Slide 1: 2007 Half-Year Financial Results Analyst Presentation
2007 HALF-YEAR FINANCIAL RESULTS ANALYST PRESENTATION AUGUST 17, 2007
Slide 2: Agenda
AGENDA I. 2007 HALF-YEAR HIGHLIGHTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 II. 2007 HALF-YEAR FINANCIAL RESULTS . . . . . . . . . . . . . . . . . . . . . . . . 13 III. PROSPECTS AND PROJECT OVERVIEW . . . . . . . . . . . . . . . . . . . . . . . 20 2
Slide 3: I. 2007 Half-Year Highlights
I. 2007 HALF-YEAR HIGHLIGHTS 2007 HALF-YEAR HIGHLIGHTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 NEW ORDERS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 FPSO CIDADE DO RIO DE JANEIRO MV14 . . . . . . . . . . .
Slide 4: 2007 Half-Year Highlights
2007 HALF-YEAR HIGHLIGHTS NEW ORDERS - TSJOC Song Doc MV19 FPSO (Vietnam) - BHPB Pyrenees FPSO (Australia) START OF OPERATION - FPSO Cidade do Rio de Janeiro MV14 for Petrobras (Brazil) - FSO Rong Doi MV12 (Vietnam) PROJECTS IN PROGRESS - FSO Cidade de Macae MV15 for Petrobras (Brazil) - FPSO Stybar
Slide 5: 2007 Half-Year Highlights
2007 HALF-YEAR HIGHLIGHTS OTC.07 - The MOSES Self Stable Integrated Platform (SSIP) Tension Leg Platform (TLP) won the OTC.07 Spotlight on New Technology INTEGRATED HSE CERTIFICATION FROM ABS - International Safety Management Code (ISM Code) - ISO 14001:2004 (Environmental Standard) - OHSAS 18001:19
Slide 6: New Orders
NEW ORDERS TSJOC Song Doc MV19 FPSO BHPB Pyrenees FPSO EPCI + Time Charter EPC + O&M First oil planned mid 2008 First oil planned first half of 2010 Charter Period: 5 years + five 1-year options O&M Period: 15 years with possible extensions Song Doc Field, Vietnam Pyrenees Field, Australia 6
Slide 7: FPSO Cidade do Rio de Janeiro MV14
FPSO CIDADE DO RIO DE JANEIRO MV14 First oil in January 2007 EPCI + Time Charter Charter Period: 8 years + four 1-year options Petrobras’ Espadarte Sul Field, Brazil 7
Slide 8: FSO Cidade de Macae MV15
FSO CIDADE DE MACAE MV15 First oil planned in second half of 2007 EPCI + Time Charter Charter Period: 20 years Petrobras’ Marlim Sul, Roncador and Marlim Leste fields, Brazil Moved to location in June and waiting on first load of oil 8
Slide 9: FPSO Stybarrow Venture MV16
FPSO STYBARROW VENTURE MV16 First oil planned in 3Q 2007 EPC + Time Charter Charter Period: 10 years + five 1-year options BHPBP’s Stybarrow field, Australia Sail-out for site planned late August 9
Slide 10: JVPC Rang Dong MV17 FSO
JVPC RANG DONG MV17 FSO First oil planned in 3Q 2008 EPCI + Time Charter Charter Period: 9 years + five 1-year options JVPC (Japan Vietnam Petroleum Co., Ltd. )’s Rang Dong field, Vietnam Construction in progress at COSCO Zhoushan shipyard in China 10
Slide 11: FPSO Cidade de Niteroi MV18
FPSO CIDADE DE NITEROI MV18 First oil planned in 4Q 2008 EPCI + Time Charter Charter Period: 9 years + six 1-year options Generic FPSO for Petrobras Construction in progress at COSCO Dalian shipyard in China 11
Slide 12: Shenzi TLP
SHENZI TLP Target Installation in 2Q 2008 EPC + pre-commissioning BHPB’s Shenzi field, GOM Construction in progress at Samsung Heavy Industries in South Korea 12
Slide 13: II. 2007 Half-Year Financial Results
II. 2007 HALF-YEAR FINANCIAL RESULTS PROFIT & LOSS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 ORDERS, SALES, ORDER BACKLOGS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 CASH FLOW . . . . . . . . . . . . . . . . . . . . . . . . .
