005 2006 2005 •Progress o
Slide 6: Operational Performance by Region: Gulf of Mexico
Subsea Partner Of Choice Operational Performance by Region Gulf of Mexico Year Ended 31st December Quarter Ended 31st December 97 50 100 92 45 90 40 80 32 70 35 30 27 60 $M 25 $M 50 20 40 30 19 15 15 10 6 6 20 5 10 0 0 Revenue Profit Before Tax Revenue Profit Before Tax 2006 2005 2006 2005 • Offshor
Slide 7: Operational Performance by Region: Asia Pacific
Subsea Partner Of Choice Operational Performance by Region Asia Pacific Year Ended 31st December Quarter Ended 31st December 140 126 80 70 120 97 60 100 50 80 34 34 40 $M 60 $M 30 40 14 20 20 (3) 10 4 (3) 0 0 (20) (10) Revenue Profit Before Tax Revenue Profit Before Tax 2006 2005 2006 2005 •Offshore
Slide 8: New Vessels Entering Fleet
Subsea Partner Of Choice New Vessels Entering Fleet Delivery Programme Q107 Q207 Q307 Q407 Q108 Q208 Q308 Q408 Q109 O W N E D Seven Seven Shell DSV Oceans Seas C H A R T E R Geo Normand Shell Skandi E Bergen * Seven ROVSV Seven * D Skandi Seven will replace Geo Bergen in Q308 08/11/26 8
Slide 9: Backlog at Q4 2005 & Q4 2006
Subsea Partner Of Choice Backlog at Q4 2005 & Q4 2006 By Region By Contract Type $3,748 M $3,748 M 659 131 107 2,165 841 $1,355 M $1,355 M 247 346 106 2,010 80 1,583 473 1,009 448 31st Dec 2005 31st Dec 2006 31st Dec 2005 31st Dec 2006 North Sea Brazil GoM AP WA Lum p Sum Day Rate 08/11/26 9
Slide 10: Backlog as at 31 December 2006 by Year of Execution
Subsea Partner Of Choice acklog as at 31st December 2006 by Year of Execution Year of Execution $3,748 M 384 2,169 1,253 495 897 1,578 393 270 55 0 31st Dec 2006 2007 2008 2009 2010 - 2014 Lum p Sum Day Rate 08/11/26 10
Slide 11: Financial Highlights
Subsea Partner Of Choice Financial Highlights Three months ended Year Ended 31-Dec-06 31-Dec-05 31-Dec-06 31-Dec-05 In USD millions (unless otherwise stated) Unaudited Unaudited Unaudited Audited Revenue from continuing operations 394.7 355.8 1,670.4 1,287.0 EBITDA 30.3 43.4 265.2 165.9 Profit befor
Slide 12: Cash Flows
Subsea Partner Of Choice Cash Flows 31/12/2006 31/12/2005 (figures in USD 1,000) Unaudited Audited Net profit including discontinued operations 137,618 41,233 Non-cash income statement items 142,807 114,786 Changes in working capital (132,755) 92,263 Cash generated from operations 147,670 248,282 Pr
Slide 13: Balance Sheet
Subsea Partner Of Choice Balance Sheet 31/12/2006 31/12/2005 (figures in USD 1,000) Unaudited Audited Assets Non-current assets 677,719 419,238 Cash and short term deposits 86,585 64,917 Other current assets 507,911 396,775 Current assets 594,496 461,692 Total assets 1,272,215 880,930 Equity and lia
Slide 14: Shareholders' Equity
Subsea Partner Of Choice Shareholders’ Equity Shareholders' equity 31/12/2006 31/12/2005 (figures in USD 1,000) Unaudited Audited Shareholders' equity at start of period 288,678 286,454 Share issues 24,539 31,045 Purchase of own shares (13,573) (1,066) Spin-off Siem Offshore Inc - (59,408) Result fo
Slide 15: Summary
Subsea Partner Of Choice Summary • Operations in 4th quarter significantly affected by bad weather and a Divers strike in the North Sea. •Disappointing result for the quarter but overall a pleasing result for the year underpinned by consistently good project execution and high asset utilisation. •US