Subsea 7 S.a. · OSL:SUBC

Subsea 7 — Merger or Acquisition (April 2018)

11 slides from Subsea 7's merger presentation, Apr 23, 2018

  1. Slide 1: Conference Call Presentation

    Conference Call Presentation April 23, 2018 1 © Subsea 7 - 2018 subsea7.com

  2. Slide 2: Forward-Looking Statements

    Forward-Looking Statements Certain statements made in this announcement may include ‘forward-looking statements’. These statements may be identified by the use of words like ‘anticipate’, ‘believe’, ‘could’, ‘estimate’, ‘expect’, ‘forecast’, ‘intend’, ‘may’, ‘might’, ‘plan’, ‘predict’, ‘project’, ‘s

  3. Slide 3: Premium Proposal Creates Compelling Opportunity for Shareholders

    Premium Proposal Creates Compelling Opportunity for Shareholders USD 7.00 in • Stock component provides equity upside in a company with a robust financial position, while cash component cash and provides immediate value • Subsea 7 willing to consider increasing its proposed price upon further assess

  4. Slide 4: Proposed Transaction Brings Significant Value to All Shareholders

    Proposed Transaction Brings Significant Value to All Shareholders • Combined company would have strengthened positions in all major offshore producing regions, with broad capability Strengthened to deliver solutions for clients in both shallow water and deep water markets. Capabilities • Combined co

  5. Slide 5: Highly Complementary Positions Would Create Global Leader

    Highly Complementary Positions Would Create Global Leader Region Subsea 7 McDermott Combined Technip Saipem Combined Company Would Have “TOP TIER” Brazil Coverage In Virtually Every Major Regional Market GOM / Trinidad UK Angola Norway Middle East Nigeria Rest Africa Australia / Asia Egypt India CIS

  6. Slide 6: Combined Company Profile Supportive of Continued Superior Financial Results

    Combined Company Profile Supportive of Continued Superior Financial Results Historical Adjusted EBITDA(1) Margins 32.0% 25.6% 26.0% 20.9% 15.6% 13.9% 11.1% 9.5% 5.4% (8.6%) 2013A 2014A 2015A 2016A 2017A 2013A 2014A 2015A 2016A 2017A Subsea 7 McDermott International (1) Subsea 7 adjusted EBITDA as de

  7. Slide 7: Highly Visible Economies of Scale and Cost Synergies

    Highly Visible Economies of Scale and Cost Synergies • Combined company would be a market leader with broad strength in all regions • More diverse segments and regional footprint • Broader customer base to capitalize on both companies’ track records and relationships • Increased scale to support dev

  8. Slide 8: Capacity to Fund All-Cash Deal While Maintaining Investment Grade Profile of Combined Company

    Capacity to Fund All-Cash Deal While Maintaining Investment Grade Profile of Combined Company (USD in millions) Subsea 7 McDermott International Backlog $5,208 $3,901 (as of 12/31/17) 2017A Revenue $3,986 $2,985 2017A Adjusted EBITDA(1) $1,035 $415 2017A Adjusted EBITDA Margin 26% 14% Net Working Ca

  9. Slide 9: McDermott Should Consider Subsea 7's Premium Proposal

    McDermott Should Consider Subsea 7’s Premium Proposal Proposal submitted Proposal rejected by to Board on April 17 Board on April 20 Company should consider our proposal to combine two complementary businesses  Premium proposal with equity upside  Compelling industrial logic  Clear path to comple

  10. Slide 10: Subsea 7 – In Summary

    Subsea 7 – In Summary Subsea 7 is one of the world’s leading global contractors in • Founded: 2011 through merger of seabed-to-surface engineering, construction and services to the Acergy S.A. and Subsea 7 Inc. offshore industry. • Operational Headquarters: London • Incorporation: Luxembourg We prov

  11. Slide 11: © Subsea 7 - 2018 subsea7.com

    11 © Subsea 7 - 2018 subsea7.com

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