Slide 14: Profit & Loss
PROFIT & LOSS (Mil. JPY) 2003 2Q 2004 2Q 2005 2Q 2006 2Q 2007 2Q Variance Sales 33,057 30,649 21,788 50,886 72,948 + 22,061 + 43.4% Gross Profit 4,224 2,601 4,174 3,974 6,086 + 2,112 + 53.1% Operating Profit 2,148 702 2,098 1,272 1,350 + 78 + 6.1% Ordinary Income 1,495 920 2,614 1,539 1,897 + 358 +
Slide 15: Profit & Loss
PROFIT & LOSS SA LES ORDINA RY INCOME 120,000 6,000 5,408 99,149 4,664 90,000 71,614 72,948 3,701 66,751 4,000 3,190 (Mil. JPY) (Mil. JPY) 60,000 51,891 1,897 2,000 30,000 0 0 2003 2004 2005 2006 2007 20072Q 2Q 2003 2004 2005 2006 2007 20072Q 2Q NET INCOME ORDINA RY INCOME bef ore def erred prof its
Slide 16: Orders, Sales, Order Backlogs
ORDERS, SALES, ORDER BACKLOGS ORDERS (Mil. JPY ) SA LES (Mil. JPY ) 2003 2004 2005 2006 2007 2Q 2003 2004 2005 2006 2007 2Q EPCI 59,204 24,717 109,084 126,864 71,403 EPCI 57,864 39,422 54,974 83,016 62,461 Lease, Charter and O&M 27,118 22,935 55,044 51,459 34,738 Lease, Charter and O&M 8,176 9,148 1
Slide 17: Orders, Sales, Order Backlogs
ORDERS, SALES, ORDER BACKLOGS ORDERS Other SA LES Other EPCI EPCI Lease, Charter and O&M Lease, Charter and O&M 200,000 100,000 150,000 (Mil. JPY) (Mil. JPY) 109,084 126,864 83,016 100,000 50,000 54,974 62,461 71,403 57,864 59,204 39,422 50,000 24,717 55,044 51,459 27,118 22,935 34,738 14,166 15,154
Slide 18: Cash Flow
CASH FLOW (Mil. JPY) 2003 2004 2005 2006 2007 2Q Cash Flow from Operating Activities 5,452 9,623 11,878 11,716 -11,348 Cash Flow from Investing Activities -8,629 -14,402 -21,549 -20,043 -13,112 Cash Flow from Financing Activities 7,290 5,164 19,003 11,867 12,001 Cash and Cash Equivalents at Ending o
Slide 19: Financial Indicator
FINANCIAL INDICATOR (Mil. JPY) 2003 2Q 2004 2Q 2005 2Q 2006 2Q 2007 2Q Variance 2006 4Q Operating profit 2,148 702 2,098 1,272 1,350 + 78 3,494 Depreciation and am ortization 1,316 268 497 332 817 + 485 662 Am ortization of cons olidated differences - 13 13 13 13 +0 26 Collection of leas e receivabl
Slide 20: III. Prospects and Project Overview
III. PROSPECTS AND PROJECT OVERVIEW PROSPECTIVE PROJECTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 TIME CHARTER / O&M PROJECTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 TIME CHARTER / O&M PERIOD . . . . . . . . . . . . . . . . . . . . .
Slide 21: Prospective Projects
PROSPECTIVE PROJECTS EnCana Deep Panuke MOPU (Canada) ENI Bourri FSO (Libya) PCJ FSRU (Jamaica) BP Tubular Bells (GOM) Premier Blackbird & Dua FPSO (Vietnam) KEI Kangean FPSO (Indonesia) ExxonMobil Cepu FSO (Indonesia) BP Block 18&31 FPSO (Angola) Petrobras FSRU (Brazil) ChevronTexaco Block 14 FPSO
Slide 22: Time Charter / O&M Projects
TIME CHARTER / O&M PROJECTS FPSO MV 8 FPSO Jasmine FPSO Cuulong FSO Rong Doi Langsa Venture Venture MV7 MV9 MV12 (T/C) (T/C) (T/C) (T/C) Under construction TSJOC Song JVPC Rang T/C: Own & Operate Doc MV19 Dong MV17 O&M: Operate FPSO (T/C) FSO (T/C) FSO Ta’Kuntah (T/C) FSO Cidade de Macae MV15 (T/C)
Slide 23: Time Charter / O&M Period
TIME CHARTER / O&M PERIOD Time Charter Contract O&M Contract Fixed period Option period Fixed period Option period 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 BHPB Pyrenees FPSO Petrobras Opportunity Oil MV 18 FPSO - JV PC Rang Dong MV 17
Slide 24: Project Location
PROJECT LOCATION FSO FSO Rong Doi FPSO FSO Nanhai FPSO Nanhai FPSO Kakap FPSO Anoa Vietsovpetro 01 MV12 Cuulong MV9 Sheng Kai Sheng Li Natuna Natuna Prince TLP JVPC Rang Dong MV17 FSO TSJOC Song Doc MV19 Marco Polo FPSO TLP FPSO Jasmine Venture MV7 BHPB Shenzi TLP FSO EnCana Pathumabaha Deep Panuke